Anthony Saladino, CFO of Plymouth Industrial REIT, Inc. (NYSE: PLYM), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Saladino said the markets in which Plymouth operates are going strong, with healthy tenant demand driving robust leasing activity and elevating rents. “Core fundamentals are as strong as they have been since the formation of the company over a decade ago,” he noted.
Plymouth is very well-positioned for 2022, Saladino added. “We have the maturity of our 2022 expirations already addressed, while realizing our highest rental spreads in the process.”
Meanwhile, Plymouth’s new development pipeline is set to deliver over 600,000 square feet over the next six to nine months, Saladino said.
Competition for assets remains “highly active,” Saladino said. “It’s appropriate for us to be conservative with our balance sheet as we navigate the economic landscape in the near term,” he said. At the same time, the REIT will remain “hyper vigilant” to secular trends that may present buying opportunities as cap rates respond to broader macro-themed shocks, he added.