Exhibit 99.2

 

 

 

Fourth Quarter 2019

Supplemental

 

 

 

 

 

 

 

 
Plymouth Industrial REIT, Inc.
Table of Contents

 

Introduction    
Management, Board of Directors & Investor Contacts   2
Executive Summary   3
Transaction Activity - 2018/2019   4
Capitalization Analysis   5
2020 Guidance   6
Financial Information    
Consolidated Balance Sheets (unaudited)   7
Consolidated Statements of Operations - GAAP (unaudited)   8
Same Store Net Operating Income (NOI)   9
NOI   10
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)   11
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)   12
Debt Overview   13
Operational & Portfolio Information    
Property Overview - Square Feet & Occupancy   14
Market Summary   16
Leasing Activity   17
Lease Expiration Schedule   18
Appendix    
Glossary   19

 

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 page 19. For reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, see pages 10-12.

 

4Q 2019 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 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
         
         
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
IR@plymouthREI.com

 

4Q 2019 Supplemental

2 

 

 

Plymouth Industrial REIT, Inc.
Executive Summary
 
Company overview: Plymouth Industrial REIT, Inc. (NYSE: 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 December 31, 2019
Select Portfolio Statistics      
         
Number of Properties     85
Square Footage     17,798,469
Occupancy     96.6%
Weighted Average Lease Term Remaining - years     3.7
         
Balance Sheet ($ in thousands)      
         
Cash      $            22,398
Gross Assets      $          784,063
Total Debt      $          401,077
Net Debt (Total Debt less Cash)      $          378,679
Net Debt / Gross Assets     48.3%

 

  Three months ended December 31,   Year ended December 31,
Operating results ($ in thousands) 2019 2018   2019 2018
           
Total Revenue  $            22,483  $              13,637    $            75,290  $            49,217
Net Operating Income  $            14,462  $                8,769    $            48,053  $            31,234
           

 

2019 Capital Markets Activity ($ in thousands)      
       
Secured 7 year term loan with Allianz Life Insurance Company    3/21/2019  $            63,115
Repaid KeyBank Bridge Loan   3/21/2019  $           (63,115)
Issued 278,302 shares of common shares @ average of $16.63 per share   Q1 2019  $              4,628
Issued 147,017 shares of common shares @ average of $16.79 per share   Q2 2019  $              2,469
Issued 3,425,000 common shares @ $17.50 per share   Q2 2019  $            59,938
Amended secured line of credit agreement with KeyBank National   8/7/2019  $          100,000
Assumption of mortgage debt as part of the South Park Acquisition   8/29/2019  $              9,577
Assumption of mortgage debt as part of the Orange Point Acquisition   8/30/2019  $            21,004
Issued 1,194,032 shares of common shares @ average of $18.61 per share   Q3 2019  $            22,224
Issued 3,450,000 common shares @ $18.00 per share   Q3 2019  $            62,100
Issued 562,900 common shares @ $18.59 per share   Q4 2019  $            10,462

 

4Q 2019 Supplemental

3 

 

 

Plymouth Industrial REIT, Inc.
Transaction Activity - 2018/2019
 
Unaudited ($ in thousands) (at 12/31/2019)

 

Acquisitions          
Location Acquisition
Date
# of Properties Purchase
Price (1)
Square
Footage
Projected
Initial Yield
           
Cleveland, OH 12/20/2019 1  $                 16,800 405,000 8.5%
Indianapolis, IN 12/4/2019 1  $                 12,150 353,000 8.1%
Indianapolis, IN 12/4/2019 9  $                 49,815 1,747,411 8.7%
Metro St. Louis 11/21/2019 1  $                   3,525 59,055 8.4%
Atlanta, GA 10/30/2019 1  $                 19,400 295,693 8.4%
Multiple, OH 8/30/2019 6  $                 36,200 591,695 8.4%
Memphis, TN 8/29/2019 1  $                 22,050 566,281 8.1%
Chicago, IL 8/29/2019 7  $                 32,250 1,071,129 8.25%
St. Louis, MO 7/29/2019 1  $                   5,400 129,000 8.6%
Indianapolis, IN 6/10/2019 1  $                 17,100 484,879 7.7%
Chicago, IL 1/5/2019 1  $                   5,425 73,785 8.9%
Total 2019 Acquisitions   30  $              220,115 5,776,928  
           
Jacksonville, FL 12/14/2018 3  $                 97,100 1,133,516 8.4%
Cincinnati, OH 10/15/2018 1  $                 24,800 1,100,000 8.5%
Cleveland, OH 9/27/2018 1  $                 27,000 400,184 7.6%
Elgin/Arlington Heights, IL 4/9/2018 2  $                 15,675 269,999 8.0%
Total 2018 Acquisitions   7  $              164,575 2,903,699  
           
 Total - Acquisitions   37  $              384,690          8,680,627  

 

Subsequent Acquisitions          
Location Acquisition
Date
# of Properties Purchase
Price (1)
Square
Footage
Projected
Initial Yield
Chicago, IL 1/24/2020 1                     18,750 465,940 8.6%
Indianapolis, IN 1/27/2020 1                       8,800 276,240 7.8%
Multiple, GA 1/28/2020 5                     34,700 924,036 7.6%
Avon, OH 2/14/2020 3                     15,750 408,164 8.2%
           
 Total - Subsequent Acquisitions 10  $                78,000          2,074,380  

 

Dispositions          
Location Disposition
Date
# of Properties Sale Price Square
Footage
Yield
Milwaukee, WI 12/19/2018 1  $                   5,300 112,144 6.5%

 

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

 

4Q 2019 Supplemental

4 

 

 

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

 

  Three Months Ended
  12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
           
Common Stock Data          
           
Weighted-Average Common Shares Outstanding - Basic & Diluted (1) 13,416 9,081 6,836 4,728 4,696
High Closing Price $             19.08 $             19.65 $             19.48 $             16.98 $             15.59
Low Closing Price $             17.48 $             17.54 $             16.55 $             13.16 $             11.45
Average Closing Price $             18.42 $             18.60 $             17.77 $             15.58 $             13.25
Closing Price (as of period end) $             18.39 $             18.32 $             18.94 $             16.82 $             12.61
Dividends / Share (annualized) (2) $               1.50 $               1.50 $                1.50 $                1.50 $                1.50
Dividend Yield (annualized) (3) 8.2% 8.2% 7.9% 8.9% 11.9%
Common Shares Outstanding (3) 14,141 13,406 8,755 5,129 4,822
Market Value of Common Shares (3) $         260,053 $         245,598 $         165,816 $           86,270 $           60,804
Total Market Capitalization (3) (4) $         661,130 $         568,833 $         458,735 $         412,396 $         382,462

 

Equity Research Coverage (5)    
       
D.A. Davidson & Co.   Piper Sandler & Co.
Barry Oxford   Alexander Goldfarb
646.885.5423   212.466.7937
       
KeyBanc Capital Markets   Wedbush Securities
Craig Mailman   Henry Coffey
917.368.2316   212.833.1382
       
National Securities Corp.    
Guarav Mehta    
212.417.8008    

 

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 February 27, 2020 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 March 5, 2020 by dialing (412) 317-0088 and entering the replay access code, 10139151.

 

(1) Audited consolidated financial statements and notes for the years ended December 31, 2019 and 2018 are available within our 2019 Annual Report on Form 10-K.

(2) Based on annualized dividend declared for the quarter.

(3) Based on closing price and ending shares for the last trading day of the quarter.

(4) Market value of shares plus total debt as of quarter end.

(5) 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.

 

4Q 2019 Supplemental

5 

 

 

Plymouth Industrial REIT, Inc.
2020 Guidance
 
Unaudited (in thousands, except per-share amounts)

 

    Full Year 2020 Range
    Low High
       
Net loss  $                     (0.62)  $                     (0.58)
       
Depreciation and amortization                           3.08                             3.08  
Preferred stock dividend                          (0.41)                          (0.41)
FFO attributable to common stockholders and unit holders  $                       2.05   $                       2.09 
       
Amortization of debt related costs                           0.08                             0.08  
Non-cash interest & dividends                                -                                   -   
Stock compensation                           0.09                            0.09  
Change in fair value of warrant derivative                                -                                   -   
Straight line rent                          (0.03)                          (0.03)
Above/below market lease rents                          (0.08)                          (0.08)
Recurring capital expenditure                          (0.30)                          (0.30)
AFFO  attributable to common stockholders and unit holders  $                       1.81   $                       1.85
       
Weighted average common shares and units outstanding                       15,600                         15,600  
       
2020 Guidance Assumptions Low High
       
Total Revenue  $                 105,500    $                 106,000  
NOI  $                   69,200    $                   69,600  
EBITDAre  $                   60,000    $                   60,400  
General & Administrative (1)  $                     9,400    $                     9,100  
Recurring Capital Expenditure  $                     4,750    $                     4,650  
Same Store Occupancy 95%   97%  

 

Assumes the completion of approximately $10 million in acquisitions currently under agreement in March 2020.

 

(1) Includes non-cash expenses of $1.4 million

 

4Q 2019 Supplemental

6 

 

 

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

 

             
    12/31/2019 (1) 9/30/2019 6/30/2019 3/31/2019 12/31/2018 (1)
Assets:          
Real estate properties:          
Land  $                127,439  $                110,287  $                  96,139  $                  93,495  $                  92,628
Building and improvements                    528,349                    455,107                    378,595                    365,438                    359,982
Less accumulated depreciation                     (63,877)                     (57,331)                     (51,676)                     (46,438)                     (41,279)
             
Total real estate properties, net  $                591,911  $                508,063  $                423,058  $                412,495  $                411,331
             
Cash, cash held in escrow and restricted cash                       22,398                       36,801                       24,194                       14,121                       14,961
Deferred lease intangibles, net                       57,088                       45,768                       34,931                       35,339                       37,940
Other assets                       14,084                       11,214                       10,525                       11,551                         5,931
             
Total assets  $                685,481  $                601,846  $                492,708  $                473,506  $                470,163
             
Liabilities:          
Debt, net  $                397,458  $                319,448  $                287,990  $                320,799  $                317,180
Accounts payable, accrued expenses and other liabilities                       36,284                       32,222                       26,577                       24,870                       21,996
Deferred lease intangibles, net                         8,314                         7,579                         6,393                         6,595                         7,067
             
Total liabilities  $                442,056  $                359,249  $                320,960  $                352,264  $                346,243
             
Preferred Stock - Series A  $                  48,868  $                  48,868  $                  48,868  $                  48,868  $                  48,868
Preferred Stock - Series B  $                  79,793  $                  77,893  $                  75,993  $                  74,092  $                  72,192
             
Equity:          
Common stock  $                        141  $                        134  $                          88  $                          51  $                          49
Additional paid in capital                    256,259                    249,827                    177,557                    125,739                    126,327
Accumulated deficit                   (148,403)                   (146,072)                   (143,406)                   (140,929)                   (137,983)
Total stockholders' equity                    107,997                    103,889                       34,239                     (15,139)                     (11,607)
Non-controlling interest                         6,767                       11,947                       12,648                       13,421                       14,467
             
Total equity (deficit)  $                114,764  $                115,836  $                  46,887  $                  (1,718)  $                    2,860
             
Total liabilities, preferred stock and equity (deficit)  $                685,481  $                601,846  $                492,708  $                473,506  $                470,163

 

(1) Audited consolidated financial statements and notes for the years ended December 31, 2019 and 2018 are available within our 2019 Annual Report on Form 10-K.

 

4Q 2019 Supplemental

7 

 

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

 

    Three Months Ended
    12/31/2019 (1) 9/30/2019 6/30/2019 3/31/2019 12/31/2018 (1)  
Revenues:            
Rental revenue  $                   17,271  $                   14,481  $                   12,906  $                   12,729  $                   10,387  
Tenant recoveries                         5,212                         4,642                         4,116                         3,933                         3,242  
Other revenue                                    -                                  -                                  -                                 8  
               
Total revenues  $                   22,483  $                   19,123  $                   17,022  $                   16,662  $                   13,637  
               
Operating expenses:            
Property                         8,021                         6,920                         6,034                         6,262                         4,860  
Depreciation and amortization                       11,074                         9,399                         8,476                         8,432                         7,553  
General and administrative                         2,009                         2,135                         1,691                         1,646                         1,733  
               
Total operating expenses  $                   21,104  $                   18,454  $                   16,201  $                   16,340  $                   14,146  
               
               
Other income (expense):            
Interest expense                        (3,887)                        (3,643)                        (3,576)                        (3,842)                        (3,957)  
Loss on extinguishment of debt                                  -                                  -                                  -                                  -                           (988)  
Gain on sale of real estate                                  -                                  -                                  -                                  -                         1,004  
Change in fair value of warrant derivative                                  -                                  -                           (102)                             (79)                                  -  
               
Total other income (expense)  $                   (3,887)  $                   (3,643)  $                   (3,678)  $                   (3,921)  $                   (3,941)  
               
Net loss  $                   (2,508)  $                   (2,974)  $                   (2,857)  $                   (3,599)  $                   (4,450)  
               
Less: Loss attributable to noncontrolling interest                           (177)                           (308)                           (380)                           (653)                           (750)  
               
Net loss attributable to Plymouth Industrial REIT, Inc.  $                   (2,331)  $                   (2,666)  $                   (2,477)  $                   (2,946)  $                   (3,700)  
               
Less: Preferred stock dividends                         1,565                         1,566                         1,566                         1,566                         1,072  
Less: Series B preferred stock accretion to redemption value                         1,900                         1,900                         1,901                         1,900                             359  
Less: Amount allocated to participating securities                               62                               62                               58                               57                               46  
               
Net loss attributable to common stockholders  $                   (5,858)  $                   (6,194)  $                   (6,002)  $                   (6,469)  $                   (5,177)  
               
Net loss per share attributable to common stockholders  $                     (0.44)  $                     (0.68)  $                     (0.88)  $                     (1.37)  $                     (1.10)  
               
Weighted-average common shares outstanding basic & diluted 13,416 9,081 6,836 4,728 4,696  

 

(1) Audited consolidated financial statements and notes for the years ended December 31, 2019 and 2018 are available within our 2019 Annual Report on Form 10-K.

 

4Q 2019 Supplemental

8 

 

 

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

 

Trailing five quarter same store NOI - GAAP basis Three Months Ended
GAAP Basis 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
Same store properties 51 51 51 51 51
             
Revenues:          
Rental income  $                9,870  $                9,898  $                9,647  $                     9,495  $                     9,216
Tenant recoveries                      3,124                    3,158                    3,235                         3,027                         3,042
Total operating revenues  $              12,994  $              13,056  $              12,882  $                   12,522  $                   12,258
             
Property expenses  $                4,833  $                4,680  $                4,840  $                     4,895  $                     4,589
             
Same store net operating income - GAAP basis  $                8,161  $                8,376  $                8,042  $                     7,627  $                     7,669

 

Trailing five quarter same store NOI - Cash basis Three Months Ended
Cash Basis 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
Same store properties 51 51 51 51 51
             
Revenues:          
Rental income  $                9,347  $                9,434  $                9,222  $                     9,019  $                     8,867
Tenant recoveries                      3,124                    3,158                    3,235                         3,027                         3,042
Total operating revenues  $              12,471  $              12,592  $              12,457  $                   12,046  $                   11,909
             
Property expenses  $                4,833  $                4,680  $                4,840  $                     4,895  $                     4,589
             
Same store net operating income - Cash basis  $                7,638  $                7,912  $                7,617  $                     7,151  $                     7,320

 

* 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 5 quarters same store portfolio includes properties owned as of October 1, 2018, and still owned as of December 31, 2019. Therefore, we exclude from our Same Store Portfolio any properties that were acquired or sold during the period from October 1, 2018 through December 31, 2019. The Company's computation of same store NOI may not be comparable to other REITs.

 

4Q 2019 Supplemental

9 

 

 

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

 

    Three Months Ended
    12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
             
Net loss  $              (2,508)  $              (2,974)  $              (2,857)  $                   (3,599)  $                   (4,450)
             
General and administrative                    2,009                    2,135                    1,691                         1,646                         1,733
Depreciation and amortization                  11,074                    9,399                    8,476                         8,432                         7,553
Interest expense                    3,887                    3,643                    3,576                         3,842                         3,957
Loss on extinguishment of debt                             -                             -                             -                                  -                             988
Change in fair value of warrant derivative                             -                             -                        102                               79                                  -
Gain on sale of real estate                             -                             -                             -                                  -                        (1,004)
Other expense (income)                             -                             -                             -                                  -                                (8)
             
Net Operating Income  $              14,462  $              12,203  $              10,988  $                   10,400  $                     8,769

 

4Q 2019 Supplemental

10 

 

 

Plymouth Industrial REIT, Inc.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

 

Unaudited (in thousands)

 

    Three Months Ended
    12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
             
Net loss  $              (2,508)  $              (2,974)  $              (2,857)  $                   (3,599)  $                   (4,450)
             
Depreciation and amortization                  11,074                    9,399                    8,476                         8,432                         7,553
Interest expense                    3,887                    3,643                    3,576                         3,842                         3,957
Loss on extinguishment of debt                             -                             -                             -                                  -                             988
Gain on sale of real estate                             -                             -                             -                                  -                        (1,004)
             
EBITDAre  $              12,453  $              10,068  $                9,195  $                     8,675  $                     7,044

 

4Q 2019 Supplemental

11 

 

 

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

 

    Three Months Ended
    12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018
             
Net loss  $            (2,508)  $                (2,974)  $                (2,857)  $                   (3,599)  $                   (4,450)
             
Depreciation and amortization                11,074                       9,399                       8,476                         8,432                         7,553
Loss on extinguishment of debt                           -                               -                               -                                  -                             988
Gain on sale of real estate                           -                               -                               -                                  -                        (1,004)
             
FFO  $              8,566  $                  6,425  $                  5,619  $                     4,833  $                     3,087
             
Preferred stock dividends                 (1,565)                     (1,566)                     (1,566)                        (1,566)                        (1,072)
FFO attributable to common stockholders and unit holders  $              7,001  $                  4,859  $                  4,053  $                     3,267  $                     2,015
             
Amortization of debt related costs                      247                          274                          273                             235                             290
Non-cash interest expense                        34                          325                           (62)                             (31)                               14
Stock compensation                      330                          282                          305                             288                             203
Change in fair value of warrant derivative                         -                                -                             102                               79                                -   
Straight line rent                    (518)                        (298)                        (223)                           (258)                             (71)
Above/below market lease rents                    (429)                        (373)                        (344)                           (341)                           (340)
Recurring capital expenditures (1)                    (921)                        (976)                        (687)                           (559)                           (767)
AFFO  $              5,744  $                  4,093  $                  3,417  $                     2,680  $                     1,344
             
Weighted average common shares and units outstanding                14,599                    10,287                       8,037                         5,917                         5,774
             
FFO attributable to common stockholders and unit holders per share  $                0.48  $                    0.47  $                    0.50  $                       0.55  $                       0.35
             
AFFO attributable to common stockholders and unit holders per share  $                0.39  $                    0.40  $                    0.43  $                       0.45  $                       0.23

 

(1) Excludes non-recurring capital expenditures of $1,349, $1,542, $635, $1,053, and $777 for the three months ending December 31, September 30, June 30, March 31, 2019, and December 31, 2018, respectively.

 

4Q 2019 Supplemental

12 

 

 

Plymouth Industrial REIT, Inc.
Debt Overview
 
Unaudited ($ in thousands) at 12/31/2019

 

 Debt Instrument - Secured Facility Maturity Rate Rate Type Properties Encumbered Balance % of Total Debt
$100.0 million line of credit   August-23     3.72%(1) Floating               25 $           78,900 19.7%
$120.0 million AIG Loan   November-23 4.08% Fixed               20 $        119,592 29.8%
$78.0 million Transamerica Loan   August-28 4.35% Fixed             17 $           74,214 18.5%
$63.1 million Allianz Loan   April-26 4.07% Fixed              3 $           63,115 15.7%
$21.5 million Minnesota Life Loan   May-28 3.78% Fixed             7 $           21,272 5.3%
$13.9 million Fisher Park Mortgage (2)   January-27 5.23% Fixed            1 $           13,661 3.4%
$9.6 million South Park Mortgage (2)   January-22 3.41% Fixed              1 $             9,507 2.4%
$21.0 million Orange Point Mortgage (2)   August-24 4.14% Fixed                6 $           20,816 5.2%
                    80 $         401,077 100%

 

 Fixed Debt ($ in thousands) at 12/31/2019      
 Total fixed debt      $                 322,177
Weighted average interest rate of fixed debt     4.15%

 

 Balance Sheet ($ in thousands) at 12/31/2019      
 Cash      $                   22,398
 Gross Assets      $                 784,063
 Total Debt      $                 401,077
 Net Debt      $                 378,679

 

(1) Interest rate applicable at December 31, 2019. 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 200 and 250 basis points depending on our total leverage ratio.

(2) Debt assumed at acquisition.

 

4Q 2019 Supplemental

13 

 

 

Plymouth Industrial REIT, Inc.
Property Overview - Square Feet & Occupancy
 
Unaudited ($ in thousands) at 12/31/19

 

 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%
  Peachtree City Atlanta 295,693 295,694 100.0%
Subtotal - Atlanta   820,854 820,855 100.0%
  11351 W. 183rd Street Chicago 18,768 18,768 100.0%
  11601 Central Ave Chicago 260,000 260,000 100.0%
  11746 Austin Ave Chicago 162,714 162,714 100.0%
  13040 South Pulaski Ave Chicago 388,403 388,403 100.0%
  1355 Holmes Road Chicago 82,456 82,456 100.0%
  13970 West Laurel Drive Chicago 70,196 70,196 100.0%
  144 Tower Drive Chicago 73,785 71,709 97.2%
  1455-1645 Greenleaf Ave Chicago 150,000 150,000 100.0%
  1600 Fleetwood Chicago 247,000 247,000 100.0%
  16801 Exchange Ave Chicago 455,886 455,886 100.0%
  1750 South Lincoln Drive Chicago 499,200 499,200 100.0%
  1796 Sherwin Ave Chicago 98,879 98,879 100.0%
  1875 Holmes Road Chicago 134,415 134,415 100.0%
  189-191 Seeger Avenue Chicago 25,245 25,245 100.0%
  2401-2441 Commerce Drive Chicago 78,574 78,574 100.0%
  28160 North Keith Drive Chicago 77,924 77,924 100.0%
  3 West College Drive Chicago 33,263 33,263 100.0%
  330 Armory Drive Chicago 98,340 - 0.0%
  350 Armory Drive Chicago 64,310 56,140 87.3%
  3841-3865 Swanson Court Chicago 99,625 99,625 100.0%
  3940 Stern Street Chicago 146,798 146,798 100.0%
  440 South McLean Boulevard Chicago 74,613 74,613 100.0%
  4915 West 122nd Street Chicago 153,368 153,368 100.0%
  6000 W. 73rd Street Chicago 148,091 148,091 100.0%
  6510 West 73rd Street Chicago 306,552 306,552 100.0%
  6558 W. 73rd Street Chicago 301,000 301,000 100.0%
  6751 Sayre Ave Chicago 242,690 242,690 100.0%
  7200 South Mason Ave Chicago 207,345 207,345 100.0%
  7207 Mason Avenue Chicago 84,195 84,195 100.0%
  7420 Meade Ave Chicago 52,344 52,344 100.0%
  5110 South 6th Street Milwaukee 58,500 58,500 100.0%
Subtotal - Chicago   4,894,479 4,785,893 97.8%
  Mosteller Distribution Center Cincinnati 358,386 358,386 100.0%
  4115 Thunderbird Lane Cincinnati 70,000 70,000 100.0%
  Fisher Industrial Park Cincinnati 1,123,080 1,016,084 90.5%
  Cornell Commerce Center Cincinnati 165,521 152,486 92.1%
  Enterprise Business Center 1 Cincinnati 85,718 73,016 85.2%
  Enterprise Business Center 2 Cincinnati 82,832 68,647 82.9%
  Graphics Way Cincinnati 73,426 73,427 100.0%
  Orange Point Cincinnati 143,863 143,863 100.0%
Subtotal - Cincinnati   2,102,826 1,955,909 93.0%

 

4Q 2019 Supplemental

14 

 

 

Plymouth Industrial REIT, Inc.
Property Overview - Square Feet & Occupancy
 
Unaudited ($ in thousands) at 12/31/19

 

 Property Market Rentable
Square Feet
Leased
Square Feet
Occupancy
  14801 County Rd. 212 Cleveland 405,000 405,000 100.0%
  1755 Enterprise Parkway Cleveland 255,570 235,370 92.1%
  30339 Diamond Parkway Cleveland 400,184 400,184 100.0%
Subtotal - Cleveland   1,060,754 1,040,554 98.1%
  2120-2138 New World Drive Columbus 121,200 121,200 100.0%
  3100 Creekside Parkway Columbus 340,000 257,962 75.9%
  3500 Southwest Blvd Columbus 527,127 527,127 100.0%
  7001 Americana Parkway Columbus 54,100 54,100 100.0%
  8273 Green Meadows Drive Columbus 77,271 77,271 100.0%
  8288 Green Meadows Drive Columbus 300,000 300,000 100.0%
  6900-6918 Fairfield Business Drive Columbus 39,558 39,558 100.0%
Subtotal - Columbus   1,459,256 1,377,218 94.4%
  2900 Shadeland Indianapolis 933,439 923,156 98.9%
  3035 North Shadeland Ave Indianapolis 562,497 510,454 90.7%
  3169 North Shadeland Ave Indianapolis 44,374 41,960 94.6%
  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 228,000 228,001 100.0%
  4430 Sam Jones Expressway Indianapolis 484,879 484,879 100.0%
  6555 E 30th Street Indianapolis 314,775 308,700 98.1%
  6575 E 30th Street Indianapolis 60,000 60,000 100.0%
  6585 E 30th Street Indianapolis 100,000 100,000 100.0%
  6635 E 30th Street Indianapolis 99,877 99,877 100.0%
  6701 E 30th Street Indianapolis 7,820 7,820 100.0%
  6737 E 30th Street Indianapolis 87,500 87,500 100.0%
  6751 E 30th Street Indianapolis 100,000 100,000 100.0%
  6951 E 30th Street Indianapolis 44,000 35,200 80.0%
  7901 W. 21st Street Indianapolis 353,000 353,000 100.0%
Subtotal - Indianapolis/South Bend   3,859,161 3,779,547 97.9%
  Center Point Business Park Jacksonville 537,800 518,083 96.3%
  Liberty Business Park Jacksonville 426,916 403,861 94.6%
  Salisbury Business Park Jacksonville 168,800 168,800 100.0%
Subtotal - Jacksonville   1,133,516 1,090,744 96.2%
  6005, 6045 & 6075 Shelby Dr. Memphis 202,303 190,951 94.4%
  210 American Dr. Jackson 638,400 638,400 100.0%
  3635 Knight Road Memphis 131,904 131,904 100.0%
  Business Park Drive Memphis 235,006 141,789 60.3%
  South Park Memphis 566,281 566,281 100.0%
Subtotal - Memphis/Jackson   1,773,894 1,669,325 94.1%
  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 156,634 139,959 89.4%
  Metro St Louis St Louis, MO 59,055 59,055 100.0%
  Phantom Drive St Louis, MO 129,000 125,318 97.1%
Subtotal - Others   693,729 673,372 97.1%
 Total - All Properties   17,798,469 17,193,417 96.6%

 

4Q 2019 Supplemental

15 

 

 

Plymouth Industrial REIT, Inc.
Market Summary
 
Unaudited (SF and $ in thousands) (at 12/31/2019)

 

Geography  State  Properties  Total
Acquisition Cost (1)
 Gross
Real Estate
Assets (2)
 % Gross
Real Estate
Assets
 Atlanta   GA 5  $                                  36,445  $                32,733 5.0%
 Chicago   IL, WI 31                                    187,585                  172,520 26.3%
 Cincinnati   OH 8                                      73,400                    71,515 10.9%
 Cleveland   OH 3                                      58,800                    54,276 8.3%
 Columbus   OH 7                                      53,482                    51,699 7.9%
 Indianapolis/South Bend   IN 18                                    122,515                  108,265 16.5%
 Jacksonville   FL 3                                      97,100                    86,307 13.2%
 Memphis/Jackson   TN 5                                      53,658                    48,419 7.4%
 Other   Various 5                                      32,925                    29,490 4.5%
 Total   85  $                                715,910  $              655,224 100%

 

 

(1) Represents total direct consideration paid prior to the allocations per US GAAP.

(2) The gross book value of real estate assets as of December 31, 2019 excluding $564 in leasehold improvements and assets related to Corporate. 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.

 

4Q 2019 Supplemental

16 

 

 

Plymouth Industrial REIT, Inc.
Leasing Activity

 

Year Type Square Footage Percent Expiring Rent New Rent % Change Tenant Improvements $/SF/YR  Lease Commissions $/SF/YR
                 
2018 Renewals 482,067 33.2%  $        5.84  $         5.57 -4.6%  $                  0.24  $                 0.13
  New Leases 969,207 66.8%  $        2.85  $         3.31 16.4%  $                  0.39  $                 0.21
  Total 1,451,274 100%  $        3.84  $         4.06 5.7%  $                  0.34  $                 0.18
                 
Q1 2019 Renewals 545,684 98.6%  $        3.18  $         3.63 14.2%  $                  0.16  $                 0.11
  New Leases 8,000 1.4%  $        6.30  $         6.50 3.2%  $                      -     $                 0.40
  Total 553,684 100%  $        3.22  $         3.67 14.0%  $                  0.16  $                 0.11
                 
Q2 2019 Renewals 252,826 44.1%  $        4.87  $         4.95 1.6%  $                  0.30  $                 0.11
  New Leases 320,232 55.9%  $        2.64  $         3.11 17.8%  $                  0.27  $                 0.17
  Total 573,058 100%  $        3.62  $         3.92 8.3%  $                  0.28  $                 0.14
                 
Q3 2019 Renewals 293,806 51.0%  $        5.34  $         5.32 -0.4%  $                  0.22  $                 0.17
  New Leases 281,979 49.0%  $        2.22  $         3.52 58.6%  $                  0.22  $                 0.29
  Total 575,785 100%  $        3.81  $         4.44 16.5%  $                  0.22  $                 0.23
                 
Q4 2019 Renewals 288,523 43.7%  $        4.26  $         4.95 16.2%  $                  0.12  $                 0.18
  New Leases 371,905 56.3%  $        3.51  $         3.57 1.7%  $                  0.31  $                 0.22
  Total 660,428 100%  $        3.84  $         4.17 8.6%  $                  0.22  $                 0.20
                 
2019 Renewals 1,380,839 58.4%  $        4.17  $         4.51 7.9%  $                  0.19  $                 0.14
  New Leases 982,116 41.6%  $        2.88  $         3.43 19.1%  $                  0.27  $                 0.23
  Total 2,362,955 100%  $        3.64  $         4.06 11.6%  $                  0.22  $                 0.17

 

4Q 2019 Supplemental

17 

 

 

Plymouth Industrial REIT, Inc.
Lease Expiration Schedule
 
Unaudited ($ in thousands) (at 12/31/2019)

 

Year Square
Footage
Annualized
Base Rent (ABR) (1)
% of Annual
Base Rent
Expiring (2)
Available - $                                         - -
2020 1,317,847 6,546 9.1%
2021 3,319,072 14,528 20.1%
2022 2,862,010 12,890 17.8%
2023 2,262,408 8,384 11.6%
2024 2,422,114 8,992 12.4%
Thereafter 5,009,966 20,985 29.0%
Total 17,193,417 $                                72,325 100%

 

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of December 31, 2019, multiplied by 12. Excludes 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 December 31, 2019.

 

4Q 2019 Supplemental

18 

 

 

Plymouth Industrial REIT, Inc.
Glossary

 

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, tenant reimbursements and other income) 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.
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, tenant reimbursements and other income) 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: 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, and loss on impairments. 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 attributable to common stockholders and unit holders (“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. This restated definition does not give reference to the add back of loss on extinguishment of debt. Commencing on January 1, 2019, we adopted the restated definition of NAREIT FFO on a prospective basis and exclude the add back of loss on debt extinguishment.
          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. FFO attributable to common stockholders and unit holders represents FFO reduced by dividends paid (or declared) to holders of our preferred stock.
Adjusted Funds From Operations attributable to common stockholders and unit holders (“AFFO” or "Core FFO"):  Adjusted funds from operations, 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 include 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.
Other Definitions:
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 December 31, 2019 the calculation is as follows:

 

    12/31/2019  
  Total assets $685,481  
  Add back accumulated depreciation 63,877  
  Add back intangible amortization 34,705  
  Gross assets $784,063  

 

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 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 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 5 quarters same store portfolio includes properties owned as of October 1, 2018, and still owned as of December 31, 2019. Therefore, we exclude from our Same Store Portfolio any properties that were acquired or sold during the period from October 1, 2018 through December 31, 2019. 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.

 

4Q 2019 Supplemental

19