Exhibit 99.1
PLYMOUTH INDUSTRIAL REIT INC.
Overview to Unaudited Pro Forma Consolidated Financial Statements
The accompanying unaudited pro forma consolidated financial statements have been derived from the historical consolidated financial statements of the Company. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2020, are presented as if the Company’s Ohio Properties acquisition was completed on the first day of the period presented. The following unaudited pro forma consolidated financial statements should be read in conjunction with our consolidated financial statements for the twelve months ended December 31, 2020, in our Annual Report on Form 10-K for the year ended December 31, 2020.
The Company has based the unaudited pro forma adjustments on available information and assumptions that it believes are reasonable. The following unaudited pro forma consolidated financial statements are presented for informational purposes only and are not necessarily indicative of what the Company’s actual results of operations would have been for the year ended December 31, 2020 assuming the Ohio Properties acquisition was completed on the first day of the period presented, and are not indicative of future results of operations or financial condition and should not be viewed as indicative of future results of operations or financial condition.
Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 2020
(Unaudited and in thousands except for share and per share amounts)
| Plymouth Industrial REIT, Inc. | Ohio Properties | Company Pro Forma Adjustments | Company Pro Forma | |||||||||||||
| (A) | (B) | |||||||||||||||
| Rental revenue | $ | 109,836 | $ | 8,685 | $ | 36 | (C) | $ | 118,557 | |||||||
| Management fee revenue | 15 | — | — | 15 | ||||||||||||
| Total revenues | 109,851 | 8,685 | 36 | 118,572 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Property | 38,159 | 2,084 | — | 40,243 | ||||||||||||
| Depreciation and amortization | 56,428 | — | 7,356 | (D) | 63,784 | |||||||||||
| General and administrative | 10,362 | 87 | — | 10,449 | ||||||||||||
| Total operating expenses | 104,949 | 2,171 | 7,356 | 114,476 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (18,931 | ) | — | (1,882 | )(D) | (20,813 | ) | |||||||||
| Impairment on real estate lease | (311 | ) | — | — | (311 | ) | ||||||||||
| Unrealized (appreciation) depreciation of warrants | (103 | ) | — | — | (103 | ) | ||||||||||
| Earnings (loss) in investment of unconsolidated joint venture | (19 | ) | — | — | (19 | ) | ||||||||||
| Total other income (expense) | (19,364 | ) | — | (1,882 | ) | (21,246 | ) | |||||||||
| Net income (loss) | (14,462 | ) | 6,514 | (9,202 | ) | (17,150 | ) | |||||||||
| Less: loss attributable to non-controlling interest | (649 | ) | — | (115 | )(E) | (764 | ) | |||||||||
| Net income (loss) attributable to Plymouth Industrial REIT, Inc. | (13,813 | ) | 6,514 | (9,087 | ) | (16,386 | ) | |||||||||
| Less: Preferred stock dividends | 6,444 | — | — | 6,444 | ||||||||||||
| Less: Series B preferred stock accretion to redemption value | 7,416 | — | — | 7,416 | ||||||||||||
| Less: Loss on extinguishment of Series A Preferred Stock | 34 | — | — | 34 | ||||||||||||
| Less: Amount allocated to participating securities | 182 | — | — | 182 | ||||||||||||
| Net income (loss) attributable to common stockholders | (27,889 | ) | 6,514 | (9,087 | ) | (30,462 | ) | |||||||||
| Net loss per share attributable to common stockholders | $ | (1.52 | ) | $ | (1.66 | ) | ||||||||||
| Weighted-average common shares outstanding basic and diluted | 18,381,700 | 18,381,700 | ||||||||||||||
Plymouth Industrial REIT, Inc.
Notes to Unaudited Pro Forma
Consolidated Financial Statements
1. Notes to the Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2020
(A) Reflects the historical Consolidated Statement of Operations of Plymouth Industrial REIT, Inc. for the year ended December 31, 2020.
(B) Reflects the results of operations for the period January 1, 2020, through November 24, 2020, related to the acquisition of the Ohio Properties.
(C) Represents the proforma effect on rental revenue of the acquisition described in Note (B) for non-cash straight line rent adjustments for the year ended December 31, 2020, as if the Ohio Properties were acquired on January 1, 2020.
(D) Reflects the effect of the acquisition described in Note (B) for depreciation and amortization expense and interest expense for the year ended December 31, 2020, as if the Ohio Properties were acquired on January 1, 2020.
(E) Reflects the effect of the acquisition described in Note (B) for net loss attributable to non-controlling interest for the year ended December 31, 2020, as if the Ohio Properties were acquired on January 1, 2020.