Plymouth Industrial REIT, Inc.

Good day and welcome to the Plymouth Industrial REIT first quarter 2022 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Trip Sullivan of Investor Relations. Please go ahead.

Thank you. Good morning. Welcome to the Plymouth Industrial Reit conference call to review the company's results for the first quarter of 2022. On the call today will be Jeff Witherell, Chairman and Chief Executive Officer, Penn White, President and Chief Investment Officer, Anthony Saladino, Executive Vice President, and Chief Financial Officer Jim Conley, Executive Vice President of Asset Management, and Ann Hayward, General Counsel. Our results were released this morning in our earnings press release, which can be found on the investor relations section of our website, along with our Form 10-Q and supplemental filed with the SEC. A replay of this call will be available shortly after the conclusion of the call through May 11, 2022. The numbers to access the replay are provided in the earnings press release. For those who listened to the replay of this call, we remind you that the remarks made herein are as of today, May 4, 2022, and will not be updated subsequent to this call. During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio our pipeline of potential acquisitions and other investments, future dividends, and financing activities. All forward-looking statements represent Plymouth's judgment as of the date of this conference call and are subject to risk and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risk and other information disclosed in the company's filings with the SEC. We also will discuss certain non-GAAP measures, including but not limited to core FFO, AFFO, and adjusted EBITDA. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC. I'll now turn the call over to Jeff Witherow. Please go ahead.

Thanks, Tripp. Good morning, everyone, and thank you for joining us today. Our team here in Boston and our people in Columbus, Memphis, and Jacksonville are providing great results and positive momentum, and I want to thank them again for all their hard work and dedication. We continue to participate in the strong fundamentals that are driving the industrial market, allowing us to expand in our markets, drive double-digit rent increases, grow our development program, and simplify our balance sheet. Turning to our key operating stats for the quarter, we had a strong start to the year. Occupancy was 97%. Cash releasing spreads were 16.8%. Same-store NOI on a cash basis was up 5.1%. Rent collections were at 99.5%. Core FFO per share was up 17.5%, and AFFO per share was up 25%. As Penn will describe in a moment, we were right on track with the acquisition pace we had anticipated for Q1 and have another $74 million expected by the end of Q2. The ATM deployment in late 2021 and again earlier this year has helped us fund this strong pace. We have supplemented that capital with this week's recast of our unsecured credit facilities that increased our borrowing capacity up to $800 million from $500 million. We have nine buildings that we are active on in our development program. All of these projects are Class A industrial buildings being built on excess land we acquired as part of our initial acquisitions of the existing buildings. These properties are located in very active markets, and our adjacent buildings are fully leased. In Cincinnati, at our Fisher Industrial Park, we have one existing building containing 1.25 million square feet and recently broke ground on a new 150,000 square foot building. We are in planning on a second new building there at 180,000 square feet, and that should break ground in the next few months. In Portland, Maine, we have completed construction at our 8.2 million, 70,000 square foot building, and we are now 50% at least with proposals out for the balance of the space. In Atlanta, were under construction with a new 237,000 square foot industrial building and recently broke ground on another building at 180,000 square feet adjacent to it. We expect to deliver both projects in the third quarter of this year. In Jacksonville, we submitted plans to the city for four separate buildings in our two business parks in the market for a total of 187,000 square feet. We expect construction to start in the next few months and deliver those projects in the first quarter of 2023. As a sign of strength in our parks in the Jacksonville market, we have leases out for signing for one building at 50,000 square feet and another for half of a building at 20,000 square feet. And several more RFPs were received last week. All told, our projects currently under construction represent a total investment of $37 million with returns projected in the high single-digit range. We have another 1.3 million square feet that can be developed on land that we already own. While new development isn't at the scale of the acquisitions we have completed so far, it does provide another way to unlock value within the portfolio and take advantage of strong rent growth. Our balance sheet priorities remain unchanged as we've been able to increase the dividend again with strong core FFO and AFFO coverage. With the conversion last week of exactly half of Madison's Series B preferred shares into common stock, we've also taken another step in simplifying the balance sheet and increased our equity base. They remain one of our top ten holders. We see no signs of the industrial fundamentals slowing down in our markets. The same factors driving the exceptional rent growth on the coast are having a similar impact on our markets. Penn, why don't you walk us through our acquisition activity?