Here are 1-3 brief analogies to describe Plymouth Industrial REIT (PLYM):

• Think of it as a Prologis (the global leader in industrial REITs), but with a focus on industrial properties in secondary and tertiary markets.
• It's like a Simon Property Group (known for owning malls), but instead of shopping centers, PLYM owns and leases warehouses and distribution facilities to businesses.
• Similar to how American Tower (a major cell tower REIT) leases space on its towers to wireless carriers, PLYM leases industrial buildings to manufacturing and logistics companies.

• Industrial Property Leasing: Plymouth Industrial REIT provides leasable industrial properties, primarily for warehousing, distribution, and light manufacturing purposes, to a diverse range of tenants.

Plymouth Industrial REIT (PLYM) primarily generates its revenue by leasing industrial properties to other companies. However, the company maintains a highly diversified tenant base to mitigate risk and does not have a small number of "major customers" that account for a significant portion of its revenue.

According to Plymouth Industrial REIT's Q1 2024 Supplemental Information (as of March 31, 2024), no single tenant accounted for more than 2.2% of its Annualized Base Rent (ABR). The top 20 tenants collectively represented only 21.0% of ABR, further illustrating this diversification across a wide range of businesses.

Due to this extensive diversification and tenant confidentiality, Plymouth Industrial REIT does not publicly disclose the specific names of individual tenants, especially since none represent a disproportionately large share of its business. Instead, they categorize their tenant base by industry. Key industries served by PLYM's tenants include:

• Manufacturing
• Transportation/Logistics
• Food/Beverage/Agriculture
• Building Materials
• Packaging
• E-commerce

Therefore, it is not possible to list specific customer company names or their symbols, as no single tenant is considered a "major customer" that would be publicly identified by the company.

Jeffrey E. Witherell, Chief Executive Officer and Chairman of the Board

Jeffrey E. Witherell has served as Chief Executive Officer and Chairman of the Board since the formation of Plymouth Industrial REIT. He oversees all aspects of the company's business activities, including acquisition, management, and disposition of assets. Mr. Witherell co-founded Plymouth Industrial REIT in 2011. Prior to that, from 2008 to 2011, he was involved in the formation and operation of Plymouth Group Real Estate and Plymouth Real Estate Capital LLC, a FINRA registered broker/dealer. He also founded and served as President of Devonshire Development, Inc., a Massachusetts-based real estate development firm, from 1994 to 1996. From 2000 to 2008, Mr. Witherell was an investment executive with Franklin Street Properties Corp., a publicly traded REIT, where he was involved in the acquisition and syndication of 34 property investments totaling approximately $1.2 billion.

Anthony Saladino, President and Chief Financial Officer

Anthony Saladino assumed the role of President and Chief Financial Officer in February 2025, having previously served as Executive Vice President and Chief Financial Officer since February 2022. He joined Plymouth in October 2020 as Chief Accounting Officer and Senior Vice President of Accounting. Mr. Saladino has extensive experience leading finance and accounting teams in publicly traded companies, including serving as Chief Accounting Officer for AFIN (now GNL) and NYC REIT from 2017 to 2019, and as Vice President of Finance for The Ryland Group (now Lennar) from 2004 to 2011. He has also held executive roles in private real estate and equity firms. Mr. Saladino began his career in public accounting at EY, where he focused on publicly traded REITs.

Pendleton P. White, Jr., President & Chief Investment Officer

Pendleton P. White, Jr. serves as President and Chief Investment Officer and is one of the company's directors. He has held these positions since the formation of Plymouth Industrial REIT. Along with Mr. Witherell, Mr. White actively participates in the management of the company and is primarily responsible for its overall investment strategy and acquisition activities. He has over 25 years of experience in commercial real estate, including investment banking, property acquisitions, and leasing.

James M. Connolly, Executive Vice President, Asset Management

James M. Connolly is an Executive Vice President and has served as the Director of Asset Management since May 2011, overseeing the ongoing operating activities of Plymouth Industrial REIT's properties. He brings significant experience in real estate asset management and property-level operations. From 1998 to May 2011, Mr. Connolly was employed with Nortel Corporation, holding various positions including Global Leader Real Estate Asset Management and Director of Real Estate for Europe, Middle East, and Africa. His responsibilities at Nortel included asset, property, and facilities management functions across their global portfolio of office, industrial, and distribution properties. Prior to Nortel, he was affiliated with Bay Networks from 1996 to 1998 and Raytheon from 1986 to 1996, where his roles involved facility finance and property administration.

Benjamin P. Coues, Senior Vice President - Head of Acquisitions

Benjamin P. Coues serves as Senior Vice President - Head of Acquisitions for Plymouth Industrial REIT, having joined the company in 2019. He has direct responsibility for all acquisition activity. Mr. Coues has over thirty years of commercial real estate experience across disciplines such as acquisitions, dispositions, portfolio management, and valuation. Before joining Plymouth, he was employed with High Street Logistics Properties, a private equity real estate investment company, from 2004 to 2018.

The key risks to Plymouth Industrial REIT (PLYM) are:

1. Concentration Risk: Plymouth Industrial REIT's business is highly concentrated in the industrial real estate sector. An economic downturn in this sector could materially and adversely affect the company's business. Furthermore, its assets are geographically concentrated in a limited number of primary and secondary markets, making the company particularly susceptible to adverse developments in those specific regions. The company also faces risks associated with its reliance on single-tenant leases and overall tenant concentration, where the default or non-renewal by one or more significant tenants could materially impact its financial results and cash flows.
2. Indebtedness and Interest Rate Risk: Plymouth Industrial REIT has a significant amount of outstanding indebtedness, which exposes the company to the risk of default on its debt obligations. Additionally, the company is vulnerable to rising capital costs due to potential increases in interest rates, which could introduce unexpected volatility and negatively impact its borrowing costs and overall financial condition.
3. Competitive Market and Economic Uncertainties: The industrial real estate market in which Plymouth Industrial REIT operates is highly competitive, affecting its ability to acquire properties and secure tenants. Broader economic uncertainties can also impact tenant demand, occupancy rates, and rental rates, potentially leading to decreased revenues. The company's relatively smaller size compared to larger competitors can also make it more challenging to compete for attractive properties and could expose it to greater volatility from unexpected tenant issues or market shocks.

Plymouth Industrial REIT (PLYM) primarily operates in the acquisition, ownership, and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses, and light industrial properties, across secondary and select primary markets in the United States. Their core services involve industrial properties leasing and property management.

The addressable market for Plymouth Industrial REIT's services is the U.S. industrial real estate market. The industrial real estate market size in North America is projected to grow from USD 284.43 billion in 2025 to USD 323.53 billion by 2030, at a compound annual growth rate (CAGR) of 3.03%. Industrial assets held the largest share of the North America REIT market in 2024, at 25.60%. The broader industrial real estate market size is expected to reach $279.43 billion in 2025, growing from $265.85 billion in 2024 at a CAGR of 5.1%. It is projected to further grow to $342.39 billion in 2029 at a CAGR of 5.2%. North America was the largest region in the industrial real estate market in 2024.

Expected Drivers of Future Revenue Growth for Plymouth Industrial REIT (PLYM)

• Increased Rental Rates: Plymouth Industrial REIT has consistently demonstrated strong growth in rental rates for both new and renewed leases. For instance, in Q4 2024, rental rates for new leases increased by 19.4% on a cash basis, with a 17.1% increase for the full year 2024. The company expects a 12.7% increase in rental rates on a cash basis for leases scheduled to commence in 2025. The CEO has indicated further opportunities for rent increases over the next two years as approximately one-third of existing leases are scheduled to expire.
• Strategic Acquisitions and Portfolio Expansion: The company actively pursues accretive acquisitions to expand its portfolio. In Q4 2024, Plymouth acquired industrial properties in Cincinnati for $20.1 million. Additionally, a strategic partnership with Sixth Street Partners provides approximately $500 million in capital to fuel further acquisitions, supporting the company's growth ambitions. The company aims to grow its portfolio in markets with favorable supply-and-demand dynamics.
• High Occupancy Rates: Maintaining and improving occupancy rates is a key driver of revenue. Plymouth Industrial REIT reported an increase in occupancy rates to 94.3% in early 2025. The same-store occupancy at December 31, 2024, was 95.7%. High tenant retention also contributes to stable and growing revenue.
• Strong Demand in Supply-Constrained Secondary Markets: Plymouth Industrial REIT benefits from sustained demand from life sciences and manufacturing tenants seeking long-term commitments in core, supply-constrained secondary markets. This drives strong leasing activity and supports continued revenue growth and above-average occupancy rates. The company focuses on assets located in established industrial markets with strong demand drivers.

Share Repurchases

• On February 26, 2025, the Board of Directors authorized a share repurchase program of up to $90 million of outstanding common stock.
• Through June 30, 2025, the company acquired and settled 805,394 shares of common stock at an average price of approximately $16.26 per share, totaling approximately $13.1 million.
• As of August 4, 2025, an additional 225,829 shares of common stock were acquired and settled at an average price of $16.14 per share, contributing to a total of 1,031,223 shares repurchased during the second and third quarter to date of 2025 at an average price of approximately $16.23 per share.

Share Issuance

• On May 28, 2025, Plymouth Industrial REIT issued the remaining 79,090 Series C Preferred Units at $1,000 per unit, resulting in approximately $79.0 million in net proceeds.

Inbound Investments

• On November 13, 2024, Plymouth Industrial REIT completed the Sixth Street Joint Venture, contributing 34 properties in the Chicago MSA for a total purchase price of $356.6 million, expanding its platform and providing access to significant capital.
• Sixth Street was granted 11.76 million warrants to purchase OP common units at the initial closing on August 26, 2024.
• On October 24, 2025, the company announced a definitive merger agreement to be acquired by entities affiliated with Makarora Management LP and Ares Alternative Credit funds for $22.00 per share in an all-cash transaction valued at approximately $2.1 billion, including assumed debt.

Capital Expenditures

• Recurring capital expenditures increased in the fourth quarter of 2024 as a result of leasing activity.
• Non-recurring capital expenditures for the six months ended June 30, 2025, were $9.996 million, compared to $8.753 million for the same period in 2024.
• The company has an estimated investment of $5.7 million for a 41,958-square-foot building in Jacksonville, FL, targeted for completion at year-end 2025, contributing to portfolio enhancement activities.