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 Transition Period From _______to ________ Commission File Number: 001-38106 PLYMOUTH INDUSTRIAL REIT, INC. (Exact name of registrant as specified in its charter) Maryland 27-5466153 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 20 Custom House Street, 11th Floor, Bos ...

Financial Data and Key Metrics Changes - Same-store NOI growth was reported at 9.1% on a cash basis, with occupancy in the same-store pool at 99.1%, exceeding the full-year guidance [6][45] - The company ended Q1 with a net debt to adjusted EBITDA ratio of 7.14 times, showing improvement over the past four quarters [28] - The weighted average cost of debt was reported at 3.96%, with 90% of total debt carrying a fixed rate or being fixed through interest rate swaps [48] Business Line Data and Key Metrics Changes - The development program represents a total investment of $61 million, with expected initial returns in the range of 7% to 9% [21] - For signed leases commencing in Q2 through Q4, an aggregate increase of 20.5% on a cash basis is expected, with new leases increasing by 31.2% and renewal leases by 16.3% [10][20] - The company experienced a 56% renewal rate during the quarter, with 21% of renewals associated with contractual rent bumps [22] Market Data and Key Metrics Changes - The Golden Triangle region is seeing significant reshoring and nearshoring initiatives, with over 90% of the company's portfolio located in this area [8] - The company anticipates continued benefits from favorable supply and demand dynamics projected over the next five to ten years [8] Company Strategy and Development Direction - Leasing remains a top priority, with a strong start on 2024 expirations and a focus on maintaining high occupancy rates [20] - The company is currently holding off on acquisitions until there is more clarity in the capital markets [31] - The company plans to selectively pursue additional development projects if returns meet their threshold [21] Management's Comments on Operating Environment and Future Outlook - Management expects same-store NOI to be below the full-year trend line in Q2 due to timing of scheduled repairs and maintenance [26] - The company affirmed its 2023 guidance, indicating confidence in continued rent increases and occupancy maintenance [49] - Management noted that the composition of watchlist tenants has shrunk, indicating strong rent collection expectations for the remainder of the year [52] Other Important Information - The company has collected over 99% of rents billed during Q1, with no active rent deferral agreements [12] - The liquidity position remains strong, with $10.2 million in cash on hand and $262.5 million of capacity on the revolving line of credit [29] Q&A Session Summary Question: What are the favorable options for capital deployment going forward? - Management indicated that acquisitions are on hold until clarity in the capital markets is achieved [31] Question: What percentage of leases have embedded renewal options? - Approximately 10% of leases have embedded options [51] Question: Are there any known moveouts affecting occupancy? - Management stated that anticipated moveouts are assumptions, expecting high occupancy levels to be maintained [54] Question: What is the timing for rent commencements in Jacksonville and Atlanta? - Rent in Atlanta Phase 1 started in February with a four-month free rent period, while Jacksonville leases are expected to commence in the third and fourth quarters [55] Question: Is the company considering recycling some assets? - Management confirmed that they are considering selling a handful of properties opportunistically as the market stabilizes [64]

PART I. FINANCIAL INFORMATION [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2023, including balance sheets, statements of operations, comprehensive income, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20at%20March%2031,%202023%20and%20December%2031,%202022) Condensed Consolidated Balance Sheets Summary | Metric | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | **Assets** | | | | Real estate properties, net | $1,341,075 | $1,350,217 | | Cash | $20,396 | $11,003 | | Total assets | $1,506,459 | $1,521,318 | | **Liabilities, Preferred Stock and Equity** | | | | Total liabilities | $1,003,943 | $998,093 | | Total equity | $455,713 | $476,381 | | Total liabilities, preferred stock and equity | $1,506,459 | $1,521,318 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031,%202023%20and%202022) Condensed Consolidated Statements of Operations Summary | Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Rental revenue | $49,371 | $42,720 | | Total revenues | $49,400 | $42,806 | | Total operating expenses | $43,201 | $40,318 | | Interest expense | $(9,535) | $(6,395) | | Net loss | $(3,336) | $(4,470) | | Net loss attributable to common stockholders | $(4,304) | $(7,676) | | Net loss basic and diluted per share attributable to common stockholders | $(0.10) | $(0.21) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20for%20the%20Three%20Months%20Ended%20March%2031,%202023%20and%202022) Condensed Consolidated Statements of Comprehensive Income (Loss) Summary | Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :---------------------------------------------------- | :---------------------------------------------------- | :---------------------------------------------------- | | Net loss | $(3,336) | $(4,470) | | Unrealized gain (loss) on interest rate swaps | $(7,070) | $10,068 | | Comprehensive income (loss) | $(10,406) | $5,598 | | Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc. | $(10,287) | $5,523 | [Condensed Consolidated Statements of Changes in Preferred Stock and Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Preferred%20Stock%20and%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031,%202023%20and%202022) - For the three months ended March 31, 2023, total stockholders' equity decreased from **$471.0 million** to **$450.6 million**, primarily due to dividends and distributions (**$10.60 million**) and other comprehensive income adjustments (**$6.99 million**)[17](index=17&type=chunk) - The number of common shares issued and outstanding increased from **42,849,489** at December 31, 2022, to **43,030,864** at March 31, 2023[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031,%202023%20and%202022) Condensed Consolidated Statements of Cash Flows Summary | Cash Flow Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Net cash provided by operating activities | $18,602 | $14,288 | | Net cash used in investing activities | $(8,968) | $(137,447) | | Net cash provided (used in) by financing activities | $(2,415) | $122,054 | | Net (decrease) increase in cash, cash held in escrow, and restricted cash | $7,219 | $(1,105) | | Cash, cash held in escrow, and restricted cash at end of period | $38,432 | $42,269 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [1. Nature of the Business and Basis of Presentation](index=9&type=section&id=1.%20Nature%20of%20the%20Business%20and%20Basis%20of%20Presentation) - Plymouth Industrial REIT, Inc. operates as an UPREIT, owning and managing **157** industrial properties (**210** buildings, **34.2 million square feet**) focused on distribution, warehouses, and light industrial in primary and secondary U.S. markets[21](index=21&type=chunk)[22](index=22&type=chunk) - The Company owned a **98.9%** equity interest in its Operating Partnership as of March 31, 2023, and December 31, 2022[21](index=21&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - The financial statements are prepared in accordance with U.S. GAAP, consolidating wholly-owned entities and VIEs where the Company is the primary beneficiary (e.g., the Operating Partnership)[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Management makes significant estimates for real estate acquisitions, impairments, and stock-based compensation, which are evaluated continuously[27](index=27&type=chunk) - Derivative instruments are recorded at fair value on the balance sheet, with changes in fair value accounted for based on hedge designation (fair value or cash flow hedges)[32](index=32&type=chunk) - The Company has one reportable segment: industrial properties[42](index=42&type=chunk) [3. Real Estate Properties, Net](index=12&type=section&id=3.%20Real%20Estate%20Properties,%20Net) Real Estate Properties Breakdown | Category | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :------------------------ | :----------------------------- | :----------------------------- | | Land | $231,829 | $231,829 | | Buildings and improvements | $1,175,037 | $1,141,832 | | Construction in progress | $24,332 | $49,890 | | Total real estate properties | $1,563,493 | $1,555,846 | | Less: accumulated depreciation | $(222,418) | $(205,629) | | Real estate properties, net | $1,341,075 | $1,350,217 | - Depreciation expense for the three months ended March 31, 2023, was **$16.87 million**, up from **$14.39 million** in the prior year period[45](index=45&type=chunk) - There were no acquisitions of properties during the three months ended March 31, 2023[46](index=46&type=chunk) [4. Leases](index=13&type=section&id=4.%20Leases) Rental Revenue Components | Rental Revenue Component | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :----------------------------- | :------------------------------------------ | :------------------------------------------ | | Income from leases | $35,940 | $30,584 | | Straight-line rent adjustments | $912 | $822 | | Tenant recoveries | $11,785 | $9,768 | | Amortization of below market leases | $904 | $1,712 | | Total Rental Revenue | $49,371 | $42,720 | - As a lessee, the Company has five office space operating leases and a single ground operating sublease, with total operating right of use assets of approximately **$5.49 million** and lease liabilities of **$6.59 million** as of March 31, 2023[49](

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q4 2022 Earnings Conference Call February 23, 2023 9:00 AM ET Company Participants Trip Sullivan - Investor Relations, SCR Partners Jeff Witherell - Chairman & Chief Executive Officer Pen White - President & Chief Investment Officer Jim Connolly - Executive Vice President, Asset Management Anthony Saladino - Executive Vice President & Chief Financial Officer Conference Call Participants John Kim - BMO Capital Markets Dave Rodgers - Baird Todd Thomas - KeyBanc Capit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K (Mark One) ☐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 in its charter) Maryland 27-5466153 (State or other jurisdiction of incorporation of organization) (I.R.S. Employer Identification Number) 20 Custom House St, 11 Floor Boston, MA 02110 ☑ANNUAL REPORT PURSUAN ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET Company Participants Tripp Sullivan - Investor Relations Jeff Witherell - Chairman and CEO Pen White - President and CIO Jim Connolly - EVP, Asset Management Anthony Saladino - EVP and CFO Conference Call Participants John Kim - BMO Capital Markets Dave Rodgers - Baird Todd Thomas - KeyBanc Capital Markets Mitch Germain - JMP Securities Anthony Hau - Truist Operator Good morning and welcome to the Plymout ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Quarter Ended September 30, 2022 OR FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 27-5466153 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 20 Custom House Street, 11th Floor, Boston, MA 02110 (617) 340-3814 (Addre ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET Company Participants Tripp Sullivan - Investor Relations Jeff Witherell - Chairman & Chief Executive Officer Pen White - President & Chief Investment Officer Jim Connolly - Executive Vice President, Asset Management Anthony Saladino - Executive Vice President & Chief Financial Officer Anne Hayward - General Counsel Conference Call Participants Todd Thomas - KeyBanc Capital Markets Bryan Maher - B. Riley FBR ...

� PLYMOUTHREIT Investor Presentation August 2022 Boston w Columbus w Jacksonville w Memphis Disclaimer Except as otherwise indicated, this presentation speaks only as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of Plymouth Industrial REIT, Inc. (the "Company") after the date hereof. Certain of the information contained herein may be derived from information provided by industry third-party sourc ...

Portfolio and Occupancy - As of June 30, 2022, the company owned 156 industrial properties comprising 206 buildings with an aggregate of approximately 33.6 million square feet [122]. - The company's portfolio was approximately 97.3% occupied as of June 30, 2022, indicating strong demand for its properties [128]. - An aggregate of 36.0% of the annualized base rent leases in the company's portfolio are scheduled to expire between July 1, 2022, and December 31, 2024, providing an opportunity to adjust below market rates [129]. Revenue and Financial Performance - Rental revenue from renewed leases increased by 10.0% to $5.17 per square foot per year, while new leases increased by 31.9% to $4.88 per square foot per year [132]. - Rental revenue increased by $12,854 to $45,612 for the three months ended June 30, 2022, compared to $32,758 for the same period in 2021, representing a 39.2% increase [143]. - Total revenues for the three months ended June 30, 2022, were $45,614, up $12,759 or 38.8% from $32,855 in the same period of 2021 [142]. - Rental revenue for the six months ended June 30, 2022, increased by $23,741 to $88,332 compared to $64,591 for the same period in 2021, a 36.8% increase [152]. - Total revenues for the six months ended June 30, 2022, were $88,420, up $23,649 or 36.5% from $64,771 in the same period of 2021 [152]. Expenses and Losses - Property expenses rose by $2,859 to $13,799 for the three months ended June 30, 2022, compared to $10,940 for the same period in 2021, a 26.1% increase [145]. - Depreciation and amortization expense increased by $7,306 to $24,208 for the three months ended June 30, 2022, compared to $16,902 in 2021, a 43.2% increase [146]. - Interest expense increased by approximately $3,100 to $7,925 for the three months ended June 30, 2022, compared to $4,825 in 2021, a 64.2% increase [148]. - Property expenses increased by $5,508 to $27,874 for the six months ended June 30, 2022, compared to $22,366 for the same period in 2021, a 24.6% increase [154]. - Depreciation and amortization expense increased by $14,220 to $46,899 for the six months ended June 30, 2022, compared to $32,679 in 2021, a 43.5% increase [155]. - Net loss for the six months ended June 30, 2022, was $8,934, an increase of $1,969 or 28.3% from a net loss of $6,965 in the same period of 2021 [152]. - General and administrative expenses increased by approximately $1,380 to $7,698 for the six months ended June 30, 2022, compared to $6,318 for the same period in 2021 [156]. - Interest expense rose by approximately $4,737 to $14,320 for the six months ended June 30, 2022, compared to $9,583 for the same period in 2021, primarily due to additional borrowings related to acquisition activities [157]. Operational Metrics - Net operating income (NOI) for the six months ended June 30, 2022, was $60,458, an increase from $42,225 for the same period in 2021 [163]. - Earnings before interest, taxes, depreciation, and amortization for real estate (EBITDAre) for the six months ended June 30, 2022, was $52,701, compared to $35,590 for the same period in 2021 [164]. - Funds from operations (FFO) for the six months ended June 30, 2022, was $38,233, up from $25,925 for the same period in 2021 [168]. - Core funds from operations (Core FFO) for the six months ended June 30, 2022, was $35,780, compared to $23,504 for the same period in 2021 [168]. - Adjusted funds from operations (AFFO) is presented in addition to Core FFO, providing a consistent comparison of operating performance across time periods [169][170]. Cash Flow and Liquidity - Net cash provided by operating activities increased by approximately $9,042 to $35,659 for the six months ended June 30, 2022, compared to $26,617 in 2021 [173]. - Net cash used in investing activities rose by approximately $115,980 to $197,517 for the six months ended June 30, 2022, primarily due to property acquisitions totaling $180,275 [174]. - Net cash provided by financing activities increased by $102,370 to $154,550 for the six months ended June 30, 2022, driven by an increase of $159,094 in net proceeds from secured and unsecured debt [175]. - As of June 30, 2022, the company had available liquidity of approximately $339.3 million, consisting of $29.8 million in cash and cash equivalents and $309.5 million of borrowing capacity [179]. - The company anticipates sufficient liquidity and access to capital resources to meet its current obligations and scheduled debt maturities [179]. Debt and Interest Rate Management - Total secured debt as of June 30, 2022, amounted to $394,341, with an average interest rate of approximately 3.73% [181]. - The company has entered into two interest rate swap agreements to manage interest rate risk, with all outstanding variable rate debt fixed through maturity, except for the KeyBank unsecured line of credit [191]. - The company has $600,536 available for issuance under the 2021 $750 Million S-3 Filing as of June 30, 2022 [184]. - As of June 30, 2022, the company had $490,500 in outstanding variable rate debt, with $150,000 from a KeyBank Term Loan and $40,500 from a KeyBank unsecured line of credit [197]. - The weighted average interest rate for the KeyBank Term Loan and unsecured line of credit was 2.85% during the six months ended June 30, 2022 [197]. - The company estimates that an additional $4,528 will be reclassified as a decrease to interest expense over the next twelve months [196]. - All interest rate swaps were in an asset position as of June 30, 2022 [194]. - The company’s interest rate swaps are indexed to LIBOR, which is expected to be available until June 30, 2023 [198]. - If the average interest rate on borrowings increased by 25 basis points, the interest expense for the quarter would have increased by approximately $109 [197]. - The company has determined that credit valuation adjustments are not significant to the overall valuation of its derivatives [195]. - The primary market risk the company is exposed to is interest rate risk, managed through derivative financial instruments [200]. - The company’s fixed rate debt is not significantly impacted by changes in interest rates until refinancing is required [199]. - The company has assessed that the majority of inputs used to value its derivatives fall within Level 2 of the fair value hierarchy [195]. Strategic Initiatives - The company plans to diversify its portfolio by including the origination or acquisition of mortgage, bridge, or mezzanine loans, which will be collateralized by properties meeting investment criteria similar to its existing assets [123]. - The company aims to generate attractive risk-adjusted returns for stockholders through a combination of dividends and capital appreciation [124]. - The company is pursuing joint venture arrangements with institutional partners to invest in opportunistic or value-add industrial assets, which may involve significant up-front capital expenditures [127]. Risks and Accounting Policies - The company’s financial results may be impacted by various risks, including economic conditions, tenant defaults, and changes in real estate laws [121]. - The company’s critical accounting policies involve significant estimates regarding asset allocation, impairments, and derivative instruments, which could materially affect reported financial results [136].