Plymouth Industrial REIT — Q2 2025 Earnings Presentation
35 slides from Plymouth Industrial REIT's earnings presentation, Aug 7, 2025
Slide 1: Plymouth REIT Supplemental Information
SECOND QUARTER 2025 Plymouth REIT Supplemental Information Plymouth Industrial REIT, Inc. NYSE: PLYM
Slide 2: Table of Contents
Table of Contents Table of Contents Executive Summary 4 Company Overview, Management, Board of Directors, and Investor Relations 4 Portfolio Snapshot 5 Total Acquisition and Replacement Cost by Market 5 Acquisition Activity 6 Development Projects 7 Value Creation Examples 8 Guidance 9 Financial Info
Slide 3: Disclaimers
Return to Index Disclaimers References herein to “we,” “us,” and “our” refer to Plymouth Industrial REIT Inc. (“Plymouth” or the “Company”) Forward-Looking Statements This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A
Slide 4: Executive Summary
Return to Index Executive Summary Company Overview 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 ten
Slide 5: Highlights: Total Acquisition and Replacement Cost by Market
Return to Index Highlights As of June 30, 2025 Total Acquisition and Replacement Cost by Market Wholly-owned Portfolio Snapshot ($ in Thousands) Number of Properties 148 # of Rentable Total Replacement Market State Buildings Square Feet Acquisition Cost1 Cost2 Number of Buildings 226 Atlanta GA 15 2
Slide 6: Acquisition Activity
Return to Index Acquisition Activity Acquisitions ($ in Thousands) # of Projected Cost per Location Acquisition Date Buildings Purchase Price 1 Square Footage Initial Yield2 Square Foot3 Cincinnati, OH; Cleveland, OH; Columbus, OH 6/18/2025 21 $ 193,000 1,951,053 6.7% $ 98.92 Atlanta, GA 5/20/2025 1
Slide 7: Development Projects
Return to Index Development Projects As of June 30, 2025 The total investment in completed developments is approximately $70 million. The initial cash NOI yields on development projects completed is 7.5%. Plymouth is progressing the construction on a 41,958-square-foot building on the last remaining
Slide 8: Value Creation Examples
Return to Index Value Creation Examples OHIO: New Acquisition MEMPHIS: Recycling Capital CINCINNATI: Improved Credit / Increased Rent In June 2025, Plymouth acquired a 1.95 million Durning Q1 2025, sold a 33,688-square-foot flex During the second quarter 2025, we executed and square-foot, 21-buildin
Slide 9: Guidance
Return to Index Guidance As of August 4, 2025 Unaudited ($ in thousands, except per-share amounts) Plymouth affirmed its full year 2025 guidance range for Core FFO per weighted average common share and units previously issued on February 26, 2025 and updated its range for net income per weighted ave
Slide 10: Financial Information
Financial Information Q2 2025 Supplemental | 10
Slide 11: Consolidated Balance Sheets
Return to Index Consolidated Balance Sheets Unaudited ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ASSETS Real estate properties: Land $ 196,626 $ 187,732 $ 181,357 $ 237,514 $ 223,049 Building and improvements 1,488,695 1,293,061 1,236,948 1,156,3
Slide 12: Consolidated Statements of Operations
Return to Index Consolidated Statements of Operations Unaudited ($ and shares in thousands, except per-share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rental revenue $ 36,036 $ 36,890 $ 70,349 $ 74,221 Tenant recoveries 11,022 11,759
Slide 13: Non-GAAP Measurements
Return to Index Non-GAAP Measurements Unaudited ($ and shares in thousands, except per-share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Consolidated NOI Net income (loss) $ (4,536) $ 1,328 $ 2,471 $ 7,614 Income ta x benefi t (327) - (327) - Ge
Slide 14: Non-GAAP Measurements (Continued)
Return to Index Non-GAAP Measurements (Continued) Unaudited ($ and shares in thousands, except per-share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO) Net income (loss)
Slide 15: Same Store Net Operating Income (NOI)
Return to Index Same Store Net Operating Income (NOI) Unaudited ($ and SF in thousands) Same Store Portfolio Statistics Square footage 26,107 Includes: Wholly-owned properties as of December 31, 2023; determined and set once per year for Number of properties 115 the following twelve months (refer to
Slide 16: Debt Summary
Return to Index Debt Summary As of June 30, 2025 Unaudited ($ in thousands) Maturity Date Interest Rate Commitment Principal Balance Unsecured Debt: $200m KeyBank Term Loan February-27 2.93%1,2 $ 200,000 $ 200,000 $150m KeyBank Term Loan May-27 4.30%1,2 150,000 150,000 1,2 $100m KeyBank Term Loan No
Slide 17: Capitalization
Return to Index Capitalization As of June 30, 2025 Unaudited ($ and shares in thousands, except per-share amounts) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Debt: Total Debt1 $ 899,964 $ 771,124 $ 705,790 $ 890,998 $ 869,235 Less: Cash 37,475 43,522 43,627 3
Slide 18: Net Asset Value Components
Return to Index Net Asset Value Components As of June 30, 2025 Unaudited ($ and shares in thousands) Net Operating Income Developable Land Three Months Ended June 30, 2025 Ow ned Developable Under Under Pro Forma Net Operating Income (NOI) Land GLA Construction Est. Investm ent / Developm ent Market
Slide 19: Chicago Joint Venture
Return to Index Chicago Joint Venture As of June 30, 2025 Unaudited ($ in thousands) On November 13, 2024, the Company contributed 34 of its Chicago-area properties to a joint venture with Sixth Street Partners, LLC at a 6.2% capitalization rate for a total purchase price of approximately $356.6 mil
Slide 20: Rentable Square Feet and Annualized Base Rent by Market
Return to Index Rentable Square Feet and Annualized Base Rent by Market As of June 30, 2025 Unaudited ($ in thousands) # of # of Total Rentable % Rentable Market Inventory Properties Buildings Occupancy Square Feet Square Feet ABR2 % ABR (SF in millions) Primary Markets1 Atlanta 13 15 99.4% 2,484,83
Slide 21: Operational & Portfolio Information
Operational & Portfolio Information Plymouth Industrial REIT, Inc. NYSE: PLYM Q2 2025 Supplemental | 21
Slide 22: Leasing Activity
Return to Index Leasing Activity As of June 30, 2025 Unaudited Lease Renewals and New Leases Tenant Lease Year Type Square Footage Percent Expiring Rent New Rent % Change Improvements1 Commissions1 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 $ 4.4
Slide 23: Leasing Activity (continued)
Return to Index Leasing Activity (continued) As of June 30, 2025 Unaudited Lease Expiration Schedule (Wholly-owned portfolio) % of Annual Base Rent Expiring2 Square % of ABR 30% Year Footage ABR1 Expiring2 Available 1,741,306 $ - - 2025 1,899,395 8,962,498 5.8% 25% 26.5% 2026 6,692,197 32,014,594 20
Slide 24: Leased Square Feet and Annualized Base Rent by Tenant Industry
Return to Index Leased Square Feet and Annualized Base Rent by Tenant Industry As of June 30, 2025 Unaudited Total Leased # of % Rentable ABR Per Industry1 Square Feet Leases Square Feet ABR2 % ABR Square Foot Logistics & Transportation 8,493,612 76 28.0% $ 36,250,458 23.5% $ 4.27 Automotive 2,254,1
Slide 25: Leased Square Feet and Annualized Base Rent by Type
Return to Index Leased Square Feet and Annualized Base Rent by Type As of June 30, 2025 Unaudited Leased Square Feet and Annualized Base Rent by Lease Type Total Leased # of % Leased ABR Per Lease Type Square Feet Leases Square Feet Annualized Base Rent1 % ABR Square Foot Triple Net 25,497,120 496 8
Slide 26: Top Tenants by Annualized Base Rent
Return to Index Top 10 Tenants by Annualized Base Rent As of June 30, 2025 Unaudited # of Total Leased ABR Per Annualized Base % Total Tenant Market Industry Leases Square Feet Expiration Square Foot Rent1 ABR Thyssenkrupp Supply Chain NA, Inc.2 St. Louis Logistics & Transportation 3 769,500 12/31/2
Slide 27: Lease Segmentation by Size
Return to Index Lease Segmentation by Size As of June 30, 2025 Unaudited % of Total Total Total Leased % In-Place + In-Place + In-Place + Total Leased Rentable Total Excluding Annualized Base Uncommenced Uncommenced Uncommenced Square Feet # of Leases Square Feet Square Feet Leased % Repositioning1
Slide 28: Capital Expenditures
Return to Index Capital Expenditures Unaudited ($ in thousands) Wholly-owned1 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Tenant improvements $ 659 $ 869 $ 806 $ 1,203 $ 480 Lease commissions $ 1,027 $ 948 $ 1,218 $ 1,650 $ 927 Total Recurring Capital Expenditures
Slide 29: Appendix
Appendix Q2 2025 Supplemental | 29
Slide 30: Glossary
Return to Index 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
Slide 31: Glossary (continued)
Return to Index Glossary (continued) Non-GAAP Financial Measures Definitions (continued): Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition a
Slide 32: Glossary (continued)
Return to Index Glossary (continued) 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 modif
Slide 33: Glossary (Financials)
Return to Index Glossary (Financials) Balance Sheet: Financing lease liability: As of June 30, 2025, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 31 years. Refer to our most recent Quarterly Report on Form 10-Q for expan
Slide 34: Glossary (Financials)
Return to Index Glossary (Financials) Redeemable Non-controlling interest - Series C Preferred Units: On August 26, 2024, the Company, through its OP, issued 60,910 Non-Convertible Series C Preferred Units (“Series C Preferred Units”) at a price of $1,000 per Series C Preferred Unit, for gross proce
Slide 35: Glossary (Financials)
Return to Index Glossary (Financials) Consolidated Statements of Operations: Gain on sale of real estate: During Q1 2025, the Company sold a single, 33,688 square foot property located in Memphis, TN for approximately $2,385, recognizing a net gain of $301. Gain on financing transaction: Gain on fin
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