Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q4 2021 Earnings Conference Call February 23, 2022 9:00 AM ET Company Participants Tripp Sullivan – SCR Partners Jeff Witherell – Chairman and Chief Executive Officer Pen White – President and Chief Investment Officer Jim Connolly – Executive Vice President-Asset Management Dan Wright – Executive Vice President and Chief Financial Officer Conference Call Participants Connor Siversky – Berenberg David Rodgers – Baird John Kim – BMO Capital Markets Anthony Hau – Trui ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation of organization) (I.R.S. Employer Identification Number) 20 Custom House St, 11 Floor Boston, MA 02110 (Address of principal executive offices) Regist ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Tripp Sullivan - SCR Partners Jeff Witherell - Chairman and Chief Executive Officer Dan Wright - Executive Vice President and Chief Financial Officer Pen White - President and Chief Investment Officer Jim Connolly - Executive Vice President of Asset management Conference Call Participants Barry Oxford - Colliers Securities Aaron Hecht - JMP Gaurav Mehta - B. Riley Securities Operato ...

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 Quarter Ended September 30, 2021 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 charter) Maryland 27-5466153 (Sta ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q2 2021 Results Conference Call August 6, 2021 9:00 AM ET Company Participants Tripp Sullivan - IR, SCR Partners Jeff Witherell - Chairman and CEO Pen White - President and Chief Investment Officer Dan Wright - EVP and CFO Jim Connolly - EVP, Asset Management Anne Hayward - General Counsel Conference Call Participants Dave Rodgers - Baird Craig Mailman - KeyBanc Capital Markets Gaurav Mehta - National Securities Connor Siversky - Berenberg Barry Oxford - Colliers O ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements detail the company's financial position and performance as of and for the periods ended June 30, 2021 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew while total liabilities decreased from year-end 2020, resulting in a significant increase in total equity Condensed Consolidated Balance Sheets (in thousands) | | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | $969,828 | $920,270 | | Real estate properties, net | $842,097 | $788,398 | | **Total Liabilities** | $561,343 | $581,054 | | Secured debt, net | $326,585 | $328,908 | | Borrowings under line of credit | $68,000 | $90,000 | | **Total Equity** | $269,189 | $203,522 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues grew significantly for both the second quarter and first half of 2021, though the net loss attributable to common stockholders widened slightly for the quarter Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $32,855 | $26,137 | $64,771 | $52,366 | | **Net Loss** | ($3,981) | ($3,885) | ($6,965) | ($8,157) | | **Net Loss Attributable to Common Stockholders** | ($7,417) | ($7,173) | ($13,852) | ($14,743) | | **Net Loss Per Share (Basic & Diluted)** | ($0.25) | ($0.49) | ($0.49) | ($1.02) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased year-over-year, while significant investing and financing activities were driven by property acquisitions and stock issuance Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity (Six Months Ended June 30) | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $26,617 | $20,551 | | **Net cash used in investing activities** | ($81,537) | ($92,272) | | **Net cash provided by financing activities** | $52,180 | $78,569 | | **Net (decrease) increase in cash** | ($2,740) | $6,848 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail key activities including property acquisitions, asset sales, and significant capital raising through common stock issuances - As of June 30, 2021, the Company owned **113 industrial properties** comprising 147 buildings with an aggregate of approximately **24.8 million square feet**[19](index=19&type=chunk) - During the first six months of 2021, the Company acquired **7 properties** totaling 1.6 million square feet for an aggregate purchase price of **$75.05 million**[44](index=44&type=chunk) - In H1 2021, the Company issued **5,530,648 shares** of common stock under its ATM programs, resulting in net proceeds of approximately **$91.1 million**[66](index=66&type=chunk) - Subsequent to the quarter end, the company acquired **three industrial properties** in Memphis, Tennessee in two separate transactions in July 2021 for a total of **$15.5 million**[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis attributes revenue growth to property acquisitions, notes minimal COVID-19 impact, and highlights strong liquidity and growth in non-GAAP measures [Overview and Strategy](index=22&type=section&id=Overview%20and%20Strategy) The company's strategy focuses on acquiring and managing industrial properties in primary and secondary U.S. markets, utilizing joint ventures for value-add opportunities - The Company's core investment strategy is to acquire industrial properties located in primary and secondary markets across the U.S., believing these markets offer **less volatility and competition**[97](index=97&type=chunk)[98](index=98&type=chunk) - The company intends to continue pursuing **joint venture arrangements** with institutional partners for opportunistic or value-add investments, which may include development or redevelopment strategies[99](index=99&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Operating results show significant revenue growth for Q2 and H1 2021, driven by both acquisitions and positive performance from the Same Store Portfolio Comparison of Q2 2021 and Q2 2020 | Metric (Q2 2021 vs Q2 2020) | Total Portfolio | Same Store Portfolio | Acquisitions, Dispositions & Other | | :--- | :--- | :--- | :--- | | **Total Revenues** | +25.7% | +4.5% | +184.5% | | **Property Expenses** | +21.2% | +10.4% | +105.0% | Comparison of H1 2021 and H1 2020 | Metric (H1 2021 vs H1 2020) | Total Portfolio | Same Store Portfolio | Acquisitions, Dispositions & Other | | :--- | :--- | :--- | :--- | | **Total Revenues** | +23.7% | +2.7% | +210.1% | | **Property Expenses** | +24.0% | +11.1% | +156.8% | [Supplemental Earnings Measures (Non-GAAP)](index=28&type=section&id=Supplemental%20Earnings%20Measures) Key non-GAAP metrics such as NOI, Core FFO, and AFFO all demonstrated substantial year-over-year growth for both the second quarter and first half Non-GAAP Financial Measures (in thousands) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **NOI** | $21,818 | $17,111 | $42,225 | $34,329 | | **EBITDAre** | $18,382 | $14,535 | $35,590 | $29,231 | | **Core FFO** | $12,313 | $8,022 | $23,504 | $16,234 | | **AFFO** | $9,798 | $6,997 | $18,766 | $14,019 | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position supported by cash reserves, credit availability, and successful capital raising through its ATM programs - As of June 30, 2021, the Company had available liquidity of approximately **$156.8 million**, comprised of **$24.8 million in cash** and cash equivalents and **$132 million available** on its line of credit[147](index=147&type=chunk) - During H1 2021, the Company issued **5,530,648 shares** of common stock under its ATM programs for aggregate net proceeds of approximately **$91.1 million**[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its variable-rate debt, with a hypothetical 100 basis point increase impacting interest expense - The company is exposed to market risk from changes in interest rates, primarily related to its **variable-rate borrowings**[157](index=157&type=chunk) - At June 30, 2021, the company had **$168 million** of outstanding variable rate debt, and a hypothetical **100 basis point increase** in the average interest rate would have increased interest expense by approximately **$459,000** for the six months ended June 30, 2021[158](index=158&type=chunk) [Controls and Procedures](index=33&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2021[161](index=161&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended June 30, 2021, that have materially affected, or were reasonably likely to materially affect, internal controls[162](index=162&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section confirms the absence of material legal proceedings, unregistered equity sales, or defaults, and lists the exhibits filed with the report [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material litigation beyond routine matters in the ordinary course of business - Other than routine litigation arising out of the ordinary course of business, the company is **not presently subject to any material litigation**[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - **None**[165](index=165&type=chunk) [Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - **None**[166](index=166&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including the Distribution Agreement, CEO/CFO certifications, and Inline XBRL financial data - The report includes exhibits such as the **Distribution Agreement** dated May 26, 2021, **CEO/CFO certifications**, and financial information formatted in **Inline XBRL**[169](index=169&type=chunk)

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q1 2021 Earnings Conference Call May 7, 2021 9:00 AM ET Company Participants Harry Sullivan - SCR Partners Jeff Witherell - Chairman & CEO Pendleton White - President, CIO, Corporate Secretary & Director James Connolly - EVP, Asset Management Daniel Wright - EVP & CFO Conference Call Participants David Rodgers - Robert W. Baird & Co. Connor Siversky - Berenberg Alexander Goldfarb - Piper Sandler & Co. Craig Mailman - KeyBanc Capital Markets Gaurav Mehta - National ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Plymouth Industrial REIT, Inc. as of March 31, 2021, and for the three months ended March 31, 2021 and 2020 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows an increase in total assets to $961.8 million as of March 31, 2021, from $920.3 million at year-end 2020, primarily driven by growth in real estate properties Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$961,829** | **$920,270** | | Real estate properties, net | $832,415 | $788,398 | | Cash, cash held in escrow, and restricted cash | $28,163 | $32,054 | | **Total Liabilities** | **$590,122** | **$581,054** | | Secured debt, net | $327,752 | $328,908 | | Borrowings under line of credit | $98,000 | $90,000 | | **Total Equity** | **$234,218** | **$203,522** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2021, total revenues increased to $31.9 million from $26.2 million in the prior-year period, with a narrowed net loss Statements of Operations Highlights (in thousands, except per share data) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Total Revenues | $31,916 | $26,229 | | Total Operating Expenses | $30,212 | $25,630 | | Net Loss | $(2,984) | $(4,272) | | Net Loss Attributable to Common Stockholders | $(6,435) | $(7,570) | | Net Loss per Share (basic and diluted) | $(0.24) | $(0.53) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $14.8 million, while investing activities used $61.1 million, and financing provided $42.4 million Cash Flow Summary (in thousands) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,805 | $6,286 | | Net cash used in investing activities | $(61,071) | $(90,869) | | Net cash provided by financing activities | $42,375 | $103,923 | | **Net (decrease) increase in cash** | **$(3,891)** | **$19,340** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, real estate transactions, debt structure, equity activities, and earnings per share calculations - As of March 31, 2021, the company owned 111 industrial properties comprising 145 buildings with an aggregate of approximately **24.6 million square feet**[19](index=19&type=chunk) - During Q1 2021, the company acquired 5 properties for a total purchase price of **$61.0 million** and sold one property for approximately **$2.0 million**, recognizing a net gain of **$590,000**[43](index=43&type=chunk)[45](index=45&type=chunk) - In Q1 2021, the company issued **2,883,794 shares** of common stock under its ATM program, resulting in net proceeds of approximately **$42.5 million**[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, COVID-19 impact, and liquidity, including supplemental earnings measures [Overview and COVID-19 Impact](index=21&type=section&id=Overview%20and%20COVID-19%20Impact) The company maintains strong occupancy and rent collection rates, demonstrating operational stability despite the ongoing pandemic - As of March 31, 2021, the company's portfolio consisted of 111 industrial properties with 145 buildings, totaling approximately **24.6 million square feet**[91](index=91&type=chunk) - The company collected approximately **99.0%** of recurring base rents and tenant recoveries for Q1 2021[97](index=97&type=chunk) - Only one COVID-19 related rent deferral was in place as of March 31, 2021, representing just **0.05%** of annualized base rent. All deferrals from 2020 were fully repaid[97](index=97&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Total revenues increased by 21.7% due to acquisitions, with Same Store Portfolio revenue growing by 2.0%, leading to a narrowed net loss Total Portfolio Results of Operations (in thousands) | Metric | Q1 2021 | Q1 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $31,916 | $26,229 | 21.7% | | Property Expenses | $11,426 | $9,011 | 26.8% | | Depreciation and Amortization | $15,777 | $14,097 | 11.9% | | Net Loss | $(2,984) | $(4,272) | (30.1%) | - The increase in rental revenue was primarily driven by a **$5.1 million** contribution from acquisitions made since the beginning of 2020[109](index=109&type=chunk) - Same Store Portfolio rental revenue increased by **2.0% ($468,000)** due to scheduled rent steps, leasing activities, and higher tenant reimbursements[109](index=109&type=chunk) [Supplemental Earnings Measures](index=25&type=section&id=Supplemental%20Earnings%20Measures) Net Operating Income, Core FFO, and AFFO all showed significant growth, indicating strong underlying operational performance Reconciliation of Net Loss to NOI (in thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Loss | $(2,984) | $(4,272) | | Adjustments | $23,391 | $21,490 | | **NOI** | **$20,407** | **$17,218** | FFO and Core FFO Reconciliation (in thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Loss | $(2,984) | $(4,272) | | FFO Adjustments | $15,580 | $14,097 | | **FFO** | **$12,596** | **$9,825** | | Core FFO Adjustments | $(1,405) | $(1,613) | | **Core FFO** | **$11,191** | **$8,212** | AFFO Reconciliation (in thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Core FFO | $11,191 | $8,212 | | AFFO Adjustments | $(2,224) | $(1,190) | | **AFFO** | **$8,967** | **$7,022** | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains $125.6 million in available liquidity, sufficient for short-term obligations, with long-term needs funded through various sources - Total available liquidity as of March 31, 2021 was approximately **$125.6 million**[136](index=136&type=chunk) Indebtedness as of March 31, 2021 (in thousands) | Debt Type | Outstanding Balance | | :--- | :--- | | Secured debt, net | $327,752 | | Unsecured debt, net | $99,293 | | Borrowings under line of credit | $98,000 | | **Total** | **$525,045** | - The company has approximately **$35.5 million** available for issuance under its **$100 Million ATM program** as of March 31, 2021[142](index=142&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk exposure is to changes in interest rates, particularly related to its $198.0 million of variable rate debt outstanding as of March 31, 2021 - The company is exposed to market risk from changes in interest rates on its variable rate debt[146](index=146&type=chunk) - As of March 31, 2021, the company had **$198.0 million** of outstanding variable rate debt. A **100 basis point** increase in the average interest rate would have increased quarterly interest expense by approximately **$436,000**[147](index=147&type=chunk) - As of March 31, 2021, the Company has no derivative or hedging contracts[148](index=148&type=chunk) [Controls and Procedures](index=31&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Based on an evaluation as of March 31, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[151](index=151&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2021, that have materially affected, or were reasonably likely to materially affect, internal controls[152](index=152&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings and other required disclosures, including equity sales, defaults, and exhibits [Legal Proceedings](index=31&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings beyond routine business litigation - Other than routine litigation arising out of the ordinary course of business, the company is not presently subject to any material litigation[153](index=153&type=chunk) [Other Items (Items 2-6)](index=31&type=section&id=Other%20Items) This section reports no unregistered equity sales, defaults, or mine safety disclosures, and lists the exhibits filed with the report - The company reported "None" for the following items: Unregistered Sales of Equity Securities and Use of Proceeds (Item 2), Defaults Upon Senior Securities (Item 3), Mine Safety Disclosures (Item 4), and Other Information (Item 5)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Item 6 lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files[159](index=159&type=chunk)[162](index=162&type=chunk)

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q4 2020 Earnings Conference Call February 26, 2021 9:00 AM ET Company Participants Tripp Sullivan - IR Jeff Witherell - Chairman and CEO Pen White - President and CIO Jim Connolly - EVP, Asset Management Dan Wright - EVP and CFO Conference Call Participants Dave Rodgers - Baird Barry Oxford - D.A. Davidson Craig Mailman - KeyBanc Capital Markets Connor Siversky - Berenberg Aaron Hecht - JMP Alexander Goldfarb - Piper Sandler Gaurav Mehta - National Securities Opera ...

Part I [Item 1. Business](index=6&type=section&id=Item%201.%20Business) Plymouth Industrial REIT acquires and manages industrial properties, with 107 properties totaling 23.3 million square feet and a 96.4% lease rate as of December 31, 2020 Portfolio Overview as of December 31, 2020 | Metric | Value | | :--- | :--- | | Industrial Properties | 107 | | Total Buildings | 141 | | Rentable Square Feet | ~23.3 million | | Lease Rate | 96.4% | | Number of Tenants | 351 | | Industry Types | 34 | - The company operates as an UPREIT, allowing it to acquire properties in a tax-deferred manner by issuing Operating Partnership (OP) units as consideration[25](index=25&type=chunk)[35](index=35&type=chunk) - The investment strategy targets industrial properties in primary and secondary U.S. markets, aiming for superior cash flow returns and higher appreciation potential compared to gateway markets[27](index=27&type=chunk) - The financing strategy aims to maintain a flexible capital structure with a long-term target debt-to-value ratio of less than **50%**[33](index=33&type=chunk) - As of December 31, 2020, the company had thirty-four full-time employees, none of whom are represented by a collective bargaining agreement[44](index=44&type=chunk) [Item 1A. Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to operations, indebtedness, real estate, structure, and REIT status - The company's portfolio is concentrated in the industrial real estate sector and is geographically focused, with Chicago (**22.5%**), Cleveland (**15.8%**), and Indianapolis (**15.3%**) representing the largest markets by annualized rent as of December 31, 2020[57](index=57&type=chunk)[58](index=58&type=chunk) - A significant portion of the portfolio's leases are scheduled to expire in the near term, with **11.8%** of rentable square footage expiring in 2021 and **17.5%** in 2022[64](index=64&type=chunk) - The company has significant indebtedness, totaling approximately **$522.0 million** as of December 31, 2020, which exposes it to risks of default, restrictive covenants, and potential difficulties in refinancing[96](index=96&type=chunk) - The ongoing COVID-19 pandemic poses risks to operations, as tenants may be unable to pay rent; in 2020, the company entered into rent deferral agreements representing approximately **1.3%** of its annualized base rent[115](index=115&type=chunk)[116](index=116&type=chunk) - Failure to maintain qualification as a REIT would result in significant adverse tax consequences, including being subject to federal income tax at regular corporate rates[164](index=164&type=chunk) [Item 1B. Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments as of the filing date[178](index=178&type=chunk) [Item 2. Properties](index=34&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company's portfolio consisted of 107 industrial properties totaling 23.3 million rentable square feet with a 96.4% occupancy rate Portfolio Summary as of December 31, 2020 | Metric | Value | | :--- | :--- | | Total Properties | 107 | | Total Rentable Square Feet | 23,271,946 | | Occupancy | 96.4% | | Total Annualized Base Rent | $94,095,238 | | Weighted Average Rent/Sq. Ft. | $4.20 | Geographic Diversification by Annualized Base Rent | Market | % of Annualized Base Rent | | :--- | :--- | | Chicago | 25.0% | | Cleveland | 15.8% | | Jacksonville | 13.2% | | Indianapolis | 12.7% | | Columbus | 7.7% | | Other | 25.6% | Top 5 Tenant Industries by Annualized Base Rent | Industry | % of Annualized Base Rent | | :--- | :--- | | Logistics & Transportation | 21.1% | | Food & Beverage | 6.1% | | Construction | 5.4% | | Home & Garden | 5.2% | | Automotive | 4.8% | - The top ten tenants contribute **18.1%** of the total annualized rent, with the largest tenant, Stonecrop Technologies, LLC, accounting for **2.3%**[193](index=193&type=chunk) - The weighted average remaining lease term for the portfolio is **3.8 years**; leases representing **11.8%** of rentable square footage are set to expire in 2021, and **17.5%** will expire in 2022[197](index=197&type=chunk)[198](index=198&type=chunk) [Item 3. Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - As of the report date, there are no material legal proceedings involving the company[200](index=200&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[201](index=201&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "PLYM", with 28.1 million shares outstanding as of February 22, 2021, and a policy to declare quarterly dividends to comply with REIT requirements - The company's common stock is traded on the NYSE under the ticker symbol "**PLYM**"[205](index=205&type=chunk) - The company's distribution policy is to pay regular quarterly cash dividends of substantially all of its REIT taxable income to maintain its REIT qualification[206](index=206&type=chunk)[207](index=207&type=chunk) - As of December 31, 2020, there were **190,225** securities to be issued upon exercise of outstanding options, warrants, and rights under equity compensation plans approved by security holders[210](index=210&type=chunk) [Item 6. Selected Financial Data](index=40&type=section&id=Item%206.%20Selected%20Financial%20Data) This section has been omitted as permitted under SEC rules applicable to smaller reporting companies - Selected financial data has been omitted as permitted for smaller reporting companies[212](index=212&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For the year ended December 31, 2020, total revenues increased by 45.9% to $109.9 million, with a net loss of $14.5 million, while Core FFO and AFFO significantly grew Comparison of Operations (Years Ended Dec 31) | Metric (in thousands) | 2020 | 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $109,851 | $75,290 | 45.9% | | Total Operating Expenses | $104,949 | $72,099 | 45.6% | | Interest Expense | $18,931 | $14,948 | 26.6% | | Net Loss | $(14,462) | $(11,938) | 21.1% | Non-GAAP Performance Measures (Years Ended Dec 31) | Metric (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | NOI | $71,677 | $48,053 | | EBITDAre | $61,000 | $40,391 | | FFO | $42,030 | $25,443 | | Core FFO | $36,000 | $19,361 | | AFFO | $31,753 | $15,935 | - In response to COVID-19, the company collected approximately **98.8%** of recurring base rents for Q4 2020 and entered into limited rent deferral agreements representing **1.3%** of annualized base rent for the year[222](index=222&type=chunk) - As of December 31, 2020, the company had total liquidity of approximately **$114.1 million**, consisting of **$27.6 million** in cash and **$86.5 million** available on its line of credit[274](index=274&type=chunk) - Total consolidated indebtedness as of December 31, 2020, was approximately **$522.0 million**, comprised of **$332.0 million** in secured debt and **$190.0 million** in unsecured debt (term loan and line of credit)[96](index=96&type=chunk)[277](index=277&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=54&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This disclosure has been omitted as permitted under SEC rules applicable to smaller reporting companies - This disclosure is omitted as permitted for smaller reporting companies[299](index=299&type=chunk) [Item 8. Consolidated Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the company's Consolidated Financial Statements, which begin on page F-1 of the Annual Report - The Consolidated Financial Statements and Supplementary Data are incorporated by reference from page F-1 of the report[300](index=300&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=54&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[301](index=301&type=chunk) [Item 9A. Controls and Procedures](index=54&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[303](index=303&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2020, based on the criteria from the 2013 COSO framework[305](index=305&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended December 31, 2020[306](index=306&type=chunk) [Item 9B. Other Information](index=54&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[307](index=307&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=55&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The information required for this item is incorporated by reference from the company's definitive proxy statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the 2021 proxy statement[309](index=309&type=chunk) [Item 11. Executive Compensation](index=55&type=section&id=Item%2011.%20Executive%20Compensation) The information required for this item is incorporated by reference from the company's definitive proxy statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the 2021 proxy statement[310](index=310&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=55&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) The information required for this item is incorporated by reference from the company's definitive proxy statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the 2021 proxy statement[311](index=311&type=chunk) [Item 13. Certain Relationships and Related Transactions and Director Independence](index=55&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) The information required for this item is incorporated by reference from the company's definitive proxy statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the 2021 proxy statement[312](index=312&type=chunk) [Item 14. Principal Accountant Fees and Expenses](index=55&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Expenses) The information required for this item is incorporated by reference from the company's definitive proxy statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the 2021 proxy statement[313](index=313&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=56&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules (specifically Schedule III), and all exhibits filed as part of the Annual Report on Form 10-K - This item includes the Index to Consolidated Financial Statements, Financial Statement Schedule III (Real Estate Properties and Accumulated Depreciation), and a list of all filed exhibits[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk) [Item 16. Form 10-K Summary](index=59&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this item - None[325](index=325&type=chunk) Consolidated Financial Statements [Consolidated Balance Sheets](index=65&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2020, total assets increased to $920.3 million, driven by real estate properties, with total liabilities rising to $581.1 million and equity growing to $203.5 million Consolidated Balance Sheet Data (as of Dec 31) | Account (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | **Assets** | | | | Real estate properties, net | $788,398 | $591,911 | | Total assets | $920,270 | $685,481 | | **Liabilities & Equity** | | | | Secured debt, net | $328,908 | $318,558 | | Unsecured debt, net | $99,254 | $0 | | Borrowings under line of credit | $90,000 | $78,900 | | Total liabilities | $581,054 | $442,056 | | Total equity | $203,522 | $114,764 | [Consolidated Statements of Operations](index=66&type=section&id=Consolidated%20Statements%20of%20Operations) For the year ended December 31, 2020, total revenues reached $109.9 million, but the net loss attributable to common stockholders widened to $27.9 million, or ($1.52) per share Consolidated Statement of Operations (Years Ended Dec 31) | Account (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | Total revenues | $109,851 | $75,290 | | Total operating expenses | $104,949 | $72,099 | | Net loss | $(14,462) | $(11,938) | | Net loss attributable to common stockholders | $(27,889) | $(24,523) | | Net loss per share (basic and diluted) | $(1.52) | $(2.88) | [Consolidated Statements of Cash Flows](index=68&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the year ended December 31, 2020, net cash from operating activities increased to $41.7 million, while investing activities used $259.1 million, and financing activities provided $227.0 million Consolidated Cash Flows (Years Ended Dec 31) | Activity (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,745 | $27,717 | | Net cash used in investing activities | $(259,118) | $(200,467) | | Net cash provided by financing activities | $227,029 | $180,187 | | **Net increase in cash** | **$9,656** | **$7,437** | [Notes to Consolidated Financial Statements](index=69&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on accounting policies, property acquisitions, debt structure, equity, and other financial matters, including a new joint venture and preferred stock details [Note 3. Real Estate Properties](index=76&type=section&id=Note%203.%20Real%20Estate%20Properties) During 2020, the company acquired 22 properties for $243.6 million, contributing to a net book value of $788.4 million for real estate properties as of December 31, 2020 Property Acquisition Summary | Year | Properties Acquired | Total Purchase Price (in thousands) | | :--- | :--- | :--- | | 2020 | 22 | $243,568 | | 2019 | 30 | $220,115 | Purchase Price Allocation for 2020 Acquisitions | Category (in thousands) | Amount | | :--- | :--- | | Total Purchase Price & Costs | $246,353 | | Land | $32,241 | | Building & Site Improvements | $191,283 | | Net Deferred Lease Intangibles | $22,829 | [Note 7. Indebtedness](index=84&type=section&id=Note%207.%20Indebtedness) As of December 31, 2020, the company had total debt of $522.0 million, including $332.0 million in secured loans and $190.0 million in unsecured debt, following the establishment of a new $300 million unsecured credit facility in October 2020 Indebtedness as of December 31, 2020 | Debt Type | Outstanding Balance (in thousands) | | :--- | :--- | | Secured Loans | $332,011 | | Unsecured Term Loan | $100,000 | | Borrowings under Line of Credit | $90,000 | | **Total** | **$522,011** | - In October 2020, the company established a new **$300 million** unsecured credit facility, comprising a **$200 million** revolving facility and a **$100 million** term loan, which matures in 2024 and 2025, respectively[427](index=427&type=chunk) [Note 8. Common Stock](index=86&type=section&id=Note%208.%20Common%20Stock) In 2020, the company raised approximately $104.4 million from a public offering and $30.7 million from ATM programs, with warrants outstanding for 351,082 shares - Completed a follow-on public offering of **8,625,000** shares in August 2020, resulting in net proceeds of approximately **$104.4 million**[436](index=436&type=chunk) - Issued **2,212,905** shares under its ATM programs during 2020, raising net proceeds of approximately **$30.7 million**[440](index=440&type=chunk) - As of December 31, 2020, the company had warrants outstanding to acquire **351,082** shares of common stock at an exercise price of **$16.39** per share, expiring in 2022[441](index=441&type=chunk) - In October 2020, the company entered into a joint venture with a third-party partner to acquire value-add/opportunistic industrial properties, with the company holding a **20%** interest[407](index=407&type=chunk) - The company has two series of preferred stock outstanding: Series A (**7.50%** cumulative redeemable) and Series B (convertible redeemable with a liquidation preference designed to provide a **12% IRR**)[448](index=448&type=chunk)[462](index=462&type=chunk)[464](index=464&type=chunk) - As of December 31, 2020, the company had **606,632** non-controlling Operating Partnership (OP) Units outstanding, which are redeemable for common stock[481](index=481&type=chunk)