Plymouth Industrial REIT : Supplemental Q1 2024

FIRST QUARTER 2024

Plymouth REIT

Supplemental

Information

Table of Contents

Table of Contents

Executive Summary	4
Company Overview, Management, Board of Directors, and Investor Relations	4
Portfolio Snapshot	5
Total Acquisition and Replacement Cost by Market	5
Acquisition Activity	6
Development Projects	7
Value Creation Examples	8
Guidance	9

Financial Information

Consolidated Balance Sheets	11
Consolidated Statements of Operations	12
Non-GAAP Measurements	13
Same Store Net Operating Income (NOI)	14
Debt Summary	15
Capitalization and Capital Markets Activity	16
Net Asset Value Components	17
Rentable Square Feet and Annualized Base Rent by Market	18

Operational & Portfolio Information

Leasing Activity: Lease Renewals and New Leases	20
Leasing Activity: Lease Expiration Schedule & % of Annual Base Rent Expiring	21
Leased Square Feet and Annualized Base Rent by Tenant Industry	22
Leased Square Feet and Annualized Base Rent by Type	23
Top 10 Tenants by Annualized Base Rent	24
Lease Segmentation by Size	25
Capital Expenditures	26

Appendix

Glossary

28

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Disclaimers

Forward-Looking Statements

This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this Supplemental Information do not constitute guarantees of future performance. Investors are cautioned that statements in this Supplemental Information, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this Supplemental Information, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Definitions and Reconciliations

For definitions of certain terms used throughout this Supplemental Information, including certain non-GAAP financial measures, refer to the Glossary on pages 28-30. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 13.

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Executive Summary

Company Overview

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

MANAGEMENT, BOARD OF DIRECTORS, INVESTOR RELATIONS, AND EQUITY RESEARCH COVERAGE

Corporate

20 Custom House Street

11th Floor

Boston, Massachusetts 02110 617.340.3814 www.plymouthreit.com

Investor Relations

Tripp Sullivan

SCR Partners

[e-mail]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor New York, NY 10004 212.509.4000

Executive Management
Jeffrey E. Witherell	Benjamin P. Coues
Chief Executive Officer	Senior Vice President
and Chairman	and Head of Acquisitions
Anthony J. Saladino	Anne A. Hayward, ESQ.
Executive Vice President	Senior Vice President
and Chief Financial Officer	and General Counsel
James M. Connolly	Daniel R. Heffernan
Executive Vice President	Senior Vice President
Asset Management	Asset Management
Lyndon J. Blakesley	Scott L. Robinson
Senior Vice President	Senior Vice President
and Chief Accounting Officer	Corporate Development

Board of Directors
Phillip S. Cottone	Caitlin Murphy
Independent Director	Independent Director
Richard DeAgazio	Pendleton P. White, Jr.
Independent Director	Director
David G. Gaw	Jeffrey E. Witherell
Lead Independent	Chief Executive Officer
Director	and Chairman
John W. Guinee
Independent Director

Equity Research Coverage1
Baird	Colliers Securities
Nicholas Thillman	Barry Oxford
414.298.5053	203.961.6573
Barclays	JMP Securities
Brendan Lynch	Mitch Germain
212.526.9428	212.906.3537
BMO Capital Markets	J.P. Morgan
John Kim	Mike Mueller
212.885.4115	212.622.6689
BNP Paribas Exane	KeyBanc Capital
Nate Crossett	Markets
646.725.3716	Todd Thomas
B Riley Securities	917.368.2375
Truist Securities
Bryan Maher
646.885.5423	Anthony Hau
	212.303.4176

Investor Conference Call and Webcast

The Company will host a conference call and live audio webcast, both open for the general public to hear, on May 2, 2024 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is [phone] (international callers: [phone]). A replay of the call will be available through May 9, 2024 by dialing [phone] and entering the replay access code, 6841649.

1 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.

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Highlights

For Three Months Ended March 31, 2024

Portfolio Snapshot

Number of Properties	156
Number of Buildings	211
Square Footage	34,025,101
Portfolio Occupancy	96.9%
Same-Store Occupancy	98.3%
WA Lease Term	3.2
Remaining (yrs.)1
Multi-Tenant as	54.3%
% of ABR
Single Tenant as	45.7%
% of ABR
WA Annual Rent	~3.0%
Escalators
Triple Net Leases as	80.5%
% of ABR
Net Debt to Annualized	6.7x
Adjusted EBITDA

1 The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

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Total Acquisition and Replacement Cost by Market

($ in Thousands)

		# of	Rentable		Total	Replacement
Market	State	Buildings	Square Feet	Acquisition Cost1		Cost2
Atlanta	GA	13	2,086,835	$	111,988	$	154,583
Chicago	IL, IN, WI	40	6,624,335		279,750		710,499
Boston	ME	2	268,713		19,023		40,729
Charlotte	NC	1	155,220		20,400		20,821
Cincinnati	OH, KY	12	2,710,964		106,705		190,851
Cleveland	OH	19	3,979,209		201,550		362,436
Columbus	OH	15	3,757,614		157,624		293,943
Indianapolis	IN	17	4,085,169		149,251		356,416
Jacksonville	FL, GA	28	2,132,396		159,621		219,679
Kansas City	MO	1	221,911		8,600		20,451
Memphis	MS, TN	49	4,783,046		185,407		349,852
St. Louis	IL, MO	14	3,219,689		213,787		325,818
Total	12	211	34,025,101 '	$	1,613,706	$	3,046,078

1. Represents total direct consideration paid prior to the allocations per U.S. GAAP and the allocated costs in accordance to GAAP of development properties placed in-service.
2. Replacement cost is based on the Marshall & Swift valuation methodology for the determination of building costs. Replacement cost includes land reflected at the

allocated cost in accordance with GAAP.

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Acquisition Activity
As of March 31, 2024
Acquisitions ($ in Thousands)
		# of				Projected	Cost per
Location	Acquisition Date	Buildings	Purchase Price1	Square Footage	Initial Yield2	Square Foot3
Multiple	Full Year 2022	44	$	253,655	4,164,864	6.1%	$71.54
Multiple	Full Year 2021	24	$	370,977	6,380,302	6.7%	$63.15
Multiple	Full Year 2020	27	$	243,568	5,473,596	7.8%	$46.99
Multiple	Full Year 2019	32	$	220,115	5,776,928	8.4%	$42.21
Multiple	Full Year 2018	24	$	164,575	2,903,699	8.2%	$70.54
Multiple	2017 (since IPO)	36	$	173,325	5,195,563	8.4%	$33.81
Total Acquisitions Post-IPO		187	$	1,426,215	29,894,952	7.4%	$55.94

Note: Portfolio statistics and acquisitions include wholly owned industrial properties only; excludes our property management office located in Columbus, Ohio.

1. Represents total direct consideration paid rather than GAAP cost basis.
2. Weighted based on Purchase Price.

3 Calculated as Purchase Price divided by square footage.

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Development Projects

As of March 31, 2024

The total investment in completed developments is approximately $61.1 million. The proforma stabilized cash NOI yields on development projects under construction and completed range between 7.0% - 9.0%.

Plymouth is partnering with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities. Thus far, Plymouth has achieved a Three Green Globe certification on our Cincinnati development and a Two Green Globe certification on our completed developments in Boston, Jacksonville (2) and Atlanta (2) 1.

	# of	Total Rentable		Investment		Estimated
Under Construction1	Buildings	Square Feet (RSF)	% Leased	($ in millions)	% Funded	Completion
Jacksonville - Liberty II	1	52,920	100%	$	4.0	54%	Q4 2024
Total	1	52,920		$	4.0
	# of	Total Rentable		Investment
Completed 2	Buildings	Square Feet (RSF)	% Leased	($ in millions)	% Funded	Completed
Boston - Milliken Road	1	68,088	100%	$	9.3	100%	Q4 2022
Atlanta - New Calhoun I	1	236,600	100%	$	13.8	100%	Q1 2023
Cincinnati - Fisher Park I	1	154,692	66%	$	14.0	100%	Q1 2023
Atlanta - New Calhoun II	1	180,000	100%	$	12.1	100%	Q3 2023
Jacksonville - Salisbury	1	40,572	100%	$	6.2	100%	Q3 2023
Jacksonville - Liberty I	1	39,750	100%	$	5.7	100%	Q4 2023
Total	6	719,702	93%	$	61.1	100%

1. The Company is a member organization of the Green Building Initiative (GBI), a nonprofit organization and American National Standards Institute (ANSI) Accredited Standards Developer dedicated to reducing climate impacts by improving the built environment. Founded in 2004, the organization is the global provider of the Green Globes and federal Guiding Principles Compliance certification and assessment programs.
2. Under construction represents projects for which vertical construction has commenced. Refer to the Developable Land section of the Net Asset Components on page 17 of this Supplemental Information for additional details on the Company's development activities.

3 Completed buildings are included within portfolio occupancy and square footage metrics as of March 31, 2024.

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Value Creation Examples

INDIANAPOLIS: Lease-up / Building Refurbishment

JACKSONVILLE: New Industrial Development

CHICAGO: Disposition / Value Realized

Expanded existing tenant in the building by an additional 42,910 square feet and extended term for 15 years at a rental rate increase of 18% over expiring rents.

Expanded other existing tenant by an additional 147,310 square feet for 4 years without any downtime.

The property was acquired at a going-in yield of 6.9%. Stabilized yield is now 8.0% with annual lease escalations averaging 3.75%.

Delivered two buildings in 2023 totaling 80,322 square feet, both of which are fully leased.

Commenced construction on a third, 100% pre- leased building at Liberty Business Park which will comprise 52,920 square feet. The anticipated delivery is Q4 2024.

Marketing an additional fully designed and permit- ready site at Liberty Business Park that can provide 41,958 square feet.

Sold a 306,552 square-foot industrial building at 6510 West 73rd Street in Chicago.

Net proceeds after the payoff of a $6.7 million mortgage, return of lender escrow reserves, and other adjustments were $14.0 million.

The disposition yielded a 4.9% cap rate on in- place NOI and an IRR of 31.1% over a six-year hold period.

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Guidance

As of March 31, 2024

Unaudited (in thousands, except per-share amounts)

PLYM affirmed its full year 2024 guidance range for Core FFO per weighted average common share and units previously issued on February 21, 2024, and updated its range for net income per weighted average common share and units and accompanying assumptions.

	Full Year 2024 Range1
	Low	High
Core FFO attributable to common stockholders and unit holders per share	$1.88	$1.92
Same Store Portfolio NOI growth - cash basis2	7.00%	7.50%
Average Same Store Portfolio occupancy - full year	97.5%	98.5%
General and administrative expenses3	$15,650	$15,150
Interest expense, net	$37,650	$37,150
Weighted average common shares and units outstanding4	45,880	45,880
Reconciliation of net loss attributable to common stockholders and unit holders per share to Core FFO guidance:
	Full Year 2024 Range1
	Low	High
Net income/(loss)	$ 0.08	$ 0.12
Gain on sale of real estate	(0.18)	(0.18)
Depreciation and amortization	1.98	1.98
	$1.88	$1.92

1. Our 2024 guidance refers to the Company's in-place portfolio as of April 29, 2024, the $21.5 million disposition scheduled to close in August 2024 and does not include the impact from prospective acquisitions, dispositions, or capitalization activities.
2. The Same Store Portfolio consists of 200 buildings aggregating 31,245,756 rentable square feet, representing approximately 92% of total in-place portfolio square footage. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income.
3. Includes non-cash stock compensation of $4.3 million for 2024.
4. As of April 29, 2024, the Company has 45,872,375 common shares and units outstanding.

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Financial Information

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