Exhibit 99.2

 

 

 

First Quarter 2020

Supplemental

 

 

 

 

 

 

 

 
Plymouth Industrial REIT, Inc.
Table of Contents

 

Introduction  
Management, Board of Directors & Investor Contacts 2
Executive Summary 3
Transaction Activity - 2019/2020 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 for Real Estate (EBITDAre) 10
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) 11
Debt Overview 12
Operational & Portfolio Information  
Building Overview - Square Feet & Occupancy 13
Total Acquisition Cost by Geography 15
Rentable Square Feet and Annualized Base Rent by State 16
Rentable Square Feet and Annualized Base Rent by Building Type 17
Rentable Square Feet and Annualized Base Rent by Tenant Industry 18
Top 10 Tenants by Annualized Base Rent 20
Leasing Activity 21
Lease Expiration Schedule 22
Appendix  
Glossary 23

 

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 23. For reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, see pages 9-11.

 

1Q 2020 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  

 

1Q 2020 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 March 31, 2020
Select Portfolio Statistics          
             
Number of Properties/Buildings         96/125
Square Footage         19,988,548
Occupancy         96.3%
Weighted Average Lease Term Remaining - years         3.9
             
Balance Sheet ($ in thousands)          
             
Cash          $            41,738
Gross Assets          $          902,229
Total Debt          $          501,005
Net Debt (Total Debt less Cash)          $          459,267
Net Debt / Gross Assets         50.9%

 

    Three months ended March 31,   Year ended December 31,
Operating results ($ in thousands) 2020 2019   2019 2018
             
Total Revenue  $            26,229  $              16,662    $            75,290  $            49,217
Net Operating Income  $            17,218  $              10,400    $            48,053  $            31,234

 

2019 & Q1 2020 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 @ average of $18.59 per share   Q4 2019  $            10,462
Issued 593,705 common shares @ average of $18.62 per share   Q1 2020  $            11,053
Secured term loan with KeyBank National   Q1 2020  $          100,000

 

1Q 2020 Supplemental

3 

 

 

Plymouth Industrial REIT, Inc.
Transaction Activity - 2019/2020
 
Unaudited ($ in thousands) (at 03/31/2020)

 

Acquisitions          
Location Acquisition Date # of Buildings Purchase Price (1) Square Footage Projected Initial Yield
           
Chicago, IL 1/24/2020 1  $                 18,650 465,940 8.6%
Indianapolis, IN 1/27/2020 1  $                   8,800 276,240 7.8%
Atlanta/Savannah, GA 1/28/2020 5  $                 34,700 924,036 7.6%
Avon, OH 2/14/2020 3  $                 15,750 406,863 8.2%
Atlanta, GA 3/1/2020 1  $                 10,056 117,000 8.3%
Total 2020 Acquisitions   11  $                 87,956 2,190,079  
           
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 2  $                 19,400 295,693 8.4%
Multiple, OH 8/30/2019 6  $                 36,200 591,695 8.4%
Memphis, TN 8/29/2019 2  $                 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   32  $              220,115 5,776,928  
           
           
 Total - Acquisitions   43  $              308,071          7,967,007  

 

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

 

1Q 2020 Supplemental

4 

 

 

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

 

        Three Months Ended
        3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
                 
Common Stock Data              
                 
  Weighted-Average Common Shares Outstanding - Basic & Diluted (1) 14,393 13,416 9,081 6,836 4,728
  High Closing Price      $                21.11  $                19.08  $                19.65  $                19.48  $                16.98
  Low Closing Price      $                   7.90  $                17.48  $                17.54  $                16.55  $                13.16
  Average Closing Price      $                17.15  $                18.42  $                18.60  $                17.77  $                15.58
  Closing Price (as of period end)      $                11.16  $                18.39  $                18.32  $                18.94  $                16.82
  Dividends / Share (annualized) (2)      $                   1.50  $                   1.50  $                   1.50  $                   1.50  $                   1.50
  Dividend Yield (annualized) (3)     13.4% 8.2% 8.2% 7.9% 8.9%
  Common Shares Outstanding (3)     14,791 14,141 13,406 8,755 5,129
  Market Value of Common Shares (3)      $            165,068  $            260,053  $            245,598  $            165,816  $              86,270
  Total Market Capitalization (3) (4)      $            666,073  $            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 May 8, 2020 at 9:00 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 15, 2020 by dialing (412) 317-0088 and entering the replay access code, 10143456.

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2019 is 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 along 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 2020 Supplemental

5 

 

 

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

 

             
    3/31/2020 12/31/2019 (1) 9/30/2019 6/30/2019 3/31/2019
Assets:          
Real estate properties:          
Land  $                141,972  $                127,439  $                110,287  $                  96,139  $                  93,495
Building and improvements                    595,178                    528,349                    455,107                    378,595                    365,438
Less accumulated depreciation                     (71,963)                     (63,877)                     (57,331)                     (51,676)                     (46,438)
             
Total real estate properties, net  $                665,187  $                591,911  $                508,063  $                423,058  $                412,495
             
Cash, cash held in escrow and restricted cash                       41,738                       22,398                       36,801                       24,194                       14,121
Deferred lease intangibles, net                       62,253                       57,088                       45,768                       34,931                       35,339
Other assets                       22,091                       14,084                       11,214                       10,525                       11,551
             
Total assets  $                791,269  $                685,481  $                601,846  $                492,708  $                473,506
             
Liabilities:          
Secured Debt, net  $                497,372  $                397,458  $                319,448  $                287,990  $                320,799
Accounts payable, accrued expenses and other liabilities                       42,541                       36,284                       32,222                       26,577                       24,870
Deferred lease intangibles, net                         8,523                         8,314                         7,579                         6,393                         6,595
             
Total liabilities  $                548,436  $                442,056  $                359,249  $                320,960  $                352,264
             
Preferred Stock - Series A  $                  48,868  $                  48,868  $                  48,868  $                  48,868  $                  48,868
Preferred Stock - Series B  $                  81,647  $                  79,793  $                  77,893  $                  75,993  $                  74,092
             
Equity:          
Common stock  $                        148  $                        141  $                        134  $                          88  $                          51
Additional paid in capital                    258,404                    256,259                    249,827                    177,557                    125,739
Accumulated deficit                   (152,430)                   (148,403)                   (146,072)                   (143,406)                   (140,929)
Total stockholders' equity                    106,122                    107,997                    103,889                       34,239                     (15,139)
Non-controlling interest                         6,196                         6,767                       11,947                       12,648                       13,421
             
Total equity (deficit)  $                112,318  $                114,764  $                115,836  $                  46,887  $                  (1,718)
             
Total liabilities, preferred stock and equity (deficit)  $                791,269  $                685,481  $                601,846  $                492,708  $                473,506

 

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

 

1Q 2020 Supplemental

6 

 

 

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

 

    Three Months Ended
    3/31/2020 12/31/2019 (1) 9/30/2019 6/30/2019 3/31/2019  
Revenues:            
Rental revenue  $                   20,361  $                   17,271  $                   14,481  $                   12,906  $                   12,729  
Tenant recoveries                         5,868                         5,212                         4,642                         4,116                         3,933  
               
Total revenues  $                   26,229  $                   22,483  $                   19,123  $                   17,022  $                   16,662  
               
Operating expenses:            
Property                         9,011                         8,021                         6,920                         6,034                         6,262  
Depreciation and amortization                       14,097                       11,074                         9,399                         8,476                         8,432  
General and administrative                         2,522                         2,009                         2,135                         1,691                         1,646  
               
Total operating expenses  $                   25,630  $                   21,104  $                   18,454  $                   16,201  $                   16,340  
               
Other income (expense):            
Interest expense                        (4,871)                        (3,887)                        (3,643)                        (3,576)                        (3,842)  
Change in fair value of warrant derivative                                  -                                  -                                  -                           (102)                             (79)  
               
Total other income (expense)  $                   (4,871)  $                   (3,887)  $                   (3,643)  $                   (3,678)  $                   (3,921)  
               
Net loss  $                   (4,272)  $                   (2,508)  $                   (2,974)  $                   (2,857)  $                   (3,599)  
               
Less: Loss attributable to noncontrolling interest                           (245)                           (177)                           (308)                           (380)                           (653)  
               
Net loss attributable to Plymouth Industrial REIT, Inc.  $                   (4,027)  $                   (2,331)  $                   (2,666)  $                   (2,477)  $                   (2,946)  
               
Less: Preferred stock dividends                         1,613                         1,565                         1,566                         1,566                         1,566  
Less: Series B preferred stock accretion to redemption value                         1,854                         1,900                         1,900                         1,901                         1,900  
Less: Amount allocated to participating securities                               76                               62                               62                               58                               57  
               
Net loss attributable to common stockholders  $                   (7,570)  $                   (5,858)  $                   (6,194)  $                   (6,002)  $                   (6,469)  
               
Net loss per share attributable to common stockholders  $                     (0.53)  $                     (0.44)  $                     (0.68)  $                     (0.88)  $                     (1.37)  
               
Weighted-average common shares outstanding basic & diluted 14,393 13,416 9,081 6,836 4,728  

 

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

 

1Q 2020 Supplemental

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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 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
Same store buildings 82 82 82 82 82
             
Revenues:          
Rental income  $             13,093  $             12,943  $             12,918  $                  12,617  $                  12,535
Tenant recoveries                      4,247                    4,027                    4,188                         4,152                         3,984
Total operating revenues  $             17,340  $             16,970  $             17,106  $                  16,769  $                  16,519
             
Property expenses  $               5,993  $               6,180  $               6,322  $                    5,996  $                    6,188
             
Same store net operating income - GAAP basis  $             11,347  $             10,790  $             10,784  $                  10,773  $                  10,331
             
Same store net operating income excluding early termination income - GAAP basis  $             10,922  $             10,700  $             10,784  $                  10,773  $                  10,224

 

Trailing five quarter same store NOI - Cash basis Three Months Ended
Cash Basis 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
Same store buildings 82 82 82 82 82
             
Revenues:          
Rental income  $             12,521  $             12,314  $             12,344  $                  12,059  $                  11,943
Tenant recoveries                      4,247                    4,027                    4,188                         4,152                         3,984
Total operating revenues  $             16,768  $             16,341  $             16,532  $                  16,211  $                  15,927
             
Property expenses  $               5,993  $               6,180  $               6,322  $                    5,996  $                    6,188
             
Same store net operating income - Cash basis  $             10,775  $             10,161  $             10,210  $                  10,215  $                    9,739
             
Same store net operating income  excluding early termination income - Cash basis  $             10,350  $             10,071  $             10,210  $                  10,215  $                    9,632

 

* Our Same Store Portfolio is a subset of our consolidated portfolio and includes buildings that were wholly-owned by us for the entire period presented. The trailing 5 quarters same store portfolio includes properties owned as of January 1, 2019, and still owned as of March 31, 2020. Therefore, we exclude from our Same Store Portfolio any buildings that were acquired or sold during the period from January 1, 2019 through March 31, 2020. The Company's computation of same store NOI may not be comparable to other REITs.

 

1Q 2020 Supplemental

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

 

    Three Months Ended
    3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
             
Net loss  $              (4,272)  $              (2,508)  $              (2,974)  $                   (2,857)  $                   (3,599)
             
General and administrative                    2,522                    2,009                    2,135                         1,691                         1,646
Depreciation and amortization                  14,097                  11,074                    9,399                         8,476                         8,432
Interest expense                    4,871                    3,887                    3,643                         3,576                         3,842
Change in fair value of warrant derivative                             -                             -                             -                             102                               79
             
Net Operating Income  $              17,218  $              14,462  $              12,203  $                   10,988  $                   10,400

 

1Q 2020 Supplemental

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

 

Unaudited (in thousands)

 

    Three Months Ended
    3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
             
Net loss  $              (4,272)  $              (2,508)  $              (2,974)  $                   (2,857)  $                   (3,599)
             
Depreciation and amortization                  14,097                  11,074                    9,399                         8,476                         8,432
Interest expense                    4,871                    3,887                    3,643                         3,576                         3,842
             
EBITDAre  $              14,696  $              12,453  $              10,068  $                     9,195  $                     8,675

 

1Q 2020 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
    3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
             
Net loss  $            (4,272)  $                (2,508)  $                (2,974)  $                   (2,857)  $                   (3,599)
             
Depreciation and amortization                14,097                    11,074                       9,399                         8,476                         8,432
             
FFO  $              9,825  $                  8,566  $                  6,425  $                     5,619  $                     4,833
             
Preferred stock dividends                 (1,613)                     (1,565)                     (1,566)                        (1,566)                        (1,566)
FFO attributable to common stockholders and unit holders  $              8,212  $                  7,001  $                  4,859  $                     4,053  $                     3,267
             
Amortization of debt related costs                      299                          247                          274                             273                             235
Non-cash interest expense                      264                            34                          325                             (62)                             (31)
Stock compensation                      349                          330                          282                             305                             288
Change in fair value of warrant derivative                         -                                -                                -                                102                               79
Straight line rent                    (518)                        (518)                        (298)                           (223)                           (258)
Above/below market lease rents                    (548)                        (429)                        (373)                           (344)                           (341)
Recurring capital expenditures (1)                 (1,036)                        (921)                        (976)                           (687)                           (559)
AFFO  $              7,022  $                  5,744  $                  4,093  $                     3,417  $                     2,680
             
Weighted average common shares and units outstanding                15,453                    14,599                    10,287                         8,037                         5,917
             
FFO attributable to common stockholders and unit holders per share  $                0.53  $                    0.48  $                    0.47  $                       0.50  $                       0.55
             
AFFO attributable to common stockholders and unit holders per share  $                0.45  $                    0.39  $                    0.40  $                       0.43  $                       0.45

 

(1) Excludes non-recurring capital expenditures of $1,749, $1,349, $1,542, $635, and $1,053 for the three months ending March 31, 2020, December 31, September 30, June 30, and March 31, 2019, respectively.

 

1Q 2020 Supplemental

11 

 

 

Plymouth Industrial REIT, Inc.
Debt Overview
 
Unaudited ($ in thousands) at 03/31/2020

 

Debt Instrument - Secured Facility Maturity Rate Rate Type Buildings Encumbered Balance % of Total Debt
$100.0 million KeyBank Term Loan (2) October-20  3.46% (1) Floating                        14  $                81,000 16.2%
$100.0 million line of credit   August-23  3.42% (1) Floating                        34  $                99,100 19.8%
$120.0 million AIG Loan   November-23 4.08% Fixed                        22  $              118,976 23.7%
$78.0 million Transamerica Loan   August-28 4.35% Fixed                        17  $                73,905 14.8%
$63.1 million Allianz Loan   April-26 4.07% Fixed                        20  $                63,115 12.6%
$21.5 million Minnesota Life Loan   May-28 3.78% Fixed                          7  $                21,173 4.2%
$13.9 million Fisher Park Mortgage (3)   January-27 5.23% Fixed                          1  $                13,606 2.7%
$9.6 million South Park Mortgage (3)   January-22 3.41% Fixed                          2  $                  9,453 1.9%
$21.0 million Orange Point Mortgage (3)   August-24 4.14% Fixed                          6  $                20,677 4.1%
                               123  $             501,005 100%

 

Fixed Debt ($ in thousands) at 3/31/2020      
Total fixed debt      $                 320,905
Weighted average interest rate of fixed debt     4.15%
         
         
Balance Sheet ($ in thousands) at 3/31/2020      
Cash      $                   41,738
Gross Assets      $                 902,229
Total Debt      $                 501,005
Net Debt      $                 459,267

 

(1) Interest rate applicable at March 31, 2020. Borrowings under the Line of Credit Agreement and KeyBank Term Loan 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on our total leverage ratio. 

(2) The $100 million KeyBank Term Loan is secured by the equity interests of certain of the Company's wholly-owned special purpose entities.

(3) Debt assumed at acquisition.

 

1Q 2020 Supplemental

12 

 

 

Plymouth Industrial REIT, Inc.
Property Overview - Square Feet & Occupancy
 
Unaudited ($ in thousands) at 03/31/2020

 

           
Building  Market  Included in Same Store Portfolio  Rentable Square Feet  Leased Square Feet  Occupancy
  32 Dart Road Atlanta Y                    194,800 194,800 100.0%
  1665 Dogwood Drive SW Atlanta Y                    198,000 198,000 100.0%
  1715 Dogwood Drive Atlanta Y                    100,000 100,000 100.0%
  11236 Harland Drive Atlanta Y                       32,361 32,361 100.0%
  265 Industrial Boulevard Savannah                      187,205 187,205 100.0%
  338 Industrial Boulevard Savannah                      309,084 309,084 100.0%
  430 Industrial Boulevard Savannah                         47,599 47,599 100.0%
  40 Pinyon Road Atlanta                         60,148 60,108 99.9%
  6739 New Calhoun Highway NE Atlanta                      320,000 320,000 100.0%
  Peachtree City - Bldg 1 Atlanta                      260,593 260,593 100.0%
  Peachtree City - Bldg 2 Atlanta                         35,100 35,101 100.0%
  Peachtree City II Atlanta                      117,000 116,675 99.7%
Subtotal - Atlanta/Savannah                     1,861,890                 1,861,526 100.0%
  11351 W. 183rd Street Chicago Y                       18,768                               -    0.0%
  11601 Central Ave Chicago Y                    260,000                    260,000 100.0%
  11746 Austin Ave Chicago                      162,714                    162,714 100.0%
  13040 South Pulaski Ave Chicago Y                    388,403                    388,403 100.0%
  1355 Holmes Road Chicago Y                       82,456                       82,456 100.0%
  13970 West Laurel Drive Chicago Y                       70,196                       70,196 100.0%
  144 Tower Drive Chicago                         73,785                       71,709 97.2%
  1455-1645 Greenleaf Ave Chicago Y                    150,000                    150,000 100.0%
  1600 Fleetwood Chicago Y                    247,000                    247,001 100.0%
  16801 Exchange Ave Chicago                      455,886                    455,886 100.0%
  1717 West Harvester Road Chicago                      465,940                    465,940 100.0%
  1750 South Lincoln Drive Chicago Y                    499,200                    499,200 100.0%
  1796 Sherwin Ave Chicago Y                       98,879                       98,879 100.0%
  1875 Holmes Road Chicago Y                    134,415                    134,415 100.0%
  189-191 Seeger Avenue Chicago Y                       25,245                       25,245 100.0%
  2401-2441 Commerce Drive Chicago Y                       78,574                       78,574 100.0%
  28160 North Keith Drive Chicago Y                       77,924                       77,924 100.0%
  3 West College Drive Chicago Y                       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 Y                       99,625                       99,625 100.0%
  3940 Stern Street Chicago Y                    146,798                    146,798 100.0%
  440 South McLean Boulevard Chicago Y                       74,613                               -    0.0%
  4915 West 122nd Street Chicago                      153,368                    153,368 100.0%
  6000 W. 73rd Street Chicago Y                    148,091                    148,091 100.0%
  6510 West 73rd Street Chicago Y                    306,552                    306,552 100.0%
  6558 W. 73rd Street Chicago Y                    301,000                    301,000 100.0%
  6751 Sayre Ave Chicago Y                    242,690                    242,690 100.0%
  7200 South Mason Ave Chicago Y                    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 Y                       58,500                       58,500 100.0%
Subtotal - Chicago                     5,360,419                 5,158,453 96.2%
  Mosteller Distribution Center Cincinnati Y                    358,386                    358,386 100.0%
  4115 Thunderbird Lane Cincinnati Y                       70,000                       70,000 100.0%
  Fisher Industrial Park Cincinnati Y                 1,123,080                 1,016,084 90.5%
  Cornell Commerce Center Cincinnati                      165,521                    155,722 94.1%
  Enterprise Business Center 1 Cincinnati                         85,718                       62,474 72.9%
  Enterprise Business Center 2 Cincinnati                         82,832                       68,647 82.9%
Subtotal - Cincinnati                     1,885,537                 1,731,313 91.8%
  1200 Chester Industrial Parkway North Cleveland                      207,160                    207,160 100.0%
  1200 Chester Industrial Parkway South Cleveland                         90,628                       90,628 100.0%
  1350 Moore Road Cleveland                      109,075                    103,093 94.5%
  14801 County Rd. 212 Cleveland                      405,000                    405,000 100.0%
  1755 Enterprise Parkway Cleveland Y                    255,570                    251,570 98.4%
  30339 Diamond Parkway Cleveland Y                    400,184                    400,184 100.0%
Subtotal - Cleveland                     1,467,617                 1,457,635 99.3%
  2120-2138 New World Drive Columbus Y                    121,200                    121,200 100.0%
  3100 Creekside Parkway Columbus Y                    340,000                    291,562 85.8%
  3500 Southwest Blvd Columbus Y                    527,127                    527,127 100.0%
  7001 Americana Parkway Columbus Y                       54,100                       54,100 100.0%
  8273 Green Meadows Drive Columbus Y                       77,271                       77,271 100.0%
  8288 Green Meadows Drive Columbus Y                    300,000                    300,000 100.0%
  Graphics Way Columbus                         73,426                       73,427 100.0%
  Orange Point Columbus                      143,863                    143,863 100.0%
  6900-6918 Fairfield Business Drive Columbus                         39,558                       39,558 100.0%
Subtotal - Columbus                     1,676,545                 1,628,108 97.1%

 

1Q 2020 Supplemental

13 

 

 

Plymouth Industrial REIT, Inc.
Property Overview - Square Feet & Occupancy
 
Unaudited ($ in thousands) at 03/31/2020

 

           
Building  Market  Included in Same Store Portfolio  Rentable Square Feet  Leased Square Feet  Occupancy
  2900 Shadeland Indianapolis                      933,439                    923,156 98.9%
  3035 North Shadeland Ave Indianapolis Y                    562,497                    510,454 90.7%
  3169 North Shadeland Ave Indianapolis Y                       44,374                       41,960 94.6%
  5861 W Cleveland Road South Bend Y                       62,550                       62,550 100.0%
  West Brick Road #1 South Bend Y                       51,200                       51,200 100.0%
  West Brick Road #2 South Bend Y                       50,250                       50,250 100.0%
  4491 N Mayflower Road South Bend Y                       77,000                       77,000 100.0%
  5855 West Carbonmill Road South Bend Y                    198,000                    198,000 100.0%
  4955 Ameritech Drive South Bend Y                    228,000                    228,001 100.0%
  3333 N. Franklin Indianapolis                      276,240                    276,240 100.0%
  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                               -    0.0%
  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                     4,135,401                 3,955,787 95.7%
  4801-100 Executive Park Court Jacksonville Y                       60,000                       60,000 100.0%
  4801-200 Executive Park Court Jacksonville Y                       40,000                       40,000 100.0%
  4810 Executive Park Court Jacksonville Y                       40,000                       40,000 100.0%
  4815-100 Executive Park Court Jacksonville Y                       39,600                       39,600 100.0%
  4815-200 Executive Park Court Jacksonville Y                       50,000                       50,000 100.0%
  4820 Executive Park Court Jacksonville Y                       60,000                       60,000 100.0%
  4825 Executive Park Court Jacksonville Y                       65,000                       65,000 100.0%
  6601 Executive Park Court Jacksonville Y                       80,000                       80,000 100.0%
  6602-200 Executive Park Court Jacksonville Y                       32,000                       32,000 100.0%
  6631-100 Executive Park Court Jacksonville Y                       27,200                       27,200 100.0%
  6631-200 Executive Park Court Jacksonville Y                       44,000                       44,000 100.0%
  4901 Belfort Rd Jacksonville Y                       78,930                       78,930 100.0%
  7014 A.C. Skinner Parkway Jacksonville Y                       85,380                       85,380 100.0%
  7016 A.C. Skinner Parkway Jacksonville Y                       39,350                       39,350 100.0%
  7018 A.C. Skinner Parkway Jacksonville Y                       92,872                       65,815 70.9%
  7020 A.C. Skinner Parkway Jacksonville Y                       42,184                       42,186 100.0%
  7022 A.C. Skinner Parkway Jacksonville Y                       88,200                       88,200 100.0%
  7251 Salisbury Road Jacksonville Y                       65,280                       65,280 100.0%
  7255 Salisbury Road Jacksonville Y                       57,120                       57,120 100.0%
  7259 Salisbury Road Jacksonville Y                       46,400                       46,400 100.0%
Subtotal - Jacksonville                     1,133,516                 1,106,461 97.6%
  6005 E. Shelby Drive Memphis Y                       54,720                       54,720 100.0%
  6045 E. Shelby Drive Memphis Y                       92,350                       80,998 87.7%
  6075 E. Shelby Drive Memphis Y                       55,233                       55,233 100.0%
  210 American Dr. Jackson Y                    638,400                    638,400 100.0%
  3635 Knight Road Memphis Y                    131,904                    131,904 100.0%
  2813 Business Park Drive (Bldg I) Memphis Y                       35,867                       35,867 100.0%
  2838 Business Park Drive (Bldg H) Memphis Y                       60,000                         6,868 11.4%
  2842 Business Park Drive (Bldg G) Memphis Y                       24,500                       19,828 80.9%
  2847 Business Park Drive (Bldg J) Memphis Y                       33,800                       33,800 100.0%
  2849 Business Park Drive (Bldg E) Memphis Y                       18,619                         6,500 34.9%
  2872 Business Park Drive (Bldg D) Memphis Y                       22,500                       22,500 100.0%
  2890 Business Park Drive (Bldg C) Memphis Y                       22,500                       12,686 56.4%
  2899 Business Park Drive (Bldg B) Memphis Y                       17,220                         3,740 21.7%
  South Park - 4540 Pleasant Hill Road Memphis                      261,281                    261,281 100.0%
  South Park - 4600 Pleasant Hill Road Memphis                      305,000                    305,000 100.0%
Subtotal - Memphis/Jackson                     1,773,894                 1,669,325 94.1%
  7585 Empire Drive Florence, KY Y                    148,415                    148,415 100.0%
  56 Milliken Road Portland, ME Y                    200,625                    200,625 100.0%
  4 East Stow Road Marlton, NJ Y                    156,634                    156,280 99.8%
  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                    689,693 99.4%
 Total - All Buildings                  19,988,548              19,258,301 96.3%

 

1Q 2020 Supplemental

14 

 

 

Plymouth Industrial REIT, Inc.
Market Summary
 
Unaudited (SF and $ in thousands) (at 03/31/2020)

 

Geography  State  Buildings  Total Acquisition Cost (1)  Gross Real Estate Assets (2)  % Gross Real Estate Assets
 Atlanta/Savannah   GA 12  $                                  81,201  $                72,528 9.9%
 Chicago   IL, WI 32                                    206,235                  189,347 25.7%
 Cincinnati   OH 6                                      61,310                    59,592 8.1%
 Cleveland   OH 6                                      74,550                    69,051 9.4%
 Columbus   OH 9                                      65,572                    63,894 8.7%
 Indianapolis/South Bend   IN 20                                    131,315                  116,270 15.8%
 Jacksonville   FL 20                                      97,100                    86,823 11.8%
 Memphis/Jackson   TN 15                                      53,658                    48,519 6.6%
 Other   Various 5                                      32,925                    29,505 4.0%
 Total   125  $                                803,866  $              735,529 100%

 

 

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

(2) The gross book value of real estate assets as of March 31, 2020 excluding $1,621 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.

 

1Q 2020 Supplemental

15 

 

 

Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by State
 
Unaudited at 3/31/2020

 

State  Number of Properties  Number of Buildings  Occupancy  Total Rentable
Square Feet 		 % Rentable Square Feet  Annualized
Base Rent (1) 		 % Annualized
Base Rent 		 Annualized Base Rent Per Square Foot
 Illinois   31 31 96.2%                  5,301,919 26.5%  $        20,879,077 26.6%  $                 4.09
 Indiana   19 20 95.7%                  4,135,401 20.7%             13,939,344 17.7%                     3.52
 Ohio   21 21 96.0%                  5,029,699 25.2%             18,637,596 23.7%                     3.86
 Georgia   11 12 100.0%                  1,861,890 9.3%               6,630,281 8.4%                     3.56
 Tennessee   5 15 94.1%                  1,773,894 8.9%               6,107,026 7.8%                     3.66
 Florida   3 20 97.6%                  1,133,516 5.7%               8,875,561 11.3%                     8.02
 Kentucky   1 1 92.4%                     148,415 0.7%                  449,434 0.6%                     3.28
 Maine   1 1 100.0%                     200,625 1.0%               1,105,422 1.4%                     5.51
 Missouri   2 2 98.0%                     188,055 0.9%                  815,195 1.0%                     4.42
 New Jersey   1 1 99.8%                     156,634 0.8%                  909,701 1.2%                     5.82
 Wisconsin   1 1 100.0%                       58,500 0.3%                  204,750 0.3%                     3.50
 Total 96 125                 19,988,548 100%  $        78,553,387 100%  $                 4.08

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, multiplied by 12. Excludes rent abatements.

 

1Q 2020 Supplemental

16 

 

 

Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Building Type
 
Unaudited at 3/31/2020

 

Property/Building Type  Number of Properties  Number of Buildings  Occupancy  Total Rentable Square Feet  % Rentable Square Feet  Annualized Base Rent (1)  % Annualized Base Rent  Annualized Base Rent Per Square Foot
 Warehouse/Distribution   36 40 98.2%                  8,810,792 44.1%  $        29,778,152 37.9%  $                 3.44
 Warehouse/Light Manufacturing   21 21 95.1%                  4,605,707 23.0%             16,894,540 21.5%                     3.86
 Flex Space   28 52 95.6%                  5,389,546 27.0%             26,064,429 33.2%                     5.06
 Light manufacturing/Flex   11 12 90.5%                  1,182,503 5.9%               5,816,266 7.4%                     5.43
 Total 96 125 96.3%               19,988,548 100%  $        78,553,387 100%  $                 4.08

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, multiplied by 12. Excludes rent abatements.

 

1Q 2020 Supplemental

17 

 

 

Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Tenant Industry
 
Unaudited at 3/31/2020

 

Industry  Total Rentable
Square Feet 		 Number of Tenants  % Rentable Square Feet  Annualized
Base Rent (1) 		 % Annualized
Base Rent 		 Annualized Base Rent Per Square Foot
 Automotive                       945,328                      15 4.9%  $           3,528,286 4.5%  $                 3.73
 Business Services                       610,146                      17 3.2%               3,103,872 4.0%                     5.09
 Plastics                       625,600                        5 3.3%               2,122,370 2.7%                     3.39
 Home Furnishing                       989,295                        5 5.1%               3,182,399 4.1%                     3.22
 Industrial Equipment Components                    2,021,238                      26 10.5%               7,858,377 10.0%                     3.89
 Light Manufacturing                    2,149,225                      32 11.2%               7,782,412 9.9%                     3.62
 Logistics and Transportation                    3,096,921                      45 16.1%             12,612,532 16.1%                     4.07
 Paper and Printing                    1,356,745                        9 7.0%               3,807,900 4.8%                     2.81
 Technology and Electronics                    1,670,605                      24 8.7%               7,170,489 9.1%                     4.29
 Wholesale/Retail                       720,122                      22 3.7%               3,000,472 3.8%                     4.17
 Other Industries*                    5,073,076                    153 26.3%             24,384,278 31.0%                     4.81
 Total               19,258,301                    353 100%  $        78,553,387 100%  $                 4.08

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, multiplied by 12. Excludes rent abatements.

 

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Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Tenant Industry
 
Unaudited at 3/31/2020

 

*Other Industries  Total Rentable
Square Feet 		 Number of Tenants  % Rentable
Square Feet 		 Annualized
Base Rent (1) 		 % Annualized
Base Rent 		 Annualized Base Rent Per Square Foot
 Aero Space                       288,370                        5 1.5%  $           1,374,852 1.8%  $                 4.77
 Appliances                       155,703                        1 0.8%                  713,120 0.9%                     4.58
 Cardboard and Packaging                       492,843                        6 2.6%               2,238,231 2.8%                     4.54
 Chemical                       204,879                        4 1.1%               1,079,964 1.4%                     5.27
 Construction                       345,421                      15 1.8%               1,846,239 2.3%                     5.34
 Distribution                       131,983                      11 0.7%               1,279,688 1.6%                     9.70
 Education                       115,177                        7 0.6%               1,108,364 1.4%                     9.62
 Electrical                         20,830                        2 0.1%                  145,518 0.2%                     6.99
 Engineering                           7,326                        2 0.0%                    40,440 0.0%                     5.52
 Entertainment                         85,036                        5 0.4%                  583,570 0.7%                     6.86
 Financial Services                       297,875                        9 1.6%               1,473,852 1.9%                     4.95
 Fitness/Wellness                       137,228                      12 0.7%                  712,088 0.9%                     5.19
 Food & Beverage                       432,014                      11 2.2%               2,365,410 3.0%                     5.48
 Garden Supply                       513,780                        2 2.7%               1,158,425 1.5%                     2.25
 Healthcare                       486,912                      17 2.5%               2,318,806 3.0%                     4.76
 Law Enforcement                         23,638                        2 0.1%                  133,282 0.2%                     5.64
 Marketing Displays                           4,685                        1 0.0%                    34,528 0.0%                     7.37
 Metal Fabricating/Finishing                       309,917                        7 1.6%               1,394,292 1.8%                     4.50
 Oil & Gas                         22,502                        1 0.1%                  146,263 0.2%                     6.50
 Other                       688,556                      11 3.6%               2,317,954 3.0%                     3.37
 Photography                         43,178                        1 0.2%                  293,610 0.4%                     6.80
 Plumbing/Equipment Services                         14,645                        1 0.1%                    88,675 0.1%                     6.05
 Recreation                       113,039                        5 0.6%                  610,310 0.8%                     5.40
 Solar                                   1                        1 0.0%                    26,498 0.0%  -
 Spiritual                       111,943                        7 0.6%                  643,092 0.8%                     5.74
 Storage                         18,593                        3 0.1%                  182,790 0.2%                     9.83
 Utility                           7,002                        4 0.0%                    74,417 0.1%                   10.63
 Total                 5,073,076                    153 26.3%  $        24,384,278 31.0%  $                 4.81

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, multiplied by 12. Excludes rent abatements.

 

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Plymouth Industrial REIT, Inc.
Top 10 Tenants by Annualized Base Rent
 
Unaudited (SF and $ in thousands) at 3/31/2020

 

Tenant  MSA  Industry  Number of Leases  Total Leased Square Feet  Expiration  Annualized Base Rent Per Square Foot  Annualized Base Rent (1)  % Total Annualized Base Rent
 Stonecrop Technologies, LLC Columbus Technology & Electronics 1                527,127 3/31/21  $                 4.02  $           2,117,469 2.7%
 Corporate Services, Inc. South Bend Logistics & Transportation 3                503,000 3/2/21                     3.80               1,911,000 2.4%
 Balta US, Inc. Atlanta Home Furnishings 2                629,084 10/31/29                     2.95               1,855,071 2.4%
 iQor Memphis Technology & Electronics 1                566,281 12/31/24                     3.15               1,783,785 2.3%
 Pactiv Corporation Chicago Industrial Equipment Components 3                439,631 6/30/25                     3.84               1,656,590 2.1%
 First Logistics Chicago Logistics & Transportation 1                327,194 10/31/24                     4.85               1,586,891 2.0%
 American Plastics, Inc. Cleveland Plastics 1                405,000 12/31/28                     3.56               1,441,800 1.8%
 Ingram Publisher Services Inc. Memphis Paper & Printing 1                638,400 5/31/27                     2.20               1,404,480 1.8%
 Nexus Distribution Corporation Chicago Industrial Equipment Components 2                382,491 4/30/21                     3.47               1,328,130 1.7%
 Stamar Packaging Chicago Cardboard & Packaging 2                247,000 4/30/27                     5.05               1,246,347 1.6%
 Total Largest Tenants by Annualized Rent 17            4,665,208    $                 3.50  $        16,331,563 20.8%
 All Other     336          14,593,093    $                 4.26  $        62,221,824 79.2%
 Total Company Portfolio                     353          19,258,301    $                 4.08  $        78,553,387 100%

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, multiplied by 12. Excludes rent abatements.

 

1Q 2020 Supplemental

20 

 

 

Plymouth Industrial REIT, Inc.
Leasing Activity

 

Year Type Square Footage Percent  Expiring Rent New Rent % Change Tenant Improvements $/SF/YR  Lease Commissions $/SF/YR
                 
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
                 
Q1 2020 Renewals 105,582 26.9%  $        6.27  $         6.42 2.4%  $                  0.17  $                 0.13
  New Leases 286,885 73.1%  $        3.63  $         4.74 30.6%  $                  0.26  $                 0.21
  Total 392,467 100%  $        4.34  $         5.19 19.6%  $                  0.24  $                 0.19

 

1Q 2020 Supplemental

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Plymouth Industrial REIT, Inc.
Lease Expiration Schedule
 
Unaudited ($ in thousands) (at 03/31/2020)

 

Year Square Footage Annualized Base Rent (ABR) (1) % of Annual Base Rent Expiring (2)
Available                                    730,247  $                                            -    -
2020                                    571,951                                  3,328,775 4.2%
2021                                 3,399,507                               14,594,654 18.6%
2022                                 3,163,669                               13,697,740 17.4%
2023                                 2,716,577                               10,298,666 13.1%
2024                                 2,924,736                               10,617,977 13.5%
Thereafter                                 6,481,861                               26,015,574 33.1%
Total                              19,988,548  $                           78,553,387 100%

 

 

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of March 31, 2020, 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 March 31, 2020.

 

1Q 2020 Supplemental

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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 March 31, 2020 the calculation is as follows:

 

    3/31/2020
  Total assets $   791,269
  Add back accumulated depreciation $     71,963
  Add back intangible amortization $     38,997
  Gross assets $   902,229

 

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 buildings, tenant improvements and leasing commissions.
Same Store Portfolio: Our Same Store Portfolio is a subset of our consolidated portfolio and includes buildings that were wholly-owned by us for the entire period presented. The trailing 5 quarters same store portfolio includes properties owned as of January 1, 2019, and still owned as of March 31, 2020. Therefore, we exclude from our Same Store Portfolio any buildings that were acquired or sold during the period from January 1, 2019 through March 31, 2020. 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 2020 Supplemental

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