Plymouth Industrial REIT Completes First UPREIT Transaction with the Closing of Two Properties in Indianapolis for $16.9 Million

BOSTON--()--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) completed the previously announced acquisition of two Class B industrial properties in Indianapolis, Indiana for total consideration of $16.875 million. The purchase price includes approximately $8.8 million in cash, which was funded from borrowings on the Company’s new secured revolving credit facility, and the issuance of 425,150 units of Plymouth’s Operating Partnership valued at $19.00 per share. The properties are projected to provide an initial yield of 8.5%.

Located in Shadeland I-70 Business Park one mile from the major interchange of I-70 and I-495, the properties are 94% leased and comprised of a 562,497-square-foot building and a 44,374-square-foot building. The largest of the five tenants include Pratt Visual Solutions, a provider of graphic communications solutions, and MicroMetl, a manufacturer of HVAC accessories, which together account for 89% of the space.

About Plymouth

Plymouth is a full service real estate investment company structured as a vertically integrated, self-administered and self-managed real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the United States. The company seeks to acquire properties that provide current operating income with the opportunity to enhance shareholder value through property re-positioning, capital improvements and restructuring tenant leases.

Forward-Looking Statements

This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Contacts

SCR Partners
Tripp Sullivan, 615-760-1104
TSullivan@scr-ir.com

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Release Summary

Plymouth Industrial REIT Completes First UPREIT Transaction with the Closing of Two Properties in Indianapolis for $16.9 Million

Plymouth Industrial REIT, Inc.