Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q1 2024 Earnings Call Transcript May 2, 2024 9:00 AM ET

Company Participants

Tripp Sullivan - SCR Partners LLC
Jeff Witherell - Chairman and Chief Executive Officer
Jim Connolly - Executive Vice President, Asset Management

Conference Call Participants

Todd Thomas - KeyBanc Capital Markets
Nick Thillman - Baird
Mitch Germain - Citizens JMP
Bryan Maher - B. Riley FBR
Anthony Hau - Suntrust
Brendan Lynch - Barclays

Operator

Good day, and welcome to the Plymouth Industrial REIT First Quarter 2024 Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Tripp Sullivan. Please go ahead.

Tripp Sullivan

Thank you. Good morning. Welcome to the Plymouth Industrial REIT conference call to review the company's results for the first quarter of 2024. Last night, 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 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, 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, Executive Vice President and Chief Financial Officer; Jim Connolly, Executive Vice President of Asset Management; and Anne Hayward, General Counsel.

I would like to point everyone to our forward-looking statements on Page 1 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 Witherell.

Jeff Witherell

Thanks, Tripp. 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.

There are a few points that I'd like to make about the results and then we'll get right to Q&A. First, we continue to see several announcements made for new investments that companies are making in the Golden Triangle. We've highlighted a couple of substantial ones from Toyota and Honda just last month. I'm also pleased to see that our friend Harry Moser from the Reshoring Initiative is becoming more of a household name in our industry. He was highlighted in a recent Stifel report and will be speaking at the BMO conference next week along with Anthony. He's been leading this charge long before any of us and I strongly encourage you to follow him. Second, our balance sheet and liquidity remains strong. We fixed rates for well over 90% of our debt and we're on track to operate in the six times range during 2024. Lastly, we are seeing the transaction market unlock a little earlier than we'd anticipated, but I'll reiterate what I said last quarter. We're focused on accretive growth in 2024 that translates into FFO growth. We intend to fund any potential new growth opportunities with a combination of asset sales and use of the credit facility.