Plymouth Industrial REIT Inc (PLYM) 2025 Q2 法說會逐字稿

Good day and welcome to the Plymouth Industrial REIT second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加普利茅斯工業房地產投資信託基金2025年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Ethan Farris, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的伊森法里斯。請繼續。

Thank you. Good morning. Welcome to the Plymouth Industrial conference call to review the company's results for the second quarter of 2025.

謝謝。早安.歡迎參加普利茅斯工業公司2025年第二季業績回顧電話會議。

Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary in 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.

昨天下午，我們發布了盈利報告，並在投資者關係頁面的季度業績部分以補充資料的形式發布了我們準備好的評論副本。除了這些收益文件外，您還可以在投資者關係網站的 SEC 文件頁面上找到我們的 10-Q 表格副本。

Our supplemental deck includes a 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.

我們的補充資料包括 2025 年全年業績指引假設、有關我們營運、投資組合和資產負債表的詳細信息，以及非 GAAP 指標的定義和與最可比 GAAP 指標的調節表。我們將在發言中提及這些資訊。今天與我一同出席的有：董事長兼執行長 Jeff Witherell；總裁兼財務長 Anthony Saladino；以及資產管理執行副總裁 Jim Connolly。

I would like to point everyone to our forward-looking statements on page 3 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.

我想請大家注意我們補充簡報第 3 頁的前瞻性聲明，並鼓勵大家仔細閱讀。這些條款適用於本次電話會議、我們的新聞稿、我們準備好的評論以及我們的補充財務資訊中所作的聲明。

I'll now turn the call over to Jeff.

現在我將把電話交給傑夫。

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.

謝謝你，伊森。早安，感謝各位今天收看我們的節目。我希望大家都有機會查看我們昨晚發布的評論和補充資訊。

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.

首先，在進入問答環節之前，我將重點介紹本季的一些關鍵點。2025 年第二季是 Plymouth 又一個穩健的執行期，租賃活動強勁，持續進行高品質收購，並在資本配置重點方面取得進一步進展。

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.

本季度我們啟動了超過 140 萬平方英尺的租賃項目，使我們今年迄今的總租賃面積接近 600 萬平方英尺，解決了 2025 年租賃到期日的近 70% 的問題，並推動了超過 13% 的綜合現金租金差額。租賃活動依然十分普遍，但我們看到輕工業用戶在我們核心市場尋求長期空間承諾方面表現尤為強勁。

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.

第二季度，我們完成了 2.04 億美元的收購，其中包括俄亥俄州輕工業資產組合，這是我們公司歷史上最大的交易之一。這些已全部出租的資產以 6.7% 的初始收益率收購，現有租金比市價低約 22%，加權平均剩餘租期為 2.6 年，蘊含著租金成長潛力和長期上漲空間。我們也繼續執行股票回購計劃，本季回購了超過 805,000 股，季末又回購了 225,000 股。

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. 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.

從營運角度來看，我們的投資組合持續表現良好。同店淨營業收入以現金計算成長 4.1%，這得益於強勁的租金成長和續租活動。入住率逐年上升。我們預計今年年底同店入住率將接近 96.5%，這主要得益於我們較大空間租賃業務的持續成功以及整個投資組合中租戶的持續留存。

From a strategic standpoint, our focus remains on acquiring and operating smaller footprint, infill-industrial properties and dense supply constrained submarkets. These assets continue to outperform bulk products, 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.

從戰略角度來看，我們的重點仍然是收購和運營佔地面積較小、位於填充區域的工業地產以及供應受限的密集型次市場。這些資產的表現持續優於大宗產品，入住率比整體市場平均高出 400 多個基點。由於開發案集中在大型建築中，我們的投資組合能夠很好地抵禦新增供應的影響，並有望獲得強勁的租金成長。

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.

本季末，我們的無擔保信貸額度可用額度超過 2.85 億美元，74.5% 的債務已固定，包括透過利率互換實現的固定債務。由於2025年沒有債務到期，我們保持強大的資產負債表彈性，並預期隨著新收購資產的穩定，短期內將恢復到我們目標槓桿率範圍。

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.

我們重申 2025 年全年核心 FFO 指引，並繼續預期下半年業績將更加強勁，這得益於持續的租賃活動、內含租金增長以及近期收購資產的全面貢獻。感謝您一直以來對普利茅斯的支持與關注。隨著我們策略的推進，我期待著向大家提供更多最新進展。

With that, I'll turn it over to the operator for questions.

接下來，我將把電話交給接線員，回答大家的問題。

(Operator Instructions) Todd Thomas, KeyBanc Capital Markets.

（操作員說明）托德·托馬斯，KeyBanc Capital Markets。

Sounds like you're seeing a little bit of an increase in leasing demand more recently, I appreciate some of the detail on the renewal and expansion opportunities underway. Can you provide us with an update on the year-end expiration in Memphis? And then, with regard to the 624,000 square foot August expiration in St. Louis, can you just discuss your confidence. And in that renewal, materializing here, is there any risk of that not happening at this point?

聽起來您最近似乎看到了租賃需求的增長，我很欣賞您詳細介紹的正在進行的續租和擴張機會。能否提供一下孟菲斯年底到期情況的最新資訊？那麼，關於聖路易斯 624,000 平方英尺的 8 月到期項目，您能否談談您的信心？而在這個正在發生的變革中，是否存在著變革無法實現的風險？

Yes, hi. On the Memphis expiration, we're currently working with them on a two-year extension, so details will be coming shortly. And as far as the St. Louis 625,000 square foot, that is in DocuSign. They have all of their client contracts, signatures approved and we just expect it any day. These signature processes with these international companies are quite extensive and take a while, but there's no chance it's not happening.

是的，你好。關於與孟菲斯的合約到期，我們目前正在與他們協商續約兩年，詳情很快就會公佈。至於聖路易那 625,000 平方英尺，那是 DocuSign 的辦公空間。他們所有的客戶合約都已簽署並獲批，我們預計隨時都能拿到合約。與這些國際公司簽署協議的流程相當繁瑣，需要一段時間，但這絕對不會是辦不成的。

Okay. That's helpful. And then, can you also talk about some early indications around 2026 and your expectations for tenant retention? Any insight around what that might look like as you gain a little more visibility around '26 and begin working through expirations?

好的。那很有幫助。那麼，您能否談談 2026 年的一些早期跡像以及您對租戶留存率的預期？對於隨著您對 2026 年及以後情況的了解加深，以及開始處理到期事宜，您有什麼見解嗎？

Yes. '26 is probably -- it looks like it's a little light so far but there's two big leases that are currently in the signature cycle. Again, both international companies and they take a while to sign. That's going to be 370,000 square feet. That's going to be signed shortly. As far as retention, I mean, we're seeing quite a bit of that. We're getting people wanting to address the expirations early and we're working with several companies right now on these extensions.

是的。 2026 年的情況可能——目前看來有點冷清，但有兩份大型租賃合約正在簽署中。同樣，這兩家都是國際公司，而且簽約需要一段時間。面積將達37萬平方英尺。很快就會簽署。至於用戶留存率，我的意思是，我們已經看到了許多這樣的情況。我們發現很多人希望提前解決到期問題，目前我們正在與幾家公司合作，爭取延長這些期限。

Okay. And if I could just ask one question around acquisitions, how should we think about additional acquisitions in the second half as you look to completely redeploy the Sixth Street capital proceeds in the context of additional stock buybacks? Wasn't clear if there is more to do in terms of acquisitions in your view just in light of where capital costs are today or if anything has changed.

好的。如果我只能問一個關於收購的問題，鑑於您計劃在下半年將 Sixth Street 的資本收益完全重新部署用於額外的股票回購，我們應該如何考慮額外的收購？鑑於目前的資本成本，我不太清楚您認為在收購方面是否還有更多工作要做，或者情況是否有所變化。

Yeah, Tom, this is Anthony. So just contextualizing that a bit, the pipeline currently stands at about $750 million, which is double the level we saw in the first quarter. All of the contemplated transactions are located in markets where we already have an operating presence which perfectly aligns with our strategy of expanding within the existing metros. I'd say notably today, we are fully engaged on a large off-market portfolio. And if successful, this opportunity would bring us beyond the midpoint of our full year acquisition volume.

是的，湯姆，我是安東尼。稍微解釋一下背景，目前專案儲備約為 7.5 億美元，是第一季水準的兩倍。所有正在考慮的交易都位於我們已經開展業務的市場，這與我們向現有都會區擴張的策略完全一致。我想特別指出的是，我們今天正全力投入一個大型的非公開市場投資組合。如果成功，這次收購將使我們的收購量超過全年目標的中點。

I think as we think about guidance and our previously announced deployment, we probably have around $91 million left to go. And so looking ahead, we would expect to potentially supplement acquisition and growth activity through combination of balance sheet capacity, selective term financing and capital recycling initiatives.

我認為，考慮到指導方針和我們之前宣布的部署計劃，我們可能還有大約 9,100 萬美元需要投入。因此，展望未來，我們預計可以透過資產負債表能力、選擇性定期融資和資本循環利用計劃來補充收購和成長活動。

(Operator Instructions) Eric Borden, BMO Capital Markets.

（操作員說明）Eric Borden，BMO 資本市場。

In your prepared commentary, you mentioned that 80% of the remaining 25 of these expirations were in active discussion. I was just hoping if you could provide a little bit more context as it relates to is there a portion of the expirations that are under LOI? Are you currently trading papers with a portion of it and is there a portion still kind of kicking the tires around those deals?

在您事先準備好的評論中，您提到剩餘的 25 項到期事項中有 80% 正在積極討論中。我只是想請您提供一些背景信息，例如，是否有一部分到期日是在意向書 (LOI) 的約束下？你目前是否正在用其中一部分股票進行交易，還有一部分股票仍在觀望這些交易？

Eric, I think you were referring to what we previously disclosed as about 1.6 million square feet of speculative leasing in the same store. Is that correct?

艾瑞克，我想你指的是我們之前披露的同一家商店約 160 萬平方英尺的投機性租賃。是這樣嗎？

It's the 847,000 square feet of remaining as expirations in the prepared commentary.

準備的評論中提到，剩餘的 847,000 平方英尺面積將作為到期物業出售。

Oh, understood. Jim could speak to that.

哦，明白了。吉姆可以就此發表看法。

Yeah. I don't have broken down exactly the way you laid it out, but we're going back and forth on all these deals probably -- That's getting out the (inaudible) and the rest of it is probably -- the ROIs are probably 40%, active conversations are about 50%. And just day to day communications with tenants, 10%. So I mean, they they they're in active discussions. They're in process and they're going to get --

是的。我沒有像你那樣詳細地分解，但我們可能在所有這些交易上反复討論——這算是把（聽不清）處理掉，剩下的部分可能是——投資回報率可能是 40%，積極的對話大約是 50%。而與租戶的日常溝通就佔了 10%。我的意思是，他們正在積極討論。他們正在進行中，他們將會得到--

Okay. And is there just any risk that those get pushed out into 2026 just given the macro uncertainty and discussions with potentially just taking longer today?

好的。鑑於宏觀經濟的不確定性以及目前討論的可能需要更長時間才能完成的情況，是否存在將這些項目推遲到 2026 年的風險？

There's always a chance that something might slip a little bit, but I don't think there's much risk in what we have left for this year.

總是會有一些小失誤的可能，但我認為今年剩下的時間風險不大。

Okay. And then, on the Ohio portfolio acquisition. I understand that there's a little bit of a shorter wall but a pretty sizable mark to market opportunity. Just curious, what portion of that portfolio lease rolls this year? And are you currently in active discussions with the remainder of the portfolio? And is there any sense of tenants staying or leaving today?

好的。然後，是關於俄亥俄州投資組合的收購。我知道牆體稍微矮了一些，但市值翻倍的機會相當大。我很好奇，該投資組合租賃合約中有多少部分會在今年到期？您目前是否正在與投資組合中的其他公司進行積極洽談？目前租戶對是否繼續居住或搬離有什麼看法？

So with respect to Ohio Light, you're right, the weighted average remaining lease term is just inside 2.5 years. With respect to the stickiness of tenancy, we anticipate renewals will be elevated relative to our average portfolio wide renewal or retention. Engagement has been high with respect to our PM teams and the in-place tenancy. And we anticipate that our execution will be at or above pro-forma levels.

所以就俄亥俄電力公司而言，你說得對，加權平均剩餘租賃期限略低於 2.5 年。就租戶穩定性而言，我們預計續租率將高於我們整體投資組合的平均續租率或留存率。我們專案管理團隊和現有租戶的參與度都很高。我們預計執行情況將達到或超過預期水準。

Okay. And last one for me, if I may. Jeff, in your prepared remarks, you mentioned that demand is broad based. I was hoping that you could comment on the development leasing at the 42,000 square foot Liberty Business Park development that's currently underway.

好的。如果可以的話，我最後再補充一點。傑夫，你在事先準備好的演講稿中提到，需求基礎廣泛。我希望您能對目前正在進行的佔地 42,000 平方英尺的 Liberty 商業園區開發案的租賃情況發表一些評論。

Yeah, so we have a couple of full building users we're negotiating with now at 46,000 square feet. We want to basically get a full building user if we can. So we still got a couple months left, so I think we're going to sign somebody up here fairly soon.

是的，我們目前正在與幾家整棟大樓的用戶洽談，面積為 46,000 平方英尺。我們希望盡可能獲得整棟大樓的用戶。所以還有幾個月的時間，我想我們很快就會招到人了。

Nikita Bely, JPMorgan.

尼基塔貝利，摩根大通。

Can you talk a little bit about the leasing activity and maybe specifically what's driving that? Seems like you've had decent activity. Fundamentally, what are your customers saying these days? I mean, is it really more a function of them getting tired of all the headlines and the tariff news and people just moving on, which is kind of what we've been hearing this quarter or is there something else that maybe is driving that?

您能否談談租賃業務的情況，特別是推動租賃業務發展的因素？看來你最近活動量還不錯。從根本上講，您的客戶最近都在說什麼？我的意思是，這真的是因為他們厭倦了所有的新聞標題和關稅新聞，人們開始轉移注意力嗎？這大概就是我們本季一直聽到的說法，還是另有其他原因導致了這種情況？

Yeah, in the prepared comments, we did discuss that manufacturing firms are trying to solidify their space long term and maybe they think that there's going to be significant increases down the road in rents. Also, there's a lot of 3PL activity. They're working with us. Like for instance, in Indianapolis, we've seen an uptick in 3PL activity. We've just signed a lease this week for 99,000 square feet, it had been vacant.

是的，在準備好的評論中，我們確實討論過製造業企業正試圖長期鞏固其空間，他們可能認為未來租金會大幅上漲。此外，第三方物流活動也非常活躍。他們正在與我們合作。例如，在印第安納波利斯，我們看到第三方物流活動增加。我們本週剛簽訂了一份99000平方英尺的租賃合同，這塊地之前一直空置。

And we're working with several 3PLs long term. Whenever they're searching for business, we're like -- they come to us. They use our spaces there for their bids. And this guy, he wants to extend it to some of our other buildings as well. So we're doing the same in Columbus. We have a strong relationship with certain 3PLs there. And they're using us for their bidding process and we're using them to fill up backfill our spaces.

我們與多家第三方物流公司保持長期合作關係。每當他們尋找業務時，我們就會說——他們會主動來找我們。他們利用我們在那裡的場地進行投標。這個人也想把這個方案推廣到我們其他的一些建築物上。所以我們在哥倫布也採取了同樣的做法。我們與當地的一些第三方物流公司建立了牢固的合作關係。他們利用我們進行競標，而我們則利用他們來填補空缺。

And what are these GPLs are saying, because we've heard interest in the opposite from some companies, for example, in California, right, the 3PLs have been somewhat retrenching in the last couple of years? This seems to be the opposite of what do you think is driving that. Different markets, I understand, of course.

這些全球物流夥伴（GPL）都在說什麼？因為我們聽到一些公司表達了相反的觀點，例如在加州，對吧，第三方物流公司在過去幾年裡一直在進行某種程度的裁員？這似乎與你認為的驅動因素正好相反。我當然明白，不同的市場情況不同。

Yeah, I think in our case, there's a lot of Class A buildings in Indianapolis on the east side, outside of the city that are more expensive than our buildings. And I think our building which is on the east side but more towards the central part of the city just offers a better cost structure, so it it helps them win business.

是的，我認為就我們而言，印第安納波利斯東部城外有很多甲級辦公室，它們的價格比我們的建築要貴。我認為我們位於東側但更靠近市中心的大樓提供了更好的成本結構，因此有助於他們贏得業務。

And can you talk a little bit about the rents more at the market level? Like what are you seeing overall if you have maybe a production or events for 2025 in terms of the overall market rent? And how has that trended versus on a sequential basis like 1Q versus 2Q and what you're seeing in 3Q? Not specifically your portfolio, your rents but the market rents where you guys participate and play around. What are you seeing on a sequential basis with the market level rents there?

能否再談談市場層面的租金狀況？例如，如果您在 2025 年有演出或活動計劃，您認為整體市場租金狀況如何？那麼，從季度到季度，例如第一季和第二季度，以及第三季度，這一趨勢有何變化？不是指你個人的投資組合或租金，而是指你們參與和運作的市場租金。您觀察到當地市場租金的周期性變化情況如何？

I'm going to answer for our market rents first. Our market rents have been growing. Maybe a little off pace from previous years, except for the bigger box product which is kind of muted our results. I think we show that if we back up one property from our spreads, it's basically close to where we were last year. And we're seeing that across the board. It's just the the big box in a couple of locations. It's not just us, it's everybody who's had a level set their rent expectations because of the big box and build that came up over the past year. So while that's been absorbed, rents have kind of flattened a bit on big box, but we continue to grow once that space is full.

我先回答一下我們市場的租金問題。我們的市場租金一直在上漲。或許比往年稍稍落後，但大包裝產品的銷售情況在一定程度上影響了我們的業績。我認為，如果我們從我們的價差中回溯一個物業，它基本上與我們去年的情況接近。而且這種情況普遍存在。它只是在幾個地方設有一個大型超市。不只是我們，在過去一年裡，由於大型商場和建築項目的興建，所有人都調整了對租金的預期。雖然這部分需求已被消化，大型商店的租金也趨於平穩，但一旦這些空間被填滿，我們就會繼續擴張。

Got it. Maybe last one on the rent bumps. What kind of rent bumps are you guys achieving right now on all your new leases and renewals when you're renegotiating those contracts versus what's in place? Is that still higher, so we should expect the overall portfolio bumps to continue to trend up.

知道了。或許這是最後一次提到租金上漲的問題了。你們目前在重新談判新租約和續約合約時，租金漲幅與現有合約相比如何？如果這個數字仍然較高，那麼我們應該預期整體投資組合的成長趨勢將繼續上升。

Yes, we're probably averaging 3.5% on that.

是的，我們的平均收益率大概在3.5%左右。

On your renewals on the bumps?

你的續約手續在承重方面有什麼問題嗎？

Yeah.

是的。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Jeff, can you talk a little bit about your capital allocation priorities over the next couple quarters? Obviously, you've been very active on the acquisition front, recycling some capital. But there's also been an uptick in share repurchases and kind of where that fits in your list of priorities.

傑夫，你能談談未來幾季的資金配置重點嗎？顯然，你們在收購方面非常活躍，並重新利用了一些資金。但股票回購也有所增加，這在你的優先事項清單中處於什麼位置？

Sure, Brendan. I think as we mentioned, we have about $90 million left to deploy, whether that's across acquisitions or share repurchases. The thing about share repurchases is that they take time. You can only buy so much of the average daily volume. So what we're trying to do is look at acquisitions, look at the volume of the share repurchases. And I think we've done a pretty good job of basically blending that as we go. But by the end of the year, we will deploy that $90 million. I can't say what the mix is going to be, but it'll be similar to what you've seen in the past. So those are the two priorities right there.

當然可以，布倫丹。正如我們之前提到的，我們還有大約 9,000 萬美元可以投入使用，無論是用於收購還是股票回購。股票回購的特徵是需要時間。你每天能買到的量是平均每日銷量的一定比例。所以我們現在想做的就是研究收購情況，研究股票回購的規模。我認為我們已經很好地將這些元素融合在一起了。但到今年年底，我們將投入這9,000萬美元。我無法透露具體的混音方案，但會和你們過去看到的類似。所以，這就是兩個首要任務。

In terms of the acquisitions, how much left do you have in terms of [1031] exchange capital?

就收購而言，您還剩下多少 [1031] 交換資本？

Well, not 1031 exactly, but the essentially deployment of the strategic capacity created by the Sixth Street transaction. There's about, as Jeff said, about $91 million left to deploy of the $500 million that we announced at the time of the deal.

嗯，雖然不完全是 1031 條款，但本質上是第六街交易所創造的戰略能力的部署。正如傑夫所說，在我們宣布達成協議時承諾的 5 億美元中，還剩下大約 9,100 萬美元可供部署。

And then any update on the potential build to suit opportunities in Cincinnati or Memphis?

那麼，關於在辛辛那提或孟菲斯進行客製化建設的潛在機會，是否有任何最新進展？

Yeah. So we have two -- well, we got more than that, Brendan, as you know, because several other pieces of land, some in Charlotte, in Atlanta. But all of our parcels -- with our brokers, we have built to suit packages out there. As of today, there's been very limited activity, as you can imagine, on new construction but we continue to market it. There continues to be some interest.

是的。所以我們有兩塊地——嗯，布倫丹，你知道，我們擁有的不只這兩塊地，因為我們還有幾塊地，有些在夏洛特，有些在亞特蘭大。但是我們所有的包裹——透過我們的經紀人，我們已經為市場上定制了各種包裝。正如您所料，截至目前，新建築活動非常有限，但我們仍在繼續進行市場推廣。仍然有人對此感興趣。

And I think as this absorption starts to really pick up here as we get into next year, we feel confident that we're going to find some of that. And these are infill locations in Memphis. These are infill locations in Cincinnati. I mean, the Cincinnati is 200,000 square feet. It's ready to go. It's got high speed rail, it's owned heavy industry, so we think that space will go, kind of, as soon as some of this bigger box absorption happens.

我認為，隨著明年這一領域的吸收能力真正開始增強，我們有信心找到一些解決方案。這些都是孟菲斯市的填充式開發案。這些是辛辛那提的填充式開發地點。我的意思是，辛辛那提酒店佔地20萬平方英尺。準備就緒。它擁有高速鐵路，擁有重工業，所以我們認為，一旦一些大型商業建築被吸收，這片空間就會逐漸消失。

And ladies and gentlemen, this concludes today's question and answer session and thus concludes today's call. We thank you for joining Plymouth Industrial REIT's second quarter earnings call. You may now disconnect your lines.

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