Plymouth Industrial REIT, Inc.

Good day and welcome to the Plymouth Industrial REIT second quarter 2025 earnings conference call. 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 touch-tone phone. 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 Ethan Farris, Investor Relations. Please go ahead. Thank you.

Good morning. Welcome to the Plymouth Industrial Reconference call to review the company's results for the second quarter of 2025. Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary and the supplemental deck on the quarterly results section of our Investor Relations page. In addition to these earnings documents, a copy of our 10Q can be found on the SEC filings page of the IR 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, and Jim Connolly, Executive Vice President of Asset Management. I would like to point everyone to our forward-looking statements on page three of our supplemental presentation and encourage you to read them carefully. They apply to the 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.

Thanks, Ethan. Good morning, and thank you for joining us today. I hope that everyone had a chance to review the commentary and supplemental information we posted last night. First, I'll highlight a few key points from the quarter before we move to Q&A. The second quarter of 2025 was another solid period of execution for Plymouth marked by strong leasing activity, continued deployment into high-quality acquisitions, and further progress on our capital allocation priorities. We commenced over 1.4 million square feet of leasing in the quarter, bringing our year-to-date total to nearly 6 million square feet, addressing nearly 70% of our 2025 lease expirations and driving blended cash rent spreads of over 13%. Leasing activity remains broad-based, but we're seeing particular strength among light manufacturing users seeking long-term space commitments in our core markets. We closed on $204 million of acquisitions in Q2, including the Ohio Light Industrial Portfolio, one of the largest transactions in our company's history. These fully leased assets were acquired at an initial yield of 6.7%, with in-place rents approximately 22% below market and a weighted average remaining lease term of 2.6 years, offering embedded rent growth and long-term upside. We also continued to execute on our share repurchase program, acquiring over 805,000 shares in the quarter and another 225,000 shares post quarter end. Operationally, our portfolio continues to perform well. Same store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity. Occupancy increased sequentially and we expect to end the year with same-store occupancy near 96.5%, driven by ongoing leasing success in our larger spaces and continued tenant retention across the portfolio. From a strategic standpoint, our focus remains on acquiring and operating smaller footprint infill industrial properties in dense, supply-constrained submarkets. These assets continue to outperform bulk product, with occupancy rates over 400 basis points higher than broader market averages. With development concentrated in larger buildings, our portfolio is well insulated from new supply and positioned to capture strong rent growth. We ended the quarter with over $285 million of availability on our unsecured credit line and 74.5% of our debt fixed, including through interest rate swaps. With no debt maturities in 2025, we maintain strong balance sheet flexibility and expect to return to our targeted leverage range in the near term as newly acquired assets stabilize. We are reaffirming our full year 2025 core FFO guidance and continue to expect a stronger second half of the year supported by continued lease up activity, embedded rent growth, and the full contribution from recently acquired assets. Thank you for your continued support and interest in Plymouth. I look forward to providing additional updates as we execute on our strategy. With that, I'll turn it over to the operator for questions.