Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q2 2024 Results Conference Call August 1, 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
Rich Anderson - Wedbush
Nick Thillman - Baird
Brian Maher - B. Riley
Mitchell Germain - Citizens JMP
Nikita Bely - JPMorgan
Anthony Hau - Truist
Brendon Lynch - Barclays
Steven Domanski - Janney

Operator

Good day, and welcome to the Plymouth Industrial REIT Second Quarter 2024 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Tripp Sullivan with Investor Relations. Please go ahead, sir.

Tripp Sullivan

Thank you. Good morning. Welcome to the Plymouth Industrial REIT conference call to review the company's results for the second 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-Q 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 are 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'd 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. I'll hit a few highlights first, and then we'll go to Q&A.

First, we're pleased to be back in a growth posture. The acquisition in Memphis is accretive and significantly expands our presence in this core market to almost 7 million square feet. This portfolio fits the Plymouth model perfectly. A strong initial NOI yield and the ability to realize the mark to market opportunities relatively quickly to drive returns higher.