First Quarter 2018

Supplemental

 

 

 

Plymouth Industrial REIT, Inc.
Table of Contents
                       
Introduction                    
Management, Board of Directors & Investor Contacts           2
Executive Summary                 3
Transaction Activity                 4
Capitalization Analysis                 5
Financial Information                  
Consolidated Balance Sheets (unaudited)             6
Consolidated Statements of Operations - GAAP (unaudited)           7
Same Store Net Operating Income (NOI)             8
NOI                   9
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)       10
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)       11
Debt Overview                   12
Operational & Portfolio Information                
Property Overview - Square Feet & Occupancy             13
Market Summary                   14
Leasing Activity                   15
Lease Expiration Schedule                 16
Appendix                    
Glossary                   17
                       
                       
  Forward looking statements:  This supplemental package contains forward-looking statements within the meaning of the U.S. federal securities laws. We make statements in this supplemental package that are forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
  Definitions and reconciliations:  For definitions of certain terms used throughout this supplemental, including certain non-GAAP financial measures, see the Glossary on pages 17. For reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, see pages 9-11.
                         

 

1Q 2018 Supplemental

1 

 

 

Plymouth Industrial REIT, Inc.
Management, Board of Directors & Investor Contacts
         
Corporate      
         
260 Franklin Street, Suite 700        
Boston, Massachusetts 02110        
617.340.3814        
www.plymouthreit.com        
         
Executive and Senior Management    
         
Jeffrey E. Witherell   Pendleton P. White, Jr. Daniel C. Wright  
Chief Executive Officer   President and Chief Investment Executive Vice President  
and Chairman   Officer and Chief Financial Officer  
         
         
Board of Directors      
         
Martin Barber Philip S. Cottone Richard J. DeAgazio  
Independent Director Independent Director Independent Director  
         
David G. Gaw Pendleton P. White, Jr. Jeffery E. Witherell  
Independent Director   President and Chief Investment Chief Executive Officer  
    Officer and Chairman  
         
Transfer Agent      
         
Continental Stock Transfer & Trust Company    
1 State Street, 30th Floor      
New York, New York 10004      
212.509.4000      
         
Investor Relations      
         
Tripp Sullivan        
SCR Partners        
615.760.1104        
Tsullivan@scr-ir.com        

 

1Q 2018 Supplemental

2 

 

 

Plymouth Industrial REIT, Inc.
Executive Summary
       
Company overview: Plymouth Industrial REIT, Inc. (NYSE American: PLYM) is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.
       
       
Unaudited    
      As of 03/31/18
Select Portfolio Statistics    
       
Number of Properties   49
Square Footage   9,203,854
Occupancy   91.3%
Weighted Average Lease Term Remaining     3.1
       
Balance Sheet ($ in thousands)    
       
Cash   $13,097
Gross Assets   $362,686
Total Debt   $253,125
Net Debt (Total Debt less Cash)   $240,028
Net Debt / Gross Assets   66.2%
       
       
       
    For the three months ended March 31,
Operating results ($ in thousands) 2018 2017
       
Total revenue $11,879 $4,939
Net operating income $6,977 $3,530
       
2018 Capital Activity ($ in thousands)    
       
Increased secured line of credit agreement with KeyBank National 3/8/2018 $45,000

 

1Q 2018 Supplemental

3 

 

 

Plymouth Industrial REIT, Inc.        
Transaction Activity    
           
Unaudited ($ in thousands) (at 3/31/2018)        

 

 Acquisitions          
Location Acquisition Date # of Properties Purchase Price (1) Square Footage Projected Initial
Yield
Elgin, IL 12/22/2017 1  $                    4,050 75,000 9.7%
Atlanta. GA 12/21/2017 3                      11,425 330,361 8.3%
Multiple 11/30/2017 15                      99,750 3,027,987 8.1%
Memphis, TN 9/8/2017 1                        3,700 131,904 8.6%
Memphis, TN 8/16/2017 1                        7,825 235,000 10.5%
Columbus, OH 8/16/2017 1                        3,700 121,440 9.0%
Indianapolis, IN 8/11/2017 2                      16,875 606,871 8.5%
Southbend, IN 7/20/2017 5                      26,000               667,000 8.5%
           
 Total - Acquisitions   29  $               173,325 5,195,563  
           
Subsequent Acquisitions        
Location Acquisition Date # of Properties Purchase Price (1) Square Footage Projected Initial
Yield
Elgin/Arlington Heights, IL 4/9/2018 2  $                  15,675 269,999 8.0%
           

 

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

 

1Q 2018 Supplemental

4 

 

 

Plymouth Industrial REIT, Inc.
Capitalization Analysis
               
Unaudited (in thousands except for per-share data and percentages)        

 

             
      Three Months Ended
      3/31/2018 12/31/2017 9/30/2017 6/30/2017
             
Common Stock Data          
             
Weighted-Average Shares Outstanding - Basic   3,647 3,656 3,636 923
Weighted-Average Shares Outstanding - Diluted   3,647 3,656 3,636 923
High Closing Price    $                 18.52  $                 18.98  $                 19.00  $                 18.75
Low Closing Price    $                 16.25  $                 17.22  $                 16.50  $                 17.70
Average Closing Price    $                 17.46  $                 18.15  $                 17.90  $                 18.19
Closing Price (as of period end)    $                 17.18  $                 18.48  $                 18.21  $                 18.75
Dividends / Share (annualized) (1)    $                    1.50  $                    1.50  $                    1.50  $                    1.50
Dividend Yield (annualized) (2)   8.7% 8.1% 8.2% 8.0%
Common Shares Outstanding (2)   3,556 3,819 3,813 3,653
Market Value of Common Shares (2)    $               61,092  $               70,579  $               69,433  $               68,492
Total Market Capitalization (2) (3)    $             314,217  $             321,704  $             243,258  $             218,492

 

               
Equity Research Coverage (4)            
               
D.A. Davidson & Co. National Securities Corporation        
Barry Oxford John Benda          
646.885.5423 212.417.8127          

 

Investor Conference Call and Webcast:
The Company will hold a conference call and live audio webcast, both open for the general public to hear, on May 4, 2018 at 10:00 a.m. Eastern Time. The number to call for this interactive teleconference is (412) 717-9587. A replay of the call will be available through May 11, 2018 by dialing (412) 317-0088 and entering the replay access code, 10119714.

 

(1) Based on annualized dividend declared for the quarter.
(2) Based on closing price and ending shares for the last trading day of the quarter.
(3) Market value of shares plus debt as of quarter end.
(4) 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.

 

1Q 2018 Supplemental

5 

 

 

Plymouth Industrial REIT, Inc.        
Consolidated Balance Sheets (unaudited)
           
(in thousands)        
           

 

           
           
    3/31/2018 12/31/2017 (1) 9/30/2017 6/30/2017
Assets:        
Real estate properties:        
Land  $                   59,799  $                   59,797  $                   25,069  $                   18,117
Building and improvements                     244,428                     243,605                     165,066                     121,209
Less accumulated depreciation                     (28,828)                     (25,013)                     (22,094)                     (19,816)
           
Total real estate properties, net  $                 275,399  $                 278,389  $                 168,041  $                 119,510
           
           
Cash and cash equivalents                       13,097                       19,163                       10,818                       32,889
Deferred lease intangibles, net                       25,297                       27,619                       16,446                          8,680
Other assets                          5,284                          4,782                          2,286                          2,733
           
Total assets  $                 319,077  $                 329,953  $                 197,591  $                 163,812
           
Liabilities:        
Debt, net  $                 247,753  $                 245,632  $                 169,196  $                 145,721
Deferred interest                          1,575                          1,357                             765                             200
Accounts payable, accrued expenses and other liabilities                       15,174                       16,015                          7,476                          5,363
Deferred lease intangibles, net                          6,261                          6,807                          1,911                          1,150
           
Total liabilities  $                 270,763  $                 269,811  $                 179,348  $                 152,434
           
Preferred Stock - Series A  $                   48,878  $                   48,931  $                              -  $                              -
           
Equity:        
Common stock  $                           36  $                           39  $                           39  $                           37
Additional paid in capital                     116,183                     123,270                     125,231                     123,448
Accumulated deficit                   (123,277)                   (119,213)                   (114,789)                   (112,107)
Total Plymouth Industrial REIT, Inc. stockholders' equity                       (7,058)                          4,096                       10,481                       11,378
Noncontrolling interest                          6,494                          7,115                          7,762                                 -   
           
Total equity  $                       (564)  $                   11,211  $                   18,243  $                   11,378
           
Total liabilities, Series A preferred stock and equity  $                 319,077  $                 329,953  $                 197,591  $                 163,812

 

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2017 is available within our 2017 Annual Report on Form 10-K.

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Consolidated Statements of Operations - GAAP (unaudited)
                       
(in thousands, except per-share amounts)                    

 

                       
      Three Months Ended
      3/31/2018   12/31/2017   9/30/2017   6/30/2017  
Revenues:                    
Rental income      $                      8,483    $                      6,379    $                      4,699    $                      3,650  
Tenant recoveries                              2,946                            2,031                            1,743                            1,376  
Other revenue                                  450                                     1                                     1                                     1  
                     
Total revenues      $                    11,879    $                      8,411    $                      6,443    $                      5,027  
                     
Operating expenses:                    
Property related                              4,452                            3,122                            2,159                            1,517  
Depreciation and amortization                              6,542                            4,943                            3,499                            2,785  
General and administrative                              1,373                            2,031                            1,224                            1,209  
Acquisition related                                       -                                  17                                     4                                  82  
                     
Total operating expenses      $                    12,367    $                    10,113    $                      6,886    $                      5,593  
                     
Operating income      $                       (488)    $                    (1,702)    $                       (443)    $                       (566)  
                     
Other income (expense):                    
Gain on disposition of equity investment                                       -                                     8                                223                                     -  
Interest expense                            (3,985)                          (3,219)                          (2,619)                          (2,802)  
                     
Total other income (expense)      $                    (3,985)    $                    (3,211)    $                    (2,396)    $                    (2,802)  
                     
Net loss      $                    (4,473)    $                    (4,913)    $                    (2,839)    $                    (3,368)  
                     
Less: Net income attributable to noncontrolling interest                                (463)                              (489)                              (157)                          (2,209)  
                     
Net loss attributable to Plymouth Industrial REIT, Inc.      $                    (4,010)    $                    (4,424)    $                    (2,682)    $                    (1,159)  
                     
Less: Series A preferred stock dividends (2)                                  956                                723                                     -                                     -  
Less: Amount allocated to participating securities                                    61                                128                                     -                                     -  
                     
Net income (loss) attributable to common stockholders      $                    (5,027)    $                    (5,275)    $                    (2,682)    $                    (1,159)  
                     
Net income (loss) attributable to common stockholders per share - basic and diluted    $                      (1.38)    $                      (1.44)    $                      (0.74)    $                      (1.26)  
                     
Weighted-average shares outstanding - basic     3,647   3,656   3,636   923  
Weighted-average shares outstanding - diluted     3,647   3,656   3,636   923  
                     

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2017 is available within our 2017 Annual Report on Form 10-K.

(2) Preferred stock dividend for the fourth quarter of 2017 of $0.46875, which was pro-rated to $0.3542 per share to reflect the period commencing October 25, 2017 (original issue date) and ending December 31, 2017, was declared in December 2017 and paid in January 2018.

 

1Q 2018 Supplemental

7 

 

 

Plymouth Industrial REIT, Inc.
Same Store Net Operating Income (NOI)
                 
Unaudited (in thousands)              

 

                 
Trailing four quarter same store NOI Three Months Ended
    3/31/2018   12/31/2017   9/30/2017   6/30/2017
Same store properties   20   20   20   20
                 
Revenues:              
Rental income  $                 3,455    $                      3,626    $                      3,644    $                      3,650
Tenant recoveries                       1,382                            1,334                            1,392                            1,376
Total operating revenues  $                 4,837    $                      4,960    $                      5,036    $                      5,026
                 
Property expenses  $                 1,815    $                      2,031    $                      1,606    $                      1,516
                 
Same store net operating income  $                 3,022    $                      2,929    $                      3,430    $                      3,510

 

 

Trailing two quarter same store NOI Three Months Ended  
  3/31/2018   12/31/2017  
Same store properties 30   30  
         
Revenues:        
Rental income $                 5,166   $                      5,324  
Tenant recoveries                     1,846                            1,739  
Total operating revenues  $                 7,012    $                      7,063  
         
Property expenses  $                 2,737    $                      2,755  
         
Same store net operating income  $                 4,275    $                      4,308  

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
NOI
             
Unaudited (in thousands)          

 

           
  Three Months Ended
  3/31/2018   12/31/2017 9/30/2017 6/30/2017
           
Net loss  $              (4,473)    $                    (4,913)  $                    (2,839)  $                    (3,368)
           
General and administrative                     1,373                            2,031                          1,224                          1,209
Acquisition expense                              -                                  17                                   4                                82
Interest expense                     3,985                            3,219                          2,619                          2,802
Depreciation and amortization                     6,542                            4,943                          3,499                          2,785
Other income                      (450)                                  (9)                            (224)                                (1)
           
Net Operating Income  $                 6,977    $                      5,288  $                      4,283  $                      3,509

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
             
Unaudited (in thousands)          

 

             
    Three Months Ended
    3/31/2018   12/31/2017 9/30/2017 6/30/2017
             
Net loss  $              (4,473)    $                    (4,913)  $                    (2,839)  $                    (1,159)
             
Depreciation and amortization                     6,542                            4,943                          3,499                          2,785
Interest expense                     3,985                            3,219                          2,619                          2,802
             
EBITDA  $                 6,054    $                      3,249  $                      3,279  $                      4,428

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)
             
Unaudited (in thousands, except per-share amounts)          

 

           
  Three Months Ended
  3/31/2018   12/31/2017 9/30/2017 6/30/2017
           
Net loss  $                 (4,473)    $                    (4,913)  $                    (2,839)  $                    (3,368)
           
Depreciation and amortization                       6,542                            4,943                          3,499                          2,785
Gain on disposition of equity investment                                -                                  (8)                            (223)                                   -
           
FFO  $                   2,069    $                            22  $                          437  $                       (583)
           
Preferred stock dividend                         (956)                              (723)                                   -                                   -
FFO attributable to common stockholders and unit holders  $                   1,113    $                       (701)  $                          437  $                       (583)
           
Deferred finance fee amortization                           386                                259                              202                              171
Acquisition costs                              -                                     17                                 -                                   86
Non-cash interest expense                           247                                900                              565                              200
Stock compensation                           200                                192                              207                                36
Straight line rent                         (357)                                (82)                              (32)                              (32)
Above/below market lease rents                         (411)                              (168)                              (89)                              (83)
Recurring capital expenditures (1)                         (992)                              (227)                              (63)                            (189)
AFFO  $                       186    $                          190  $                      1,227  $                       (394)
           
Weighted average common shares and units outstanding (2)                       4,069                            4,077                          3,883                              923
           
FFO attributable to common stockholders and unit holders per share (2)  $                     0.27    $                      (0.17)  $                        0.11  $                      (0.63)
           
AFFO attributable to common stockholders and unit holders per share (2)  $                     0.05    $                        0.05  $                        0.32  $                      (0.43)

 

(1) Excludes non-recurring capital expenditures of $373, $819, $440 and $13 for the three months ending March 31, 2018, December 31, September 30, June 30, 2017 , respectively.

(2) Basic and diluted weighted average shares are equal

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Debt Overview
             
Unaudited ($ in thousands) at 3/31/2018          
 Debt Instrument - Secured Bank Facility Maturity Rate Rate Type Balance % of Total Debt
$45 million line of credit  August-22  4.49%(1) Floating  $                   23,325 9.2%
$120 million AIG Loan (4) October-23 4.08% Fixed  $                 120,000 47.4%
$79.8 million MWG Loan (5) November-19 4.92% (2) Floating  $                   79,800 31.5%
$30 million Mezzanine Loan October-23 7%/8% (3) Fixed  $                   30,000 11.9%
         $                253,125 100.0%

 

 

Balance Sheet ($ in thousands) at 3/31/2018      
Cash        $                    13,097
Gross Assets (3)        $                 362,686
Total Debt        $                 253,125
Net Debt        $                 240,028

 

(1) Interest rate paid for the month of March 31, 2018. Borrowings under the Line of Credit Agreement bear interest at either (1) the base rate (determined from the highest of (a) KeyBank’s prime rate, (b) the federal funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0%) or (2) LIBOR, plus, in either case, a spread between 250 and 300 basis points depending on our total leverage ratio.
(2) Interest rate paid for the month of March 31, 2018.  Interest for the first year at a rate per annum equal to LIBOR plus 3.10% and for the second year at a rate per annum equal to LIBOR plus 3.35%.
(3) Pay rate of 7%, additional accrual rate of 8%. Loan is secured by a portfolio of 20 properties held within the Plymouth 20 LLC
(4) The carrying amount of total assets plus accumulated depreciation and amortization, as reported in the Company's consolidated financial statements.
(5) Loan is secured by a portfolio of 20 properties held within the Plymouth 20 LLC
(6) Loan is secured by a portfolio of 15 properties held within the Plymouth MWG Holdings LLC

 

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Plymouth Industrial REIT, Inc.        
Property Overview - Square Feet & Occupancy      
           
Unaudited ($ in thousands) at 3/31/18        
           
         
 Property  Market  Rentable
Square Feet 		 Leased
Square Feet 		 Occupancy
  32 Dart Road Atlanta  194,800 194,800 100.0%
  1665 Dogwood Drive SW Atlanta  198,000 198,000 100.0%
  1715 Dogwood Drive Atlanta  100,000 100,000 100.0%
  11236 Harland Drive Atlanta  32,361 32,361 100.0%
Subtotal - Atlanta    525,161  525,161 100.0%
  3940 Stern Avenue Chicago  146,798  146,798 100.0%
  1875 Holmes Road Chicago  134,415  134,415 100.0%
  1355 Holmes Road Chicago  82,456  82,456 100.0%
  2401 Commerce Drive Chicago  78,574  78,574 100.0%
  189 Seegers Road Chicago  25,000  25,000 100.0%
  11351 W. 183rd Street Chicago  18,768  18,768 100.0%
  7200 Mason Ave Chicago  207,345  207,345 100.0%
  6000 West 73rd Street Chicago  148,091  148,091 100.0%
  6510 West 73rd Street Chicago  306,552  306,552 100.0%
  6558 West 73rd Street Chicago  301,000  301,000 100.0%
  6751 Sayre Avenue Chicago  242,690  242,690 100.0%
  11601 Central Avenue Chicago  260,000  260,000 100.0%
  13040 South Pulaski Avenue Chicago  395,466  395,466 100.0%
  1796 Sherwin Avenue Chicago  45,139  45,139 100.0%
  1455-1645 Greenleaf Avenue Chicago  203,740  203,740 100.0%
  28160 North Keith Drive Chicago  77,924  77,924 100.0%
  13970 West Laurel Drive Chicago  70,196  70,196 100.0%
  3841-3865 Swanson Court Chicago  99,625  99,625 100.0%
  1750 South Lincoln Drive Chicago  499,200  499,200 100.0%
  525 West Marquette Avenue Milwaukee  112,144  112,144 100.0%
  5110 South 6th Street Milwaukee  58,500 - 0.0%
  440 South McLean Boulevard Chicago  74,613  74,613 100.0%
Subtotal - Chicago    3,588,236  3,529,736 98.4%
  Mosteller Distribution Center Cincinnati  358,386  358,386 100.0%
  4115 Thunderbird Lane Cincinnati  70,000  70,000 100.0%
Subtotal - Cincinnati    428,386  428,386 100.0%
  3500 Southwest Boulevard Columbus  527,127 - 0.0%
  3100 Creekside Parkway Columbus  340,000  340,000 100.0%
  8288 Green Meadows Dr. Columbus  300,000  300,000 100.0%
  8273 Green Meadows Dr. Columbus  77,271  77,271 100.0%
  7001 American Pkwy Columbus  54,100  54,100 100.0%
  2120 - 2138 New World Drive Columbus  121,200  121,200 100.0%
Subtotal - Columbus    1,419,698  892,571 62.9%
  3035 North Shadeland Ave Indianapolis  564,911  537,497 95.1%
  3169 North Shadeland Ave Indianapolis  41,960  41,960 100.0%
  5861 W Cleveland Road South Bend  62,550  62,550 100.0%
  West Brick Road South Bend  101,450  101,450 100.0%
  4491 N Mayflower Road South Bend  77,000  77,000 100.0%
  5855 West Carbonmill Road South Bend  198,000  198,000 100.0%
  4955 Ameritech Drive South Bend  228,000  228,000 100.0%
Subtotal - Indianapolis/South Bend    1,273,871  1,246,457 97.8%
  6005, 6045 & 6075 Shelby Dr. Memphis  202,303  167,470 82.8%
  210 American Dr. Jackson  638,400  638,400 100.0%
  3635 Knight Road Memphis  131,904  131,904 100.0%
  Business Park Drive Memphis  235,006  128,457 54.7%
Subtotal - Memphis/Jackson    1,207,613  1,066,231 88.3%
  7585 Empire Drive Florence, KY  148,415  148,415 100.0%
  56 Milliken Road Portland, ME  200,625  200,625 100.0%
  4 East Stow Road Marlton, NJ  156,279  129,958 83.2%
  1755 Enterprise Parkway Cleveland, OH  255,570  234,370 91.7%
Subtotal - Others    760,889  713,368 93.8%
 Total - All Properties    9,203,854  8,401,910 91.3%

 

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Plymouth Industrial REIT, Inc.
Market Summary
             
Unaudited (SF and $ in thousands) (at 3/31/2018)      

 

             
             
 Geography  State  Properties  Total Acquisition Cost (1)  Gross Real Estate Assets (2)  % Gross Real Estate Assets
 Atlanta   GA 4  $                                   17,045  $                 15,655 5.2%
 Chicago   IL, WI 22                                     137,244                   127,656 41.9%
 Cincinnati   OH 2                                        14,900                     13,349 4.4%
 Columbus   OH 6                                        50,982                     47,575 15.7%
 Indianapolis/South Bend   IN 7                                        43,450                     38,358 12.6%
 Memphis/Jackson   TN 4                                        31,608                     26,240 8.6%
 Other   Various 4                                        39,000                     35,139 11.6%
 Total   49  $                                 334,229  $              303,972 100%

 

 

 

(1) Total acquisition cost prior to allocations per US GAAP.
(2) The gross book value of real estate assets as of March 31, 2018 excluding $255 in leasehold improvements related to our Corporate office. Gross book value of real estate assets excludes depreciation and the allocation of the acquisition cost towards intangible asset and liabilities required by US GAAP.

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Leasing Activity
 
                   

 

                   
   Year Type Square Footage Percent  Expiring Rent New Rent % Change Tenant Improvements $/SF/YR  Lease Commissions $/SF/YR
                   
  2017 Renewals 234,679 84.1%  $          4.25  $          4.51 6.2%  $                  0.07  $               0.13
    New Leases 44,268 15.9%  $          2.16  $          3.00 38.7%  $                  0.41  $               0.27
    Total 278,947 100.0%  $          3.92  $          4.27 9.1%  $                  0.13  $               0.15
                   
  2018 Renewals 146,798 84.4%  $          4.25  $          4.30 1.2%  $                       -     $               0.04
    New Leases 27,046 15.6%  $          1.96  $          4.52 130.4%  $                  0.20  $               0.22
    Total 173,844 100.0%  $          3.89  $          4.33 11.3%  $                  0.03  $               0.07
                   
  Total Renewals 381,477 84.3%  $          4.25  $          4.43 4.3%  $                  0.04  $               0.10
    New Leases 71,314 15.7%  $          2.08  $          3.57 71.4%  $                  0.33  $               0.25
    Total 452,791 100%  $          3.91  $          4.29 9.9%  $                  0.09  $               0.12

 

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Plymouth Industrial REIT, Inc.
Lease Expiration Schedule
 
Unaudited ($ in thousands) (at 3/31/2018)          

 

           
Year Square Footage  Annualized Base Rent (ABR) (1) % of ABR Expiring (2)      
Available                                     801,944  $                                                —    —      
2018                                 1,501,482                                             5,758 18.9%      
2019                                     977,566                                             3,656 12.0%      
2020                                 1,594,282                                             5,421 17.8%      
2021                                 1,936,668                                             7,338 24.0%      
2022                                     568,786                                             2,325 7.6%      
Thereafter                                 1,823,126                                             6,025 19.7%      
Total                                 9,203,854  $                                       30,523 100.0%      

 

 

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2018, multiplied by 12. Excludes billboard and antenna revenue and rent abatements.
(2) Calculated as annualized base rent set forth in this table divided by total annualized base rent for the Company Portfolio as of March 31, 2018.

 

1Q 2018 Supplemental

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Plymouth Industrial REIT, Inc.
Glossary
       
Adjusted Funds From Operations attributable to common stockholders (“AFFO”):  Adjusted funds from operation, or AFFO, is presented in addition to FFO. AFFO is defined as FFO, excluding certain non-cash operating revenues and expenses, acquisition and transaction related costs for transactions not completed and recurring capitalized expenditures. Recurring capitalized expenditures includes expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts 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, impairment losses, 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 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.
EBITDA: We believe that earnings before interest, taxes, depreciation and amortization, or EBITDA, is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. EBITDA as presented herein is equal to EBITDAre as defined by NAREIT.
Funds From Operations attributable to common stockholders (“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. We define FFO, consistent with the National Association of Real Estate Investment Trusts, or NAREIT, definition, as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of property, depreciation and amortization of real estate assets, impairment losses and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO (in accordance with the NAREIT definition) 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.
GAAP: U.S generally accepted accounting principles.

 

Gross Assets: the carrying amount of total assets plus accumulated depreciation and amortization, as reported in the Company’s consolidated financial statements. For gross assets as of March 31, 2018 and December 31, 2017, the calculation is as follows:

  3/31/2018
Total Assets $319,077
Add back depreciation expense  28,828
Add back intangible asset amortization  14,781
Gross assets $362,686

 

Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income because it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue, tenant reimbursements, management, leasing and development services revenue and other income) less property-level operating expenses including allocated overhead. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.
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.
Occupancy: We define occupany as the percentage of total leasable square footage in which either the sooner of lease term commencement or revenue recognition in accordance to GAAP has commenced as of the close of the reporting period.
Recurring Capital Expenditures: Recurring capitalized expenditures includes capital expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions.
Same Store Portfolio: Our Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly-owned by us for the entire period presented. The trailing 4 quarters same store portfolio includes properties owned as of January 1, 2017, and still owned by us as of March 31, 2018. Therefore, we excluded from our Same Store Portfolio any properties that were acquired or sold during the period from January 1, 2017 through March 31, 2018. The trailing 2 quarters same store  portfolio includes properties owned as of October 1, 2017, and still owned by us as of March 31, 2018. Therefore, we excluded from our Same Store Portfolio any properties that were acquired or sold during the period from October 1, 2017 through March 31, 2018. The Company's 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.

 

1Q 2018 Supplemental

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