EX-99.2 2 ex99-2.htm SUPPLEMENTAL ANALYST PACKAGE

Exhibit 99.2

 

 

 

Fourth Quarter 2021

Supplemental

 

 

 

 

 

 

 

 

 
Plymouth Industrial REIT, Inc.
Table of Contents
                         

 

Introduction    
Executive Summary   2
Management, Board of Directors, Investor Relations, and Equity Coverage   2
Portfolio Statistics   3
Acquisition Activity   3
Select Recent Acquisitions   4
Value Creation   5
Replacement Cost Analysis   5
Rent Collections and Deferrals   6
Guidance   7
Financial Information    
Same Store Net Operating Income (NOI)   8
Consolidated Statements of Operations   9
Consolidated NOI   10
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)   10
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)   10
Consolidated Balance Sheets   11
Capital Structure and Debt Summary   12
Capital Markets Activity   12
Unconsolidated Joint Venture   13
Net Asset Value Components   14
Operational & Portfolio Information    
Leasing Activity   15
Lease Expiration Schedule   15
Leased Square Feet and Annualized Base Rent by Tenant Industry   16
Leased Square Feet and Annualized Base Rent by Type   17
Top 10 Tenants by Annualized Base Rent   18
Lease Segmentation by Size   18
Rentable Square Feet and Annualized Base Rent by Market   19
Total Acquisition Cost by Market   19
Appendix    
Glossary   20
     

 

Forward-Looking Statements:  This Supplemental Information contains forward-looking statements within the meaning of the U.S. federal securities laws. We make statements in this Supplemental Information 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. Additionally, unforeseen factors emerge from time to time, and we cannot predict which factors will arise or their ultimate impact on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. One of these factors is the outbreak of the novel coronavirus (COVID-19), the impact of which is difficult to fully assess at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally and the effectiveness of efforts to contain the spread of the virus and its resulting direct and indirect impact on the U.S. economy and economic activity. 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 Information, including certain non-GAAP financial measures, refer to the Glossary on pages 20-21. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 10.

 

 
Plymouth Industrial REIT, Inc.
Executive Summary

 

Company overview: Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a real estate investment trust focused on the acquisition, ownership, and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States.
 
Management, Board of Directors, Investor Relations, and Equity Coverage
 

 

Corporate   Investor Relations   Transfer Agent      
                 
20 Custom House Street, 11th Floor   Tripp Sullivan   Continental Stock Transfer & Trust Company
Boston, Massachusetts 02110     SCR Partners   1 State Street, 30th Floor      
617.340.3814     615.942.7077   New York, NY 10004      
www.plymouthreit.com     IR@plymouthrei.com   212.509.4000      
                 
Executive 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  
                 
Anthony J. Saladino     Anne A. Hayward          
Senior Vice President     Senior Vice President          
and Chief Accounting Officer     and General Counsel          
                 
Board of Directors
                 
Martin Barber   Philip S. Cottone   Richard J. DeAgazio   David G. Gaw  
Independent Director   Independent Director   Independent Director   Lead Independent Director  
                 
John W. Guinee   Caitlin Murphy   Pendleton P. White, Jr.   Jeffrey E. Witherell  
Independent Director     Independent Director   President and Chief Investment   Chief Executive Officer  
          Officer   and Chairman  
                 
Equity Research Coverage1
                 
Baird   BMO Capital Markets   JMP Securities   Truist Securities  
Dave Rodgers     John Kim   Aaron Hecht   Anthony Hau  
216.737.7341     212.885.4115   415.835.3963   212.303.4176  
                 
Berenberg Capital Markets     Colliers Securities   KeyBanc Capital Markets      
Connor Siversky     Barry Oxford   Craig Mailman      
646.949.9037     203.961.6573   917.368.2316      

 

Investor Conference Call and Webcast:
The Company will host a conference call and live audio webcast, both open for the general public to hear, on February 23, 2022 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through March 2, 2022 by dialing (412) 317-0088 and entering the replay access code, 2938178.
 
 
 
 
                   
                   
1) 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.  
 
 

 

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Plymouth Industrial REIT, Inc.
Portfolio Statistics
 
Unaudited ($ in thousands, except Cost/SF) as of 12/31/2021

 

Portfolio Snapshot       Portfolio Growth ($ in millions)

 

Number of Properties   128    
       
Number of Buildings   163  
       
Square Footage   29,547  
       
Occupancy   97.4%  
       
WA Lease Term Remaining (yrs.)   3.7  
       
Total Annualized Base Rent (ABR)1   $119,918  
       
Rental Rate Increase - Cash basis2   11.1%  

 

Acquisition Activity

 

2021 Transaction Summary       Investment Highlights
         
Purchase Price4   $370,977 Since the Company's IPO in June 2017, the Company has acquired over $1.17 billion of wholly owned warehouse, distribution, light manufacturing, and small bay industrial properties totaling 25.7 million square feet
Cost Per Square Foot   $63.15  
Replacement Cost/SF3   $94.33  
Square Footage Acquired   6,380 During 2021, the Company commenced $35.5 million of new development / redevelopment projects across three markets; completed projects created an additional 220,000 of rentable square feet, with another 420,000 square feet projected to be completed in 2022
WA Occupancy at Acquisition   99.5%  
WA Lease Term Remaining (yrs.)   4.0  

 

Acquisitions                        

 

Location   Acquisition Date   # of Buildings   Purchase Price4   Square Footage   Projected Initial Yield5   Cost per Square Foot6
St. Louis, MO   10/5/2021   1    $                 7,700   76,092   6.2%    $            101.19
St. Louis, MO   10/5/2021   1                 11,100   100,021   6.9%                110.98
St. Louis, MO   10/7/2021   2                 75,100   1,145,330   5.8%                  65.57
Indianapolis, IN   10/26/2021   1                  23,100   294,730   6.9%                  78.38
Indianapolis, IN   11/1/2021   1                  7,450   102,934   6.3%                  72.38
Columbus, OH   11/4/2021   3                 22,500   396,800   6.7%                  56.70
Chicago, IL   12/2/2021   2                  24,000   335,000   5.9%                  71.64
Cincinnati, OH   12/23/2021   1                 23,500   480,000   6.2%                  48.96
  Total Fourth Quarter 2021 Acquisitions   12    $            194,450   2,930,907   6.2%    $              69.07
                           
Multiple     Q3 2021   5    $            101,477   1,832,947   7.2%    $              61.78
                           
Multiple     Q2 2021   2    $              14,050   230,099   6.8%    $              61.73
                           
Multiple     Q1 2021   5    $              61,000   1,386,349   7.7%    $              46.87
                           
Multiple     Full Year 2020   27    $            243,568   5,473,596   7.8%    $              46.99
                           
Multiple     Full Year 2019   32    $            220,115   5,776,928   8.4%    $              42.21
                           
Multiple     Full Year 2018   24    $            164,575   2,903,699   8.2%    $              70.54
                           
Multiple     2017 (since IPO)   36    $            173,325   5,195,563   8.4%    $              33.81
                           
  Total Acquisitions Post-IPO       143    $        1,172,560   25,730,088   7.7%    $              52.56

 

QTD Q1 2022 Acquisitions                        
                           
Location   Acquisition Date   # of Buildings   Purchase Price4   Square Footage   Projected Initial Yield5   Cost per Square Foot6
Atlanta, GA   1/20/2022   1    $               9,750   150,000   6.0%    $               65.00
Jacksonville, FL   2/7/2022   2            12,300   86,400   7.1%                142.36
          3    $            22,050   236,400   6.6%    $            108.15

 

 
Portfolio statistics and acquisitions include wholly owned industrial properties only; excludes properties held by unconsolidated joint ventures or our property management office located in Columbus, Ohio.

 

1) Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
2) Based on approximately 5.0 million square feet of new and renewal leases greater than six months in term. Refer to Leasing Activity in this Supplemental Information for additional details.
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.
4) Represents total direct consideration paid rather than GAAP cost basis.
5) Weighted based on Purchase Price.
6) Calculated as Purchase Price divided by square footage.

 

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Plymouth Industrial REIT, Inc.
Select Recent Acquisitions

 

During 2021, the Company has acquired twenty-four (24) wholly-owned industrial buildings totaling 6.4 million square feet for a total consideration of $371.0 million in its key markets at a weighted average project initial yeild of 6.7% and a weighted average price of  approximately $63 per square foot
 
Unaudited ($ in thousands, except Cost/SF)

 

Ohio Industrial Portfolio            
               
    Location Dayton  
  Acquisition Date November-21  
  # of Buildings 3  
  Purchase Price1 $22,500  
  Square Footage 396,800  
  Occupancy 100.0%  
  WA Lease Term Remaining 5.9 years  
  Projected Initial Yield 6.7%  
  Purchase Price/SF2 $56.70  
  Replacement Cost/SF2 $87.18  
  Multi-Tenant % 33%  
  Single-Tenant % 67%  
       
  Location Characteristics: Dayton spans across four counties in Ohio, includes more than 800,000 people and is strategically located in the heart of the Midwest within 600 miles of 67% of the United States. This industrial market has seen robust demand from users and developers alike for the past five years  
       
  Market Insight: The region’s attractiveness is simple: strong location, strong labor force and strong transportation options (source: CBRE)  
       
  Portfolio Fit: Brings Company's scale in the Ohio market to nearly 9.4 million square feet and complements the existing tenant / industry base with the addition of a leading manufacturer and healthcare companies to the roster  

 

Lakeview Drive            
               
    Location St. Louis  
  Acquisition Date August-21  
  # of Buildings 1  
  Purchase Price1 $55,200  
  Square Footage 769,500  
  Occupancy 100.0%  
  WA Lease Term Remaining 2.7 years  
  Projected Initial Yield 6.7%  
  Purchase Price/SF2 $71.73  
  Replacement Cost/SF2 $91.00  
  Multi-Tenant % 0%  
  Single-Tenant % 100%  
       
  Location Characteristics: St. Louis is located within 500 miles of one-third of the U.S. population and within 1,500 miles of 90% of North America's population by way of its four interstates with national access. Additionally, the region is home to two international cargo airports, the third-largest rail hub and second-largest inland port in the U.S.  
       
  Market Insight: Supply continues to contract; growth shows no signs of slowing down as more firms look to Midwest markets for distribution hubs (source: JLL)  
       
  Portfolio Fit: Brings Company's scale in the St. Louis market to over 3.0 million square feet and complements the existing tenant / industry base with the addition of a leading 3PL company to the roster  
               

 

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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Plymouth Industrial REIT, Inc.
Value Creation
 
Unaudited ($ in thousands, except RSF)

 

Examples of Value Creation

 

Lease Extension / Redevelopment   New Industrial Development / Lease-up   New Industrial Development
     
Cincinnati, OH   Portland, ME   Atlanta, GA
Acquired multi-tenant industrial building in October 2018 with over 1.1 million SF of rentable square feet and 30+ acres available for future development   Acquired multi-tenant industrial building in November 2014 with ~ 8 acres of developable land   Acquired single-tenant industrial building in January 2020 with ~ 65 acres of developable land
Renewed nearly 0.5 million SF at higher rental rents with average annual rent escalations of 3.3% and terms greater than 4 years   Broke ground on new ~70,000 square foot industrial building during Q2 2021; completed shell in December 2021 with certificate of occupancy to occur Q1 2022   Broke ground on new ~240,000 SF building during Q2 2021 with an estimated shell completion in Q3 2022 at a cost of ~$12.8M, an add'l ~180,000 SF building is projected for Q1 2023 at a cost of $11.1M
Installed floors over open crane pit areas to create an additional ~150,000 SF of new leasable space all of which is leased as Q1 2022   Lease negotiations for the two (2) demised spaces are in process; full occupancy anticipated to occur by end of Q2 2022   Flexible design planned for both buildings to allow for demising. There is strong prospective tenant interest for multi- and single-tenant occupancy

 

Plymouth is partnering with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities1
 
Replacement Cost Analysis (as of 12/31/2021)

 

                Total Rentable        
  Market   Market Type2     # of Buildings   Square Feet (RSF)   Purchase Price3   Replacement Cost4
  Atlanta   Primary     9                    1,318,002    $                   62,931    $                   96,600
  Chicago   Primary     40                    6,852,144                       282,726                       738,077
  Boston   Secondary     1                       200,625                    10,500                    32,450
  Cincinnati   Secondary     9                    2,622,070                    91,957                       173,471
  Cleveland   Secondary     17                    3,681,390                       176,250                       321,015
  Columbus   Secondary     13                    3,120,973                       124,143                       237,418
  Indianapolis   Secondary     16                    3,866,065                       135,290                       325,830
  Jacksonville   Secondary     24                    1,966,154                       135,650                       192,610
  Kansas City   Secondary     1                       221,911                      8,600                    20,451
  Memphis   Secondary     19                    2,397,934                    74,902                       160,628
  Philadelphia   Secondary     1                       156,634                      9,700                    14,912
  St. Louis   Secondary     13                    3,143,204                       205,337                       314,530
  Total         163                  29,547,106    $              1,317,986    $              2,627,992
                         
                         

 

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 Globes and federal Guiding Principles Compliance certification and assessment programs.
2) Primary markets means the following two metropolitan areas in the U.S., each generally consisting of more than 300 million square feet of industrial space: Chicago and Atlanta. Secondary markets means non-primary markets, each generally consisting of between 100 million and 300 million square feet of industrial space, including the following metropolitan areas in the U.S.: Boston, Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, Milwaukee, Philadelphia, South Florida, and St. Louis. Our definitions of primary and secondary markets may vary from the definitions of these terms used by investors, analysts, or other industrial REITs.
3) Represents total direct consideration paid rather than GAAP cost basis.
4) 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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Plymouth Industrial REIT, Inc.
Rent Collections and Deferrals
 
The Company continues to experience substantial rent collection throughout the COVID-19 pandemic. Collection of original contracted rents, including those deferred, as of the current quarter ended was over 99%.
 
Unaudited ($ in thousands)

 

      % of Tenant   % of Tenant   Total Revised
      Contractual Base   Contractual Base   Contractual Base
Rent Collections   Rent Collected   Rent Deferred   Rent Collected
               
 First Quarter 2020   100.0%   0.0%   100.0%
 Second Quarter 2020   95.3%   4.7%   100.0%
 Third Quarter 2020   99.6%   0.4%   100.0%
 Fourth Quarter 2020   100.0%   0.0%   100.0%
               
 First Quarter 2021   99.7%   0.2%   99.9%
 Second Quarter 2021   99.9%   0.0%   99.9%
 Third Quarter 2021   100.0%   0.0%   100.0%
 Fourth Quarter 20211   99.9%   0.0%   99.9%
               
Rent Deferrals2   Granted   Collected   Outstanding
               
 Full Year 2020    $                      1,250    $                      1,250    $                            -   
               
 Full Year 2021    $                           54    $                           54    $                            -   
               

 

 

 

1) Cash receipts based on contractual base rent receivables through February 14, 2022.
2) Rent deferrals require full repayment of rent amounts within twelve months from the date of the deferment. All rent deferrals were paid in full in the year in which they were granted.

 

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Plymouth Industrial REIT, Inc.
Guidance
 
Unaudited (in thousands, except per-share amounts)

 

      Full Year 2022 Range1
      Low   High
           
Core FFO attributable to common stockholders and unit holders per share $          1.80   $          1.85
           
Same Store Portfolio NOI growth - cash basis2             3.25%   4.25%
           
Average Same Store Portfolio occupancy - full year             96.5%   98.0%
           
General and administrative expenses3    $      16,500    $      15,800
           
Interest expense, net4    $      30,300    $      29,800
           
           
Weighted average common shares and units outstanding            37,028            37,028

 

Reconciliation of Net loss attributable to common stockholders and unit holders per share to Core FFO guidance:

 

      Full Year 2022 Range1
      Low   High
Net loss    $         (0.41)    $         (0.36)
           
Depreciation and amortization5                2.39                2.39
           
Preferred stock dividends               (0.18)               (0.18)
           
       $          1.80    $          1.85
           

 
1)Our 2022 guidance refers to the Company's in-place portfolio as of February 18, 2022 and includes an additional $197M in acquisitions scheduled to close by early Q2 2022. There can be no assurance that we will complete such acquisitions within the forecasted timeframe. Our 2022 guidance does not include prospective acquisitions, beyond the $197M identified, dispositions, or capitalization activities (including the conversion of Preferred stock - Series B) that have not closed.
2)The Same Store Portfolio consists of 121 buildings aggregating 21,902,055 rentable square feet. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income.
3)Includes non-cash stock compensation of $2 million for 2022.
4)Interest expense, net, includes the $100 million, 1.591% interest rate swap agreement with JPMorgan Chase Bank, N.A. and the $200 million, 1.609% interest rate swap agreement with Capital One, N.A. at a total cost of 3.241% and 3.259%, respectively.
5)Includes depreciation and amortization from unconsolidated joint venture per common shares and units.

 

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

 

Square footage        17,093,547   Includes: wholly owned properties as of December 31, 2019; determined and set once per year for the following twelve months (refer to Glossary for Same Store definition)
Number of properties 81  
Number of buildings 108  
Percentage of total portfolio square footage 57.9%   Excludes: wholly owned properties classified as repositioning or lease-up during 2020 or 2021 (5 properties representing approximately 607,000 of rentable square feet) and unconsolidated joint venture properties
Occupancy at period end 98.0%  

 

Same Store NOI - GAAP Basis

 

        Three Months Ended December 31,      
        2021   2020   $ Change % Change
                   
Rental revenue      $           26,138    $           23,653    $             2,485 10.5%
Property expenses                     9,979                   8,420                   1,559 18.5%
Same Store NOI - GAAP Basis      $           16,159    $           15,233    $                926 6.1%
                   
Same Store NOI excluding early termination income - GAAP Basis      $           15,804    $           15,143    $                661 4.4%
                   
        Year Ended December 31,      
        2021   2020   $ Change % Change
                   
Rental revenue      $           99,238    $           94,701    $             4,537 4.8%
Property expenses                   37,410                 33,829                   3,581 10.6%
Same Store NOI - GAAP Basis      $           61,828    $           60,872    $                956 1.6%
                   
Same Store NOI excluding early termination income - GAAP Basis      $           61,399    $           60,512    $                887 1.5%

 

Same Store NOI - Cash Basis

 

        Three Months Ended December 31,      
        2021   2020   $ Change % Change
                   
Rental revenue      $           25,649    $           22,787    $             2,862 12.6%
Free rent1                          47                           -                        47                        -  
Property expenses                     9,979                   8,420                   1,559 18.5%
Same Store NOI - Cash Basis      $           15,717    $           14,367    $             1,350 9.4%
                   
Same Store NOI excluding early termination income - Cash Basis      $           15,362    $           14,277    $             1,085 7.6%
                   
        Year Ended December 31,      
        2021   2020   $ Change % Change
                   
Rental revenue      $           95,948    $           91,404    $             4,544 5.0%
Free rent1                        730                           -                      730                        -  
Property expenses                   37,410                 33,829                   3,581 10.6%
Same Store NOI - Cash Basis      $           59,268    $           57,575    $             1,693 2.9%
                   
Same Store NOI excluding early termination income - Cash Basis      $           58,840    $           57,215    $             1,625 2.8%

 

 

 

1) Free rent associated with early terminations and lease-up periods for approximately 900,000 rentable square feet of space across three (3) buildings within the Same Store Portfolio for which new leases commenced during the three months and year ended December 31, 2021. The lease durations associated with these leases range in term from 5 to 10 years with an average of three (3) months of free rent.

 

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Plymouth Industrial REIT, Inc.
Consolidated Statements of Operations
 
Unaudited ($ thousands, except per-share amounts)

 

        For the Three Months Ended
December 31,
  For the Year Ended
December 31,
        2021   2020   2021   2020
                     
Revenues:                  
Rental revenue      $                    30,476    $                    23,169    $                  108,110    $                    85,025
Tenant recoveries                              9,326                            6,783                          32,160                          24,811
Management fee revenue and other income1                                   83                                 15                               348                                 15
Total revenues      $                    39,885    $                    29,967    $                  140,618    $                  109,851
                     
Operating expenses:                  
Property                            13,238                          10,058                          47,636                          38,159
Depreciation and amortization                            19,658                          14,826                          70,642                          56,428
General and administrative                              3,338                            2,984                          12,920                          10,362
Total operating expenses      $                    36,234    $                    27,868    $                  131,198    $                  104,949
                     
Other income (expense):                  
Interest expense                             (5,479)                           (4,622)                         (19,968)                         (18,931)
Impairment on real estate lease                                      -                                    -                                    -                              (311)
Earnings (loss) in investment of unconsolidated joint venture2                                (175)                                (19)                              (850)                                (19)
Loss on extinguishment of debt                                (523)                                    -                              (523)                                    -
Gain on sale of real estate3                              1,185                                    -                            1,775                                    -
Unrealized (appreciation) depreciation of warrants4                             (3,312)                                    -                           (5,121)                              (103)
Total other income (expense)      $                     (8,304)    $                     (4,641)    $                   (24,687)    $                   (19,364)
                     
Net loss      $                     (4,653)    $                     (2,542)    $                   (15,267)    $                   (14,462)
                     
Less: Loss attributable to non-controlling interest                                  (66)                                (65)                              (259)                              (649)
                     
Net loss attributable to Plymouth Industrial REIT, Inc.      $                     (4,587)    $                     (2,477)    $                   (15,008)    $                   (13,813)
                     
Less: Preferred stock dividends                              1,652                            1,605                            6,608                            6,444
Less: Series B preferred stock accretion to redemption value                              1,807                            1,854                            7,228                            7,416
Less: Loss on extinguishment of Series A Preferred Stock                                      -                                 34                                    -                                 34
Less: Amount allocated to participating securities                                   48                                 38                               201                               182
                     
Net loss attributable to common stockholders      $                     (8,094)    $                     (6,008)    $                   (29,045)    $                   (27,889)
                     
Net loss basic and diluted per share attributable to common stockholders      $                       (0.23)    $                       (0.24)    $                       (0.94)    $                       (1.52)
                     
Weighted-average common shares outstanding basic and diluted     34,690   24,783   30,911   18,382
                     

 

1) Represents management fee revenue earned from the unconsolidated joint venture and other miscellaneous income.
2) Represents our share of earnings (losses) related to our investment in an unconsolidated joint venture. Refer to Unconsolidated Joint Venture in this Supplement Information for additional details.
3) For the year ended December 31, 2021, the Company sold two properties totaling 172,953 square feet, recognizing a net gain of $1,775.
4) Represents the change in the fair market value of our common stock warrants.

 

Page 9 

 
Plymouth Industrial REIT, Inc.
Non-GAAP Measurements
 
Unaudited ($ in thousands)
 
Consolidated NOI

 

      Three Months Ended December 31,   Year Ended December 31,  
      2021   2020   2021   2020  
                     
Net loss    $                          (4,653)    $                          (2,542)    $                        (15,267)    $                        (14,462)  
General and administrative                                  3,338                                  2,984                                12,920                                10,362  
Depreciation and amortization                                19,658                                14,826                                70,642                                56,428  
Interest expense                                  5,479                                  4,622                                19,968                                18,931  
Impairment on real estate lease                                          -                                          -                                          -                                     311  
Gain on sale of real estate                                (1,185)                                          -                                (1,775)                                          -  
Unrealized appreciation (depreciation) of warrants1                                  3,312                                          -                                  5,121                                     103  
Loss on extinguishment of debt                                     523                                          -                                     523                                          -  
(Earnings) loss in investment of unconsolidated joint venture2                                     175                                       19                                     850                                       19  
Management fee revenue and other Income3                                     (83)                                     (15)                                   (348)                                     (15)  
Net Operating Income    $                          26,564    $                          19,894    $                          92,634    $                          71,677  
                     
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)      
                     
Net loss    $                          (4,653)    $                          (2,542)    $                        (15,267)    $                        (14,462)  
Depreciation and amortization                                19,658                                14,826                                70,642                                56,428  
Interest expense                                  5,479                                  4,622                                19,968                                18,931  
Unrealized appreciation (depreciation) of warrants1                                  3,312                                          -                                  5,121                                     103  
Gain on sale of real estate                                (1,185)                                          -                                (1,775)                                          -  
Loss on extinguishment of debt                                     523                                          -                                     523                                          -  
EBITDAre    $                          23,134    $                          16,906    $                          79,212    $                          61,000  
Stock compensation                                     340                                     383                                  1,559                                  1,439  
Pro forma effect of acquisitions4                                     974                                  1,331                                  3,114                                  2,628  
EBITDA adjustments attributable to unconsolidated joint venture5                                     456                                       79                                  1,909                                       79  
Adjusted EBITDA    $                          24,904    $                          18,699    $                          85,794    $                          65,146  
                     
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)        
                     
Net loss    $                          (4,653)    $                          (2,542)    $                        (15,267)    $                        (14,462)  
Gain on sale of real estate                                (1,185)                                          -                                (1,775)                                          -  
Depreciation and amortization                                19,658                                14,826                                70,642                                56,428  
Depreciation and amortization from unconsolidated joint venture                                     363                                       64                                  1,539                                       64  
FFO    $                          14,183    $                          12,348    $                          55,139    $                          42,030  
Preferred stock dividends                                (1,652)                                (1,605)                                (6,608)                                (6,444)  
Unrealized appreciation (depreciation) of warrants1                                  3,312                                          -                                  5,121                                     103  
Loss on extinguishment of debt                                     523                                          -                                     523                                          -  
Impairment of real estate lease                                          -                                          -                                          -                                     311  
Core FFO    $                          16,366    $                          10,743    $                          54,175    $                          36,000  
Amortization of debt related costs                                     443                                     416                                  1,605                                  1,467  
Non-cash interest expense                                     222                                     227                                     191                                     148  
Stock compensation                                     340                                     383                                  1,559                                  1,439  
Straight line rent                                   (974)                                   (510)                                (3,700)                                (1,963)  
Above/below market lease rents                                   (507)                                   (640)                                (2,096)                                (2,075)  
Recurring capital expenditures6                                (2,040)                                   (759)                                (8,767)                                (3,263)  
AFFO    $                          13,850    $                            9,860    $                          42,967    $                          31,753  
                     
Weighted-average common shares and units outstanding   35,414   25,627   31,691   19,327  
                     
Core FFO attributable to common stockholders and unit holders per share    $                              0.46    $                              0.42    $                              1.71    $                              1.86  
AFFO attributable to common stockholders and unit holders per share    $                              0.39    $                              0.38    $                              1.36    $                              1.64  
                     
                     
 

 

1) Represents the change in the fair market value of our common stock warrants.
2) Represents our share of (earnings) losses related to our investment in an unconsolidated joint venture. Refer to Unconsolidated Joint Venture in this Supplemental Information for additional details.
3) Represents management fee revenue earned from the unconsolidated joint venture and other miscellaneous income.
4) Represents the estimated impact of wholly owned and joint venture acquisitions as if they had been acquired on the first day of each respective quarter in which the acquisitions occurred. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired properties as of the beginning of the respective periods.
5) Represents depreciation and amortization, and interest expense from the Company's unconsolidated joint venture.
6) Excludes non-recurring capital expenditures of $6,438 and $1,949 for the three months ended December 31, 2021 and 2020, respectively, and $22,547 and $5,427 for the years ended December 31, 2021 and 2020, respectively.

 

Page 10 

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

 

        December 31, 2021   December 31, 2020
ASSETS      
Real estate properties:        
Land      $                  201,164    $                  159,681
Building and improvements                     1,052,843                        727,000
Less accumulated depreciation                       (142,192)                         (98,283)
Total real estate properties, net    $               1,111,815    $                  788,398
             
Cash, cash held in escrow and restricted cash                          43,374                          32,054
Deferred lease intangibles, net                          75,864                          66,116
Investment in unconsolidated joint venture1                            5,833                            6,683
Other assets                          33,919                          27,019
Total assets    $               1,270,805    $                  920,270
             
LIABILITIES, PREFERRED STOCK AND EQUITY      
Secured debt, net    $                  352,075    $                  328,908
Unsecured debt, net2                        335,840                        189,254
Accounts payable, accrued expenses and other liabilities                          66,880                          49,335
Deferred lease intangibles, net                          10,273                          11,350
Financing lease liability3                            2,227                            2,207
             
Total liabilities    $                  767,295    $                  581,054
             
Preferred stock - Series A    $                    48,473    $                    48,485
Preferred stock - Series B4    $                    94,437    $                    87,209
             
Equity:          
Common stock    $                         361    $                         253
Additional paid in capital                        532,666                        360,752
Accumulated deficit                       (177,258)                       (162,250)
Total stockholders' equity                        355,769                        198,755
Non-controlling interest                            4,831                            4,767
Total equity    $                  360,600    $                  203,522
             
Total liabilities, preferred stock and equity    $               1,270,805    $                  920,270
             
             

 

1) Represents a noncontrolling equity interest in a single joint venture we entered into during October 2020. Our investment in the joint venture is accounted for under the equity method of accounting. Refer to Investment in Unconsolidated Joint Venture in this Supplemental Information for additional details.
2) Includes borrowings under line of credit and  term loans. Refer to Debt Summary in this Supplemental Information for additional details.
3) As of December 31, 2021, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 34 years. Refer to our 2021 Annual Report on Form 10-K for expanded disclosure.
4) Refer to Glossary in this Supplemental Information for relevant features of the Preferred stock - Series B.      

 

Page 11 

 

Plymouth Industrial REIT, Inc.
Capital Structure and Debt Summary
 
Unaudited ($ in thousands) as of 12/31/2021
 
Debt Summary

 

  Secured Debt:   Maturity Date Interest Rate Commitment Principal Balance
  AIG Loan   November-23 4.08%  $                        120,000  $                        114,477
  Ohio National Life Mortgage1   August-24 4.14%                              21,000                              19,660
  Allianz Loan   April-26 4.07%                              63,115                              63,115
  JPMorgan Chase Loan1,8   January-27 5.23%                              13,900                              13,205
  Nationwide Loan   October-27 2.97%                              15,000                              15,000
  Lincoln Life Gateway Mortgage1   January-28 3.43%                              28,800                              28,800
  Midland National Life Insurance Mortgage1   March-28 3.50%                              10,820                              10,820
  Minnesota Life Loan   May-28 3.78%                              21,500                              20,453
  Transamerica Loan   August-28 4.35%                              78,000                              68,709
  Total / Weighted Average Secured Debt     4.04%  $                        372,135  $                        354,239
             
  Unsecured Debt2:          
  KeyBank Line of Credit   August-25  1.65%3  $                        200,000  $                          38,000
  $100m KeyBank Term Loan   August-26  1.60%3                            100,000                            100,000
  $200m KeyBank Term Loan   February-27  1.60%3                            200,000                            200,000
  Total / Weighted Average Unsecured Debt     1.61%  $                        500,000  $                        338,000
             
      December 31, September 30, June 30, March 31,
  Net Debt:   2021 2021 2021 2021
  Total Debt4    $                  703,439  $                  600,012  $                    508,544  $                    539,883
  Less: Cash                      43,374                      78,943                          29,314                          28,163
  Net Debt    $                  660,065  $                  521,069  $                    479,230  $                    511,720

 

Capitalization

 

      December 31, September 30, June 30, March 31,
      2021 2021 2021 2021
    Common Shares and Units Outstanding5                     36,601                   34,781                   31,596                   28,945
    Closing Price (as of period end)    $                 32.00  $                 22.75  $                 20.02  $                 16.85
    Market Value of Common Shares6    $          1,171,232  $             791,268  $             632,552  $             487,723
    Preferred Stock - Series A (at liquidation preference)                     50,589                   50,589                   50,589                   50,589
    Preferred Stock - Series B (at liquidation preference)                     97,277                   97,277                   97,277                   97,277
    Total Market Capitalization6,7    $          2,022,537  $          1,539,146  $          1,288,962  $          1,175,472
             
    Dividend / Share (annualized)    $                   0.84  $                   0.84  $                   0.84  $                   0.80
    Dividend Yield (annualized)   2.6% 3.7% 4.2% 4.7%
    Total Debt-to-Total Market Capitalization   34.8% 39.0% 39.5% 45.9%
    Secured Debt as a % of Total Debt   52.0% 58.3% 67.0% 63.3%
    Unsecured Debt as a % of Total Debt   48.0% 41.7% 33.0% 36.7%
    Net Debt-to-Annualized Adjusted EBITDA (quarter annualized) 6.6x 5.9x 6.2x 6.7x
    Net Debt plus Preferred-to-Annualized Adjusted EBITDA (quarter annualized) 8.1x 7.5x 8.1x 8.6x
    Weighted Average Maturity of Total Debt (years)   4.5 4.7 4.3 4.7

 

Capital Markets Activity - YTD

 

Common Shares Avg. Price Offering Period Net Proceeds
2,883,794  $                          15.00 ATM Q1 2021  $                          42,510
2,646,854  $                          18.86 ATM Q2 2021  $                          48,584
3,173,883  $                          22.32 ATM Q3 2021  $                          69,292
1,820,200  $                          28.99 ATM Q4 2021  $                          51,647
312,400  $                          30.01 ATM Q1 2022  $                            9,235

 

Refer to Glossary in this Supplemental Information for definitions of non-GAAP financial measures, including Net debt and Net debt plus preferred-to-Adjusted EBITDA.

 

1)Debt assumed at acquisition.
2)On August 11, 2021, the Company entered into a combined $500 million unsecured credit facility, which is comprised on an amended $200 million revolving credit facility, an amended $100 million term loan, and a new $200 million term loan.
3)The 1-month LIBOR rate as of December 31, 2021 was 0.10%. The spread over the applicable rate for the KeyBank Term Loans and the unsecured line of credit with KeyBank is based on the Company’s total leverage ratio. On January 28, 2022, the Company entered into interest rate swap agreements to fix the USD-LIBOR floating rates on the KeyBank Term Loans at a fixed rate of 1.60% plus 1.30% to 1.85%, depending on the Company's total leverage ratio.
4)Total Debt is not adjusted for the amortization of debt issuance costs or fair market premiums or discounts. Total Debt includes the Company's pro rata share of unconsolidated joint venture debt in the amount of $11.2 million.
5)Common shares and units outstanding were 36,111 and 490 as of December 31, 2021, respectively, and 25,344 and 607 for the year ended December 31, 2020, respectively.
6)Based on closing price as of last trading day of the quarter and common shares and units as of the period ended.
7)Market value of shares and units plus total debt and preferred stock as of period end.
8)On February 2, 2022, the Company repaid in full the outstanding debt balance.

 

Page 12 

 
Plymouth Industrial REIT, Inc.
Unconsolidated Joint Venture
 
In October 2020, the Company announced the formation of a $150 million equity joint venture with Madison International Realty to pursue the acquisition of value-add and opportunistic industrial properties in key markets. The joint venture's first acquisition on December 17, 2020 was a portfolio of infill industrial buildings in metropolitan Memphis for $86 million. The acquisition is projected to provide an initial yield of approximately 7.7%.
 
Unaudited ($ in thousands) as of 12/31/2021

 

Unconsolidated Joint Venture Portfolio Statistics   Madison International Realty Joint Venture1
                     
Number of Properties     16       Partnership   Total Equity
Number of Buildings     28     Joint Venture Members  Interests   Commitment
Square Footage     2,320,773     Plymouth (Managing Member) 20%    $                    30,000
Occupancy     97.0%     Madison 80%                        120,000
Weighted Average Lease Term Remaining (in years) 2.4            $                  150,000
Multi-Tenant %     37%     Partner Equity Deployed      $                    33,328
Single-Tenant %     63%     Annualized Asset Mgmt. Fee to PLYM    $                         333
                     
              Targeted Total   Remaining
              Leverage Potential Investment   Potential Investment
              60%  $                  375,000    $                  289,000
              65%  $                  428,000    $                  342,000

 

Balance Sheet Information2   Selected Quarter-to-Date and Year-to-Date Financial Information3
                     
        December 31,       Three Months Ended   Year Ended
  ASSETS     2021       December 31,   December 31,
   Real estate properties, net      $                    77,266     Plymouth's Share 2021   2021
   Cash, cash held in escrow and restricted cash                              3,767     Revenues  $                         521    $                      1,946
   Other assets                              7,174     Net Operating Income  $                         299    $                      1,215
  Total assets      $                    88,207     Interest Expense  $                           93    $                         370
              EBITDA  $                         282    $                      1,131
  LIABILITIES AND EQUITY           Joint Venture Assets  $                    17,641    $                    17,641
   Secured debt, net2      $                    55,458     Joint Venture Debt  $                    11,200    $                    11,200
   Other liabilities                              3,982            
   Equity                            28,767            
  Total liabilities and equity      $                    88,207            

 

Joint Venture Key Terms

 

We are the Managing Member of the joint venture and receive an annual 1% asset management fee on the total equity investment
Distribution of cash flows: first to Members pro rata until Madison achieves a 12% return; second 10% to Managing Member and 90% to Members pro-rata until Madison achieves a 15% return, thereafter 20% to Managing Member and 80% to Members pro rata

 

   
Additional details on the unconsolidated joint venture can be found in documents filed with or furnished to the SEC.         

 

1)For illustrative purposes only.
2)Balance sheet and portfolio information is presented at 100% of the joint venture. Selected financial information is presented at our pro rata share.
3)A $56 million mortgage secured by the joint venture properties from Minnesota Life that carries a seven-year term at a fixed interest rate of 3.15%.

 

Page 13 

 
Plymouth Industrial REIT, Inc.
Net Asset Value Components
 
Unaudited ($ in thousands) as of 12/31/2021

 

Net Operating Income       2021 Acquisitions        
                     
      Three Months Ended December 31,     Acquisition # of Square Purchase Projected
      2021   Market Date Buildings Footage Price Initial Yield
  Pro Forma Net Operating Income (NOI)       Kansas City 2/12/2021 1             221,911  $            8,600 8.8%
  Total Operating NOI    $          26,564   St. Louis 3/23/2021 1             142,364                 7,800 7.6%
  Share of Joint Venture NOI                   299   Chicago 3/25/2021 1             149,474                 7,900 7.3%
  Pro Forma Effect of New Lease Activity1                   530   Cleveland 3/29/2021 1             100,150                 7,700 7.6%
  Pro Forma Effect of Acquisitions2                   974   Columbus 3/29/2021 1             772,450               29,000 7.5%
  Pro Forma Effect of Repositioning / Development3                    651   Memphis 6/29/2021 1               74,665                 5,250 7.0%
  Pro Forma NOI    $          29,018   St. Louis 6/30/2021 1             155,434                 8,800 6.7%
          Memphis 7/9/2021 1             233,000                 9,900 7.7%
  Amortization of above / below market lease intangibles, net                 (516)   Memphis 7/30/2021 2             316,935                 6,277 8.0%
  Straight-line rental revenue adjustment                 (974)   Chicago 8/12/2021 1             513,512               30,100 7.8%
  Pro Forma Cash NOI    $          27,528   St. Louis 8/24/2021 1             769,500               55,200 6.7%
          St. Louis 10/5/2021 1             100,021               11,100 6.9%
          St. Louis 10/5/2021 1               76,092                 7,700 6.2%
          St. Louis 10/7/2021 2          1,145,330               75,100 5.8%
          Indianapolis 10/26/2021 1             294,730               23,100 6.9%
          Indianapolis 11/1/2021 1             102,934                 7,450 6.3%
          Columbus 11/4/2021 3             396,800               22,500 6.7%
          Chicago 12/2/2021 2             335,000               24,000 5.9%
          Cincinnati 12/23/2021 1             480,000               23,500 6.2%
              24          6,380,302  $         370,977 6.7%

 

Other Assets and Liabilities       Developable Land        
                     
  Cash, cash held in escrow and restricted cash    $            43,374     Owned Developable Under Est. Investment / Under
  Other assets    $            33,919   Market Land (acres)4 GLA (SF)4 Construction (SF)5 Est. Completion Development (SF)5
  Accounts payable, accrued expenses and other liabilities    $            66,880   Atlanta 65          420,000      240,000  $12.8M / Q322         180,000
          Chicago 11          220,000            -                     -   
Debt and Preferred Stock       Boston 8            70,000        70,000  $7.5M / Q421                -   
          Cincinnati 30          500,000            -               500,000
  Secured Debt, net    $          354,239   Jacksonville 15          178,000            -                178,000
  Unsecured Debt, net    $          338,000   Memphis 23          475,000            -                     -   
  Share of Joint Venture Debt6    $            11,200     152       1,863,000        310,000            858,000
  Preferred Stock - Series A7    $            50,589              
  Preferred Stock - Series B7    $            97,277              
                     
  Common shares and units outstanding8                  36,601              

 

 
We have made a number of assumptions with respect to the pro forma effects and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired properties and / or fully stabilized the repositioning / development properties as of the beginning of the period. Refer to Glossary in this Supplemental Information for a definition and discussion of non-GAAP financial measures.

 

1)Represents the estimated incremental base rents from uncommented new leases as if rent commencement had occurred as of the beginning of the period.
2)Represents the estimated impact of acquisitions as if they had been acquired at the beginning of the period.
3)Represents the estimated impact of properties that are undergoing repositioning or lease-up as if the properties were fully stabilized and rents had commenced as of the beginning of the period.
4)Developable land represents acreage currently owned by us and identified for potential development. The developable gross leasable area (GLA) is based on the developable land area and a land to building ratio. Developable land and GLA are estimated and can change periodically due to changes in site design, road and storm water requirements, parking requirements and other factors. We have made a number of assumptions in such estimates and there can be no assurance that we will develop land that we own.
5)Under construction represents projects for which vertical construction has commenced. Under development represents projects in the pre-construction phase.
6)Our ownership interest is 20%.
7)Preferred Stock is calculated at its liquidation preference as of the end of the period.
8)Common shares and units outstanding were 36,111 and 490 as of December 31, 2021.

 

Page 14 

 
Plymouth Industrial REIT, Inc.
Leasing Activity and Expirations
 
Unaudited as of 12/31/2021
 
Lease Renewals and New Leases1

 

  Year Type Square Footage Percent  Expiring Rent New Rent % Change Tenant Improvements $/SF/YR  Lease Commissions $/SF/YR
                   
  2019 Renewals 1,380,839 58.4%  $               4.17  $               4.51 7.9%  $                        0.19  $                        0.14
    New Leases 982,116 41.6%  $               2.88  $               3.43 19.1%  $                        0.27  $                        0.23
    Total 2,362,955 100%  $               3.64  $               4.06 11.6%  $                        0.22  $                        0.17
                   
  2020 Renewals 1,881,346 71.1%  $               3.75  $               3.93 4.8%  $                        0.13  $                        0.08
    New Leases 764,314 28.9%  $               4.31  $               5.07 17.6%  $                        0.24  $                        0.19
    Total 2,645,660 100%  $               3.92  $               4.26 8.7%  $                        0.16  $                        0.11
                   
  Q1 2021 Renewals 892,358 77.3%  $               3.99  $               4.38 9.8%  $                        0.23  $                        0.07
    New Leases 261,495 22.7%  $               3.82  $               4.61 20.5%  $                        0.15  $                        0.14
    Total 1,153,853 100%  $               3.95  $               4.43 12.2%  $                        0.21  $                        0.08
                   
  Q2 2021 Renewals 937,191 50.1%  $               4.04  $               4.17 3.2%  $                        0.16  $                        0.10
    New Leases 934,931 49.9%  $               3.49  $               3.89 11.4%  $                        0.23  $                        0.23
    Total 1,872,122 100%  $               3.77  $               4.03 7.0%  $                        0.19  $                        0.16
                   
  Q3 2021 Renewals 455,146 31.9%  $               4.49  $               4.72 5.1%  $                        0.16  $                        0.14
    New Leases 972,922 68.1%  $               4.16  $               4.74 13.8%  $                        0.22  $                        0.25
    Total 1,428,068 100%  $               4.27  $               4.73 10.8%  $                        0.20  $                        0.22
                   
  Q4 2021 Renewals 202,894 34.3%  $               5.81  $               6.01 3.6%  $                        0.26  $                        0.15
    New Leases 387,964 65.7%  $               3.34  $               4.64 39.0%  $                        0.33  $                        0.21
    Total 590,858 100%  $               4.19  $               5.11 22.1%  $                        0.31  $                        0.19
                   
  2021 Renewals 2,487,589 49.3%  $               4.25  $               4.50 5.9%  $                        0.19  $                        0.10
    New Leases 2,557,312 50.7%  $               3.76  $               4.40 17.0%  $                        0.23  $                        0.22
    Total 5,044,901 100%  $               4.00  $               4.45 11.1%  $                        0.21  $                        0.16

 

Lease Expiration Schedule

 

  Year Square Footage ABR2 % of ABR Expiring3      
  Available 774,470  $                     - -    
  2022 4,206,186        17,479,068 14.6%    
  2023 3,158,702        12,603,138 10.5%    
  2024 5,568,798        23,247,802 19.4%    
  2025 5,060,165        20,383,938 17.0%    
  2026 3,249,850        14,896,127 12.4%    
  Thereafter 7,528,935        31,307,646 26.1%    
  Total 29,547,106  $  119,917,719 100%    
             
             
             
             
             
             
             
             
             
             
             
             
             
             

 

1) Lease renewals and new lease activity excludes leases with terms less than six months.
2) Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
3) Calculated as annualized base rent set forth in this table divided by total annualized base rent as of December 31, 2021.

 

Page 15 

 

Plymouth Industrial REIT, Inc.
Leased Square Feet and Annualized Base Rent by Tenant Industry
 
Unaudited as of 12/31/2021

 

               
Industry   Total Leased
Square Feet
# of Tenants % Rentable Square Feet ABR1 % ABR ABR Per
Square Foot
 Logistics & Transportation            8,408,056               75 29.2% $     32,947,314 27.5%  $        3.92
 Home & Garden          1,646,180               14 5.7%         5,289,227 4.4%            3.21
 Food & Beverage          1,398,717               20 4.9%         6,373,983 5.3%            4.56
 Cardboard and Packaging          1,338,266               15 4.7%         5,034,406 4.2%            3.76
 Construction          1,354,865               31 4.7%         5,627,073 4.7%            4.15
 Printing          1,436,505               11 5.0%         4,873,475 4.1%            3.39
 Automotive          2,014,964               24 7.0%         8,111,580 6.8%            4.03
 Wholesale/Retail          1,359,691               26 4.7%         5,768,452 4.8%            4.24
 Light Manufacturing          1,160,756               11 4.0%         3,951,911 3.3%            3.40
 Education             926,896                 9 3.2%         4,360,748 3.6%            4.70
 Other Industries*          7,727,740             199 26.9%        7,579,550 31.3%            4.86
      Total          28,772,636             435 100.0% $      119,917,719 100.0%  $        4.17
               
               
*Other Industries   Total Leased
Square Feet
# of Tenants % Rentable Square Feet ABR1 % ABR ABR Per
Square Foot
 Healthcare               871,718               24 3.1% $         4,194,802 3.5%  $        4.81
 Plastics             871,255               11 3.0%         3,919,953 3.3%            4.50
 Storage             717,260               10 2.5%         3,235,915 2.7%            4.51
 Industrial Equipment Components             708,839               18 2.5%         2,744,067 2.3%            3.87
 Metal Fabrication/Finishing             493,566               10 1.7%         2,340,012 2.0%            4.74
 Technology & Electronics             480,851               15 1.7%         2,581,917 2.2%            5.37
 Business Services             385,512                 6 1.3%         1,403,070 1.2%            3.64
 Chemical             385,456               22 1.3%         2,914,016 2.4%            7.56
 Plumbing Equipment/Services             337,715                 4 1.2%         1,157,184 1.0%            3.43
 Appliances             335,415                 2 1.2%         1,450,098 1.2%            4.32
 Other2          2,140,153               77 7.4%       11,638,516 9.5%            5.44
      Total            7,727,740       199 26.9%  $      37,579,550 31.3%  $        4.86
               
               

 

1) Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
2) Includes tenant industries for which the total leased square feet aggregates to less than 300,000 square feet.  

 

Page 16 

 
Plymouth Industrial REIT, Inc.
Leased Square Feet and Annualized Base Rent by Type
 
Unaudited as of 12/31/2021

 

Leased Square Feet and Annualized Base Rent by Lease Type          
               
Lease Type   Total Leased
Square Feet
# of Leases % Leased Square Feet ABR1 % ABR ABR Per Square Foot
Triple Net   21,877,055 322 76.1%  $      88,931,421 74.2%  $         4.07
Modified Net   3,524,435 51 12.2%          15,513,825 12.9%             4.40
Gross   3,371,146 62 11.7%          15,472,473 12.9%             4.59
    Total   28,772,636 435 100.0%  $    119,917,719 100.0%  $         4.17

 

Leased Square Feet and Annualized Base Rent by Tenant Type          
               
Tenant Type   Total Leased
Square Feet
# of Leases % Leased Square Feet ABR1 % ABR ABR Per Square Foot
Multi-Tenant   15,770,335 364 54.8%  $      71,380,332 59.5%  $         4.53
Single-Tenant   13,002,301 71 45.2%          48,537,387 40.5%             3.73
    Total   28,772,636 435 100.0%  $    119,917,719 100.0%  $         4.17

 

Leased Square Feet and Annualized Base Rent by Building Type          
               
Building Type   Total Leased
Square Feet
# of Buildings % Leased Square Feet ABR1 % ABR ABR Per Square Foot
Warehouse/Distribution   17,383,641 82 60.4%  $      65,047,523 54.2%  $         3.74
Warehouse/Light Manufacturing   8,511,958 36 29.6%          33,928,153 28.3%             3.99
Small Bay Industrial2   2,877,037 45 10.0%          20,942,043 17.5%             7.28
   Total   28,772,636 163 100.0%  $    119,917,719 100.0%  $         4.17
               

 

1) Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
2) Small bay industrial is inclusive of flex space totaling 327,081 leased square feet and annualized base rent of $4,497,215. Small bay industrial is multipurpose space; flex space includes office space that accounts for greater than 50% of the total rentable area.

 

Page 17 

 
Plymouth Industrial REIT, Inc.
Top 10 Tenants by Annualized Base Rent
 
Unaudited as of 12/31/2021

 

                     
Tenant Market Industry # of Leases Total Leased Square Feet Expiration ABR Per Square Foot ABR1 % Total ABR
 FedEx Supply Chain, Inc.   St. Louis Logistics & Transportation 1     769,500 7/31/2024  $       4.40  $   3,385,800 2.8%
 Houghton Mifflin Harcourt Company   Chicago Education   1        513,512 3/31/2026       4.42    2,269,723 1.9%
 Geodis Logistics, LLC   St. Louis Logistics & Transportation 1     624,159 8/31/2022       3.63    2,265,697 1.9%
 ODW Logistics, Inc.   Columbus Logistics & Transportation 1     772,450 6/30/2025       2.86   2,211,524 1.8%
 Archway Marketing Holdings, Inc.   Chicago Logistics & Transportation 3     503,000 3/31/2026      4.30     2,164,500 1.8%
 Schenker, Inc.   St. Louis Logistics & Transportation 1     521,171 9/30/2022      3.95      2,058,625 1.7%
 Balta US, Inc.   Jacksonville Home & Garden   2      629,084 12/31/2028      3.02     1,898,956 1.6%
 Communications Test Design, Inc.   Memphis Logistics & Transportation 2     566,281 12/31/2024       3.21     1,819,461 1.5%
 ASW Supply Chain Services, LLC   Cleveland Logistics & Transportation 4      532,437 11/30/2027        3.40      1,810,285 1.5%
 Pactiv Corporation   Chicago Food & Beverage 3      439,631 8/31/2023        3.95    1,737,484 1.4%
 Total Largest Tenants by Annualized Rent     19     5,871,225    $        3.68  $  21,622,055 17.9%
 All Other Tenants       416   22,901,411    $        4.29  $  98,295,664 82.1%
 Total Company Portfolio         435    28,772,636   $        4.17  $119,917,719 100.0%

 

Lease Segmentation by Size                

 

Square Feet # of Leases Total Leased Square Feet Total Rentable Square Feet Total Leased % Total Leased % Excluding Repositioning2 ABR1 In-Place + Uncommenced ABR3 % of Total In-Place + Uncommenced ABR In-Place + Uncommenced ABR Per SF4
 < 4,999 61              148,722          207,586 71.6% 71.6%  $            1,530,833  $          1,598,796 1.2%  $        10.18
 5,000 - 9,999 61              441,060          513,586 85.9% 85.7%                3,552,327              3,552,327 3.0%              8.05
 10,000 - 24,999 94           1,577,867      1,703,161 92.6% 93.3%              10,606,407            10,797,981 9.0%              6.65
 25,000 - 49,999 78           2,707,447      2,858,681 94.7% 94.6%              14,918,920            15,052,840 12.5%              5.50
 50,000 - 99,999 60           4,080,756      4,140,756 98.6% 100.0%              18,420,447            18,420,447 15.3%              4.51
 100,000 - 249,999 52           8,511,659      8,511,659 100.0% 100.0%              32,912,343            32,912,343 27.4%              3.87
 > 250,000 29          11,305,125    11,611,677 97.4% 100.0%              37,976,442            37,976,442 31.6%              3.36
 Total / Weighted Average 435          28,772,636    29,547,106 97.4% 98.7%  $       119,917,719  $       120,311,176 100.0%  $            4.17
                     
                     

 

1)Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
2)Total Leased % Excluding Repositioning excludes vacant square footage being refurbished or repositioned.
3)In-Place + Uncommenced ABR calculated as in-place current annualized base rent as of December 31, 2021 plus annualized base rent for leases signed but not commenced as of December 31, 2021.
4)In-Place + Uncommenced ABR per SF is calculated as in-place current rent annualized base rent as of December 31, 2021 plus annualized base rent for leases signed but not commenced as of December 31, 2021, divided by leased square feet plus uncommenced leased square feet.

 

Page 18 

 
Plymouth Industrial REIT, Inc.
Rentable Square Feet and Annualized Base Rent by Market
 
Unaudited ($ in thousands) as of 12/31/2021

 

Primary Markets1              
          Total Rentable % Rentable    
    # of Properties # of Buildings Occupancy Square Feet Square Feet ABR2 % ABR
  Atlanta 8 9 98.2% 1,318,002 4.5%  $                5,275 4.4%
  Chicago 39 40 95.1% 6,852,144 23.1%                  28,157 23.4%

 

Secondary Markets1              
          Total Rentable % Rentable    
    # of Properties # of Buildings Occupancy Square Feet Square Feet ABR2 % ABR
  Boston 1 1 100.0% 200,625 0.7%  $                1,141 1.0%
  Cincinnati 9 9 96.7% 2,622,070 8.9%                     9,182 7.7%
  Cleveland 14 17 98.6% 3,681,390 12.5%                  15,425 12.9%
  Columbus 13 13 99.3% 3,120,973 10.6%                  10,692 8.9%
  Indianapolis 16 16 98.2% 3,866,065 13.1%                  14,431 12.0%
  Jacksonville 7 24 97.9% 1,966,154 6.7%                  12,513 10.4%
  Kansas City 1 1 100.0% 221,911 0.8%                 789 0.7%
  Memphis 8 19 94.1% 2,397,934 8.1%                     8,100 6.8%
  Philadelphia 1 1 99.8% 156,634 0.5%                 953 0.8%
  St. Louis 11 13 99.9% 3,143,204 10.5%                  13,259 11.0%
  Total 128 163 97.4% 29,547,106 100.0%  $            119,917 100.0%

 

Total Acquisition Cost by Market

 

  Market  State  # of Buildings Total
Acquisition Cost3
Gross Real
Estate Assets4
 % Gross
Real Estate Assets
  Atlanta GA 9  $              62,931  $              55,440 4.5%
  Chicago IL, IN, WI 40                282,726                272,453 22.0%
  Boston MA, ME 1                  10,500                     9,278 0.8%
  Cincinnati OH, KY 9                  91,957                  89,071 7.2%
  Cleveland OH 17                176,250                165,475 13.4%
  Columbus OH 13                124,143                116,992 9.5%
  Indianapolis IN 16                135,290                124,439 10.0%
  Jacksonville FL, GA 24                135,650                123,620 10.0%
  Kansas City MO 1                     8,600                     8,114 0.7%
  Memphis TN 19                  74,902                  69,297 5.6%
  Philadelphia PA, NJ 1                     9,700                     8,679 0.7%
  St. Louis MO 13                205,337                192,662 15.6%
  Total   163  $        1,317,986  $        1,235,520 100.0%
             
             

 

1)Primary markets means the following two metropolitan areas in the U.S., each generally consisting of more than 300 million square feet of industrial space: Chicago and Atlanta. Secondary markets means non-primary markets, each generally consisting of between 100 million and 300 million square feet of industrial space, including the following metropolitan areas in the U.S.: Boston, Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, Milwaukee, Philadelphia, South Florida, and St. Louis. Our definitions of primary and secondary markets may vary from the definitions of these terms used by investors, analysts, or other industrial REITs.
2)Annualized base rent is calculated as monthly contracted base rent as of December 31, 2021, multiplied by 12. Excludes rent abatements.
3)Represents total direct consideration paid prior to the allocations per U.S. GAAP.
4)The gross book value of real estate assets as of December 31, 2021 excludes development projects of $11,615, $2,446 in leasehold improvements and assets related to corporate activities, our regional property management office in Columbus of $3,530, and the finance lease right-of-use asset of $896 related to the ground sublease at 2100 International Parkway. Gross book value of real estate assets excludes depreciation and the allocation of the acquisition cost related to intangible assets and liabilities required by U.S. GAAP.

 

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Plymouth Industrial REIT, Inc.
Glossary
 
This glossary contains additional details for sections throughout this Supplemental Information, including explanations and reconciliations of certain non-GAAP financial measures, and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
 

 

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 and tenant reimbursements) 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 and Adjusted EBITDA: 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, unrealized appreciation/(depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock compensation, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses (iv) the proforma impacts of acquisition and dispositions and (v) non-cash impairments on real estate lease. We believe that EBITDAre and Adjusted EBITDA are helpful to investors as supplemental measures of our operating performance as a real estate company as they are direct measures of the actual operating results of our industrial properties. EBITDAre and Adjusted EBITDA should not be used as measures of our liquidity and may not be comparable to how other REITs' calculate EBITDAre and Adjusted EBITDA.
       
Funds From Operations ("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.
       
Core Funds from Operations (“Core FFO”): Core FFO represents FFO reduced by dividends paid (or declared) to holders of our preferred stock and excludes certain non-cash operating expenses such as impairment on real estate lease, unrealized appreciation/(depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, 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.
       
Adjusted Funds from Operations attributable to common stockholders (“AFFO”):  Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core 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 Core 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, 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 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 Core 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.
       
Net Debt and Preferred stock to Adjusted EBITDA: Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure in evaluating balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated and our pro rata share of unconsolidated joint venture debt less cash, cash equivalents, and restricted cash, plus preferred stock calculated at its liquidation preference as of the end of the period.
       

 

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Plymouth Industrial REIT, Inc.
Glossary
 
This glossary contains additional details for sections throughout this Supplemental Information, including explanations and reconciliations of certain non-GAAP financial measures, and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
 

 

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 December 31, 2021 the calculation is as follows:
                           
Total assets $    1,270,805                  
Add back accumulated depreciation 142,192                  
Add back intangible amortization 71,659                  
Gross assets $    1,484,656                  
                           
Joint Venture Financial Information: We present components of balance sheet and operating results information related to our real estate joint venture, which are not presented, or intended to be presented, in accordance with GAAP. We present the proportionate share of certain financial line items by applying our noncontrolling economic interest ownership percentage to each financial item to arrive at the amount of such cumulative noncontrolling interest share of each component presented. In addition, we present components of balance sheet and portfolio information at 100% of the joint venture. We believe this information can help investors estimate the balance sheet and operating results information related to our unconsolidated joint venture. Presenting this information provides a perspective not immediately available from consolidated financial statements and one that can supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in our consolidated results. Joint venture financial information should not be considered an alternative to our consolidated financial statements, which are prepared in accordance with GAAP.
                           
Lease Type: We define our triple net leases in that the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term. We define our modified net leases in that the landlord is responsible for some property related expenses during the lease term, but the cost of most of the expenses is passed through to the tenant. We define our gross leases in that the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.
                           
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. Non-recurring capital expenditures also include costs associated with repositioning a property, redevelopment/development and capital improvements known at the time of acquisition.
                           
Occupancy: We define occupancy 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.
                           
Preferred Stock - Series B: On December 14, 2018, we completed the offering of 4,411,764 shares of the Company’s Series B Convertible Redeemable Preferred Stock at a purchase price of $17.00 per share for an aggregate consideration of $75,000 or $71,800, net of issuance costs. The relevant features of the Series B Preferred Stock ("Series B") are as follows ($ in thousands):

 

Year   Cash
Pay Rate
  Annual
Cash Dividend
  Liquidation
Preference1
  Conversion and Redemption Options2
3 - 2021   3.75%   $     2,813   $    97,277    No conversion or redemption options
4 - 2022   4.00%   $     3,000   $    97,277   - Commencing 1/1/2022, holders of the Series B have the right to convert at the liquidation preference;
- Commencing 1/1/2022, Plymouth can elect to convert up to 100% of Series B upon the 20-day VWAP per share of Plymouth's common stock being greater than $26.35;
- Neither option expires
5 - 2023   6.50%   $     4,875   $  105,971     Commencing 1/1/2023, Plymouth can redeem up to 50% of the Series B at the liquidation preference
6 - 20243   12.00%   $     9,000   $  114,028   - Commencing 1/1/2024, Plymouth can redeem up to 100% of the Series B at the liquidation preference;
- Commencing 12/31/2024, any outstanding shares of Series B will automatically covert into common stock, subject to the 19.99% threshold4

 

1) Liquidation Preference is defined as the greater of (a) the amount necessary for the holder to achieve a 12% internal rate of return, taking into account cash dividends paid and (b) $21.89, plus accrued and unpaid dividends.
2) Conversion and Redemption Options grant Plymouth the right to settle the conversion/redemption via: I) Physical Settlement with each share of Series B being converted to a number of common shares equal to the greater of (i) one share of common stock or (ii) the quotient of the liquidation preference divided by the 20-Day VWAP, subject to the 19.99% threshold, or II) Cash Settlement whereby we pay for each share of Series B being converted in cash in an amount equal to the greater of (i) the liquidation preference or (ii) the 20-Day VWAP, or III) Combination Settlement whereby Plymouth shall pay, or deliver, in respect to each share of Series B being converted, a settlement amount equal to either (i) cash equal to the Cash Settlement amount or (ii) number of shares of common stock equal to the Physical Settlement.
3) Effective 1/1/2025, in the event the Series B Preferred Stock has not been settled, the holders obtain certain governance rights, including the option to elect an additional two members to Plymouth's Board of Directors.
4) The 19.99% Threshold requires approval from the shareholders of Plymouth's common stock to approve the conversion of any Series B Preferred Stock into common shares that exceeds 19.99% of the outstanding common shares as of December 14, 2018.

 

Recurring Capital Expenditures: Recurring capitalized expenditures includes capital expenditures required to maintain and re-tenant our buildings, tenant improvements and leasing commissions.
                           
Replacement Cost: is based on the Marshall & Swift valuation methodology for the determination of building costs. The Marshall & Swift building cost data and analysis is widely recognized within the U.S. legal system and has been written into in law in over 30 U.S. states and recognized in the U.S. Treasury Department Internal Revenue Service Publication. Replacement cost includes land reflected at the allocated cost in accordance with Financial Accounting Standards Board ("FASB") ASC 805.
                           
Same Store Portfolio: The Same Store Portfolio is a subset of the consolidated portfolio and includes properties that are wholly owned by the Company as of December 31, 2019. The Same Store Portfolio is evaluated and defined on an annual basis based on the growth and size of the consolidated portfolio. The Same Store Portfolio excludes properties that were or will be classified as repositioning or lease-up during 2020 and 2021. For 2021, the Same Store Portfolio consists of 81 properties aggregating 17,093,547 rentable square feet. Properties that are being repositioned generally are defined as those properties where a significant amount of space is held vacant in order to implement capital improvements that enhance the functionality, rental cash flows, and value of that property. We define a significant amount of space at a property using both the size of the space and its proportion to the properties total square footage as a determinate. Our computation of same store NOI may not be comparable to other REITs.
                           
VWAP: The volume weighted average price of a trading security.
                           
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.
                           
                           

 

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