Plymouth Industrial REIT — Q3 2024 Earnings Presentation
26 slides from Plymouth Industrial REIT's earnings presentation, November 2024
Slide 1: Plymouth REIT Investor Presentation
Plymouth REIT Investor Presentation November 2024 Plymouth Industrial REIT, Inc. NYSE: PLYM
Slide 2: Disclaimer
FROM THE FIRST MILE TO THE LAST MILE Disclaimer References herein to “we,” “us,” and “our” refer to Plymouth Industrial REIT. Inc. (“Plymouth” or the “Company”) Except as otherwise indicated, this presentation speaks only as of the date hereof. The delivery of this presentation shall not, under any
Slide 3: High-Quality Portfolio in Attractive Markets
FROM THE FIRST MILE TO THE LAST MILE High-Quality Portfolio in Attractive Markets Portfolio Snapshot As of September 30, 2024 Number of Properties 158 Number of Buildings 223 Square Footage 34,897,304 Portfolio Occupancy 94.2% Same-Store Occupancy 97.5% WA Lease Term 3.3 Remaining (yrs.)1 Multi-Tena
Slide 4: Investment Highlights
Investment Highlights Heritage as Real Estate Operators Contributes to Execution Insert picture here of Growth Strategy • Strong property-level asset management and leasing, combined with accretive acquisitions with lease-up opportunities, enhances growth in targeted markets • “Ground-up” operationa
Slide 5: Our Heritage as Real Estate Operators
FROM THE FIRST MILE TO THE LAST MILE Our Heritage as Real Estate Operators Full service, vertically integrated, self-administered and self-managed Plymouth team is well-recognized for its decades-long experience in extensive, operational approach to real estate asset management and investment ✓ Inte
Slide 6: Core Growth, Stable Occupancy & Strong Leasing
FROM THE FIRST MILE TO THE LAST MILE Core Growth, Stable Occupancy & Strong Leasing Q3 2024 Recap Developable Land Portfolio Performance Investment ▪ 117 acres of land owned in key markets identified for ▪ Ending occupancy of 94.2% 52,920 square feet recently delivered potential development ▪ Same s
Slide 7: Substantial Portfolio Diversification
FROM THE FIRST MILE TO THE LAST MILE Substantial Portfolio Diversification Plymouth’s portfolio is diversified by tenant, geography, asset type and industry ABR by Market ABR by Industry Top Ten Tenants Atlanta Boston Jacksonville Healthcare Cardboard 10.6% 6.4% 1.5% 14.8% of total portfolio ABR Cha
Slide 8: Investment Activity
FROM THE FIRST MILE TO THE LAST MILE Investment Activity Plymouth has completed transformational acquisitions at well below replacement cost and delivered on a development program supported by strategic capital management, providing growth and increased scale Total Acquisition and Replacement Cost b
Slide 9: Value Creation
Value Creation AS OF SEPTEMBER 30, 2024 The total investment in completed developments is approximately $61.1 million. The proforma stabilized cash NOI yields on development projects under construction and completed range between 7.0% - 9.0%. Plymouth is partnering with the Green Building Initiative
Slide 10: Sixth Street Strategic Investment
FROM THE FIRST MILE TO THE LAST MILE Sixth Street Strategic Investment Transaction Summary: Chicago Joint Venture: • Sixth Street to provide a total of ~$253 MM in capital, comprised of ~$113MM to • On November 13, 2024, PLYM closed on the Chicago JV by contributing 34 Chicago-area purchase a 65% in
Slide 11: MEMPHIS: Acquisition
VALUE CREATION MEMPHIS: Acquisition Transaction Summary: Purchased 1,621,241-square-foot, 14-building industrial portfolio in Memphis, TN Location Memphis, TN in July 2024, for $100.5 MM for initial NOI yield of 8.0%. Acquisition Date July-2024 At acquisition, portfolio was 94% leased to 46 tenants
Slide 12: Savannah: Lease Directly to Subtenant
VALUE CREATION Savannah: Lease Directly to Subtenant Transaction Summary: Negotiated deal that was initially a sublease on 187,205 square feet that turned Location Savannah, GA into a direct lease. Stabilization Date Q3 2024 Four-year deal, no downtime, no external brokers and no tenant improvements
Slide 13: JACKSONVILLE: New Industrial Development
VALUE CREATION JACKSONVILLE: New Industrial Development Transaction Summary: Delivered two buildings in 2023 totaling 80,322 square feet, both of which Location Jacksonville are fully leased. Delivery Q3 ‘2023, Q4 ‘2023 and Q4 2024 Delivered the third building at Liberty Business Park on October 31,
Slide 14: Nearly All of Plymouth's Portfolio Resides inside The Golden Triangle
THE GOLDEN TRIANGLE Nearly All of Plymouth’s Portfolio Resides inside The Golden Triangle The region is named “The Golden Triangle” as it: • Within a day’s drive-time to 70% of the U.S. population • Includes more than half the U.S GDP within its boundaries • Contains more ports than any other region
Slide 15: Columbus Assets Are Well Located to Logistics Infrastructure
THE GOLDEN TRIANGLE Columbus Assets Are Well Located to Logistics Infrastructure • 2626 Port Road practically overlooks the Rickenbacker Airport. • 3100 Creekside Parkway in Lockbourne also benefits from close proximity to Rickenbacker as it is 3.2 miles north of the airport. • New World Drive and W
Slide 16: Reshoring and Onshoring are Positive Catalysts for PLYM
THE GOLDEN TRIANGLE Reshoring and Onshoring are Positive Catalysts for PLYM Insert picture here Ongoing reshoring could increase the U.S. manufacturing base by 6% to 13% over 10 years and is encouraging nearshoring of manufacturing to Mexico and Canada • Investment in new manufacturing • Although mo
Slide 17: Tier II Markets Offer Sizable Advantages
THE GOLDEN TRIANGLE Tier II Markets Offer Sizable Advantages The Golden Triangle region has become the crème of the crop for logistics infrastructure • Diversifying ports of entry shift demand while shifting port volume favors Tier II markets Insert picture here • The strongest e-commerce, parcel de
Slide 18: Supply of PLYM-Type Properties is Diminishing
THE GOLDEN TRIANGLE Supply of PLYM-Type Properties is Diminishing Since 2001, proportion of overall industrial space in 20K – 150K square feet in Tier I and Tier II has declined 23% while inventory of 500K+ square feet has increased 198% since 2001 • This limiting supply has pushed up rental rates f
Slide 19: Class A Vacancy is 3X that of Class B in PLYM Markets
THE GOLDEN TRIANGLE Class A Vacancy is 3X that of Class B in PLYM Markets The U.S. industrial sector Overall Industrial Vacancy in Plymouth Industrial REIT Markets increase in vacancy is 2023 Q4 - Vacancy Rates 2023 Q4 predominantly due to Market Square Feet Owned % of Portfolio Non-Class A Class A
Slide 20: PLYM Market Rent Growth to Outpace National Average
THE GOLDEN TRIANGLE PLYM Market Rent Growth to Outpace National Average National asking rents are Projected Rent Growth in Plymouth Industrial REIT Markets projected to increase in 2024 Market Rent Growth with the overall growth rate Square 2023 Q4 Average decelerating, a modest Feet % of Vacancy As
Slide 21: Lack of Availability Drives Superior Rental Growth
THE GOLDEN TRIANGLE Lack of Availability Drives Superior Rental Growth Near-term expirations present mark-to-market leasing and significant internal growth opportunities ORGANIC GROWTH Plymouth’s focus on select Tier I and Tier II markets allows for substantial rent growth opportunities • During Q3
Slide 22: Industrial Sector Dynamics Remain Strong
FROM THE FIRST MILE TO THE LAST MILE Industrial Sector Dynamics Remain Strong The U.S. industrial sector is experiencing rising rental rates and declining vacancy rates due primarily to the following long-term factors: • Limited new construction and growing demand • Positive economic tailwinds: trad
Slide 23: Capital Structure
FROM THE FIRST MILE TO THE LAST MILE Capital Structure Plymouth has access to multiple sources of capital and has continued to enhance its balance sheet and improve liquidity Capital Markets Highlights Fixed / • Net debt to Adjusted EBITDA declined 7 quarters in a row to 6.5X Floating at year end 20
Slide 24: Proven Management Team
FROM THE FIRST MILE TO THE LAST MILE Proven Management Team Highly experienced management team with extensive commercial real estate and investment backgrounds Jeff Witherell • Over 30 years of experience in real estate investment, development and banking activities with $1.5 billion in total syndic
Slide 25: Strong Board and Corporate Governance
FROM THE FIRST MILE TO THE LAST MILE Strong Board and Corporate Governance Extensive real estate, logistics, Wall Street and public company expertise Shareholder friendly corporate governance • Former board member of Government Properties Trust (NYSE: GPT) and lead director of Philip Boston Capital
Slide 26: Atlanta | Boston | Columbus | Jacksonville | Memphis
Atlanta | Boston | Columbus | Jacksonville | Memphis 2024 INVESTOR PRESENTATION 26
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