Core Insights - Plymouth Industrial REIT, Inc. (PLYM) has shown strong performance over the past year, with a gain of approximately 17% [1] - The company has been involved in M&A activities since the summer, with a 30-day go-shop period recently concluded [1] Company Performance - The stock has appreciated by about 17% over the last year, indicating solid market performance [1] M&A Activities - Plymouth Industrial REIT has been engaged in M&A drama since the summer, suggesting strategic moves to enhance its market position [1] - The conclusion of a 30-day go-shop period indicates a critical phase in its M&A strategy [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From _______to ________ Commission File Number: 001-38106 PLYMOUTH INDUSTRIAL REIT, INC. (Exact name of registrant as specified in its charte ...

Core Insights - Makarora Management LP has entered into a definitive merger agreement with Plymouth Industrial REIT, Inc. to acquire all outstanding shares for $22 per share in an all-cash transaction valued at approximately $2.1 billion [2][3] Group 1: Merger Details - The merger involves Makarora and Ares Alternative Credit funds acquiring all outstanding shares of Plymouth's common stock and limited partnership interests [2] - The transaction has been unanimously approved by Plymouth's board of directors and is expected to close in early 2026, pending shareholder and regulatory approvals [3] Group 2: Legal Representation - Greenberg Traurig, LLP represented Makarora in this significant transaction, showcasing its capability in navigating complex mergers in the real estate sector [4] - The deal team included notable attorneys from Greenberg Traurig, emphasizing the firm's multidisciplinary approach [4] Group 3: Company Background - Greenberg Traurig, LLP is a global law firm with over 3,000 lawyers across 51 locations, recognized for its innovative legal services and philanthropic efforts [5]

Core Viewpoint - Monteverde & Associates PC is investigating Plymouth Industrial REIT, Inc. regarding its proposed sale to Makarora Management LP, where shareholders would receive $22.00 per share in cash, raising questions about the fairness of the deal [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has a successful track record in recovering millions for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Group 2: Transaction Details - The proposed transaction involves Plymouth Industrial REIT, Inc. selling to affiliates of Makarora Management LP, with shareholders set to receive $22.00 per share in cash [1]. - The investigation aims to determine whether this offer is fair for the shareholders of Plymouth Industrial REIT, Inc. [1].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of Plymouth Industrial REIT, Inc. to Makarora Management LP for $22.00 per share, focusing on the interests of Plymouth shareholders [1]. Company Summary - The sale price of $22.00 per share is under scrutiny to determine if it is fair for Plymouth shareholders [1]. - Halper Sadeh LLC is encouraging shareholders to explore their legal rights and options regarding the sale [1].

Earnings Reports - Keurig Dr Pepper Inc. (NASDAQ: KDP) is expected to report quarterly earnings of 54 cents per share on revenue of $4.15 billion [2] - Nucor Corp. (NYSE: NUE) is projected to post quarterly earnings of $3.70 per share on revenue of $12.57 billion [2] - Whirlpool Corp. (NYSE: WHR) is anticipated to report quarterly earnings of $1.41 per share on revenue of $3.93 billion [2] - Waste Management Inc. (NYSE: WM) is expected to report quarterly earnings of $2.02 per share on revenue of $6.50 billion [2] Stock Movements - Keurig Dr Pepper shares rose 0.3% to $27.25 in after-hours trading [2] - Nucor shares increased by 0.2% to close at $138.70 on Friday [2] - Plymouth Industrial REIT Inc. (NYSE: PLYM) shares fell 1.5% to $21.75 in after-hours trading following acquisition news [2] - Whirlpool shares gained 1% to $74.40 in after-hours trading [2] - Waste Management shares rose 0.3% to $215.20 in after-hours trading [2] Acquisition News - Plymouth Industrial REIT Inc. agreed to be acquired by Makarora Management LP and Ares Alternative Credit Funds in an all-cash transaction valued at approximately $2.1 billion [2]

Core Viewpoint - Plymouth Industrial REIT, Inc. has entered into a definitive merger agreement with Makarora Management LP and Ares Alternative Credit funds, where they will acquire all outstanding shares of Plymouth's common stock for $22.00 per share, valuing the transaction at approximately $2.1 billion, including debt assumption [1][2][4]. Transaction Details - The purchase price represents a premium of about 50% over Plymouth's unaffected closing stock price on August 18, 2025, prior to a non-binding acquisition proposal from Sixth Street Partners [2]. - The transaction has been unanimously approved by Plymouth's Board of Directors and is expected to close in early 2026, pending shareholder and regulatory approvals [4]. Strategic Positioning - Plymouth's portfolio consists of cost-competitive industrial assets located strategically within a day's drive of 70% of the U.S. population, positioning it well to meet strong industrial demand [3]. - Makarora aims to provide flexible capital solutions to U.S. real estate businesses, highlighting the attractiveness of Plymouth's diverse portfolio and market fundamentals [3]. Go-Shop Period - Plymouth will conduct a 30-day "go-shop" period until November 23, 2025, allowing for the solicitation of alternative acquisition proposals [5]. - The Board of Directors retains the right to terminate the Merger Agreement for a superior proposal, although there is no assurance that this will occur [5]. Dividend Information - Plymouth will pay its third-quarter dividend on October 31, 2025, and may pay dividends necessary to maintain its REIT status, but may not pay other dividends during the Merger Agreement term [6]. Post-Transaction Status - Upon completion of the merger, Plymouth will become a private company, and its shares will be de-registered under the Securities Exchange Act, ceasing to trade on the NYSE [7].

REIT Sector Performance - The REIT sector averaged a small negative return of -0.73% in September and remains modestly in the red year-to-date at -1.74% [1] - The average REIT underperformed compared to the broader market, which saw gains from major indices: Dow Jones Industrial Average (+2.0%), S&P 500 (+3.6%), and NASDAQ (+5.7%) [1] - The Vanguard Real Estate Index Fund ETF Shares (VNQ) outperformed the average REIT in September with a return of +0.07% and has significantly outperformed year-to-date at +5.72% [1] - The spread between the 2026 FFO multiples of large-cap REITs (16.4x) and small-cap REITs (13.9x) widened, indicating that investors are currently paying an average of 28.8% more for each dollar of FFO from large-cap REITs compared to small-cap REITs [1] Property Type Performance - Only 27.8% of REIT property types averaged a positive total return in September, with a narrow 10.69% total return spread between the best and worst performing property types [6] - Single Family Housing (-5.77%) and Infrastructure (-5.41%) were the worst-performing property types, while Data Centers (+4.92%) and Office (+3.11%) averaged the best total returns among REITs [6][7] - Year-to-date performance shows Hotels (-13.61%), Shopping Centers (-10.74%), and Land (-10.48%) have significantly underperformed, while Health Care (+21.83%) has outperformed with average gains more than double that of any other REIT property type [8][9] FFO Multiples and Valuation - The average P/FFO (2026Y) for the REIT sector rose from 13.8x to 14.1x during September, with 27.8% of property types experiencing multiple expansion [11] - Data Centers (24.6x), Land (22.6x), Manufactured Housing (17.2x), and Multifamily (17.1x) currently trade at the highest average multiples among REIT property types, while Hotels (7.2x) and Office (9.7x) are the only types with single-digit FFO multiples [11][12] Individual Security Performance - Office Properties Income Trust (OPI) saw the largest gain in the REIT sector in September at +54.26%, but remains the 3rd worst performing REIT year-to-date at -65.72% [13] - Wheeler Real Estate Investment Trust, Inc. (WHLR) was the worst-performing REIT in September with a decline of -29.27%, continuing a multi-year share price collapse with a total return of -99.73% over the first three quarters of 2025 [14] - 37.42% of REITs had a positive total return in September, while the average year-to-date total return for REITs in 2025 is -1.74%, significantly lagging behind the +9.61% return for the sector in the first nine months of 2024 [14]

REIT Performance Overview - REITs experienced a significant rebound in August with an average return of +5.48%, recovering most losses from the first seven months of the year [1] - The average REIT outperformed broader market indices, including the Dow Jones Industrial Average (+3.4%), S&P 500 (+2.0%), and NASDAQ (+1.7%) [1] - Year-to-date, the Vanguard Real Estate ETF (VNQ) has outperformed the average REIT, with returns of +5.65% compared to -1.11% for the average REIT [1] Performance by Market Capitalization - Small cap REITs (+7.52%) and mid cap REITs (+7.13%) outperformed large cap REITs (+3.16%) and micro cap REITs (+0.87%) in August [3] - Over the first eight months of 2025, large cap REITs have outperformed small caps by 186 basis points [3] Property Type Performance - 83.33% of REIT property types averaged positive returns in August, with a notable 22.34% total return spread between the best (Malls +12.70%) and worst (Infrastructure -9.64%) performing property types [5][6] - Health Care (+17.97%) and Casino REITs (+10.85%) showed strong performance over the first eight months of 2025, while Hotels (-11.28%) were the worst-performing property type [6][7] Price/FFO Multiples - The average P/FFO (2025Y) for the REIT sector rose from 13.7x to 14.5x in August, with 83% of property types experiencing multiple expansion [7] - Land (26.9x), Data Centers (25.9x), Multifamily (22.1x), and Single Family Housing (21.3x) currently trade at the highest average multiples among REIT property types [7] Individual Security Highlights - Plymouth Industrial REIT (PLYM) surged by +51.52% following an unsolicited acquisition proposal from Sixth Street Partners at $24.10/share [9] - Wheeler REIT (WHLR) was the worst-performing REIT in August with a return of -48.09%, and has seen a staggering -99.62% total return over the first eight months of 2025 [10] Dividend Yield Insights - High dividend yields are a significant attraction for investors in the REIT sector, with many REITs trading below their NAV, leading to attractive yield opportunities [14]

Core Points - Plymouth Industrial REIT, Inc. declared a regular quarterly cash dividend of $0.24 per share for Q3 2025, equating to an annualized rate of $0.96 per share [1] - The dividend is payable on October 31, 2025, to stockholders of record as of September 30, 2025 [1] Company Overview - Plymouth Industrial REIT, Inc. is a full-service, vertically integrated real estate investment company focused on acquiring, owning, and managing single and multi-tenant industrial properties [2] - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe space [2]