Plymouth Industrial REIT, Inc.

Good morning and welcome to the Plymouth Industrial REIT conference call to review the company's results for the fourth 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 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 John Wilfong 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 fourth quarter of 2024. Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary 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-K, when filed, can be found on the SEC filings page of the IRR site. Our supplemental deck includes our full year 2025 guidance assumptions, detailed information on our operations, portfolio and balance sheet, and 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 Witherell, Chairman and Chief Executive Officer, Anthony Saladino, President and Chief Financial Officer, Jim Connolly, Executive Vice President of Asset Management, and Anne Hayward, General Counsel. I would like to point out 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. And now I'd like to turn the call over to Jeff.

Thanks, John. 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 this past few months relating to securing capital that can propel our accretive 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 the refinancing and upsizing of our unsecured credit facilities to $1.5 billion. With this increase in the Revolva and recasting one of the term loans, we've extended our maturities and enhanced the ability to pursue other unsecured debt. The combination of Sixth Street's investment and expanded borrowing capacity fully addresses our current capital needs. Our focus for 2025 will be on leasing, opportunities, and capital deployment, both of which will be key themes in the coming quarters. Our earnings release and prepared commentary also discussed leasing and deployment, as well as some tenant challenges we faced in the prior quarter that we didn't anticipate. However, we are confident in our ability to navigate these challenges and lease the remaining spaces. Market conditions remain favorable, particularly in buildings under 250,000 square feet, where over 95% of our leases and 67% of our wholly owned portfolio's rentable square footage is concentrated. As we address our remaining lease expirations, we expect a tightening supply in this segment to support our mark-to-market leasing efforts. Historically, we've maintained high occupancy across our portfolio, and we anticipate strong momentum as we take care of the balance of 2025 expirations. We've also made solid progress on capital deployment. The Cincinnati acquisitions totaled approximately 762,000 square feet for $61.3 million, and we continue to unlock value through recycling and value-added activities in our newly acquired Memphis portfolio. Our pipeline now exceeds 11 million square feet and $1 billion in potential acquisitions, with nearly all of these opportunities located in our existing markets. We know these markets well, and with the capital now in place, we are strategically positioned to expand our scale. I look forward to providing further updates in the coming months as we execute on our leasing and capital deployment strategies. I would now like to turn it over to the operator for questions.