Plymouth Industrial REIT (PLYM) Investor presentation summary

Portfolio overview and market positioning

• Owns 159 properties with 224 buildings totaling 35.4 million square feet and 97% occupancy as of June 30, 2024, with a recent Memphis acquisition included.

• Portfolio is diversified by tenant, geography, asset type, and industry, with 56.8% of ABR from warehouse/distribution and 26.4% from logistics/transportation.

• Focuses on Tier I and Tier II markets within the Golden Triangle, benefiting from infrastructure investment, population growth, and favorable logistics dynamics.

• 80.6% of ABR comes from triple net leases, and the average remaining lease term is 3.2 years.

• Same-store occupancy is 98.2%, and rent collection is 98.6% for Q2 2024.

Growth strategy and investment activity

• Pursues accretive acquisitions at below replacement cost, with a proven record of acquiring properties at lower price per square foot.

• Completed a $100.5M Memphis acquisition (14 buildings, 1.62M SF, 8% initial yield, 94% leased) and expanded development in Jacksonville.

• 117 acres of developable land in key markets, with 1.8M SF of potential GLA as of July 2024.

• Ongoing development projects have proforma stabilized cash NOI yields between 7% and 9%.

• Strategic joint venture with Sixth Street involving 34 Chicago-area properties, providing $256M in capital and enabling up to $500M in new investments.

Market trends and operational performance

• Industrial sector dynamics remain strong, with rising rents and declining vacancy rates driven by limited new construction and e-commerce growth.

• Tier II markets offer higher affordability, lower labor costs, and more stable rent growth compared to Tier I markets.

• Class A vacancy is three times higher than Class B in target markets, with positive absorption and rent growth outpacing national averages.

• New and renewal leases in Q2 2024 were 18.8% higher than expiring rates; portfolio mark-to-market opportunity is 18–20%.

• Supply of 20K–150K SF properties is diminishing, supporting rental rate growth for this segment.