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Plymouth REIT Investor Presentation March 2025 Investor Meetings Plymouth Industrial REIT, Inc. NYSE: PLYM
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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 sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information, however, and has not independently verified such information. This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. You can identify forward-looking statements by the use of forward- looking terminology such as “believes,” “expects,” “may,” “will,” “will likely result,” “would,” “could,” “should,” “seeks,” “intends,” “plans,” “projects,” “estimates,” “anticipates” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements, discussions possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. Statements regarding the following subjects are forward-looking by their nature; the Company’s business and investment strategy; its expected operating results; completion of acquisitions; its ability to successfully implement proposed acquisition, lease and management structures; its ability to obtain future financing arrangements; its expected leverage levels; its expected dividend levels; the Company’s understanding of its competition; market and industry trends and expectations; and anticipated capital expenditures. Additionally, the following factors could cause actual results to vary from our forward-looking statements: general volatility of the capital markets and the market price of the Company’s common or preferred stock; performance of the industrial sector and real estate industries in general; changes in the Company’s business or investment strategy; changes in market conditions within the industrial sector and the availability of industrial property acquisitions; the Company’s ability to satisfy closing conditions and obtain regulatory, lender and other rulings, approvals and consents in connection with acquisitions; availability, terms and deployment of capital; availability of and the Company’s ability to attract and retain qualified personnel; the Company’s leverage levels; its capital expenditures; its ability to satisfy the requirements for qualification and taxation as a REIT for federal income tax purposes; changes in the Company’s industry and the market in which it operates, interest rates or the general U.S. or international economy; and the degree and nature of the Company’s competition. The forward-looking statements contained in this presentation reflect the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company’s business, prospects, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. You should carefully consider all risks before you make an investment decision with respect to the Company’s common and preferred stock. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. Notice Regarding Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including funds from operations (“FFO”), Core funds from operations (“Core FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”) and earnings before interest, taxes and depreciation (“EBITDA”). For definitions of each of these measures and reconciliations to the closest GAAP measure please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company’s calculations of these measures may not be exactly the same as other companies who report similar measures. As a result, the Company’s measures may not be comparable to those of other companies. The Company believes these measures are helpful supplemental measures, but should be read in conjunction with our financial statements presented in accordance with GAAP. 2 FROM THE FIRST MILE TO THE LAST MILE 2025 INVESTOR PRESENTATION References herein to “we,” “us,” and “our” refer to Plymouth Industrial REIT Inc. (“Plymouth” or the “Company”)
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High-Quality Portfolio in Attractive Markets 2025 INVESTOR PRESENTATION 3 FROM THE FIRST MILE TO THE LAST MILE Wholly-owned Portfolio Snapshot Number of Properties 129 Number of Buildings 199 Square Footage 29,250,971 Portfolio Occupancy 92.3% Same-Store Occupancy 95.2% WA Lease Term Remaining (yrs.)1 3.2 Multi-Tenant as % of ABR 55.5% Single Tenant as % of ABR 45.5% WA Annual Rent Escalators ~3.0% Triple Net Leases as % of ABR 83.6% 1. The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage. 2. During Q4 2024, Plymouth contributed 34 of the 40 buildings in our Chicago market to the Chicago Joint Venture with Sixth Street. The remaining 6 buildings in the market more closely align with the CBRE defined market of South Bend, IN. As of December 31, 2024 2
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Investment Highlights Heritage as Real Estate Operators Contributes to Execution of Growth Strategy • Strong property-level asset management and leasing, combined with accretive acquisitions with lease-up opportunities, enhances growth in targeted markets • “Ground-up” operational expertise enables the team to uncover property-level issues/opportunities that non-operators may miss or overlook The “Golden” Era of U.S. Industrial Leading to Historic Opportunity • Markets within the Golden Triangle are greatly benefiting from continued infrastructure investment • East and Gulf coast ports and intermodal markets led industrial demand in 2024 • A tale of two markets is emerging throughout Tier I & Tier II as smaller building vacancy rates remain at historic lows and rent growth remains constant & steady • Development since 2010 has left limited new space options in the 20K – 150K SF building segment Disciplined Capital Allocation Driving Portfolio and Leverage Improvement • Proven record of acquiring properties at lower price/SF provides compelling returns and ability to offer competitive lease rates while achieving mark-to-market of 18% to 20% • Balance sheet was made stronger when we entered into a $600 million amended and restated unsecured credit facility that provided expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt 2025 INVESTOR PRESENTATION 4 Insert picture here
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Our Heritage as Real Estate Operators 2025 INVESTOR PRESENTATION 5 FROM THE FIRST MILE TO THE LAST MILE Full service, vertically integrated, self-administered and self-managed Plymouth team is well-recognized for its decades-long experience in extensive, operational approach to real estate asset management and investment Intensive, detailed approach to underwriting acquisitions enables thorough understanding of each asset and affords us the ability to unlock value Hands-on asset management strategy enhances tenant experiences and drives property values over the long term “Boots-on-the-ground” strategy through our team members in Boston and regional offices in Atlanta, Columbus, Jacksonville and Memphis gives us a competitive advantage in our markets and exemplifies Plymouth’s ability to proactively respond to tenant/property needs Focused on the acquisition, development, ownership and management of efficient, utilitarian single and multi-tenant industrial properties
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Developable Land 117 acres of land owned in key markets identified for potential development The developable gross leasable area is estimated to be 1.6 million square feet PERFORMANCE METRICS (2020 – 2024)1 Q4 2024 Recap Portfolio Performance Ending occupancy of 92.3% Same store occupancy of 95.2% Collected over 99.0% of rent Investment 258,082 square feet acquired in Cincinnati, OH for $20.1 million; 2nd tranche close included an additional 240,578 square feet for $17.9 million in Q1 2025 Purchased a 297,583 square-foot warehouse facility for $23.9 in Atlanta, GA and a 263,000-square-foot building in Cincinnati, OH for $23.3 million (Q1 2025) Core Growth, Stable Occupancy & Strong Leasing 2025 INVESTOR PRESENTATION FROM THE FIRST MILE TO THE LAST MILE 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2020 2021 2022 2023 2024 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2020 2021 2022 2023 2024 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2020 2021 2022 2023 2024 1. As of December 31, 2024 TOTAL PORTFOLIO OCCUPANCY RELEASING SPREADS (CASH BASIS) LEASE RENEWALS 6
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Plymouth’s portfolio is diversified by tenant, geography, asset type and industry Substantial Portfolio Diversification 7 FROM THE FIRST MILE TO THE LAST MILE Warehouse / Distribution 59.8% Warehouse / Light Manufacturing 21.3% Small Bay Industrial 18.9% Note: All data as of December 31, 2024. “Annualized Base Rent” is the monthly base cash rent for the applicable property or properties as of December 31, 2024, multiplied by 12. 1. Exclusive of 4 leases to the tenant Accredo Health totaling 134,592 square feet and $1.8 million of ABR expired on December 31, 2024. 2. During Q4 2024, Plymouth contributed 34 of the 40 buildings in our Chicago market to the Chicago Joint Venture with Sixth Street. The remaining 6 buildings in the market more closely align with the CBRE defined market of South Bend, IN. 3. Small bay industrial is inclusive of flex space totaling 603,134 leased square feet and annualized base rent of $7,257,028. Small bay industrial is multipurpose space; flex space includes office space that accounts for greater than 50% of the total rentable area. Atlanta 7.7% Boston 1.8% Charlotte 0.9% Cincinnati 10.3% Cleveland 13.1% Columbus 9.4%Indianapolis 11.3% Memphis 21.1% St. Louis 8.7% Jacksonville 13.5% South Bend(2) 2.2% ABR by Market ABR by Industry ABR by Asset Type(3) 16.2% of total portfolio ABR 5.3M leased square feet $21.3M annualized base rent $4.03 rent per square foot 19 total leases Top Ten Tenants1 2025 INVESTOR PRESENTATION Logistics & Transportation 25.9% Automotive 7.8% Wholesale/Retail 8.0% Home & Garden 4.7% Construction 5.1% Healthcare 7.2% Printing & Paper 2.9% Plastics 4.5% Food & Beverage 4.1% Industrial Equipment Components 3.2% Other Industries 26.6%
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Plymouth has completed transformational acquisitions at well below replacement cost and delivered on a development program supported by strategic capital management, providing growth and increased scale Investment Activity Total Acquisition and Replacement Cost by Market ($ in Thousands) 2025 INVESTOR PRESENTATION 8 FROM THE FIRST MILE TO THE LAST MILE 1 Represents total direct consideration paid prior to the allocations per U.S. GAAP and the allocated costs in accordance with 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. 3 During Q4 2024, Plymouth contributed 34 of the 40 buildings in our Chicago market to the Chicago Joint Venture with Sixth Str eet. The remaining 6 buildings in the market more closely align with the CBRE defined market of South Bend, IN. Market State # of Buildings Rentable Square Feet Total Acquisition Cost 1 Replacement Cost2 Atlanta GA 13 2,086,835 $ 111,988 $ 154,583 Boston ME 2 268,713 19,023 40,729 Charlotte NC 1 155,220 20,400 20,821 Cincinnati OH, KY 21 2,969,046 126,854 228,779 Cleveland OH 19 3,979,209 201,550 362,436 Columbus OH 14 3,230,487 137,624 257,186 Indianapolis IN 17 4,085,169 149,251 356,416 Jacksonville FL, GA 29 2,185,316 159,621 226,330 Memphis MS, TN 63 6,404,287 285,907 593,338 South Bend 3 IN 6 667,000 26,000 37,830 St. Louis IL, MO 14 3,219,689 213,787 325,818 Total 11 199 29,250,971 $ 1,452,005 $ 2,604,266 Unconsolidated 3 Chicago IL, WI 34 5,957,335 253,748 681,298
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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 Glo bes and federal Guiding Principles Compliance certification and assessment programs. 2 Completed buildings are included within portfolio occupancy and square footage metrics as of December 31, 2024. Value Creation 2025 INVESTOR PRESENTATION 9 AS OF DECEMBER 31, 2024 Completed 2 # of Buildings Total Rentable Square Feet (RSF) % Leased Investment ($ 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 1 154,692 100% $ 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 Jacksonville - Liberty II 1 52,920 100% $ 8.9 100% Q4 2024 Total 7 772,622 100% $ 70.0 100% The total investment in completed developments is approximately $70 million. The initial cash NOI yields on development projects completed is 7.5%. Plymouth is in the early stages of constructing a 41,958-square-foot building on the last remaining plot in our Jacksonville, FL Liberty Business Park. The estimated investment is $5.7 million with a targeted completion date at year end 2025. Plymouth has partnered with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities. In Q4 2024, Plymouth achieved a Two Green Globe certification on our completed development in Jacksonville and, prior to Q4 2024, Plymouth 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.
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Sixth Street Strategic Investment 2025 INVESTOR PRESENTATION 10 FROM THE FIRST MILE TO THE LAST MILE 1. More details can be found in Exhibit 10.1 of Form 10K filed on February 27, 2025. 2. As of December 31, 2024. Transaction Summary: • Sixth Street to provide a total of ~$253 MM in capital, comprised of ~$113MM to purchase a 65% interest in the JV and $140MM in non-convertible Series C Cumulative Perpetual Preferred Units (“Preferred Equity”). • PLYM plans to use ~31% leverage on the transaction net proceeds (including JV refinance proceeds) to deploy up to $500MM in incremental capital to pursue new investments. • Sixth Street intends to be a strategic partner in pursuing additional JV opportunities with PLYM in both new and existing markets. • Transaction is expected to be leverage-neutral to PLYM with overall leverage expected to decline sequentially in Q4 2024 after closing of the JV and remain in line with PLYM’s stated leverage targets for 2024. Preferred Equity Deal Terms: • At initial closing on Aug. 26, 2024, Sixth Street provided ~$61MM in gross proceeds to PLYM; ~$79MM of additional gross proceeds to be provided no later than 9 months after initial closing. • Sixth Street is paid a return of 7.0% per year (4.0% cash pay portion with a 3.0% PIK), which increases after years 5 and 7. • Sixth Street is entitled to the greater of its $140MM investment plus accrued but unpaid distributions or a preferred multiple of 1.35X the $140MM less any previously paid distributions. • PLYM can redeem the preferred equity at any time. Detachable Warrant Deal Terms1: • At initial closing on Aug. 26, 2024, 11.76 million warrants granted to Sixth Street to purchase OP common units for a term of 5 years with a 2-year extension option based on certain conditions. PLYM has the option of net settlement of these warrants at exercise through cash or shares. • The strike prices of the warrants adjust for cash dividends or distributions; stock dividends, splits and combinations; rights, options and warrants; spin-offs and other distributed property; tender offers or exchange offers; and digressive issuances. • Warrant tranches of units and strike prices are: 4.52MM at $24.65/unit, 3.01MM at $25.62/unit, and 4.52MM at $26.60/unit 2. • The warrants are estimated to have a FMV of $73.3M2 using a Monte Carlo Model including volatility of 28.0%, dividend yield of 4.3%, a variable term of 5 or 7 years and a risk-free rate of 3.7%. Chicago Joint Venture: • On November 13, 2024, PLYM closed on the Chicago JV by contributing 34 Chicago-area properties totaling ~5.9MM SF and ~$22MM of annual NOI at a contribution valuation of a 6.2% cap rate to a new joint venture (“JV”) and retain a 35% interest in the JV. • The pre-existing $56.7M Transamerica Loan securing 14 of the Chicago-area properties was assigned to the Chicago JV. Upon assignment, the Transamerica Loan was amended to providing an additional $30M, 6.51% interest-only loan. No changes to the pre- existing Transamerica Loan terms were made. • An additional $90M five-year term loan was entered into with Voya, secured by 20 of the Chicago-area properties. The Voya term loan matures December 2029 and provides for interest-only payments at a rate of 5.6%. • The JV agreement provides for distributions as follows: • Sixth Street to receive distributions sufficient to receive a 13.5% IRR • PLYM to then receive distributions sufficient to receive a 13.5% IRR • Thereafter, (i) 70% to PLYM and (ii) 30% to Sixth Street
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Cincinnati: Acquisition 2025 INVESTOR PRESENTATION 11 VALUE CREATION 1. Represents total direct consideration paid rather than GAAP cost basis. 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. Location Cincinnati, OH Acquisition Date December-2024 # of Buildings 9 Purchase Price1 $20,149 Square Footage 258,082 Occupancy 96.9% WA Lease Term Remaining 2.8 Years Going in Yield 6.8% Purchase Price/SF1 $78.07 Replacement Cost/SF2 $134 Multi-Tenant % 84.1% Single-Tenant % 15.9% Transaction Summary: Purchased a 258,082-square-foot, 9-building industrial portfolio in Cincinnati , OH during the quarter. The portfolio was acquired for $20.1 million at a going-in NOI yield of 6.8%. At acquisition, portfolio was 96.9% leased to 23 tenants with weighted average remaining lease term of 2.8 years. In-place rents are consistent with our portfolio average mark-to-market of 18% to 20%.
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Savannah: Lease Directly to Subtenant 2025 INVESTOR PRESENTATION 12 VALUE CREATION Location Savannah, GA Stabilization Date Q3 2024 # of Buildings 1 Purchase Price1 $6,247 Square Footage 187,205 Occupancy 100% WA Lease Term Remaining 4.0 Years Stabilized Yield 12.0% Purchase Price/SF1 $33.37 Replacement Cost/SF2 $62.09 Multi-Tenant % 0% Single-Tenant % 100% Transaction Summary: Negotiated deal that was initially a sublease on 187,205 square feet that turned into a direct lease. Four-year deal, no downtime, no external brokers and no tenant improvements. Rental rate increase of 124% over expiring rent. The property was acquired in 2020 at an initial NOI yield of 5.1%. Stabilized yield is now 12.0% with annual lease escalations averaging 2.5%. 1. Represents total direct consideration paid rather than GAAP cost basis. 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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JACKSONVILLE: New Industrial Development 2025 INVESTOR PRESENTATION 13 VALUE CREATION 1. Consistent with stated proforma stabilized cash NOI yields on the entire development program. 2. Represents total direct investment rather than GAAP cost basis. 3. 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. Location Jacksonville Delivery Q3 2023, Q4 2023 and Q4 2024 # of Buildings 3 Investment $20,744 Square Footage 133,242 Occupancy 100.0% WA Lease Term Remaining 7.1 years Projected Stabilized Yield1 7-9% Investment/SF2 $155.69 Replacement Cost/SF3 $130-$145 Multi-Tenant % 0% Single-Tenant % 100% Transaction Summary: Delivered two buildings in 2023 totaling 80,322 square feet, both of which are fully leased. Delivered the third building at Liberty Business Park on October 31, 2024. The 52,920 square foot space is fully leased. Marketing an additional fully designed and permit-ready site at Liberty Business Park that can provide 41,958 square feet.
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Nearly All of Plymouth’s Portfolio Resides inside The Golden Triangle The region is named “The Golden Triangle” as it: • Within a day’s drive-time to 70% of the U.S. population • Includes more than half the U.S GDP within its boundaries • Contains more ports than any other region in the country • Encompasses five of the seven Class I railroads • 90% of households live within a five-hour truck drive of primary intermodal facilities and inland rail ports • Over the last five years, the population growth for markets within the GT has averaged 4.9% 2025 INVESTOR PRESENTATION 14 THE GOLDEN TRIANGLE Plymouth wholly-owns 28.9 million square feet within the Golden Triangle, and has regional offices located in Atlanta, Columbus, Memphis and Jacksonville. An additional 5.9 million square feet is jointly owned with a partner in a Chicago- based joint venture. Source: CCIM Institute (https://www.ccim.com/newscenter/commercial-real-estate-insights-report/last-mile-logistics--commercial-real-estate-s-growth-engine/) Shifting Port volume favors Tier II markets Twenty-equivalent unit (TEU) import and export volume has shifted in favor of Atlantic ports over the past several years Manufacturing favors Tier II markets Tier II markets provide occupiers with a denser base of manufacturing workers and less competitive labor environment Construction starts taper off A significant drop in construction starts, particularly in Tier II markets, will lead to less deliveries over the next 18-14 months COL and labor favor Tier II markets Tier II markets have lower cost of living (COL) compared to Tier I markets along with cheaper industrial labor
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• 2626 Port Road practically overlooks the Rickenbacker Airport. • 3100 Creekside Parkway in Lockbourne also benefits from close proximity to Rickenbacker as it is 3.2 miles north of the airport. • New World Drive and Williams Road are less than 10 miles from Norfolk Southern Rickenbacker Intermodal. • 7001 Americana Parkway is the closest building in the portfolio to the technology and data center developments on the northeast side of the market. • 3500 Southwest Boulevard in Grove City is next door to Walmart’s Regional DC and two doors down from FedEx Ground. This building is also the closest to CSX Intermodal and UPS Hub at I-70 & I-270. • The Lewis Center assets on the north side of the market benefit from proximity to affluent housing clusters and major corporate employment hubs and retail. • The other five assets in the Columbus market are located approximately one-hour from Columbus. 2025 INVESTOR PRESENTATION 15 THE GOLDEN TRIANGLE Market Portrait: Columbus Assets Are Well Located to Logistics Infrastructure
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• Although most new manufacturing construction will be build-to-suit or owner- built, demand for speculative manufacturing space will also exist, as will demand for logistics real estate and other types of commercial space in the communities around new plants • Port activity is accelerating with Mexico’s two largest ports offering North American supply chains ever more options • Supply chain strategies begun in 2016 are now well into their execution, largely benefiting U.S. Eastern Ports and increasingly Mexico’s Western Ports Reshoring and Onshoring are Positive Catalysts for PLYM Ongoing reshoring could increase the U.S. manufacturing base by 6% to 13% over 10 years and is encouraging nearshoring of manufacturing to Mexico and Canada 2025 INVESTOR PRESENTATION 16 THE GOLDEN TRIANGLE Sources: NAIOP Research Foundation, Newmark; AVANT by Avison Young; CoStar • Investment in new manufacturing facilities has been concentrated in the Midwest and Southeast • Six of the top 10 states with a notable increase in manufacturing construction are located with the Golden Triangle • Most new construction is expected to be in secondary or tertiary market locations that can offer adequate supplies of affordable energy and skilled labor Insert picture here
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Tier II Markets Offer Sizable Advantages The Golden Triangle region has become the crème of the crop for logistics infrastructure • Diversifying ports of entry shift demand while shifting port volume favors Tier II markets • The strongest e-commerce, parcel delivery, logistics, and retail firms continue to expand throughout the region (Source: CCIM Institute) • Over 80% of EV & Battery production facility locations are found within Golden Triangle states Workforce availability and labor costs are predominant factors for companies occupying industrial space • Tier II markets enjoy higher affordability and lower average labor costs than Tier 1 markets. Occupiers are increasingly willing to pay more for rent if it exposes them to cheaper pools of labor • Tier II markets have over 28% more employees per business than in Tier 1 • Population in Tier II markets expected to increase 2.7% over the next five years compared with a 0.5% increase in Tier I Leasing activity and rent growth are increasingly favoring Tier II markets • Tier II markets saw a larger amount of leasing activity as a percentage of inventory compared to Tier I in 2021, 2022 and 1H 2023 • Rental growth in Tier II markets has performed with more stability; rental growth in Tier 1 markets has been sporadic with a significant decline taking place in 2023 • Tier II 20K-150K SF building vacancy is 250 bps below the national average 2025 INVESTOR PRESENTATION 17 THE GOLDEN TRIANGLE Source: AVANT by Avison Young; CoStar Tier 1: Inland Empire, Los Angeles, Northern New Jersey, Seattle-Bellevue Tier II: Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, St. Louis Insert picture here
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Supply of PLYM-Type Properties is Diminishing Since 2001, proportion of overall industrial space in 20K – 150K square feet in Tier I and Tier II has declined 23% while inventory of 500K+ square feet has increased 198% since 2001 • This limiting supply has pushed up rental rates for tenants in the 20k – 150K SF size range • 90% of Plymouth’s ABR is concentrated in leases under 250K square feet • Plymouth’s average sized tenant is ~55,000 square feet Industrial inventory growth has been focused on big box space • The inventory of 20K – 150K square foot size has grown by only 6% since 2010 in Tier II markets compared with 83% inventory growth for 500K+ square foot space in Tier II markets • 61% of all new construction since 2010 in Tier II markets has been 500K+ square foot space • Of the nearly 550M square feet of new buildings delivered since 2018, only 13% falls within the 20K - 150K range; occupiers of this size have very limited new options throughout Tier I and Tier II markets • Starts continue annualized declines but show quarterly stabilization throughout 2024, quarterly starts stabilized between +/- 50 and 60 MSF and will likely remain around that level in the first half of 2025. In comparison, quarterly starts averaged 80 MSF between 2017 and 2019 New construction of higher clear height buildings yields fewer competing spaces to PLYM • Over 90% of all new construction in Tier I & Tier II markets has been 32’+ clear (new standard for Class A); prior to the Global Financial Crisis, 28’ clear buildings were predominant feature in Tier I markets • Since 2018, over 70% of all new construction has been 36’+ clear buildings in Tier I and Tier II markets; however, small to mid-size occupiers in these markets do not fully utilize the higher clear heights 2025 INVESTOR PRESENTATION 18 THE GOLDEN TRIANGLE Source: AVANT by Avison Young; CoStar; Newmark Tier 1: Inland Empire, Los Angeles, Northern New Jersey, Seattle-Bellevue Tier II: Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, St. Louis
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Class A Vacancy is 3X that of Class B in PLYM Markets 19 THE GOLDEN TRIANGLE Overall Industrial Vacancy in Plymouth Industrial REIT Markets Source: CBRE EA (February 2025) 1 On November 13, 2024, 34 properties located in and around Chicago were contributed to the Sixth Street Joint Venture for a purchase price of $356.6 million. 2 Chicago market excludes Plymouth’s 667,000 SF South Bend portfolio The U.S. industrial sector increase in vacancy is predominantly due to speculative Class A big-box development, while all PLYM’s markets recorded positive absorption in 2024 • Cushman & Wakefield estimates ~425 million SF was delivered in 2024 nationwide with 78% speculative and one quarter of that space preleased before construction • New supply is expected to start subsiding in 2024 with volume of space under construction below the 500 million SF level for the first time since mid-2021 2025 INVESTOR PRESENTATION 2024 Q4 - Vacancy Rates Market Square Feet Owned % of Portfolio Total Non-Class A Class A Memphis 6,404,287 18.5% 7.3% 6.5% 8.3% Chicago1,2 5,957,335 17.2% 4.8% 3.4% 8.9% Indianapolis 4,085,169 11.8% 8.8% 3.9% 17.4% Cleveland 3,979,209 11.5% 3.1% 3.0% 7.4% Columbus 3,230,487 9.4% 6.7% 3.1% 12.2% St. Louis 3,219,689 9.3% 3.9% 2.3% 9.1% Cincinnati 2,969,046 8.6% 5.5% 2.7% 14.2% Atlanta 2,086,835 6.0% 7.4% 4.8% 12.4% Jacksonville 2,185,316 6.3% 4.7% 4.1% 7.5% Boston 268,713 0.8% 7.2% 4.9% 18.3% Charlotte 155,220 0.4% 6.5% 3.6% 13.7% All Plymouth Markets - Weighted Avg. 5.9% 3.9% 10.6% Top 5 Markets – Weighted Avg 6.1% 4.2% 10.4%
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National asking rents are projected to increase in 2025 with the overall growth rate decelerating, a modest increase in vacancy rates and normalizing lease totals PLYM Market Rent Growth to Outpace National Average 20 THE GOLDEN TRIANGLE • Asking rents in PLYM markets increased 2.4% in 2024 and forecasted to grow 3.0% in 2025 • Vacancy rate for larger Class A buildings is more than 2.5 times more than smaller Class B properties Source: Moody's Analytics - CRE (February 2025) 1 On November 13, 2024, 34 properties located in and around Chicago were contributed to the Sixth Street Joint Venture for a purchase price of $356.6 million. 2 Chicago market excludes Plymouth’s 667,000 SF South Bend portfolio Projected Rent Growth in Plymouth Industrial REIT Markets 2025 INVESTOR PRESENTATION Market Square Feet Owned % of Portfolio 2024 Q4 Market Rent Growth Average Annual Growth Vacancy Rate Asking Rent 2024 2025 2026 2027 2028 2029 Memphis 6,404,287 18.5% 7.5% $4.08 3.0% 2.9% 3.3% 3.7% 3.3% 3.7% 3.38% Chicago1,2 5,957,335 17.2% 5.7% $4.84 2.1% 2.5% 2.7% 2.9% 3.1% 3.3% 2.90% Indianapolis 4,085,169 11.8% 9.4% $5.92 1.7% 2.9% 3.1% 3.5% 3.5% 3.7% 3.34% Cleveland 3,979,209 11.5% 5.2% $5.27 2.1% 3.2% 3.5% 3.6% 3.6% 3.6% 3.50% Columbus 3,230,487 9.4% 8.7% $5.08 2.8% 3.0% 3.4% 3.9% 4.1% 4.4% 3.76% St. Louis 3,219,689 9.3% 7.9% $5.39 1.1% 2.6% 2.9% 3.0% 3.3% 3.3% 3.00% Cincinnati 2,969,046 8.6% 9.3% $4.84 2.5% 3.1% 3.4% 3.7% 3.6% 3.4% 3.44% Atlanta 2,086,835 6.0% 7.1% $5.84 2.6% 3.1% 3.5% 3.4% 3.7% 3.6% 3.46% Jacksonville 2,185,316 6.3% 4.8% $5.75 3.6% 3.8% 3.9% 3.9% 4.0% 3.9% 3.90% Boston 268,713 0.8% 3.8% $9.90 2.4% 3.0% 3.0% 3.6% 3.9% 4.2% 3.54% Charlotte 155,220 0.4% 9.4% $6.43 2.6% 2.8% 3.3% 3.4% 3.4% 3.7% 3.32% All Plymouth Markets - Weighted Avg. 7.4% $6.12 2.4% 3.0% 3.3% 3.5% 3.6% 3.8% 3.43% Top 5 Markets - Weighted Avg. 9.2% $5.11 2.3% 2.9% 3.2% 3.5% 3.5% 3.7% 3.38%
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LEASE EXPIRATION SCHEDULE (1) Plymouth’s focus on select Tier I and Tier II markets allows for substantial rent growth opportunities • During Q4 2024, new and renewal leases signed were 17.1% higher than expiring rental rates on a cash basis • Through February 24, 2025, new and renewal leases signed for 2025 were 12.7% higher than expiring rental rates on a cash basis (over 51% of 2025 leases originally schedule to mature in 2025 have been addressed) The mark-to-market for the entire portfolio is expected to be in the 18% to 20% range on a cash basis Lack of Availability Drives Superior Rental Growth 21 THE GOLDEN TRIANGLE 1. As of December 31, 2024, “Annualized Base Rent” is the monthly base cash rent for the applicable property or properties as of December 31, 2024, multiplied by 12. Available 2025 2026 2027 2028 2029 Thereafter Total SF (in millions) 2.2 3.7 5.6 5.4 3.7 3.1 5.6 % of Total SF 7.7% 12.6% 19.0% 18.4% 12.5% 10.6% 19.2% 0.0% 14.0% 19.7% 19.7% 14.0% 11.0% 9.1% 3.7% 4.9% 1.6% 0.1% 2.2% 0% 10% 20% 30% $0 $10 $20 $30 Available 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter (% of expiring ABR) ($ in millions) ABR % of ABR Expiring Near-term expirations present mark-to-market leasing and significant internal growth opportunities ORGANIC GROWTH 2025 INVESTOR PRESENTATION
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Industrial Sector Dynamics Remain Strong 22 FROM THE FIRST MILE TO THE LAST MILE Source: Reis, Inc. 2025 INVESTOR PRESENTATION The U.S. industrial sector is experiencing rising rental rates and declining vacancy rates due primarily to the following long-term factors: • Limited new construction and growing demand • Positive economic tailwinds: trade growth, inventory rebuilding and increased industrial output • Growth of e-commerce (transfer of retail tenants to warehouses) • Resurgence in domestic manufacturing 0% 3% 6% 9% 12% 15% $0 $2 $4 $6 $8 $10 Vacancy (%) Effective Rent Effective Rent $ Vacancy % 0% 3% 6% 9% 12% 15% 18% $0 $2 $4 $6 $8 $10 $12 $14 $16 Vacancy (%) Effective Rate Effective Rent $ Vacancy % U.S. Warehouse/Distribution Q4-24 Trend Futures U.S. Flex/R&D Q4-24 Trend Futures
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Plymouth has access to multiple sources of capital and has continued to enhance its balance sheet and improve liquidity Capital Structure 23 FROM THE FIRST MILE TO THE LAST MILE Fixed 97% Floating 3% W.A. Interest Rate N/A N/A 4.07%1 3.59%1 3.42% 1 1. Adjusted for interest rate swaps on $450M in term loans. Capital Markets Highlights • Balance sheet was made stronger when we entered into a $600 million amended and restated unsecured credit facility that provided expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt. • The only floating rate debt, as of December 31, 2024, was $20.0 million on the credit facility • In November 2024, entered a $600 million amended and restated unsecured credit facility that provides expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt. • Subsequent to Q4, 2024, we have drawn $64.5 million for two new acquisitions in Cincinnati and a single acquisition in Atlanta as detailed in our press release dated March 20, 2025. Fixed / Floating Debt (As of 12/31/2024)1 Debt Maturity Schedule (As of 12/31/2024) 2025 INVESTOR PRESENTATION $60.1 $364.6 - - $221.7 $0 $100 $200 $300 $400 2024 2025 2026 2027 2028+ ($ in millions) Term Loans Revolving Credit Facility Mortgages
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Highly experienced management team with extensive commercial real estate and investment backgrounds Proven Management Team 24 FROM THE FIRST MILE TO THE LAST MILE Jeff Witherell Chairman, CEO & Co-Founder • Over 30 years of experience in real estate investment, development and banking activities with $1.5 billion in total syndication, loan acquisition and real estate development experience • Former senior executive at Franklin Street Properties (NYSE: FSP), GAP LP , and Devonshire Development Anthony Saladino President & CFO • Over 25 years of real estate accounting, finance, and public company experience • Former CAO of AFIN (now GNL) and NYC REIT, VP Finance of The Ryland Group, CFO of The High Companies Real Estate Group, and focus on publicly traded REITs at EY Jim Connolly EVP – Asset Management • Over 35 years of experience in real estate asset management with a significant background in property level and portfolio wid e operations • Held senior real estate asset management and real estate finance roles at Nortel Corporation, Bay Networks, and Raytheon Lyndon Blakesley SVP & CAO • Over 15 years of experience in real estate accounting, financial planning and analysis and REIT compliance • Formerly with Iron Mountain and Ernst & Young LLP , focusing on public and private REITs Anne Hayward SVP & General Counsel • Over 30 years of experience in the practice of law, specializing in project finance, securities, and real estate transactional matters • Served in similar roles for Shane & Associates, Atlantic Exchange Company, Holland & Knight, and BankBoston Ben Coues SVP & Head of Acquisitions • Over 30 years of commercial real estate experience across several disciplines including acquisitions, dispositions, portfolio management and valuation • Former Chief Operating Officer/Principal and other acquisition roles at High Street Logistic Properties Dan Heffernan SVP , Asset Management • Over 25 years of experience progressive experience across all facets of real estate asset management • Served in asset management and accounting roles at Cabot Properties, BlackRock, General Investment & Development and Cabot In dustrial Trust Scott Robinson SVP , Corporate Development • Over 25 years of experience across a broad spectrum of real estate and finance related disciplines • Held investment banking roles at Oberon Securities and Citigroup and roles at S&P , Macquarie Capital and BRT Realty Trust. Served on boards of MNR and DRTT 2025 INVESTOR PRESENTATION
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Philip Cottone • Former board member of Government Properties Trust (NYSE: GPT) and lead director of Boston Capital REIT • Past mediator and arbitrator for FINRA, the American Arbitration Association, and the Counselors of Real Estate Richard DeAgazio • Founder and Principal of Ironsides Associates, LLC • Founder, Executive VP and Principal of Boston Capital David Gaw • Former SVP and CFO of Boston Properties (NYSE: BXP) • Former SVP , CFO and Treasurer of Heritage Property Investment Trust (NYSE: HTG) John Guinee • Former Managing Director of Stifel as a sell-side analyst covering 40 publicly traded REITs • Former EVP and CIO of Duke Realty (NYSE: DRE) and Charles E. Smith Residential Realty Caitlin Murphy • Founder and CEO of Global Gateway Logistics • Former Director of Business Development for Axis Worldwide Supply Chain & Logistics Pen White • Co-Founder and former President, CIO of Plymouth Industrial REIT • Former senior executive at Franklin Street Properties (NYSE: FSP), Scanlan Kemper Bard, Coldwell Banker Commercial, and Spaulding & Slye Robert Stephenson • Chief Financial Officer of Omega Healthcare Investors, Inc. (NYSE: OHI) • Former Senior Vice President and Treasurer of Integrated Health Services, Inc. (NYSE: IHS) Extensive real estate, logistics, Wall Street and public company expertise Strong Board and Corporate Governance 25 FROM THE FIRST MILE TO THE LAST MILE Shareholder friendly corporate governance Annual elections of all board members Regular executive sessions of independent directors Majority of directors are independent Lead independent director Stockholder ability to amend bylaws Opted out of Maryland anti-takeover provisions Insiders do not control enough votes to veto a merger No conflicts of interest with regards to outside business deals with management Code of business conduct and ethics for employees and directors 2025 INVESTOR PRESENTATION
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Atlanta | Boston | Columbus | Jacksonville | Memphis 2025 INVESTOR PRESENTATION 26