EX-99.2 3 ex99-2.htm THIRD QUARTER 2019 SUPPLEMENTAL

Exhibit 99.2

 

 

 

Second Quarter 2020

Supplemental

 

 

 

 

 

 

 

 
Plymouth Industrial REIT, Inc.
Table of Contents
                         
Introduction                      
Management, Board of Directors & Investor Contacts             2
Executive Summary                   3
Transaction Activity - 2019/2020                 4
Capitalization Analysis                   5
Financial Information                    
Consolidated Balance Sheets (unaudited)               6
Consolidated Statements of Operations - GAAP (unaudited)         7
Same Store Net Operating Income (NOI)               8
NOI                     9
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) 10
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)         11
Debt Overview                     12
Operational & Portfolio Information                  
Building Overview - Square Feet & Occupancy               13
Total Acquisition Cost by Geography                 15
Rentable Square Feet and Annualized Base Rent by State             16
Rentable Square Feet and Annualized Base Rent by Building Type           17
Rentable Square Feet and Annualized Base Rent by Tenant Industry         18
Top 10 Tenants by Annualized Base Rent               20
Leasing Activity                     21
Lease Expiration Schedule                   22
Appendix                      
Glossary                     23
                         
                         
Forward looking statements:  This supplemental package contains forward-looking statements within the meaning of the U.S. federal securities laws. We make statements in this supplemental package that are forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  
Definitions and reconciliations:  For definitions of certain terms used throughout this supplemental, including certain non-GAAP financial measures, see the Glossary on page 23. For reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, see pages 9-11.  

 

2Q 2020 Supplemental

1 

 

Plymouth Industrial REIT, Inc.
Management, Board of Directors & Investor Contacts
         
Corporate      
         
20 Custom House Street, 11th Floor    
Boston, Massachusetts 02110    
617.340.3814        
www.plymouthreit.com        
         
Executive and Senior Management    
         
Jeffrey E. Witherell Pendleton P. White, Jr. Daniel C. Wright James M. Connolly
Chief Executive Officer President and Chief Investment Executive Vice President Executive Vice President
and Chairman   Officer and Chief Financial Officer Asset Management
         
         
Board of Directors      
         
Martin Barber Philip S. Cottone Richard J. DeAgazio  
Independent Director Independent Director Independent Director  
         
David G. Gaw Pendleton P. White, Jr. Jeffery E. Witherell  
Independent Director   President and Chief Investment Chief Executive Officer  
    Officer and Chairman  
         
Transfer Agent      
         
Continental Stock Transfer & Trust Company    
1 State Street, 30th Floor      
New York, New York 10004      
212.509.4000      
         
Investor Relations      
         
Tripp Sullivan        
SCR Partners        
615.942.7077        
IR@plymouthREI.com        

 

2Q 2020 Supplemental

2 

 
Plymouth Industrial REIT, Inc.
Executive Summary
             
Company overview: Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.
             
Unaudited          
          As of June 30, 2020
Select Portfolio Statistics           
             
Number of Properties/Buildings         96/125
Square Footage         19,988,548
Occupancy         95.1%
Weighted Average Lease Term Remaining - years         3.9
             
Balance Sheet ($ in thousands)          
             
Cash          $             29,246 
Gross Assets          $          887,401 
Total Debt          $          470,721 
Net Debt (Total Debt less Cash)          $          441,475 
Net Debt / Gross Assets         49.7%
             
             
    Three months ended June 30,   Year ended December 31,
Operating results ($ in thousands) 27020 2019   2019 2018
             
Total Revenue  $             26,137  $              17,022    $             75,290  $             49,217 
Net Operating Income  $             17,111  $              10,988    $             48,053  $             31,234 
             
             
2019 & YTD 2020 Capital Markets Activity ($ in thousands)          
             
Secured 7 year term loan with Allianz Life Insurance Company       3/21/2019  $             63,115 
Repaid KeyBank Bridge Loan       3/21/2019  $          (63,115)
Issued 278,302 shares of common shares @ average of $16.63 per share       Q1 2019  $               4,628 
Issued 147,017 shares of common shares @ average of $16.79 per share       Q2 2019  $               2,469 
Issued 3,425,000 common shares @ $17.50 per share       Q2 2019  $             59,938 
Amended secured line of credit agreement with KeyBank National       8/7/2019  $          100,000 
Assumption of mortgage debt as part of the South Park Acquisition       8/29/2019  $               9,577 
Assumption of mortgage debt as part of the Orange Point Acquisition       8/30/2019  $             21,004 
Issued 1,194,032 shares of common shares @ average of $18.61 per share       Q3 2019  $             22,224 
Issued 3,450,000 common shares @ $18.00 per share       Q3 2019  $             62,100 
Issued 562,900 common shares @ average of $18.59 per share       Q4 2019  $             10,462 
Issued 593,705 common shares @ average of $18.62 per share       Q1 2020  $             11,053 
Secured term loan with KeyBank National       Q1 2020  $          100,000 
Issued 1,060,300 common shares @ average of $12.03 per share       Q2 2020  $             12,760 

 

2Q 2020 Supplemental

3 

 
Plymouth Industrial REIT, Inc.        
Transaction Activity - 2019/2020    
           
Unaudited ($ in thousands) at 6/30/2020        
           
 Acquisitions          
Location Acquisition Date # of Buildings Purchase Price (1) Square Footage Projected Initial
Yield
           
Chicago, IL 1/24/2020 1  $                 18,650 465,940 8.6%
Indianapolis, IN 1/27/2020 1  $                    8,800 276,240 7.8%
Atlanta/Savannah, GA 1/28/2020 5  $                 34,700 924,036 7.6%
Avon, OH 2/14/2020 3  $                 15,750 406,863 8.2%
Atlanta, GA 3/1/2020 1  $                 10,056 117,000 8.3%
Total 2020 Acquisitions   11  $                 87,956 2,190,079  
           
Cleveland, OH 12/20/2019 1  $                 16,800 405,000 8.5%
Indianapolis, IN 12/4/2019 1  $                 12,150 353,000 8.1%
Indianapolis, IN 12/4/2019 9  $                 49,815 1,747,411 8.7%
Metro St. Louis 11/21/2019 1  $                    3,525 59,055 8.4%
Atlanta, GA 10/30/2019 2  $                 19,400 295,693 8.4%
Multiple, OH 8/30/2019 6  $                 36,200 591,695 8.4%
Memphis, TN 8/29/2019 2  $                 22,050 566,281 8.1%
Chicago, IL 8/29/2019 7  $                 32,250 1,071,129 8.25%
St. Louis, MO 7/29/2019 1  $                    5,400 129,000 8.6%
Indianapolis, IN 6/10/2019 1  $                 17,100 484,879 7.7%
Chicago, IL 1/5/2019 1  $                    5,425 73,785 8.9%
Total 2019 Acquisitions   32  $               220,115 5,776,928  
           
           
 Total - Acquisitions   43  $               308,071           7,967,007  
           
           
(1) Represents total direct consideration paid rather than GAAP cost basis.    

 

2Q 2020 Supplemental

4 

 
Plymouth Industrial REIT, Inc.
Capitalization Analysis 
                 
Unaudited (in thousands except for per-share data and percentages)

 

        Three Months Ended
        6/30/20 3/31/20 12/31/19 9/30/2019 6/30/2019
                 
Common Stock Data              
                 
  Weighted-Average Common Shares Outstanding - Basic & Diluted (1) 14,649 14,393 13,416 9,081 6,836
  High Closing Price      $                15.92  $                21.11  $                19.08  $                19.65  $                19.48
  Low Closing Price      $                10.12  $                   7.90  $                17.48  $                17.54  $                16.55
  Average Closing Price      $                13.27  $                17.15  $                18.42  $                18.60  $                17.77
  Closing Price (as of period end)      $                12.80  $                11.16  $                18.39  $                18.32  $                18.94
  Dividends / Share (annualized) (2)      $                   0.80  $                   1.50  $                   1.50  $                   1.50  $                   1.50
  Dividend Yield (annualized) (3)     6.3% 13.4% 8.2% 8.2% 7.9%
  Common Shares Outstanding (3)     15,898 14,791 14,141 13,406 8,755
  Market Value of Common Shares (3)      $            203,494  $            165,068  $            260,053  $            245,598  $            165,816
  Total Market Capitalization (3) (4)      $            800,215  $            792,073  $            694,833  $            584,735  $            538,396
                 
Equity Research Coverage (5)              

 

D.A. Davidson & Co.   Piper Sandler & Co.  
Barry Oxford   Alexander Goldfarb  
646.885.5423   212.466.7937  
         
KeyBanc Capital Markets   Wedbush Securities  
Craig Mailman   Henry Coffey  
917.368.2316   212.833.1382  
         
National Securities Corp.      
Guarav Mehta      
212.417.8008      
         

 

Investor Conference Call and Webcast:
The Company will hold a conference call and live audio webcast, both open for the general public to hear, on August 6, 2020 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (412) 717-9587. A replay of the call will be available through August 13, 2020 by dialing (412) 317-0088 and entering the replay access code, 10146321.

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2019 are available within our 2019 Annual Report on Form 10-K.

(2) Based on annualized dividend declared for the quarter.

(3) Based on closing price and ending shares for the last trading day of the quarter.

(4) Market value of shares plus total debt and preferred stock as of quarter end.

(5) The analysts listed provide research coverage on the Company. Any opinions, estimates or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts by the Company or its management. The Company does not by reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.

 

2Q 2020 Supplemental

5 

 

Plymouth Industrial REIT, Inc.          
Consolidated Balance Sheets (unaudited)
             
(in thousands)          

 

             
    6/30/2020 3/31/2020 12/31/19 (1) 9/30/2019 6/30/2019
Assets:          
Real estate properties:          
Land  $                141,972  $                141,972  $                127,439  $                110,287  $                  96,139
Building and improvements                    596,052                    595,178                    528,349                    455,107                    378,595
Less accumulated depreciation                     (80,452)                     (71,963)                     (63,877)                     (57,331)                     (51,676)
             
Total real estate properties, net  $                657,572  $                665,187  $                591,911  $                508,063  $                423,058
             
             
Cash, cash held in escrow and restricted cash                       29,246                       41,738                       22,398                       36,801                       24,194
Deferred lease intangibles, net                       57,328                       62,253                       57,088                       45,768                       34,931
Other assets                       20,501                       22,091                       14,084                       11,214                       10,525
             
Total assets  $                764,647  $                791,269  $                685,481  $                601,846  $                492,708
             
Liabilities:          
Secured Debt, net  $                467,250  $                497,372  $                397,458  $                319,448  $                287,990
Accounts payable, accrued expenses and other liabilities                       42,598                       42,541                       36,284                       32,222                       26,577
Deferred lease intangibles, net                         7,888                         8,523                         8,314                         7,579                         6,393
             
Total liabilities  $                517,736  $                548,436  $                442,056  $                359,249  $                320,960
             
Preferred Stock - Series A  $                  48,868  $                  48,868  $                  48,868  $                  48,868  $                  48,868
Preferred Stock - Series B  $                  83,501  $                  81,647  $                  79,793  $                  77,893  $                  75,993
             
Equity:          
Common stock  $                        159  $                        148  $                        141  $                        134  $                          88
Additional paid in capital                    265,774                    258,404                    256,259                    249,827                    177,557
Accumulated deficit                   (156,106)                   (152,430)                   (148,403)                   (146,072)                   (143,406)
Total stockholders' equity                    109,827                    106,122                    107,997                    103,889                       34,239
Non-controlling interest                         4,715                         6,196                         6,767                       11,947                       12,648
             
Total equity  $                114,542  $                112,318  $                114,764  $                115,836  $                  46,887
             
Total liabilities, preferred stock and equity  $                764,647  $                791,269  $                685,481  $                601,846  $                492,708

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2019 are available within our 2019 Annual Report on Form 10-K. 

2Q 2020 Supplemental

6 

 
Plymouth Industrial REIT, Inc.
Consolidated Statements of Operations - GAAP (unaudited)
               
(in thousands, except per-share amounts)            

 

    Three Months Ended
    6/30/2020 3/31/2020 12/31/19 (1) 9/30/2019 6/30/2019  
Revenues:            
Rental revenue  $                   20,363  $                   20,361  $                   17,271  $                   14,481  $                   12,906  
Tenant recoveries                         5,774                         5,868                         5,212                         4,642                         4,116  
               
Total revenues  $                   26,137  $                   26,229  $                   22,483  $                   19,123  $                   17,022  
               
Operating expenses:            
Property                         9,026                         9,011                         8,021                         6,920                         6,034  
Depreciation and amortization                       13,520                       14,097                       11,074                         9,399                         8,476  
General and administrative                         2,576                         2,522                         2,009                         2,135                         1,691  
               
Total operating expenses  $                   25,122  $                   25,630  $                   21,104  $                   18,454  $                   16,201  
               
               
Other income (expense):            
Interest expense                        (4,900)                        (4,871)                        (3,887)                        (3,643)                        (3,576)  
Change in fair value of warrant derivative                                  -                                  -                                  -                                  -                           (102)  
               
Total other income (expense)  $                   (4,900)  $                   (4,871)  $                   (3,887)  $                   (3,643)  $                   (3,678)  
               
Net loss  $                   (3,885)  $                   (4,272)  $                   (2,508)  $                   (2,974)  $                   (2,857)  
               
Less: Loss attributable to noncontrolling interest                           (209)                           (245)                           (177)                           (308)                           (380)  
               
Net loss attributable to Plymouth Industrial REIT, Inc.  $                   (3,676)  $                   (4,027)  $                   (2,331)  $                   (2,666)  $                   (2,477)  
               
Less: Preferred stock dividends                         1,613                         1,613                         1,565                         1,566                         1,566  
Less: Series B preferred stock accretion to redemption value                         1,854                         1,854                         1,900                         1,900                         1,901  
Less: Amount allocated to participating securities                               30                               76                               62                               62                               58  
               
Net loss attributable to common stockholders  $                   (7,173)  $                   (7,570)  $                   (5,858)  $                   (6,194)  $                   (6,002)  
               
Net loss basic and diluted per share attributable to common stockholders  $                     (0.49)  $                     (0.53)  $                     (0.44)  $                     (0.68)  $                     (0.88)  
               
Weighted-average common shares outstanding basic & diluted 14,649 14,393 13,416 9,081 6,836  

 

(1) Audited consolidated financial statements and notes for the year ended December 31, 2019 are available within our 2019 Annual Report on Form 10-K.

2Q 2020 Supplemental

7 

 

 

Plymouth Industrial REIT, Inc.
Same Store Net Operating Income (NOI)
             
Unaudited (in thousands)        

 

Trailing five quarter same store NOI - GAAP basis Three Months Ended
GAAP Basis 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
Same store buildings 83 83 83 83 83
           
Revenues:          
Rental income  $              12,601  $              13,138  $              13,062  $                   13,037  $                   12,736
Tenant recoveries  $                4,092  $                4,298  $                4,053  $                     4,215  $                     4,179
Total operating revenues  $              16,693  $              17,436  $              17,115  $                   17,252  $                   16,915
           
Property expenses  $                5,979  $                6,022  $                6,224  $                     6,352  $                     6,017
           
Same store net operating income - GAAP basis  $              10,714  $              11,414  $              10,891  $                   10,900  $                   10,898
           
Same store net operating income excluding early termination income - GAAP basis  $              10,695  $              10,989  $              10,891  $                   10,900  $                   10,898

 

Trailing five quarter same store NOI - Cash basis Three Months Ended
Cash Basis 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
Same store buildings 83 83 83 83 83
           
Revenues:          
Rental income  $              12,217  $              12,563  $              12,428  $                   12,458  $                   12,173
Tenant recoveries                    4,092                    4,298                    4,053                         4,215                         4,179
Total operating revenues  $              16,309  $              16,861  $              16,481  $                   16,673  $                   16,352
           
Property expenses  $                5,979  $                6,022  $                6,224  $                     6,352  $                     6,017
           
Same store net operating income - Cash basis  $              10,330  $              10,839  $              10,257  $                   10,321  $                   10,335
           
Same store net operating income  excluding early termination income - Cash basis  $              10,311  $              10,414  $              10,257  $                   10,321  $                   10,335

 

* Our Same Store Portfolio is a subset of our consolidated portfolio and includes buildings that were wholly-owned by us for the entire period presented. The trailing 5 quarters same store portfolio includes properties owned as of April 1, 2019, and still owned as of June 30, 2020. Therefore, we exclude from our Same Store Portfolio any buildings that were acquired or sold during the period from April 1, 2019 through June 30, 2020. The Company's computation of same store NOI may not be comparable to other REITs.

2Q 2020 Supplemental

8 

 

 

Plymouth Industrial REIT, Inc.
NOI
             
Unaudited (in thousands)        
    Three Months Ended
    6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
             
Net loss  $              (3,885)  $              (4,272)  $              (2,508)  $                    (2,974)  $                    (2,857)
             
General and administrative                     2,576                      2,522                      2,009                           2,135                           1,691 
Depreciation and amortization                   13,520                    14,097                    11,074                           9,399                           8,476 
Interest expense                     4,900                      4,871                      3,887                           3,643                           3,576 
Change in fair value of warrant derivative                              -                              -                              -                                   -                              102 
             
Net Operating Income  $              17,111   $              17,218   $              14,462   $                    12,203   $                    10,988 

2Q 2020 Supplemental

9 

 

 

Plymouth Industrial REIT, Inc.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
             
    Three Months Ended
    6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
             
Net loss  $              (3,885)  $              (4,272)  $              (2,508)  $                    (2,974)  $                    (2,857)
             
Depreciation and amortization                   13,520                    14,097                    11,074                           9,399                           8,476 
Interest expense                     4,900                      4,871                      3,887                           3,643                           3,576 
             
EBITDAre  $              14,535   $              14,696   $              12,453   $                    10,068   $                      9,195 

 

2Q 2020 Supplemental

10

 

 

Plymouth Industrial REIT, Inc.
Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)
             
Unaudited (in thousands, except per-share amounts)        
         
    Three Months Ended
    6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
             
Net loss  $             (3,885)  $                 (4,272)  $                 (2,508)  $                    (2,974)  $                    (2,857)
             
Depreciation and amortization                 13,520                      14,097                      11,074                           9,399                           8,476 
             
FFO  $               9,635   $                   9,825   $                   8,566   $                      6,425   $                      5,619 
             
Preferred stock dividends                 (1,613)                     (1,613)                     (1,565)                        (1,566)                        (1,566)
FFO attributable to common stockholders and unit holders  $               8,022   $                   8,212   $                   7,001   $                      4,859   $                      4,053 
             
Amortization of debt related costs                       366                            299                            247                               274                               273 
Non-cash interest expense                     (174)                           264                              34                               325                               (62)
Stock compensation                       383                            349                            330                               282                               305 
Change in fair value of warrant derivative                          -                                 —                               —                                  —                               102 
Straight line rent                      (443)                         (518)                         (518)                            (298)                            (223)
Above/below market lease rents                     (438)                         (548)                         (429)                            (373)                            (344)
Recurring capital expenditures (1)                     (719)                     (1,036)                         (921)                            (976)                            (687)
AFFO  $               6,997  $                   7,022   $                   5,744  $                      4,093   $                      3,417 
             
Weighted average common shares and units outstanding                 15,675                      15,453                      14,599                         10,287                           8,037 
             
FFO attributable to common stockholders and unit holders per share  $                 0.51   $                     0.53   $                     0.48   $                        0.47   $                        0.50 
             
AFFO attributable to common stockholders and unit holders per share  $                 0.45   $                     0.45   $                     0.39   $                        0.40   $                        0.43 
             
             
(1) Excludes non-recurring capital expenditures of $401, $1,749, $1,349, $1,542, and $635 for the three months ending June 30, March 31, 2020, December 31, September 30, and June 30, 2019, respectively.

 

2Q 2020 Supplemental

11 

 

 

Plymouth Industrial REIT, Inc.
Debt Overview
               
Unaudited ($ in thousands) at 6/30/2020            
 Debt Instrument - Secured Facility Maturity Rate Rate Type Buildings Encumbered Balance  % of Total Debt
$100.0 million KeyBank Term Loan (2) October-20       2.44% (1) Floating                                14  $                    81,000 17.2%
$100.0 million line of credit August-23       2.43% (1) Floating                                34  $                    70,100 14.9%
$120.0 million AIG Loan November-23 4.08% Fixed                                22  $                 118,352 25.1%
$78.0 million Transamerica Loan August-28 4.35% Fixed                                17  $                    73,593 15.6%
$63.1 million Allianz Loan April-26 4.07% Fixed                                20  $                    63,115 13.4%
$21.5 million Minnesota Life Loan May-28 3.78% Fixed                                   7  $                    21,074 4.5%
$13.9 million Fisher Park Mortgage (3) January-27 5.23% Fixed                                   1  $                    13,552 2.9%
$9.6 million South Park Mortgage (3) January-22 3.41% Fixed                                   2  $                      9,399 2.0%
$21.0 million Orange Point Mortgage (3) August-24 4.14% Fixed                                   6  $                    20,536 4.4%
                                       123  $                 470,721 100%
               
 Fixed Debt ($ in thousands) at 6/30/2020            
 Total fixed debt      $                 319,621      
Weighted average interest rate of fixed debt     4.15%      
               
               
 Balance Sheet ($ in thousands) at 6/30/2020            
 Cash      $                    29,246      
 Gross Assets      $                 887,401      
 Total Debt      $                 470,721      
 Net Debt      $                 441,475      
               
               
(1) Interest rate applicable at June 30, 2020. Borrowings under the Line of Credit Agreement and KeyBank Term Loan bear interest at either (1) the base rate (determined from the highest of (a) KeyBank’s prime rate, (b) the federal funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, in either case, a spread between 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on our total leverage ratio.
(2) The $100 million KeyBank Term Loan is secured by the equity interests of certain of the Company's wholly-owned special purpose entities.
(3) Debt assumed at acquisition.

 

2Q 2020 Supplemental

12 

 
Plymouth Industrial REIT, Inc.
Building Overview - Square Feet & Occupancy        
             
Unaudited ($ in thousands) at 6/30/2020          

 

           
Building  Market  Included in Same Store Portfolio  Rentable Square Feet  Leased Square Feet  Occupancy
  32 Dart Road Atlanta Y                    194,800 194,800 100.0%
  1665 Dogwood Drive SW Atlanta Y                    198,000 198,000 100.0%
  1715 Dogwood Drive Atlanta Y                    100,000 100,000 100.0%
  11236 Harland Drive Atlanta Y                       32,361 32,361 100.0%
  265 Industrial Boulevard Savannah                      187,205 187,205 100.0%
  338 Industrial Boulevard Savannah                      309,084 309,084 100.0%
  430 Industrial Boulevard Savannah                         47,599 47,599 100.0%
  40 Pinyon Road Atlanta                         60,148 60,108 99.9%
  6739 New Calhoun Highway NE Atlanta                      320,000 320,000 100.0%
  Peachtree City - Bldg 1 Atlanta                      260,593 260,195 99.8%
  Peachtree City - Bldg 2 Atlanta                         35,100 35,101 100.0%
  Peachtree City II Atlanta                      117,000 116,675 99.7%
Subtotal - Atlanta/Savannah                     1,861,890                 1,861,128 100.0%
  11351 W. 183rd Street Chicago Y                       18,768                               -    0.0%
  11601 Central Ave Chicago Y                    260,000                    260,000 100.0%
  11746 Austin Ave Chicago                      162,714                    128,757 79.1%
  13040 South Pulaski Ave Chicago Y                    388,403                    388,403 100.0%
  1355 Holmes Road Chicago Y                       82,456                       82,456 100.0%
  13970 West Laurel Drive Chicago Y                       70,196                       70,196 100.0%
  144 Tower Drive Chicago Y                       73,785                       71,709 97.2%
  1455-1645 Greenleaf Ave Chicago Y                    150,000                    150,000 100.0%
  1600 Fleetwood Chicago Y                    247,000                    247,001 100.0%
  16801 Exchange Ave Chicago                      455,886                    455,886 100.0%
  1717 West Harvester Road Chicago                      465,940                    465,940 100.0%
  1750 South Lincoln Drive Chicago Y                    499,200                    499,200 100.0%
  1796 Sherwin Ave Chicago Y                       98,879                       98,879 100.0%
  1875 Holmes Road Chicago Y                    134,415                    134,415 100.0%
  189-191 Seeger Avenue Chicago Y                       25,245                       25,245 100.0%
  2401-2441 Commerce Drive Chicago Y                       78,574                       78,574 100.0%
  28160 North Keith Drive Chicago Y                       77,924                       77,924 100.0%
  3 West College Drive Chicago Y                       33,263                       33,263 100.0%
  330 Armory Drive Chicago                         98,340                               -    0.0%
  350 Armory Drive Chicago                         64,310                       56,140 87.3%
  3841-3865 Swanson Court Chicago Y                       99,625                       99,625 100.0%
  3940 Stern Street Chicago Y                    146,798                               -    0.0%
  440 South McLean Boulevard Chicago Y                       74,613                               -    0.0%
  4915 West 122nd Street Chicago                      153,368                    153,368 100.0%
  6000 W. 73rd Street Chicago Y                    148,091                    148,091 100.0%
  6510 West 73rd Street Chicago Y                    306,552                    306,552 100.0%
  6558 W. 73rd Street Chicago Y                    301,000                    301,000 100.0%
  6751 Sayre Ave Chicago Y                    242,690                    242,690 100.0%
  7200 South Mason Ave Chicago Y                    207,345                    207,345 100.0%
  7207 Mason Avenue Chicago                         84,195                       84,195 100.0%
  7420 Meade Ave Chicago                         52,344                       52,344 100.0%
  5110 South 6th Street Milwaukee Y                       58,500                       58,500 100.0%
Subtotal - Chicago                     5,360,419                 4,977,698 92.9%
  Mosteller Distribution Center Cincinnati Y                    358,386                    358,386 100.0%
  4115 Thunderbird Lane Cincinnati Y                       70,000                       70,000 100.0%
  Fisher Industrial Park Cincinnati Y                 1,123,080                 1,024,084 91.2%
  Cornell Commerce Center Cincinnati                      165,521                    158,722 95.9%
  Enterprise Business Center 1 Cincinnati                         85,718                       54,332 63.4%
  Enterprise Business Center 2 Cincinnati                         82,832                       68,647 82.9%
Subtotal - Cincinnati                     1,885,537                 1,734,171 92.0%
  1200 Chester Industrial Parkway North Cleveland                      207,160                    207,160 100.0%
  1200 Chester Industrial Parkway South Cleveland                         90,628                       90,628 100.0%
  1350 Moore Road Cleveland                      109,075                    103,093 94.5%
  14801 County Rd. 212 Cleveland                      405,000                    405,000 100.0%
  1755 Enterprise Parkway Cleveland Y                    255,570                    200,135 78.3%
  30339 Diamond Parkway Cleveland Y                    400,184                    400,184 100.0%
Subtotal - Cleveland                     1,467,617                 1,406,200 95.8%
  2120-2138 New World Drive Columbus Y                    121,200                    121,200 100.0%
  3100 Creekside Parkway Columbus Y                    340,000                    291,562 85.8%
  3500 Southwest Blvd Columbus Y                    527,127                    527,127 100.0%
  7001 Americana Parkway Columbus Y                       54,100                       54,100 100.0%
  8273 Green Meadows Drive Columbus Y                       77,271                       77,271 100.0%
  8288 Green Meadows Drive Columbus Y                    300,000                    300,000 100.0%
  Graphics Way Columbus                         73,426                       73,427 100.0%
  Orange Point Columbus                      143,863                    143,863 100.0%
  6900-6918 Fairfield Business Drive Columbus                         39,558                       39,558 100.0%
Subtotal - Columbus                     1,676,545                 1,628,108 97.1%

2Q 2020 Supplemental

13 

 
Plymouth Industrial REIT, Inc.
Building Overview - Square Feet & Occupancy        
             
Unaudited ($ in thousands) at 6/30/2020          

 

           
Building  Market  Included in Same Store Portfolio  Rentable Square Feet  Leased Square Feet  Occupancy
  2900 Shadeland Indianapolis                      933,439                    923,156 98.9%
  3035 North Shadeland Ave Indianapolis Y                    562,497                    510,454 90.7%
  3169 North Shadeland Ave Indianapolis Y                       44,374                       41,960 94.6%
  5861 W Cleveland Road South Bend Y                       62,550                       62,550 100.0%
  West Brick Road #1 South Bend Y                       51,200                       51,200 100.0%
  West Brick Road #2 South Bend Y                       50,250                       50,250 100.0%
  4491 N Mayflower Road South Bend Y                       77,000                       77,000 100.0%
  5855 West Carbonmill Road South Bend Y                    198,000                    198,000 100.0%
  4955 Ameritech Drive South Bend Y                    228,000                    228,001 100.0%
  3333 N. Franklin Indianapolis                      276,240                    276,240 100.0%
  4430 Sam Jones Expressway Indianapolis                      484,879                    484,879 100.0%
  6555 E 30th Street Indianapolis                      314,775                    308,700 98.1%
  6575 E 30th Street Indianapolis                         60,000                       60,000 100.0%
  6585 E 30th Street Indianapolis                      100,000                               -    0.0%
  6635 E 30th Street Indianapolis                         99,877                       99,877 100.0%
  6701 E 30th Street Indianapolis                           7,820                         7,820 100.0%
  6737 E 30th Street Indianapolis                         87,500                       87,500 100.0%
  6751 E 30th Street Indianapolis                      100,000                       74,000 74.0%
  6951 E 30th Street Indianapolis                         44,000                       35,200 80.0%
  7901 W. 21st Street Indianapolis                      353,000                    353,000 100.0%
Subtotal - Indianapolis/South Bend                     4,135,401                 3,929,787 95.0%
  4801-100 Executive Park Court Jacksonville Y                       60,000                       60,000 100.0%
  4801-200 Executive Park Court Jacksonville Y                       40,000                       40,000 100.0%
  4810 Executive Park Court Jacksonville Y                       40,000                       40,000 100.0%
  4815-100 Executive Park Court Jacksonville Y                       39,600                       39,600 100.0%
  4815-200 Executive Park Court Jacksonville Y                       50,000                       35,000 70.0%
  4820 Executive Park Court Jacksonville Y                       60,000                       60,000 100.0%
  4825 Executive Park Court Jacksonville Y                       65,000                       65,000 100.0%
  6601 Executive Park Court Jacksonville Y                       80,000                       80,000 100.0%
  6602-200 Executive Park Court Jacksonville Y                       32,000                       32,000 100.0%
  6631-100 Executive Park Court Jacksonville Y                       27,200                       27,200 100.0%
  6631-200 Executive Park Court Jacksonville Y                       44,000                       44,000 100.0%
  4901 Belfort Rd Jacksonville Y                       78,930                       78,930 100.0%
  7014 A.C. Skinner Parkway Jacksonville Y                       85,380                       85,380 100.0%
  7016 A.C. Skinner Parkway Jacksonville Y                       39,350                       39,350 100.0%
  7018 A.C. Skinner Parkway Jacksonville Y                       92,872                       79,022 85.1%
  7020 A.C. Skinner Parkway Jacksonville Y                       42,184                       42,186 100.0%
  7022 A.C. Skinner Parkway Jacksonville Y                       88,200                       88,200 100.0%
  7251 Salisbury Road Jacksonville Y                       65,280                       65,280 100.0%
  7255 Salisbury Road Jacksonville Y                       57,120                       57,120 100.0%
  7259 Salisbury Road Jacksonville Y                       46,400                       46,400 100.0%
Subtotal - Jacksonville                     1,133,516                 1,104,668 97.5%
  6005 E. Shelby Drive Memphis Y                       54,720                       54,720 100.0%
  6045 E. Shelby Drive Memphis Y                       92,350                       92,350 100.0%
  6075 E. Shelby Drive Memphis Y                       55,233                       55,233 100.0%
  210 American Dr. Jackson Y                    638,400                    638,400 100.0%
  3635 Knight Road Memphis Y                    131,904                    131,904 100.0%
  2813 Business Park Drive (Bldg I) Memphis Y                       35,867                       35,867 100.0%
  2838 Business Park Drive (Bldg H) Memphis Y                       60,000                         6,868 11.4%
  2842 Business Park Drive (Bldg G) Memphis Y                       24,500                       19,828 80.9%
  2847 Business Park Drive (Bldg J) Memphis Y                       33,800                       33,800 100.0%
  2849 Business Park Drive (Bldg E) Memphis Y                       18,619                         6,500 34.9%
  2872 Business Park Drive (Bldg D) Memphis Y                       22,500                       22,500 100.0%
  2890 Business Park Drive (Bldg C) Memphis Y                       22,500                       12,686 56.4%
  2899 Business Park Drive (Bldg B) Memphis Y                       17,220                         3,740 21.7%
  South Park - 4540 Pleasant Hill Road Memphis                      261,281                    261,281 100.0%
  South Park - 4600 Pleasant Hill Road Memphis                      305,000                    305,000 100.0%
Subtotal - Memphis/Jackson                     1,773,894                 1,680,677 94.7%
  7585 Empire Drive Florence, KY Y                    148,415                    148,415 100.0%
  56 Milliken Road Portland, ME Y                    200,625                    200,625 100.0%
  4 East Stow Road Marlton, NJ Y                    156,634                    156,280 99.8%
  Metro St Louis St Louis, MO                         59,055                       59,055 100.0%
  Phantom Drive St Louis, MO                      129,000                    125,318 97.1%
Subtotal - Others                        693,729                    689,693 99.4%
 Total - All Buildings                  19,988,548              19,012,130 95.1%

2Q 2020 Supplemental

14 

 
Plymouth Industrial REIT, Inc.
Total Acquisition Cost by Geography
           
Unaudited ($ in thousands) at 6/30/2020        
           
           
 Geography  State   Buildings   Total Acquisition Cost (1)   Gross Real Estate Assets (2)   % Gross Real Estate Assets 
 Atlanta/Savannah GA 12  $                                   81,201  $                 72,528 9.9%
 Chicago IL, WI 32                                     206,235                   189,386 25.7%
 Cincinnati OH 6                                        61,310                     59,667 8.1%
 Cleveland OH 6                                        74,550                     69,061 9.4%
 Columbus OH 9                                        65,572                     63,930 8.7%
 Indianapolis/South Bend IN 20                                     131,315                   116,530 15.8%
 Jacksonville FL 20                                        97,100                     86,844 11.8%
 Memphis/Jackson TN 15                                        53,658                     48,685 6.6%
 Other Various 5                                        32,925                     29,529 4.0%
 Total   125  $                                 803,866  $              736,160 100%

 

 

 

2Q 2020 Supplemental

15 

 
Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by State
                 
Unaudited at 6/30/2020              
                 
                 
 State  Number of Properties   Number of Buildings   Occupancy   Total Rentable
Square Feet 		  % Rentable Square Feet   Annualized Base Rent (1)   % Annualized Base Rent   Annualized Base Rent Per Square Foot 
 Illinois 31 31 92.8%                  5,301,919 26.5%  $        20,120,838 25.6%  $                  4.09
 Indiana 19 20 95.0%                  4,135,401 20.7%             13,959,470 17.7%                      3.55
 Ohio 21 21 95.0%                  5,029,699 25.2%             19,181,870 24.5%                      4.01
 Georgia 11 12 100.0%                  1,861,890 9.3%               6,676,145 8.5%                      3.59
 Tennessee 5 15 94.7%                  1,773,894 8.9%               6,038,675 7.7%                      3.59
 Florida 3 20 97.5%                  1,133,516 5.7%               8,933,800 11.4%                      8.09
 Kentucky 1 1 92.6%                      148,415 0.7%                   449,434 0.6%                      3.27
 Maine 1 1 100.0%                      200,625 1.0%               1,117,760 1.4%                      5.57
 Missouri 2 2 98.0%                      188,055 0.9%                   824,375 1.1%                      4.47
 New Jersey 1 1 99.8%                      156,634 0.8%                   915,573 1.2%                      5.86
 Wisconsin 1 1 100.0%                        58,500 0.3%                   204,750 0.3%                      3.50
 Total 96 125 95.1%                19,988,548 100%  $        78,422,690 100%  $                  4.12

 

 

2Q 2020 Supplemental

16 

 
Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Building Type
                 
Unaudited at 6/30/2020              
                 
 Property/Building Type  Number of Properties   Number of Buildings   Occupancy   Total Rentable Square Feet   % Rentable Square Feet   Annualized
Base Rent (1) 		  % Annualized Base Rent   Annualized Base Rent Per Square Foot 
 Warehouse/Distribution 56 60 97.7%                12,439,000 62.3%  $                   43,404,198 55.4%  $                  3.57
 Warehouse/Light Manufacturing 23 23 90.8%                  4,802,949 24.0%                       16,895,933 21.5%                      3.87
 Flex Space (2) 5 29 91.6%                  1,447,096 7.2%                       11,460,514 14.6%                      8.65
 Light manufacturing/Flex (2) 12 13 90.7%                  1,299,503 6.5%                         6,662,045 8.5%                      5.65
 Total 96 125 95.1%                19,988,548 100%  $                   78,422,690 100%  $                  4.12

 

2Q 2020 Supplemental

17 

 
Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Tenant Industry
               
Unaudited at 6/30/2020            
               
Industry  Total Rentable Square Feet   Number of Tenants   % Rentable Square Feet   Annualized Base Rent (1)   % Annualized Base Rent   Annualized Base Rent Per Square Foot 
 Logistics and Transportation                    2,889,761                       44 15.2%  $        12,305,844 15.7%  $                  4.26
 Industrial Equipment Components                    2,114,828                       26 11.1%               8,003,336 10.2%                      3.78
 Light Manufacturing                    1,938,791                       31 10.2%               7,044,489 9.0%                      3.63
 Technology and Electronics                    1,670,605                       24 8.8%               7,254,186 9.3%                      4.34
 Paper and Printing                    1,356,745                         9 7.1%               3,840,849 4.9%                      2.83
 Home Furnishing                        959,456                         4 5.0%               3,077,375 3.9%                      3.21
 Automotive                        945,328                       15 5.0%               3,658,944 4.7%                      3.87
 Wholesale/Retail                        694,122                       21 3.7%               2,891,381 3.7%                      4.17
 Plastics                        625,600                         5 3.3%               2,145,020 2.7%                      3.43
 Business Services                        602,046                       16 3.2%               2,989,913 3.8%                      4.97
 Other Industries*                    5,214,848                     156 27.4%             25,211,353 32.1%                      4.83
 Total                19,012,130                     351 100%  $        78,422,690 100%  $                  4.12

 

 

 

2Q 2020 Supplemental

18 

 
Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Tenant Industry
               
Unaudited at 6/30/2020            

 

*Other Industries  Total Rentable
Square Feet 		  Number of Tenants   % Rentable Square Feet   Annualized Base Rent (1)   % Annualized Base Rent   Annualized Base Rent Per
Square Foot 
 Aero Space                      288,370                         5 1.5%  $           1,413,404 1.8%  $                  4.90
 Appliances                      155,703                         1 0.8%                   730,948 0.9%                      4.69
 Cardboard and Packaging                      492,843                         6 2.6%               2,263,158 2.9%                      4.59
 Chemical                      153,444                         3 0.8%                   577,740 0.7%                      3.77
 Construction                      349,421                       16 1.8%               1,891,568 2.4%                      5.41
 Distribution                      121,070                         8 0.6%               1,165,038 1.5%                      9.62
 Education                      118,177                         8 0.6%               1,177,790 1.5%                      9.97
 Entertainment                        85,036                         5 0.5%                   583,570 0.7%                      6.86
 Financial Services                      246,033                         8 1.3%               1,245,108 1.6%                      5.06
 Fitness/Wellness                      129,086                       11 0.7%                   682,974 0.9%                      5.29
 Garden Supply                      513,780                         2 2.7%               1,164,880 1.5%                      2.27
 Healthcare                      486,912                       17 2.6%               2,356,017 3.0%                      4.84
 Metal Fabrication/Finishing                      309,917                         7 1.6%               1,409,821 1.8%                      4.55
 Food & Beverage                      432,014                       11 2.3%               2,365,410 3.0%                      5.48
 Spiritual                      111,943                         7 0.6%                   651,621 0.8%                      5.82
 Recreation                      112,641                         5 0.6%                   597,443 0.8%                      5.30
 Other                  1,108,458                       36 5.8%               4,934,863 6.3%                      4.45
 Total                  5,214,848                     156 27.4%  $        25,211,353 32.1%  $                  4.83
             

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of June 30, 2020, multiplied by 12. Excludes rent abatements. 

  

2Q 2020 Supplemental

19 

 

  

Plymouth Industrial REIT, Inc.
Top 10 Tenants by Annualized Base Rent
                   
Unaudited at 6/30/2020                

 

Tenant  MSA  Industry  Number of Leases  Total Leased Square Feet  Expiration  Annualized Base Rent Per Square Foot  Annualized
Base Rent (1) 		 % Total Annualized Base Rent
 Stonecrop Technologies, LLC Columbus Technology & Electronics 1        527,127 3/31/21  $            4.14  $      2,180,993 2.8%
 Corporate Services, Inc South Bend Logistics & Transportation 3        503,000 3/31/26                3.80          1,911,000 2.4%
 Balta US, Inc. Atlanta Home Furnishing 2        629,084 10/31/29                2.97          1,867,871 2.4%
 iQor Memphis Technology & Electronics 2        566,281 12/31/24                3.15          1,783,785 2.3%
 Pactiv Corporation Chicago Industrial Equipment Components 3       439,631 8/31/23                3.77          1,656,590 2.1%
 First Logistics Chicago Logistics & Transportation 1        327,194 10/31/24                4.85          1,586,891 2.0%
 American Plastics, LLC Cleveland Plastics 1       405,000 12/31/28                3.60          1,456,218 1.9%
 Perseus Distribution - Ingram Publisher Services Memphis Paper & Printing 1      638,400 5/31/27                2.24          1,432,570 1.8%
 Stamar Packaging, Inc Chicago Cardboard and Packaging 1      247,000 4/30/27                5.15          1,271,274 1.6%
 Mastin & Cain Properties, LLC Indianapolis Business Services 1     360,784 6/30/21                3.35          1,209,065 1.5%
 Total Largest Tenants by Annualized Rent     16     4,643,501    $            3.52  $   16,356,257 20.8%
 All Other     335   14,368,629    $            4.32  $   62,066,433 79.2%
 Total Company Portfolio        351   19,012,130    $            4.12  $   78,422,690 100%

 

(1) Annualized base rent is calculated as monthly contracted base rent per the terms of such lease, as of June 30, 2020, multiplied by 12. Excludes rent abatements.

2Q 2020 Supplemental

20 

 
Plymouth Industrial REIT, Inc.
Leasing Activity
 
                 
 Year  Type Square Footage Percent  Expiring Rent  New Rent % Change Tenant Improvements $/SF/YR  Lease Commissions $/SF/YR 
                 
Q1 2019 Renewals 545,684 98.6%  $         3.18  $          3.63 14.2%  $                   0.16  $                  0.11
  New Leases 8,000 1.4%  $         6.30  $          6.50 3.2%  $                       -     $                  0.40
  Total 553,684 100%  $         3.22  $          3.67 14.0%  $                   0.16  $                  0.11
                 
Q2 2019 Renewals 252,826 44.1%  $         4.87  $          4.95 1.6%  $                   0.30  $                  0.11
  New Leases 320,232 55.9%  $         2.64  $          3.11 17.8%  $                   0.27  $                  0.17
  Total 573,058 100%  $         3.62  $          3.92 8.3%  $                   0.28  $                  0.14
                 
Q3 2019 Renewals 293,806 51.0%  $         5.34  $          5.32 -0.4%  $                   0.22  $                  0.17
  New Leases 281,979 49.0%  $         2.22  $          3.52 58.6%  $                   0.22  $                  0.29
  Total 575,785 100%  $         3.81  $          4.44 16.5%  $                   0.22  $                  0.23
                 
Q4 2019 Renewals 288,523 43.7%  $         4.26  $          4.95 16.2%  $                   0.12  $                  0.18
  New Leases 371,905 56.3%  $         3.51  $          3.57 1.7%  $                   0.31  $                  0.22
  Total 660,428 100%  $         3.84  $          4.17 8.6%  $                   0.22  $                  0.20
                 
Q1 2020 Renewals 105,582 26.9%  $         6.27  $          6.42 2.4%  $                   0.17  $                  0.13
  New Leases 286,885 73.1%  $         3.63  $          4.74 30.6%  $                   0.26  $                  0.21
  Total 392,467 100%  $         4.34  $          5.19 19.6%  $                   0.24  $                  0.19
                 
Q2 2020 Renewals 1,286,366 95.4%  $         3.29  $          3.52 7.0%  $                   0.09  $                  0.08
  New Leases 62,494 4.6%  $         4.17  $          5.74 37.6%  $                   0.34  $                  0.08
  Total 1,348,860 100%  $         3.33  $          3.63 9.0%  $                   0.10  $                  0.08

 

2Q 2020 Supplemental

21 

 
Plymouth Industrial REIT, Inc.
Lease Expiration Schedule
 
Unaudited ($ in thousands) at 6/30/2020        
           
  Year Square Footage Annualized Base Rent (ABR) (1) % of Annual Base Rent Expiring (2)    
  Available                                     976,418  $                                             — —    
  2020                                     281,453                                  1,164,558 1.5%    
  2021                                 3,196,961                                13,986,218 17.8%    
  2022                                 2,889,328                                13,403,202 17.1%    
  2023                                 2,430,985                                  9,629,115 12.3%    
  2024                                 2,903,609                                10,538,039 13.4%    
  Thereafter                                 7,309,794                                29,701,558 37.9%    
  Total                               19,988,548  $                            78,422,690 100%    

 

 

  

2Q 2020 Supplemental

22

 
Plymouth Industrial REIT, Inc.
Glossary
       
Non-GAAP Financial Measures Definitions:
Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue, tenant reimbursements and other income) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.
Cash Net Operating Income - (Cash NOI): We define Cash NOI as NOI excluding straight-line rent adjustments and amortization of above and below market leases.  
EBITDAre: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.
Funds From Operations attributable to common stockholders and unit holders (“FFO”): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
          We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO attributable to common stockholders and unit holders represents FFO reduced by dividends paid (or declared) to holders of our preferred stock.
 
Adjusted Funds From Operations attributable to common stockholders and unit holders (“AFFO” or "Core FFO"):  Adjusted funds from operations, or AFFO, is presented in addition to FFO. AFFO is defined as FFO, excluding certain non-cash operating revenues and expenses, acquisition and transaction related costs for transactions not completed and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, impairment losses, non-cash equity compensation and non-cash interest expense. We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.
Other Definitions:
GAAP: U.S generally accepted accounting principles.
Gross Assets: the carrying amount of total assets plus accumulated depreciation and amortization, as reported in the Company’s consolidated financial statements. For gross assets as of June 30, 2020 the calculation is as follows:

 

  6/30/2020  
Total Assets $764,647  
Add back accumulated depreciation $  80,452  
Add back intangible amortization $  42,302  
Gross assets $887,401  

 

Non-Recurring Capital Expenditures: Non-recurring capital expenditures include capital expenditures of long lived improvements required to upgrade/replace existing systems or items that previously did not exist.
Occupancy: We define occupany as the percentage of total leasable square footage as the earlier of lease term commencement or revenue recognition in accordance to GAAP as of the close of the reporting period.
Recurring Capital Expenditures: Recurring capitalized expenditures includes capital expenditures required to maintain and re-tenant our buildings, tenant improvements and leasing commissions.
Same Store Portfolio: Our Same Store Portfolio is a subset of our consolidated portfolio and includes buildings that were wholly-owned by us for the entire period presented. The trailing 5 quarters same store portfolio includes properties owned as of April 1, 2019, and still owned as of June 30, 2020. Therefore, we exclude from our Same Store Portfolio any buildings that were acquired or sold during the period from April 1, 2019 through June 30, 2020. The Company's computation of same store NOI may not be comparable to other REITs.
Weighted average lease term remaining: The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

  

2Q 2020 Supplemental

23