Plymouth Industrial REIT, Inc.

Good morning and welcome to the Plymouth Industrial REIT conference call to review the company's results for the third quarter of 2024. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key then zero on your telephone keypad. 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 Tripp Sullivan of Investor Relations. Please go ahead.

Thank you. Good morning. Welcome to the Plymouth Industry Conference call to review the company's results for the third quarter of 2024. Yesterday afternoon, we issued our earnings release. We posted a copy of our prepared commentary today. and a supplemental deck on the quarterly results section of our Investor Relations page. In addition to these earnings documents, a copy of our 10-Q, when filed, can be found on the SEC filings page of the IR site. Our supplemental deck includes our full year 2024 guidance assumptions, detailed information on our operations, portfolio and balance sheet, the definitions of non-GAAP measures, and reconciliations to the most comparable GAAP measures. We will reference this information in our remarks. With me today is Jeff Witherall, Chairman and Chief Executive Officer, Anthony Saladino, Executive Vice President and Chief Financial Officer, Jim Conley, Executive Vice President of Asset Management, and Ann Hayward, General Counsel. I'd like to point everyone to our forward-looking statements on page one of our supplemental presentation and encourage you to read them carefully. They apply to statements made in this call, our press release, our prepared commentary, and in our supplemental financial information. I'll now turn the call over to Jeff Witherall.

Thanks, Tripp. Good morning, and thank you for joining us today. I'll hit a few highlights first, and then we'll go to Q&A. We've made some big announcements the past few months relating to securing capital that can propel our growth. In late August, we announced the strategic transaction with Sixth Street. I view this as transformative for us in several respects. Most notably, we put a valuation marker on our largest portfolio with the Chicago recap JV and sourced capital for up to $500 million in acquisitions. We secured a tremendous partner in Sixth Street who has continued to build out their real estate platform. We also significantly enhanced our borrowing capacity with this month's refinancing and upsizing of our unsecured credit facilities to $1.5 billion. With this increase in the revolver in recasting of one of the term loans, we've extended our maturities and enhanced the ability to pursue other unsecured debt. The combination of Sixth Street and the additional borrowing capacity solves our current capital needs. Our focus for the balance of this year and throughout 2025 is on our leasing opportunities and putting the capital to work. That's what you can expect to hear from us the next several quarters. Our earnings release and prepared commentary outlined a few tenant challenges we faced during the quarter that we did not anticipate. We are confident that we will work through these and get the spaces leased. We've always done a great job of keeping our buildings well leased, and expect that Plymouth will have a greater exit velocity and momentum wrapping up this year. That will set us up for a strong 2025. We're off to a good start on the acquisitions front with the Memphis portfolio we completed during the quarter. We have another portfolio under contract in Cincinnati that we're excited about. Our pursuit pipeline is over 11 million square feet and over 1 billion in size, with nearly all of the opportunities located in our existing markets. We know these markets well, and we now have the capital to expand our scale. I look forward to providing more updates over the next several months on how we're progressing with the leasing and capital deployment. I would now like to turn it over to the operator for questions.