8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

May 4, 2023

Date of Report (Date of earliest event reported)

PLYMOUTH INDUSTRIAL REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

maryland	001-38106	27-5466153
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

20 Custom House Street, 11th Floor

Boston, MA 02110

(Address of Principal Executive Offices) (Zip Code)

(617) 340-3814

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	PLYM	New York Stock Exchange
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	PLYM-PrA	NYSE American

Item 2.02 Results of Operations and Financial Condition

On May 4, Plymouth Industrial REIT, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the three months ended March 31, 2023. The text of the Earnings Release is included as Exhibit 99.1 to this Current Report.

The Earnings Release is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On May 4, 2023, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the three months ended March 31, 2023, which took place on May 4, 2023. A copy of the supplemental analyst package is attached hereto as Exhibit 99.2.

The supplemental analyst package is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)       Exhibits:

Exhibit No.	Description
99.1	Press Release dated May 4, 2023
99.2	Supplemental Analyst Package – First Quarter 2023
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PLYMOUTH INDUSTRIAL REIT, INC.
Date: May 4, 2023	By:	/s/ Jeffrey E. Witherell
		Jeffrey E. Witherell
		Chief Executive Officer

EX-99.1

Exhibit 99.1 

Contact:

Tripp Sullivan

SCR Partners

(615) 942-7077

IR@plymouthreit.com

PLYMOUTH INDUSTRIAL REIT REPORTS FIRST QUARTER RESULTS

BOSTON, May 4, 2023 – Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced its financial results for the first quarter ended March 31, 2023 and other recent developments.

First Quarter and Subsequent Highlights

· Reported results for the first quarter of 2023 reflect a net loss attributable to common stockholders of $(0.10) per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of $0.45 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.40 per weighted average common share and units.

· Same store NOI (“SS NOI”) increased 3.6% on a GAAP basis excluding early termination income for the first quarter compared with the same period in 2022; increased 9.1% on a cash basis excluding early termination income.

· Commenced leases during the first quarter experienced a 15.9% increase in rental rates on a cash basis from leases greater than six months with new leases experiencing a 37.9% increase on a cash basis and renewal leases experiencing an 11.7% increase on a cash basis. Through May 1, 2023, executed leases scheduled to commence during 2023, which includes the first quarter activity, total an aggregate of 4,058,660 square feet, all of which are associated with terms of at least six months. The Company will experience a 19.3% increase in rental rates on a cash basis from these leases.

· Completed 385,010 square feet of development leasing through the first quarter, fully leasing two buildings totaling 304,688 square feet that delivered in the first quarter and fully leasing two buildings totaling 80,322 square feet that are expected to be completed in the third and fourth quarters of 2023.

· Increased the regular quarterly cash dividend for the first quarter of 2023 by 2.3% to $0.225 per share for the common stock and paid a regularly quarter cash dividend of $0.46875 per share for the 7.50% Series A Cumulative Redeemable Preferred Stock (“the Preferred Stock”).

· Affirmed the full year 2023 guidance ranges for net loss per weighted average common share and units, Core FFO per weighted average common share and units and accompanying guidance assumptions previously issued on February 23, 2023.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “During the first quarter, our teams continued to maintain a strong pace of leasing while capturing our embedded mark-to-market releasing spreads. Our top priorities for 2023 are to drive organic growth through same store NOI, de-lever and simplify the balance sheet and create value with our new developments. We are pleased with our progress to date, with a 9.1% increase in cash same store NOI, a fourth straight quarter of de-levering and the first phase of our development program nearing completion. We have already addressed two-thirds of our 2023 lease expirations and 1.3 million square feet of our 2024 lease expirations with high retention rates and rent increases consistent with our estimated mark-to-market of 18% to 20%.”

Financial Results for the First Quarter of 2023

Net loss attributable to common stockholders for the quarter ended March 31, 2023 was $4.3 million, or $(0.10) per weighted average common share outstanding, $7.7 million, or $(0.21) per weighted average common share outstanding, for the same period in 2022. The net loss decreased year-over-year primarily due to an increase in net operating income, partially offset by increased interest expense resulting from higher interest rates and acquisition activity coupled with increased depreciation and amortization expense associated with acquisition activity and new development properties placed into service. Weighted average common shares outstanding for the first quarters ended March 31, 2023 and 2022 were 42.6 million and 36.2 million, respectively.

Consolidated total revenues for the quarter ended March 31, 2023 were $49.4 million, compared with $42.8 million for the same period in 2022.

NOI for the quarter ended March 31, 2023 was $33.4 million compared with $28.6 million for the same period in 2022. Same store NOI (“SS NOI”) excluding early termination income – GAAP basis for the quarter ended March 31, 2023 was $30.2 million compared with $29.2 million for the same period in 2022, an increase of 3.6%. SS NOI excluding early termination income – Cash basis for the quarter ended March 31, 2023 was $29.3 million compared with $26.8 million for the same period in 2022, an increase of 9.1%. SS NOI for the first quarter was positively impacted by rent escalations, renewal and new leasing spreads, and increased operating expense recoveries. The same store portfolio is comprised of 183 buildings totaling 31.0 million square feet, or 90.5% of the Company’s total portfolio, and was 99.1% occupied as of March 31, 2023.

EBITDAre for the quarter ended March 31, 2023 was $30.0 million compared with $25.0 million for the same period in 2022.

Core FFO for the quarter ended March 31, 2023 was $19.6 million compared with $17.2 million for the same period in 2022, primarily as a result of the growth in same-store NOI, contribution from acquisitions and a decrease in preferred stock dividends resulting from the full conversion of the Series B Convertible Stock, partially offset by an increase in interest expense. The Company reported Core FFO for the quarter ended March 31, 2023 of $0.45 per weighted average common share and unit compared with $0.47 per weighted average common share and unit for the same period in 2022. Weighted average common shares and units outstanding for the first quarters ended March 31, 2023, and 2022 were 43.4 million and 37.0 million, respectively, due to the 22.3% increase in outstanding common shares primarily attributable to the Series B Convertible Stock conversions in the second and third quarters of 2022.

AFFO for the quarter ended March 31, 2023 was $17.3 million, or $0.40 per weighted average common share and unit, compared with $14.7 million, or $0.40 per weighted average common share and unit, for the same period in 2022. The results reflected the aforementioned changes in Core FFO and the 22.3% increase in outstanding common shares.

See “Non-GAAP Financial Measures” for complete definitions of NOI, EBITDAre, Core FFO and AFFO and the financial tables accompanying this press release for reconciliations of net income to NOI, EBITDAre, Core FFO and AFFO.

Liquidity

As of May 1, 2023, the Company’s current cash balance was approximately $10.2 million, excluding operating expense escrows of approximately $7.0 million, and it has approximately $262.5 million of capacity under the existing unsecured line of credit.

Investment Activity

As of March 31, 2023, the Company had real estate investments comprised of 210 industrial buildings totaling 34.2 million square feet.

Plymouth currently has six projects totaling 719,702 square feet in the first phase of its development program with approximately 88% of the expected $61 million in development costs funded as of March 31, 2023. Through the first quarter of 2023, Plymouth has leased 385,010 square feet of development space. This activity includes fully leasing its 236,600-square-foot phase one industrial building in the Atlanta market to a single tenant with rent having commenced in February 2023; fully leasing its 68,088-square-foot industrial building in Portland, Maine to two tenants with rent having commenced in December 2022 and April 2023; and fully leasing 80,322 square feet of future developments in Jacksonville, Florida that are expected to be completed in the third and fourth quarters of 2023. The Company’s 154,692-square-foot industrial building in Cincinnati, Ohio was completed during the first quarter and has a number of lease offers pending. The 180,000-square-foot phase two industrial building in Atlanta is estimated to be completed in the second quarter of 2023 with multiple leasing prospects being actively considered.

Leasing Activity

Leases commencing during the first quarter ended March 31, 2023 totaled an aggregate of 768,966 square feet, all of which are associated with terms of at least six months. The Company will experience a 15.9% increase in rental rates on a cash basis from these leases. These leases included 123,081 square feet of new leases with a 37.9% increase in rental rates on a cash basis and 645,885 square feet of renewal leases (21% of these leases were associated with contractual renewals) with an 11.7% increase in rental rates on a cash basis. Consistent with the Company’s full year 2023 forecast, occupancy was 98.1% and reflects budgeted roll-over that has been largely addressed as well as the inclusion of 154,692 square feet in new development space completed during the first quarter.

Through May 1, 2023, executed leases scheduled to commence after the first quarter total an aggregate of 3,285,719 square feet, all of which are associated with terms of at least six months. The Company will experience a 20.5% increase in rental rates on a cash basis from these leases. These leases included 867,396 square feet of new leases with a 31.2% increase in rental rates on a cash basis and 2,418,323 square feet of renewal leases (8% of these leases were associated with contractual renewals) with a 16.3% increase in rental rates on a cash basis.

The Company has already leased 1,333,408 square feet of space that will commence during 2024, all of which are associated with terms of at least six months. The Company will experience a 14.4% increase in rental rates on a cash basis from these leases. These leases included 276,154 square feet of new leases with a 61.9% increase in rental rates on a cash basis and 1,057,254 square feet of renewal leases (34% of these leases were associated with contractual renewals) with a 5.1% increase in rental rates on a cash basis for these leases.

Quarterly Distributions to Stockholders

On February 22, 2023, the Board of Directors declared a regular quarterly common stock dividend of $0.225 per share for the first quarter of 2023. The dividend, which represented an increase of 2.3%, was paid on April 28, 2023 to stockholders of record on March 31, 2023.

On March 1, 2023, the Company announced the Board of Directors declared a regular quarterly cash dividend of $0.46875 per share for the Preferred Stock for the first quarter of 2023. The dividend was paid on March 31, 2023 to stockholders of record on March 15, 2023.

Guidance for 2023

Plymouth affirmed its full year 2023 guidance ranges for net loss and Core FFO per weighted average common share and units and accompanying guidance assumptions previously issued on February 23, 2023.

Earnings Conference Call and Webcast

The Company will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through May 11, 2023, by dialing (877) 344-7529 and entering the replay access code, 9555795.

The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.plymouthreit.com. The online replay will be available approximately one hour after the end of the call and archived for approximately 90 days.

About Plymouth

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

Forward-Looking Statements

This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

PLYMOUTH INDUSTRIAL REIT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

(In thousands, except share and per share amounts)

	March 31,			December 31,
	2023			2022
Assets
Real estate properties	$	1,563,493		$	1,555,846
Less accumulated depreciation		(222,418	)		(205,629	)
Real estate properties, net		1,341,075			1,350,217
Cash		20,396			11,003
Cash held in escrow		11,189			13,376
Restricted cash		6,847			6,834
Deferred lease intangibles, net		66,109			70,718
Interest rate swaps		23,045			30,115
Other assets		37,798			39,055
Total assets	$	1,506,459		$	1,521,318
Liabilities, Preferred Stock and Equity
Liabilities:
Secured debt, net	$	387,942		$	389,531
Unsecured debt, net		447,494			447,345
Borrowings under line of credit		87,500			77,500
Accounts payable, accrued expenses and other liabilities		70,739			72,551
Deferred lease intangibles, net		8,014			8,918
Financing lease liability		2,254			2,248
Total liabilities		1,003,943			998,093
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized,
Series A; 1,953,783 and 1,955,513 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively (aggregate liquidation preference of $48,845 and $48,888 at March 31, 2023 and December 31, 2022, respectively)		46,803			46,844
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 43,030,864 and 42,849,489  shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		403			428
Additional paid in capital		624,942			635,068
Accumulated deficit		(197,543	)		(194,243	)
Accumulated other comprehensive income		22,750			29,739
Total stockholders' equity		450,579			470,992
Non-controlling interest		5,134			5,389
Total equity		455,713			476,381
Total liabilities, preferred stock and equity	$	1,506,459		$	1,521,318

PLYMOUTH INDUSTRIAL REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

(In thousands, except share and per share amounts)

	For the Three Months
	Ended March 31,
	2023			2022
Rental revenue	$	49,371		$	42,720
Management fee revenue and other income		29			86
Total revenues		49,400			42,806
Operating expenses:
Property		15,954			14,075
Depreciation and amortization		23,800			22,691
General and administrative		3,447			3,552
Total operating expenses		43,201			40,318
Other income (expense):
Interest expense		(9,535	)		(6,395	)
Earnings (loss) in investment of unconsolidated joint venture		—			(147	)
Loss on extinguishment of debt		—			(2,176	)
(Appreciation) depreciation of warrants		—			1,760
Total other income (expense)		(9,535	)		(6,958	)
Net loss		(3,336	)		(4,470	)
Less: Net loss attributable to non-controlling interest		(38	)		(60	)
Net loss attributable to Plymouth Industrial REIT, Inc.		(3,298	)		(4,410	)
Less: Preferred Stock dividends		916			1,699
Less: Series B Preferred Stock accretion to redemption value		—			1,500
Less: Loss on extinguishment of Series A Preferred Stock		2			—
Less: Amount allocated to participating securities		88			67
Net loss attributable to common stockholders	$	(4,304	)	$	(7,676	)
Net loss basic and diluted per share attributable to common stockholders	$	(0.10	)	$	(0.21	)
Weighted-average common shares outstanding basic and diluted		42,604,770			36,227,582

Non-GAAP Financial Measures Definitions

Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.

EBITDAre: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, appreciation (depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.

Funds from Operations (“FFO”): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.

Core Funds from Operations (“Core FFO”): Core FFO represents FFO reduced by dividends paid (or declared) to holders of our preferred stock, acquisition and transaction related expenses for transactions not completed, and certain non-cash operating expenses such as impairment on real estate lease, appreciation (depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Adjusted Funds from Operations (“AFFO”): Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, capitalized interest and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, non-cash equity compensation and non-cash interest expense.

We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

PLYMOUTH INDUSTRIAL REIT, INC.

SUPPLEMENTAL RECONCILIATION OF NON-GAAP DISCLOSURES

UNAUDITED

(In thousands, except per share amounts)

	For the Three Months
	Ended March 31,
NOI:	2023			2022
Net loss	$	(3,336	)	$	(4,470	)
General and administrative		3,447			3,552
Depreciation and amortization		23,800			22,691
Interest expense		9,535			6,395
(Earnings) loss in investment of unconsolidated joint venture		—			147
Loss on extinguishment of debt		—			2,176
Appreciation (depreciation) of warrants		—			(1,760	)
Management fee revenue and other income		(29	)		(86	)
NOI	$	33,417		$	28,645

	For the Three Months
	Ended March 31,
EBITDAre:	2023			2022
Net loss	$	(3,336	)	$	(4,470	)
Depreciation and amortization		23,800			22,691
Interest expense		9,535			6,395
Loss on extinguishment of debt		—			2,176
Appreciation (depreciation) of warrants		—			(1,760	)
EBITDAre	$	29,999		$	25,032

	For the Three Months
	Ended March 31,
FFO:	2023			2022
Net loss	$	(3,336	)	$	(4,470	)
Depreciation and amortization		23,800			22,691
Depreciation and amortization from unconsolidated joint venture		—			268
FFO	$	20,464		$	18,489
Preferred stock dividends		(916	)		(1,699	)
Acquisition expenses		81			—
Appreciation (depreciation) of warrants		—			(1,760	)
Loss on extinguishment of debt		—			2,176
Core FFO	$	19,629		$	17,206
Weighted average common shares and units outstanding		43,432			36,985
Core FFO per share	$	0.45		$	0.47

	For the Three Months
	Ended March 31,
AFFO:	2023			2022
Core FFO	$	19,629		$	17,206
Amortization of debt related costs		568			505
Non-cash interest expense		294			644
Stock compensation		585			442
Capitalized interest		(335	)		(64	)
Straight line rent		(912	)		(822	)
Above/below market lease rents		(734	)		(1,546	)
Recurring capital expenditures (1)		(1,806	)		(1,673	)
AFFO	$	17,289		$	14,692
Weighted average common shares and units outstanding		43,432			36,985
AFFO per share	$	0.40		$	0.40

(1) Excludes non-recurring capital expenditures of $8,413 and $8,289 for the three months ended March 31, 2023 and 2022, respectively.

EX-99.2

Exhibit 99.2 

Plymouth Industrial REIT, Inc.

Table of Contents

Introduction
Executive Summary	2
Management, Board of Directors, Investor Relations, and Equity Coverage	2
Portfolio Statistics	3
Acquisition Activity	3
Select Recent Acquisitions	4
Value Creation	5
Development Projects	5
Guidance	6
Financial Information
Same Store Net Operating Income (NOI)	7
Consolidated Statements of Operations	8
Consolidated NOI	9
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)	9
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)	9
Consolidated Balance Sheets	10
Capital Structure and Debt Summary	11
Capital Markets Activity	11
Net Asset Value Components	12
Operational & Portfolio Information
Leasing Activity	13
Lease Expiration Schedule	13
Leased Square Feet and Annualized Base Rent by Tenant Industry	14
Leased Square Feet and Annualized Base Rent by Type	15
Top 10 Tenants by Annualized Base Rent	16
Lease Segmentation by Size	16
Rentable Square Feet and Annualized Base Rent by Market	17
Total Acquisition and Replacement Cost by Market	17
Appendix
Glossary	18

Forward-Looking Statements: This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this Supplemental Information do not constitute guarantees of future performance. Investors are cautioned that statements in this Supplemental Information, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this Supplemental Information, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Definitions and Reconciliations: For definitions of certain terms used throughout this Supplemental Information, including certain non-GAAP financial measures, refer to the Glossary on pages 18-19. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 9.

Plymouth Industrial REIT, Inc.

Executive Summary

Company overview: Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment trust company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

Management, Board of Directors, Investor Relations, and Equity Coverage

Corporate	Investor Relations	Transfer Agent
20 Custom House Street, 11th Floor	Tripp Sullivan	Continental Stock Transfer & Trust Company
Boston, Massachusetts 02110	SCR Partners	1 State Street, 30th Floor
617.340.3814	615.942.7077	New York, NY 10004
www.plymouthreit.com	IR@plymouthreit.com	212.509.4000
Executive Management
Jeffrey E. Witherell	Pendleton P. White, Jr.	Anthony J. Saladino	James M. Connolly
Chief Executive Officer	President and Chief Investment	Executive Vice President	Executive Vice President
and Chairman	Officer	and Chief Financial Officer	Asset Management
Lyndon J. Blakesley	Anne A. Hayward
Senior Vice President	Senior Vice President
and Chief Accounting Officer	and General Counsel
Board of Directors
Philip S. Cottone	Richard J. DeAgazio	David G. Gaw	John W. Guinee
Independent Director	Independent Director	Lead Independent Director	Independent Director
Caitlin Murphy	Pendleton P. White, Jr.	Jeffrey E. Witherell
Independent Director	President and Chief Investment	Chief Executive Officer
	Officer	and Chairman
Equity Research Coverage1
Baird	BNP Paribas Exane	Colliers Securities	KeyBanc Capital Markets
Nicholas Thillman	Nate Crossett	Barry Oxford	Todd Thomas
414.298.5053	646.725.3716	203.961.6573	917.368.2375
BMO Capital Markets	B Riley Securities	JMP Securities	J.P. Morgan
John Kim	Bryan Maher	Mitch Germain	Mike Mueller
212.885.4115	646.885.5423	212.906.3537	212.622.6689
			Truist Securities
			Anthony Hau
			212.303.4176

Investor Conference Call and Webcast:
The Company will host a conference call and live audio webcast, both open for the general public to hear, on May 4, 2023 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through May 11, 2023 by dialing (877) 344-7529 and entering the replay access code, 9555795.

1) The analysts listed provide research coverage on the Company. Any opinions, estimates or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts by the Company or its management. The Company does not by reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.

Page 2 

Plymouth Industrial REIT, Inc.

Portfolio Statistics

Unaudited ($ in thousands, except Cost/SF) as of 12/31/2022

Portfolio Snapshot		Portfolio Growth ($ in millions)
Number of Properties	157
Number of Buildings	210
Square Footage	34,228
Occupancy	98.1%
WA Lease Term Remaining (yrs.)1	3.5
Total Annualized Base Rent (ABR)2	$146,656
Rental Rate Increase - Cash Basis3	15.9%
Q4 Rent Collections	99.0%

Acquisition Activity
Acquisitions
Location	Acquisition  Date	# of Buildings	Purchase Price5	Square Footage	Projected Initial Yield6	Cost per Square Foot7
	Q1 2023	-	$                       -	-	-	$                          -
Multiple	Full Year 2022	44	$           253,655	4,164,864	6.1%	$                   71.54
Multiple	Full Year 2021	24	$           370,977	6,380,302	6.7%	$                   63.15
Multiple	Full Year 2020	27	$           243,568	5,473,596	7.8%	$                   46.99
Multiple	Full Year 2019	32	$           220,115	5,776,928	8.4%	$                   42.21
Multiple	Full Year 2018	24	$           164,575	2,903,699	8.2%	$                   70.54
Multiple	2017 (since IPO)	36	$           173,325	5,195,563	8.4%	$                   33.81
Total Acquisitions Post-IPO		187	$        1,426,215	29,894,952	7.4%	$                  55.94

Portfolio statistics and acquisitions include wholly owned industrial properties only; excludes our property management office located in Columbus, Ohio.

1) The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

2) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

3) Based on approximately 0.8 million square feet of new and renewal leases greater than six months in term. Refer to Leasing Activity in this Supplemental Information for additional details.

4) Replacement cost is based on the Marshall & Swift valuation methodology for the determination of building costs. Replacement cost includes land reflected at the allocated cost in accordance with GAAP.

5) Represents total direct consideration paid rather than GAAP cost basis.

6) Weighted based on Purchase Price.

7) Calculated as Purchase Price divided by square footage.

8) Acquisitions include capitalized costs in accordance to GAAP for development properties placed in-service.

Page 3 

Plymouth Industrial REIT, Inc.

Select Recent Acquisitions

Unaudited ($ in thousands, except Cost/SF)

Rockside Logistics Center
	Location	Cleveland
	Acquisition Date	July-22
	# of Buildings	1
	Purchase Price1	$16,500
	Square Footage	197,518
	Occupancy at Acquisition	100.0%
	WA Lease Term Remaining	4.6 years
	Projected Initial Yield	6.3%
	Purchase Price/SF2	$83.54
	Replacement Cost/SF2	$147.85
	Multi-Tenant %	0%
	Single-Tenant %	100%
	Location Characteristics: Cleveland, a pivotal market along the industrial beltway, which spans from Philadelphia to Chicago, has seen record absorption and demand numbers for all industrial product.  The market is home to 9 Fortune 1000 companies and a highly skilled workforce, making it a perfect place for industrial growth and occupancy.
	Market Insight:  7 of the last 8 quarters have experienced significant positive absorption, which has kept vacancy rates under 2% since 2020. The market's modest development pipeline will have trouble keeping up with demand, allowing room for growth in lease rates and keeping vacancies low (source: CBRE).
	Portfolio Fit: Brings Company's scale in the Cleveland market to approximately 4.0 million square feet.

ZF Lemforder Distribution Center
	Location	Charlotte
	Acquisition Date	May-22
	# of Buildings	1
	Purchase Price1	$20,400
	Square Footage	155,220
	Occupancy at Acquisition	100.0%
	WA Lease Term Remaining	3.5 years
	Projected Initial Yield	5.7%
	Purchase Price/SF2	$131.43
	Replacement Cost/SF2	$134.14
	Multi-Tenant %	0%
	Single-Tenant %	100%
	Location Characteristics: This building is located north of Charlotte in an area of high growth due to its access to not only the Charlotte market, but the Winston-Salem and Greensboro markets as well. This superior location along with low availability rates and low projected development activity over the next few years supports sustainable growth and stability.
	Market Insight: The greater Charlotte industrial market continues to experience record growth and demand. In 2021 over 10 million SF of space was absorbed. Along with that, the availability rate is at an all-time-low of 3%. Due to such high demand, rents closed out the year at record levels with a 8.7% year over year increase and are expected to continue high growth over the next 5+ years (source: CBRE).
	Portfolio Fit: Expands Plymouth's portfolio into the high-growth Charlotte market and provides expansion and rent-growth upside in the long-term.

1) Represents total direct consideration paid rather than GAAP cost basis.

2) Replacement cost is based on the Marshall & Swift valuation methodology for the determination of building costs. Replacement cost includes land reflected at the allocated cost in accordance with GAAP.

Page 4 

Plymouth Industrial REIT, Inc.

Value Creation

Unaudited ($ in thousands, except RSF)

Examples of Value Creation

Lease-up / Building Refurbishment	New Industrial Development	Re-leasing / No downtime
Memphis	Atlanta	Atlanta
Executed a 312,000 SF 5-year lease with annual escalators of 3.0% at a rental rate increase of 56% over prior rents.	Acquired single-tenant industrial building in January 2020 with ~ 65 acres of developable land.	Executed an early 7-year renewal for a 194,800 SF tenant effective upon the substantial completion of capital improvements to the property.
Tenant move-out was addressed expeditiously. The building will undergo roof and fire suppression upgrades as a part of the new lease transaction.	Broke ground on new 237,000 SF building during Q2 2021 with an estimated turnkey in Q1 2023 at a cost of ~$13.8M, an add'l 180,000 SF building is projected for Q2 2023 at a cost of ~$12.0M.	The estimated $1.6 million capital improvements include remodeling of restrooms, roof replacement, dock door restorations, and parking lot repairs.
The property was acquired at a going-in yield of 8.0%, which now has increased to a stabilized yield of over 11.0%.	Flexible design planned for both buildings to allow for demising. The 237,000 SF building is 100% leased.	Tenant is in place during capital improvements resulting in no downtime. Renewal rent will be a 53% net increase over the prior rental rate.

Plymouth is partnering with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities¹

Development Projects (as of 03/31/2023)

The Company has identified over 1.9 million SF of developable GLA with 260,322 SF currently under construction and 459,380 recently completed. The total investment in development under construction is approximately $16.7 million as of 3/31/2023 against a budget of approximately $23.9 million. The total investment in completed developments is approximately $37.2 million. The proforma stabilized cash NOI yields on development projects under construction and completed range between 7.0% - 9.0%.

		Total Rentable			Estimated
Under Construction2	# of Buildings	Square Feet (RSF)	% Leased	% Funded	Completion
Atlanta - New Calhoun II	1	180,000	Multiple prospects	99%	Q2 2023
Jacksonville - Liberty	2	80,322	100%	41%	Q3/Q4 2023
	3	260,322
		Total Rentable
Completed 3	# of Buildings	Square Feet (RSF)	% Leased	% Funded	Completed
Boston - Milliken Road	1	68,088	100%	100%	Q4 2022
Atlanta - New Calhoun I	1	236,600	100%	100%	Q1 2023
Cincinnati - Fisher Park I	1	154,692	Multiple prospects	100%	Q1 2023
	3	459,380

1) The Company is a member organization of the Green Building Initiative (GBI), a nonprofit organization and American National Standards Institute (ANSI) Accredited Standards Developer dedicated to reducing climate impacts by improving the built environment. Founded in 2004, the organization is the global provider of the Green Globes and federal Guiding Principles Compliance certification and assessment programs.

2) Under construction represents projects for which vertical construction has commenced. Refer to the Developable Land section of the Net Asset Components on page 12 of this Supplemental Information for additional details on the Company's development activities.

3) Completed buildings are included within portfolio occupancy and square footage metrics as of March 31, 2023.

Page 5 

Plymouth Industrial REIT, Inc.

Guidance

Unaudited (in thousands, except per-share amounts)

PLYM affirms its full year 2023 guidance ranges for net loss and Core FFO per weighted average common share and units and accompanying guidance assumptions as previously issued on February 23, 2023.

	Full Year 2023 Range1
	Low		High
Core FFO attributable to common stockholders and unit holders per share	$	1.84	$	1.86
Same Store Portfolio NOI growth - cash basis2		7.25%		7.75%
Average Same Store Portfolio occupancy - full year		98.4%		98.8%
General and administrative expenses3	$	15,900	$	15,500
Interest expense, net	$	39,300	$	38,500
Weighted average common shares and units outstanding4		43,537		43,537

Reconciliation of net loss attributable to common stockholders and unit holders per share to Core FFO guidance:

	Full Year 2023 Range1
	Low			High
Net loss	$	(0.13	)	$	(0.11	)
Depreciation and amortization		2.05			2.05
Preferred stock dividends		(0.08	)		(0.08	)
	$	1.84		$	1.86

1) Our 2023 guidance refers to the Company's in-place portfolio as of February 20, 2023. Our 2023 guidance does not include prospective acquisitions beyond February 20, 2023, dispositions, or capitalization activities that have not closed.

2) The Same Store Portfolio consists of 183 buildings aggregating 30,989,249 rentable square feet, representing approximately 91% of total in-place portfolio square footage. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income.

3) Includes non-cash stock compensation of $3.1 million for 2023.

4) As of February 20, 2023, the Company has 43,521,163 common shares and units outstanding.

Page 6 

Plymouth Industrial REIT, Inc.

Same Store Net Operating Income (NOI)

Unaudited ($ and SF in thousands)

Same Store Portfolio Statistics

Square footage	30,989	Includes1: wholly owned properties as of December 31, 2021; determined and set once per year for the following twelve months (refer to Glossary for Same Store definition)
Number of properties	138
Number of buildings	183
Percentage of total portfolio square footage	90.5%	Excludes: wholly owned properties classified as repositioning or lease-up during 2022 or 2023 (8 properties representing approximately 935,000 of rentable square feet)
Occupancy at period end	99.1%

Same Store NOI - GAAP Basis
	Three Months Ended March 31,
	2023		2022		$ Change		% Change
Rental revenue	$	44,655	$	43,245	$	1,410		3.3%
Property expenses		14,272		14,022		250		1.8%
Same Store NOI - GAAP Basis	$	30,383	$	29,223	$	1,160		4.0%
Same Store NOI excluding early termination income - GAAP Basis	$	30,223	$	29,167	$	1,056		3.6%

Same Store NOI - Cash Basis
	Three Months Ended March 31,
	2023		2022		$ Change		% Change
Rental revenue	$	43,731	$	40,923	$	2,808		6.9%
Property expenses		14,272		14,022		250		1.8%
Same Store NOI - Cash Basis	$	29,459	$	26,901	$	2,558		9.5%
Same Store NOI excluding early termination income - Cash Basis	$	29,299	$	26,845	$	2,454		9.1%

1) For the three months ended March 31, 2023 and 2022, our Same Store Portfolio includes the 28-building Memphis Industrial Portfolio which we acquired the remaining 80% interest in our former unconsolidated JV on March 11, 2022.

Page 7 

Plymouth Industrial REIT, Inc.

Consolidated Statements of Operations

Unaudited ($ in thousands, except per-share amounts)

	For the Three Months Ended March 31,
	2023			2022
Revenues:
Rental revenue	$	37,586		$	32,952
Tenant recoveries		11,785			9,768
Management fee revenue and other income		29			86
Total revenues	$	49,400		$	42,806
Operating expenses:
Property		15,954			14,075
Depreciation and amortization		23,800			22,691
General and administrative		3,447			3,552
Total operating expenses	$	43,201		$	40,318
Other income (expense):
Interest expense		(9,535	)		(6,395	)
Earnings (loss) in investment of unconsolidated joint venture1		—			(147	)
Loss on extinguishment of debt		—			(2,176	)
(Appreciation) depreciation of warrants2		—			1,760
Total other income (expense)	$	(9,535	)	$	(6,958	)
Net loss	$	(3,336	)	$	(4,470	)
Less: Net loss attributable to non-controlling interest		(38	)		(60	)
Net loss attributable to Plymouth Industrial REIT, Inc.	$	(3,298	)	$	(4,410	)
Less: Preferred Stock dividends		916			1,699
Less: Series B Preferred Stock accretion to redemption value		—			1,500
Less: Loss on extinguishment of Series A Preferred Stock		2			—
Less: Amount allocated to participating securities		88			67
Net loss attributable to common stockholders	$	(4,304	)	$	(7,676	)
Net loss basic and diluted per share attributable to common stockholders	$	(0.10	)	$	(0.21	)
Weighted-average common shares outstanding basic and diluted		42,605			36,228

1) Represents our share of earnings (losses) related to our investment in an unconsolidated joint venture. The Company acquired the remaining 80% interest in our unconsolidated JV in March 2022.

2) Represents the change in the fair market value of our common stock warrants. On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 shares of common stock.

Page 8 

 

Plymouth Industrial REIT, Inc.

Non-GAAP Measurements

Unaudited ($ in thousands, except per-share amounts)

Consolidated NOI

	For the Three Months Ended March 31,
	2023			2022
Net loss	$	(3,336	)	$	(4,470	)
General and administrative		3,447			3,552
Depreciation and amortization		23,800			22,691
Interest expense		9,535			6,395
(Earnings) loss in investment of unconsolidated joint venture1		—			147
Loss on extinguishment of debt		—			2,176
Appreciation (depreciation) of warrants2		—			(1,760	)
Management fee revenue and other income		(29	)		(86	)
Net Operating Income	$	33,417		$	28,645

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net loss	$	(3,336	)	$	(4,470	)
Depreciation and amortization		23,800			22,691
Interest expense		9,535			6,395
Loss on extinguishment of debt		—			2,176
Appreciation (depreciation) of warrants2		—			(1,760	)
EBITDAre	$	29,999		$	25,032
Stock compensation		585			442
Acquisition expenses		81			—
Pro forma effect of acquisitions/developments3		453			2,057
Adjusted EBITDA	$	31,118		$	27,531

Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)

Net loss	$	(3,336	)	$	(4,470	)
Depreciation and amortization		23,800			22,691
Depreciation and amortization from unconsolidated joint venture		—			268
FFO	$	20,464		$	18,489
Preferred stock dividends		(916	)		(1,699	)
Acquisition expenses		81			—
Appreciation (depreciation) of warrants2		—			(1,760	)
Loss on extinguishment of debt		—			2,176
Core FFO	$	19,629		$	17,206
Amortization of debt related costs		568			505
Non-cash interest expense		294			644
Stock compensation		585			442
Capitalized interest		(335	)		(64	)
Straight line rent		(912	)		(822	)
Above/below market lease rents		(734	)		(1,546	)
Recurring capital expenditures4		(1,806	)		(1,673	)
AFFO	$	17,289		$	14,692
Weighted-average common shares and units outstanding		43,432			36,985
Core FFO attributable to common stockholders and unit holders per share	$	0.45		$	0.47
AFFO attributable to common stockholders and unit holders per share	$	0.40		$	0.40

1) Represents our share of (earnings) losses related to our investment in an unconsolidated joint venture.

2) Represents the change in the fair market value of our common stock warrants. On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 shares of common stock.

3) Represents the estimated impact of wholly owned acquisitions and development properties as if they had been acquired or stabilized on the first day of each respective quarter in which the acquisitions occured or developments were placed in-service. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired properties and/or placed the development properties in-service as of the beginning of the respective periods.

4) Excludes non-recurring capital expenditures of $8,413 and $8,289 for the three months ended March 31, 2023 and 2022, respectively.

Page 9 

Plymouth Industrial REIT, Inc.

Consolidated Balance Sheets

Unaudited ($ in thousands)

	March 31, 2023			December 31, 2022
ASSETS
Real estate properties:
Land	$	231,829		$	231,829
Building and improvements		1,331,664			1,324,017
Less accumulated depreciation		(222,418	)		(205,629	)
Total real estate properties, net	$	1,341,075		$	1,350,217
Cash, cash held in escrow and restricted cash		38,432			31,213
Deferred lease intangibles, net		66,109			70,718
Interest rate swaps1		23,045			30,115
Other assets		37,798			39,055
Total assets	$	1,506,459		$	1,521,318
LIABILITIES, PREFERRED STOCK AND EQUITY
Secured debt, net	$	387,942		$	389,531
Unsecured debt, net2		534,994			524,845
Accounts payable, accrued expenses and other liabilities		70,739			72,551
Deferred lease intangibles, net		8,014			8,918
Financing lease liability3		2,254			2,248
Total liabilities	$	1,003,943		$	998,093
Preferred stock - Series A	$	46,803		$	46,844
Equity:
Common stock	$	430		$	428
Additional paid in capital		624,942			635,068
Accumulated deficit		(197,543	)		(194,243	)
Accumulated other comprehensive income		22,750			29,739
Total stockholders' equity		450,579			470,992
Non-controlling interest		5,134			5,389
Total equity	$	455,713		$	476,381
Total liabilities, preferred stock and equity	$	1,506,459		$	1,521,318

1)	Represents the fair value of the Company's interest rate swaps. A summary of the Company's interest rate swaps and accounting are detailed in Note 6 of our most recent Quarterly Report on Form 10-Q.
2)	Includes borrowings under line of credit and term loans. Refer to Debt Summary in this Supplemental Information for additional details.
3)	As of March 31, 2023, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 33 years. Refer to our 2023 Quarterly Report on Form 10-Q for expanded disclosure.

Page 10 

Plymouth Industrial REIT, Inc.

Capital Structure and Debt Summary

Unaudited ($ in thousands) as of 3/31/2023

Debt Summary

Secured Debt:	Maturity Date	Interest Rate	Commitment		Principal Balance
AIG Loan	November-23	4.08%	$	120,000	$	111,061
Ohio National Life Mortgage1	August-24	4.14%		21,000		18,887
Allianz Loan	April-26	4.07%		63,115		62,110
Nationwide Loan	October-27	2.97%		15,000		15,000
Lincoln Life Gateway Mortgage1	January-28	3.43%		28,800		28,800
Minnesota Life Memphis Industrial Loan1	January-28	3.15%		56,000		55,812
Midland National Life Insurance Mortgage1	March-28	3.50%		10,820		10,820
Minnesota Life Loan	May-28	3.78%		21,500		19,908
Transamerica Loan	August-28	4.35%		78,000		67,061
Total / Weighted Average Secured Debt		3.87%	$	414,235	$	389,459
Unsecured Debt:
KeyBank Line of Credit	August-25	6.31%2	$	350,000	$	87,500
$100m KeyBank Term Loan	August-26	3.10%2,3		100,000		100,000
$200m KeyBank Term Loan	February-27	3.13%2,3		200,000		200,000
$150m KeyBank Term Loan	May-27	4.50%2,3		150,000		150,000
Total / Weighted Average Unsecured Debt		4.02%	$	800,000	$	537,500

	March 31,		December 31,		September 30,		June 30,		March 31,
Net Debt:	2023		2022		2022		2022		2022
Total Debt4	$	926,959	$	918,728	$	910,293	$	884,841	$	864,783
Less: Cash		38,432		31,213		36,253		36,066		42,269
Net Debt	$	888,527	$	887,515	$	874,040	$	848,775	$	822,514

Capitalization

	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
Common Shares and Units Outstanding5		43,521			43,339			43,339			40,623			37,476
Closing Price (as of period end)	$	21.01		$	19.18		$	16.81		$	17.54		$	27.10
Market Value of Common Shares6	$	914,376		$	831,242		$	728,529		$	712,527		$	1,015,600
Preferred Stock - Series A (at liquidation preference)		48,845			48,888			49,311			50,179			50,589
Preferred Stock - Series B (at liquidation preference)8		—			—			—			50,765			99,463
Total Market Capitalization6,7	$	1,890,180		$	1,798,858		$	1,688,133		$	1,698,312		$	2,030,435
Dividend / Share (annualized)	$	0.90		$	0.88		$	0.88		$	0.88		$	0.88
Dividend Yield (annualized)		4.3%			4.6%			5.2%			5.0%			3.2%
Total Debt-to-Total Market Capitalization		49.0%			51.1%			53.9%			52.1%			42.6%
Secured Debt as a % of Total Debt		42.0%			42.6%			43.2%			44.6%			45.8%
Unsecured Debt as a % of Total Debt		58.0%			57.4%			56.8%			55.4%			54.2%
Net Debt-to-Annualized Adjusted EBITDA (quarter annualized)		7.1	x		7.3	x		7.3	x		7.4	x		7.5	x
Net Debt plus Preferred-to-Annualized Adjusted EBITDA (quarter annualized)		7.5	x		7.7	x		7.7	x		8.3	x		8.8	x
Weighted Average Maturity of Total Debt (years)		3.4			3.7			4.0			4.2			4.2

Capital Markets Activity
Common Shares	Avg. Price	Offering	Period	Net Proceeds
-	$                     -	N/A	Q1 2023	$                       -

Refer to Glossary in this Supplemental Information for definitions of non-GAAP financial measures, including Net debt and Net debt plus preferred-to-Adjusted EBITDA.  

1) Debt assumed at acquisition.

2) For the month of March 2023, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 4.664%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment.

3) As of March 31, 2023, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.5273%, respectively. See Notes 5 and 6 of our most recent Quarterly Report on Form 10-Q for additional disclosure.

4) Total Debt is not adjusted for the amortization of debt issuance costs or fair market premiums or discounts.

5) Common shares and units outstanding were 43,031 and 490 as of March 31, 2023, respectively, and 36,111 and 490 for the year ended December 31, 2022, respectively.

6) Based on closing price as of last trading day of the quarter and common shares and units as of the period ended.

7) Market value of shares and units plus total debt and preferred stock as of period end.

8) On April 29, 2022, 2,205,882 shares of the Company’s Series B Convertible Redeemable Preferred Stock were converted to our common stock on a one-to-one basis. On August 12, 2022, the holder of the Company's Series B Convertible Redeemable Preferred Stock informed the Company that it had elected to convert the remaining 2,205,882 shares of Series B Convertible Redeemable Preferred Stock into the Company's common stock.

Page 11 

Plymouth Industrial REIT, Inc.

Net Asset Value Components

Unaudited ($ in thousands) as of 3/31/2023

Net Operating Income			Developable Land
		Three Months Ended March 31,		Owned	Developable	Under	Est. Investment /	Under
		2023	Market	Land (acres)4	GLA (SF)4	Construction (SF)5	Est. Completion	Development (SF)5
	Pro Forma Net Operating Income (NOI)		Atlanta	52	380,400	180,000	$12.0M/Q2 '23	-
	Total Operating NOI	$                  33,417	Chicago	11	220,000	-		-
	Pro Forma Effect of New Lease Activity1	280	Cincinnati	18	285,308	-		200,000
	Pro Forma Effect of Acquisitions2	-	Jacksonville	15	176,000	80,322	$11.9M/Q4 '23	95,678
	Pro Forma Effect of Repositioning / Development3	1,249	Memphis	23	475,000	-		-
	Pro Forma NOI	$                  34,946	St. Louis	31	300,000	-		-
			Charlotte	6	100,000	-		-
	Amortization of above / below market lease intangibles, net	(734)		156	1,936,708	260,322		295,678
	Straight-line rental revenue adjustment	(912)
	Pro Forma Cash NOI	$                  33,300

Other Assets and Liabilities
	Cash, cash held in escrow and restricted cash	$                  38,432
	Other assets	$                  37,798
	CIP related to development properties	$                  21,774
	Accounts payable, accrued expenses and other liabilities	$                  70,739
Debt and Preferred Stock
	Secured Debt	$                389,459
	Unsecured Debt	$                537,500
	Preferred Stock - Series A6	$                  48,845
	Common shares and units outstanding7	43,521

We have made a number of assumptions with respect to the pro forma effects and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired properties and / or fully stabilized the repositioning / development properties as of the beginning of the period. Refer to Glossary in this Supplemental Information for a definition and discussion of non-GAAP financial measures.

1) Represents the estimated incremental base rents from uncommenced new leases as if rent commencement had occurred as of the beginning of the period.

2) Represents the estimated impact of acquisitions as if they had been acquired at the beginning of the period.

3) Represents the estimated impact of properties that are undergoing repositioning or lease-up and development properties placed in-service as if the properties were stabilized and rents had commenced as of the beginning of the period.

4) Developable land represents acreage currently owned by us and identified for potential development. The developable gross leasable area (GLA) is based on the developable land area and a land to building ratio. Developable land and GLA are estimated and can change periodically due to changes in site design, road and storm water requirements, parking requirements and other factors. We have made a number of assumptions in such estimates and there can be no assurance that we will develop land that we own.

5) Under construction represents projects for which vertical construction has commenced. Under development represents projects in the pre-construction phase.

6) Preferred Stock is calculated at its liquidation preference as of the end of the period.

7) Common shares and units outstanding were 43,031 and 490, respectively, as of March 31, 2023.

Page 12 

Plymouth Industrial REIT, Inc.

Leasing Activity and Expirations

Unaudited as of 3/31/2023

Lease Renewals and New Leases¹

Year	Type	Square Footage	Percent	Expiring Rent	New Rent	% Change	Tenant Improvements $/SF/YR	Lease Commissions $/SF/YR
2020	Renewals	1,881,346	71.1%	$            3.75	$            3.93	4.8%	$               0.13	$               0.08
	New Leases	764,314	28.9%	$            4.31	$            5.07	17.6%	$               0.24	$               0.19
	Total	2,645,660	100%	$            3.92	$            4.26	8.7%	$               0.16	$               0.11
2021	Renewals	2,487,589	49.3%	$            4.25	$            4.50	5.9%	$               0.19	$               0.10
	New Leases	2,557,312	50.7%	$            3.76	$            4.40	17.0%	$               0.23	$               0.22
	Total	5,044,901	100%	$            4.00	$            4.45	11.1%	$               0.21	$               0.16
2022	Renewals	4,602,355	60.2%	$            4.31	$            4.87	13.1%	$               0.15	$               0.16
	New Leases	3,041,526	39.8%	$            3.51	$            4.51	28.6%	$               0.40	$               0.23
	Total	7,643,881	100%	$            3.99	$            4.73	18.5%	$               0.25	$               0.19
Q1 20232	Renewals	645,885	84.0%	$            4.62	$            5.16	11.7%	$               0.14	$               0.15
	New Leases	123,081	16.0%	$            4.56	$            6.29	37.9%	$               0.69	$               0.27
	Total	768,966	100%	$            4.61	$            5.34	15.9%	$               0.23	$               0.17

Lease Expiration Schedule
	Year	Square Footage	ABR3	% of ABR Expiring4
	Available	638,045	$               -	-
	2023	1,923,371	8,345,422	5.7%
	2024	6,191,254	26,926,330	18.4%
	2025	7,509,195	32,363,087	22.1%
	2026	4,616,990	21,972,764	15.0%
	2027	4,301,274	19,361,359	13.2%
	Thereafter	9,047,836	37,687,343	25.6%
	Total	34,227,965	$      146,656,305	100%

1) Lease renewals and new lease activity excludes leases with terms less than six months.

2) Executed leases scheduled to commence during 2023, which includes the first quarter activity, total an aggregate of 4,058,660 square feet, all of which are associated with terms of at least six months. The Company will experience an 19.3% increase in rental rates on a cash basis from these leases.

3) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

4) Calculated as annualized base rent set forth in this table divided by total annualized base rent as of March 31, 2023.

Page 13 

Plymouth Industrial REIT, Inc.

Leased Square Feet and Annualized Base Rent by Tenant Industry

Unaudited as of 3/31/2023

Industry	Total Leased Square Feet	# of Leases	% Rentable Square Feet	ABR1		% ABR	ABR Per Square Foot
Logistics & Transportation	10,044,290	90	29.9%	$	40,411,263	27.6%	$	4.02
Automotive	2,401,432	28	7.1%		11,011,951	7.5%		4.59
Wholesale/Retail	2,308,672	31	6.9%		10,467,479	7.1%		4.53
Food & Beverage	1,592,044	24	4.7%		7,669,459	5.2%		4.82
Printing & Paper	1,872,092	16	5.6%		7,085,441	4.8%		3.78
Home & Garden	1,841,386	18	5.5%		6,075,055	4.1%		3.30
Construction	1,728,784	40	5.1%		7,590,946	5.2%		4.39
Cardboard and Packaging	1,763,027	19	5.2%		7,042,522	4.8%		3.99
Light Manufacturing	1,234,493	12	3.7%		4,413,326	3.0%		3.58
Education	928,840	9	2.8%		4,439,093	3.0%		4.78
Other Industries*	7,874,860	232	23.5%		40,449,770	27.7%		5.14
Total	33,589,920	519	100.0%	$	146,656,305	100.0%	$	4.37

*Other Industries	Total Leased Square Feet	# of Leases	% Rentable Square Feet	ABR1		% ABR	ABR Per Square Foot
Healthcare	922,223	39	2.7%	$	5,126,600	3.4%	$	5.56
Plastics	892,408	12	2.7%		4,101,652	2.8%		4.60
Industrial Equipment Components	799,223	22	2.4%		3,498,011	2.4%		4.38
Metal Fabrication/Finishing	660,472	11	2.0%		3,177,600	2.2%		4.81
Technology & Electronics	547,659	22	1.6%		3,324,649	2.3%		6.07
Chemical	527,632	9	1.6%		2,091,723	1.4%		3.96
Storage	520,540	10	1.5%		2,869,461	2.0%		5.51
Aero Space	455,605	3	1.4%		1,411,217	1.0%		3.10
Business Services	433,402	25	1.3%		3,327,955	2.3%		7.68
Plumbing Equipment/Services	404,712	7	1.2%		1,548,059	1.1%		3.83
Other2	1,710,984	72	5.1%		9,972,843	6.8%		5.83
Total	7,874,860	232	23.5%	$	40,449,770	27.7%	$	5.14

1) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

2) Includes tenant industries for which the total leased square feet aggregates to less than 300,000 square feet.

Page 14 

Plymouth Industrial REIT, Inc.

Leased Square Feet and Annualized Base Rent by Type

Unaudited as of 3/31/2023

Leased Square Feet and Annualized Base Rent by Lease Type
Lease Type	Total Leased Square Feet	# of Leases	% Leased Square Feet		ABR1	% ABR		ABR Per Square Foot
Triple Net	27,333,550	406	81.4%	$	116,502,204	79.5%	$	4.26
Modified Net	3,199,421	52	9.5%		15,464,826	10.5%		4.83
Gross	3,056,949	61	9.1%		14,689,275	10.0%		4.81
Total	33,589,920	519	100.0%	$	146,656,305	100.0%	$	4.37

Leased Square Feet and Annualized Base Rent by Tenant Type
Tenant Type	Total Leased Square Feet	# of Leases	% Leased Square Feet		ABR1	% ABR		ABR Per Square Foot
Multi-Tenant	17,000,112	415	50.6%	$	79,998,548	54.5%	$	4.71
Single-Tenant	16,589,808	104	49.4%		66,657,757	45.5%		4.02
Total	33,589,920	519	100.0%	$	146,656,305	100.0%	$	4.37

Leased Square Feet and Annualized Base Rent by Building Type
Building Type	Total Leased Square Feet	# of Buildings	% Leased Square Feet		ABR1	% ABR		ABR Per Square Foot
Warehouse/Distribution	21,662,072	119	64.5%	$	84,780,783	57.8%	$	3.91
Warehouse/Light Manufacturing	8,665,955	41	25.8%		37,869,850	25.8%		4.37
Small Bay Industrial2	3,261,893	50	9.7%		24,005,672	16.4%		7.36
Total	33,589,920	210	100.0%	$	146,656,305	100.0%	$	4.37

1) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

2) Small bay industrial is inclusive of flex space totaling 500,294 leased square feet and annualized base rent of $5,979,674. Small bay industrial is multipurpose space; flex space includes office space that accounts for greater than 50% of the total rentable area.

Page 15 

Plymouth Industrial REIT, Inc.

Top 10 Tenants by Annualized Base Rent

Unaudited as of 3/31/2023

Tenant	Market	Industry	# of Leases	Total Leased Square Feet	Expiration	ABR Per Square Foot	ABR1	% Total ABR
FedEx Supply Chain, Inc.	St. Louis	Logistics & Transportation	1	769,500	7/31/2024	$                  4.50	$          3,461,981	2.4%
Geodis Logistics, LLC	St. Louis	Logistics & Transportation	1	624,159	8/31/2025	4.25	2,652,676	1.8%
Royal Canin U.S.A, Inc.	St. Louis	Wholesale/Retail	1	521,171	5/31/2025	4.75	2,475,562	1.7%
Houghton Mifflin Harcourt Company	Chicago	Education	1	513,512	3/31/2026	4.49	2,305,669	1.6%
ODW Logistics, Inc.	Columbus	Logistics & Transportation	1	772,450	6/30/2025	2.93	2,261,284	1.5%
Archway Marketing Holdings, Inc.	Chicago	Logistics & Transportation	3	503,000	3/31/2026	4.40	2,213,260	1.5%
ASW Supply Chain Services, LLC5	Cleveland	Logistics & Transportation	5	577,237	11/30/2027	3.58	2,065,130	1.4%
Balta US, Inc.	Jacksonville	Home & Garden	2	629,084	12/31/2028	3.10	1,952,631	1.3%
Communications Test Design, Inc.	Memphis	Logistics & Transportation	2	566,281	12/31/2024	3.34	1,892,967	1.3%
Winston Products, LLC	Cleveland	Automotive	2	266,803	4/30/2032	6.81	1,816,650	1.2%
Total Largest Tenants by Annualized Rent			19	5,743,197		$                   4.02	$        23,097,810	15.7%
All Other Tenants			500	27,846,723		$                  4.44	$     123,558,495	84.3%
Total Company Portfolio			519	33,589,920		$                  4.37	$     146,656,305	100.0%

Lease Segmentation by Size

Square Feet	# of Leases	Total Leased Square Feet	Total Rentable Square Feet	Total Leased %	Total Leased % Excluding Repositioning2	ABR1	In-Place + Uncommenced ABR3	% of Total In-Place + Uncommenced ABR	In-Place + Uncommenced ABR Per SF4
< 4,999	70	192,083	260,046	73.9%	75.6%	$           1,917,124	$         1,952,650	1.3%	$           10.12
5,000 - 9,999	74	522,421	601,992	86.8%	88.4%	4,375,289	4,472,789	3.0%	8.44
10,000 - 24,999	110	1,857,309	1,952,620	95.1%	97.8%	13,109,503	13,605,906	9.2%	7.16
25,000 - 49,999	93	3,268,180	3,407,136	95.9%	95.9%	18,300,420	18,300,420	12.4%	5.60
50,000 - 99,999	75	5,182,827	5,182,827	100.0%	100.0%	22,767,408	22,767,408	15.5%	4.39
100,000 - 249,999	67	10,849,682	11,105,926	97.7%	98.6%	44,486,437	44,486,437	30.2%	4.10
> 250,000	30	11,717,418	11,717,418	100.0%	100.0%	41,700,124	41,700,124	28.4%	3.56
Total / Weighted Average	519	33,589,920	34,227,965	98.1%	98.6%	$      146,656,305	$    147,285,734	100.0%	$             4.38

1) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

2) Total Leased % Excluding Repositioning excludes vacant square footage being refurbished or repositioned.

3) In-Place + Uncommenced ABR calculated as in-place current annualized base rent as of March 31, 2023 plus annualized base rent for leases signed but not commenced as of March 31, 2023.

4) In-Place + Uncommenced ABR per SF is calculated as in-place current rent annualized base rent as of March 31, 2023 plus annualized base rent for leases signed but not commenced as of March 31, 2023, divided by leased square feet plus uncommenced leased square feet.

5) Inclusive of a single 44,800 square feet lease set to expire on December 31, 2023. The remaining balance of the square footage has an expiration date of November 30, 2027.

Page 16 

Rentable Square Feet and Annualized Base Rent by Market

Unaudited ($ in thousands) as of 3/31/2023

Primary Markets1
					Total Rentable	% Rentable
		# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR2	% ABR
	Atlanta	10	12	99.9%	1,906,835	5.6%	$                  8,213	5.6%
	Chicago	40	41	97.9%	6,930,887	20.2%	30,270	20.7%

Secondary Markets1
					Total Rentable	% Rentable
		# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR2	% ABR
	Boston	1	2	100.0%	268,713	0.8%	$                  2,096	1.4%
	Charlotte	1	1	100.0%	155,220	0.5%	1,184	0.8%
	Cincinnati3	10	12	93.4%	2,710,964	7.9%	9,740	6.6%
	Cleveland	16	19	98.8%	3,979,209	11.6%	18,093	12.3%
	Columbus	15	15	100.0%	3,757,614	11.0%	13,272	9.0%
	Indianapolis	17	17	97.5%	4,085,169	11.9%	15,456	10.5%
	Jacksonville	8	26	97.1%	2,052,074	6.0%	13,882	9.5%
	Kansas City	1	1	100.0%	221,911	0.6%	833	0.6%
	Memphis	25	49	98.3%	4,783,046	14.0%	17,660	12.1%
	Philadelphia	1	1	99.8%	156,634	0.5%	1,045	0.7%
	St. Louis	12	14	99.4%	3,219,689	9.4%	14,912	10.2%
	Total	157	210	98.1%	34,227,965	100.0%	$             146,656	100.0%

Total Acquisition and Replacement Cost by Market
	Market	State	# of Buildings	Total Acquisition Cost4	Gross Real Estate Assets5	% Gross Real Estate Assets	Replacement Cost6
	Atlanta	GA	12	$             99,498	$             92,695	6.0%	$           154,583
	Chicago	IL, IN, WI	41	290,026	282,414	18.5%	748,811
	Boston	ME	2	19,023	18,952	1.2%	40,729
	Charlotte	NC	1	20,400	18,999	1.2%	20,821
	Cincinnati	OH, KY	12	106,705	108,120	7.0%	190,851
	Cleveland	OH	19	201,550	189,929	12.4%	362,436
	Columbus	OH	15	157,624	148,455	9.7%	293,943
	Indianapolis	IN	17	149,251	141,208	9.2%	356,416
	Jacksonville	FL, GA	26	147,950	135,722	8.8%	207,038
	Kansas City	MO	1	8,600	9,041	0.6%	20,451
	Memphis	MS, TN	49	185,407	178,667	11.6%	349,852
	Philadelphia	NJ	1	9,700	8,729	0.6%	14,912
	St. Louis	IL, MO	14	213,787	201,260	13.2%	325,818
	Total		210	$       1,609,521	$       1,534,191	100.0%	$       3,086,661

1) Primary markets means the following two metropolitan areas in the U.S., each generally consisting of more than 300 million square feet of industrial space: Chicago and Atlanta. Secondary markets means non-primary markets, each generally consisting of between 100 million and 300 million square feet of industrial space, including the following metropolitan areas in the U.S.: Boston, Charlotte, Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, Milwaukee, Philadelphia, South Florida, and St. Louis. Our definitions of primary and secondary markets may vary from the definitions of these terms used by investors, analysts, or other industrial REITs.

2) Annualized base rent is calculated as monthly contracted base rent as of March 31, 2023, multiplied by 12. Excludes rent abatements.

3) During Q1 2023, the 154,692 square feet development property was placed in-service.

4) Represents total direct consideration paid prior to the allocations per U.S. GAAP and the allocated costs in accordance to GAAP of development properties placed in-service.

5) The gross book value of real estate assets as of March 31, 2023 excludes development projects of $21,515, $2,427 in leasehold improvements and assets related to corporate activities, our regional property management office in Columbus of $4,495, and the finance lease right-of-use asset of $865 related to the ground sublease at 2100 International Parkway. Gross book value of real estate assets excludes depreciation and the allocation of the acquisition cost related to intangible assets and liabilities required by U.S. GAAP.

6) Replacement cost is based on the Marshall & Swift valuation methodology for the determination of building costs. Replacement cost includes land reflected at the allocated cost in accordance with GAAP.

Page 17 

Plymouth Industrial REIT, Inc.

Glossary

This glossary contains additional details for sections throughout this Supplemental Information, including explanations and reconciliations of certain non-GAAP financial measures, and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Non-GAAP Financial Measures Definitions:

Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.

Cash Net Operating Income - (Cash NOI): We define Cash NOI as NOI excluding straight-line rent adjustments and amortization of above and below market leases.  

EBITDAre and Adjusted EBITDA: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, appreciation/(depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock compensation, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses (iv) the proforma impacts of acquisition, dispositions and developments and (v) non-cash impairments on real estate lease. We believe that EBITDAre and Adjusted EBITDA are helpful to investors as supplemental measures of our operating performance as a real estate company as they are direct measures of the actual operating results of our industrial properties. EBITDAre and Adjusted EBITDA should not be used as measures of our liquidity and may not be comparable to how other REITs' calculate EBITDAre and Adjusted EBITDA.

Funds From Operations ("FFO"): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
          We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.

Core Funds from Operations (“Core FFO”): Core FFO represents FFO reduced by dividends paid (or declared) to holders of our preferred stock, acquisition and transaction related costs for transactions not completed, and excludes certain non-cash operating expenses such as impairment on real estate lease, appreciation/(depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Adjusted Funds from Operations attributable to common stockholders (“AFFO”):  Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, capitalized interest, and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, non-cash equity compensation and non-cash interest expense.
          We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance.
          As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Net Debt and Preferred Stock to Adjusted EBITDA: Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure in evaluating balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated and our pro rata share of unconsolidated joint venture debt less cash, cash equivalents, and restricted cash, plus preferred stock calculated at its liquidation preference as of the end of the period.

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Plymouth Industrial REIT, Inc.

Glossary

This glossary contains additional details for sections throughout this Supplemental Information, including explanations and reconciliations of certain non-GAAP financial measures, and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Other Definitions:

GAAP: U.S. generally accepted accounting principles.

Lease Type: We define our triple net leases in that the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term. We define our modified net leases in that the landlord is responsible for some property related expenses during the lease term, but the cost of most of the expenses is passed through to the tenant. We define our gross leases in that the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.

Non-Recurring Capital Expenditures: Non-recurring capital expenditures include capital expenditures of long lived improvements required to upgrade/replace existing systems or items that previously did not exist. Non-recurring capital expenditures also include costs associated with repositioning a property, redevelopment/development and capital improvements known at the time of acquisition.

Occupancy: We define occupancy as the percentage of total leasable square footage as the earlier of lease term commencement or revenue recognition in accordance to GAAP as of the close of the reporting period.

Recurring Capital Expenditures: Recurring capitalized expenditures includes capital expenditures required to maintain and re-tenant our buildings, tenant improvements and leasing commissions.

Replacement Cost: is based on the Marshall & Swift valuation methodology for the determination of building costs. The Marshall & Swift building cost data and analysis is widely recognized within the U.S. legal system and has been written into in law in over 30 U.S. states and recognized in the U.S. Treasury Department Internal Revenue Service Publication. Replacement cost includes land reflected at the allocated cost in accordance with Financial Accounting Standards Board ("FASB") ASC 805.

Same Store Portfolio: The Same Store Portfolio is a subset of the consolidated portfolio and includes properties that are wholly owned by the Company as of December 31, 2021. The Same Store Portfolio is evaluated and defined on an annual basis based on the growth and size of the consolidated portfolio. The Same Store Portfolio excludes properties that were or will be classified as repositioning or lease-up during 2022 and 2023. For 2023, the Same Store Portfolio consists of 138 properties aggregating 31.0 million rentable square feet. Properties that are being repositioned generally are defined as those properties where a significant amount of space is held vacant in order to implement capital improvements that enhance the functionality, rental cash flows, and value of that property. We define a significant amount of space at a property using both the size of the space and its proportion to the properties total square footage as a determinate. Our computation of same store NOI may not be comparable to other REITs.

Weighted Average Lease Term Remaining: The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

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XML

Cover	May 04, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 04, 2023
Entity File Number	001-38106
Entity Registrant Name	PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key	0001515816
Entity Tax Identification Number	27-5466153
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	20 Custom House Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	(617)
Local Phone Number	340-3814
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	PLYM-PrA
Security Exchange Name	NYSEAMER