Jeff Witherell, chairman and CEO of Plymouth Industrial REIT, Inc. (NYSE: PLYM), participated in a video interview at Nareit’s REITworld: 2022 Annual Conference held in San Francisco on Nov. 15-17.
Witherell said that Plymouth targets properties in an area called “the golden triangle,” which includes cities the REIT has a presence in like Chicago, Memphis, Jacksonville, Atlanta, and Columbus, Ohio.
“Inside of the golden triangle now resides about 70% of the U.S. population and about half of the U.S. GDP,” he said, which is why Plymouth is invested in the area.
Witherell said that Plymouth’s leasing spreads are now more than 18% year-to-date, contributing to increased same store NOI in Q3 2022 compared with Q3 2021.
“We’ve also converted several gross leases to triple net leases,” he added.
Turning to ESG issues, Witherell said that Plymouth is committed to environmental sustainability.
“We do so while delivering flexible, functional, and safe space to our tenants,” he said, noting that the REIT is converting florescent lights to LED and also getting involved in solar opportunities with its rooftop spaces.