Plymouth Industrial REIT 8K Reports Second Quarter Results | PLYM 6 Aug 21

Exhibit 99.2

Second 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@plymouthreit.com	212.509.4000

Executive Management

Jeffrey E. Witherell	Pendleton P. White, Jr.	Daniel C. Wright	James M. Connolly
Chief Executive Officer	President and	Executive Vice President	Executive Vice President
and Chairman	Chief Investment Officer	and Chief Financial Officer	Asset Management

Board of Directors

Martin Barber	Philip S. Cottone	Richard J. DeAgazio	David G. Gaw
Independent Director	Independent Director	Independent Director	Independent Director

John W. Guinee	Caitlin Murphy	Pendleton P. White, Jr.	Jeffrey E. Witherell
Independent Director	Independent Director	President and	Chief Executive Officer
		Chief Investment Officer	and Chairman

Equity Research Coverage¹

Baird	JMP Securities	Wedbush Securities
Dave Rodgers	Aaron Hecht	Henry Coffey
216.737.7341	415.835.3963	212.833.1382

Berenberg Capital Markets	KeyBanc Capital Markets
Connor Siversky	Craig Mailman
646.949.9037	917.368.2316

Colliers Securities	National Securities Corp.
Barry Oxford	Guarav Mehta
203.961.6573	212.417.8008

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 August 6, 2021 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 August 13, 2021 by dialing (412) 317-0088 and entering the replay access code, 10158282.


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.

Page 2

Plymouth Industrial REIT, Inc.

Portfolio Statistics

Unaudited ($ in thousands, except Cost/SF) as of 06/30/2021

Portfolio Snapshot

Portfolio Growth ($ in millions)

Number of Properties		113

Number of Buildings		147

Square Footage		24,777

Occupancy		96.2%

WA Lease Term Remaining (yrs.)		3.7

Total Annualized Base Rent (ABR)¹		$99,673

Rental Rate Increase - Cash basis²		7.0%

Acquisition Activity

Transaction Summary (YTD Q2 2021)			Investment Highlights

Purchase Price⁴	$ 75,050	●	Since the Company's initial public offering in June 2017, the Company has acquired $876.6 million of wholly owned warehouse, distribution, light manufacturing, and small bay industrial properties totaling approximately 21.0 million square feet
Cost Per Square Foot	$ 49.65
Replacement Cost/SF³ - YTD 2021	$ 83.17
Square Footage Acquired	1,616,448	●	YTD Q2 2021, the Company has acquired industrial properties in the markets of Columbus, Cleveland, St. Louis, Kansas City, Memphis, and Chicago at a significant discount to replacement cost
WA Occupancy at Acquisition	100.0%
WA Lease Term Remaining (yrs.)	3.9

Acquisitions

Location

Acquisition
Date

# of
Buildings

Purchase
Price⁴

Square
Footage

Projected
Initial Yield⁵

Cost per
Square Foot⁶

Memphis, TN

6/29/2021

$ 5,250

74,665

7.0%

$ 70.31

St. Louis, MO

6/30/2021

8,800

155,434

6.7%

56.62

Total Second Quarter 2021 Acquisitions

$ 14,050

230,099

6.8%

$ 61.73

Multiple

Q1 2021

$ 61,000

1,386,349

7.7%

$ 46.87

Multiple

Full Year 2020

$ 243,568

5,473,596

7.8%

$ 46.99

Multiple

Full Year 2019

$ 220,115

5,776,928

8.4%

$ 42.21

Multiple

Full Year 2018

$ 164,575

2,903,699

8.2%

$ 70.54

Multiple

2017⁷

$ 173,325

5,195,563

8.4%

$ 33.81

Total Acquisitions Post-IPO

125

$ 876,633

20,966,234

8.1%

$ 47.83

QTD Q3 2021 Acquisitions

Location	Acquisition Date	# of Buildings	Purchase Price⁴	Square Footage	Projected Initial Yield⁵	Cost per Square Foot⁶

Memphis, TN	7/9/2021	1	$ 9,900	233,000	7.7%	$ 42.49
Memphis, TN	7/30/2021	1	6,277	316,935	8.0%	19.81
		2	$ 16,177	549,935	7.8%	$ 33.69

Portfolio statistics and acquisitions include wholly owned properties only.

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2021, multiplied by 12. Excludes rent abatements.

Based on approximately 1.9 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.

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.

Represents total direct consideration paid rather than GAAP cost basis; purchase price for QTD Q3 2021 acquisitions include immediate capital expenditures.

Weighted based on Purchase Price.

Calculated as Purchase Price divided by square footage.

Since our initial public offering in June 2017.

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Plymouth Industrial REIT, Inc.

Select Recent Acquisitions

During the first half of 2021 and to date in the third quarter, the Company closed on the acquisition of nine industrial buildings totaling approximately 2.2 million square feet for a total of $91 million, a weighted average price of $47 per square foot, and a weighted average initial yield of 7.6%

Unaudited ($ in thousands, except Cost/SF)

Corporate Woods

	Location	St. Louis
	Acquisition Date	June-21
	# of Buildings	1
	Purchase Price¹	$8,800
	Square Footage	155,434
	Occupancy	100.0%
	WA Lease Term Remaining	1.8 years
	Projected Initial Yield	6.7%
	Replacement Cost/SF²	$107.15
	Multi-Tenant %	100%
	Single-Tenant %	0%

	Location Characteristics: St. Louis is located within 500 miles of one-third of the U.S. population and within 1,500 hundred 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, and the third-largest rail hub and second-largest inland port in the U.S.

	Market Characteristics: Strong leasing velocity and decreasing supply, vacancy remained stable in Q2 even as speculative construction delivers (source: JLL)

	Portfolio Fit: Brings Company's scale in the St. Louis market to over 1.0 million square feet and complements the existing tenant / industry base with the addition of a leading commercial manufacturer and 3PL companies to the roster

ODW Logistics Distribution Center

	Location	Columbus
	Acquisition Date	March-21
	# of Buildings	1
	Purchase Price¹	$29,000
	Square Footage	772,450
	Occupancy	100.0%
	WA Lease Term Remaining	4.3 years
	Projected Initial Yield	7.5%
	Replacement Cost/SF²	$69.36
	Multi-Tenant %	0%
	Single-Tenant %	100%

	Location Characteristics: Columbus is one of the preeminent distribution corridors in the world; centrally positioned to the entire eastern half of the U.S., enabling same-day / next-day delivery to all population centers in the Northeast, Mid-Atlantic, Southeast, and Midwest (source: CBRE)

	Market Characteristics: Low vacancy rates; positive supply and demand fundamentals supporting rent growth; robust development pipeline

	Portfolio Fit: Brings Company's scale in the Columbus metro area to nearly 3.0 million square feet and enlarges tenant / industry diversification

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	Lease Extension	New Development

Cincinnati, OH	Atlanta, GA	Portland, ME
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 in December 2017 with two years remaining on single-tenant lease term	Acquired multi-tenant industrial building in November 2014 with ~ 8 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	Negotiated early 5-year lease extension at higher rental rate with annual rent escalations of 3.0%	Broke ground on new ~70,000 square foot industrial building during Q2 2021 with an estimated shell completion in December 2021 at a cost of ~$7.2 million
Reconfigured tenant layouts to maximize efficiency leading to ~40,000 SF of marketable space previously unleasable	Exit capitalization rate ~200bps below acquisition capitalization rate¹	Flexible design features will allow the building to be efficiently utilized for both single- and multi-tenant occupancy
Currently installing floors over open crane pit areas to create an additional ~150,000 SF of new leasable space generating a projected cash yield of ~14.0%

Replacement Cost Analysis

			Total Rentable	Purchase	Replacement
Market	Market Type²	# of Buildings	Square Feet (RSF)	Price³	Cost⁴
Atlanta	Primary	9	1,318,002	$ 62,931	$ 81,124
Chicago	Primary	38	6,078,434	232,676	497,205
Boston	Secondary	1	200,625	10,500	20,161
Cincinnati	Secondary	8	2,060,310	68,457	131,968
Cleveland	Secondary	17	3,681,390	176,250	307,536
Columbus	Secondary	10	2,724,173	101,643	183,766
Indianapolis	Secondary	14	3,468,401	104,740	245,919
Jacksonville	Secondary	24	1,966,154	135,650	172,492
Kansas City	Secondary	1	221,911	8,600	20,451
Memphis	Secondary	16	1,848,559	58,725	110,510
Philadelphia	Secondary	1	156,634	9,700	10,569
St. Louis	Secondary	8	1,052,261	56,237	81,458
Total		147	24,776,854	$ 1,026,109	$ 1,863,159

1)	Based on acquisition yield and third-party real estate market estimate of current exit capitalization rate.
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.

Page 5

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	99.9%	0.0%	99.9%
Second Quarter 2020	95.2%	4.7%	99.9%
Third Quarter 2020	99.5%	0.4%	99.9%
Fourth Quarter 2020	99.9%	0.0%	99.9%

First Quarter 2021	99.7%	0.2%	99.9%
Second Quarter 2021¹	99.7%	0.0%	99.7%

Rent Deferrals²	Granted	Collected	Outstanding

Full Year 2020³	$ 1,250	$ 1,250	$ —

First Quarter 2021⁴	$ 54	$ —	$ 54

1)	Cash receipts based on contractual base rent receivables through July 27, 2021.
2)	Rent deferrals require full repayment of rent amounts within twelve months from the date of the deferment.
3)	The total outstanding rental deferral amounts as of the year ended December 31, 2020 have been paid consistent with the deferral terms and fully collected.

4)	A single deferment agreement was executed in the first quarter of 2021; no new deferrals were granted in the second quarter of 2021. The single deferment agreement calls for the repayment of deferred rents to be fully repaid by year-end 2021.

Page 6

Plymouth Industrial REIT, Inc.

Guidance

The Company affirmed the full year 2021 guidance ranges for Net loss, Core FFO and AFFO attributable to common stockholders and unit holders noted below. In addition, the Company updated the 2021 guidance assumptions accompanying the full year range herein.

Unaudited (in thousands, except per-share amounts)

	Full Year 2021 Range¹
	Low	High
Net loss	$ (0.30)	$ (0.26)

Depreciation and amortization	2.18	2.18
Depreciation and amortization from unconsolidated joint venture	0.05	0.05
Gain on sale of real estate	(0.02)	(0.02)
Unrealized appreciation of warrants	0.01	0.01
Preferred stock dividend	(0.22)	(0.22)
Core FFO	$ 1.70	$ 1.74

Amortization of debt related costs	0.05	0.05
Stock compensation	0.05	0.05
Straight-line rent	(0.08)	(0.08)
Above/below market lease rents	(0.06)	(0.06)
Recurring capital expenditures	(0.23)	(0.22)
AFFO attributable to common stockholders and unit holders	$ 1.43	$ 1.48

Weighted-average common shares and units outstanding	30,748	30,748


2021 Guidance Assumptions	Low	High

Total Revenue	$ 136,100	$ 136,800
NOI	$ 90,400	$ 91,200
EBITDAre	$ 77,650	$ 78,150
General & Administrative²	$ 12,600	$ 12,300
Recurring Capital Expenditures	$ 6,950	$ 6,650
Same Store Cash NOI³	$ 58,300	$ 58,850
Same Store Occupancy³	95.5%	97.0%

1)	Assumes the completion of approximately $280 million of acquisitions ($91 million of which have been completed to date, with the balance projected to occur in the third and fourth quarters). There can be no assurance that we will complete the projected acquisitions within the forecasted timeframes.
2)	Includes non-cash stock compensation of $1.6 million for the full year 2021.
3)	The Same Store Portfolio consists of 108 buildings aggregating 17,093,547 rentable square feet. The Same Store projected performance reflects an annual NOI cash basis excluding termination income increase of 2.5%-3.0%.

Page 7

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	69.0%	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	97.8%

Same Store NOI - GAAP Basis

	Three Months Ended June 30,
	2021	2020	$ Change	% Change

Rental revenue	$ 24,099	$ 23,059	$ 1,040	4.5%
Property expenses	8,681	8,009	672	8.4%
Same Store NOI - GAAP Basis	$ 15,418	$ 15,050	$ 368	2.4%

Same Store NOI excluding early termination income - GAAP Basis¹	$ 15,418	$ 15,031	$ 387	2.6%

	Six Months Ended June 30,
	2021	2020	$ Change	% Change

Rental revenue	$ 48,321	$ 47,062	$ 1,259	2.7%
Property expenses	18,082	16,441	1,641	10.0%
Same Store NOI - GAAP Basis	$ 30,239	$ 30,621	$ (382)	-1.2%

Same Store NOI excluding early termination income - GAAP Basis	$ 30,165	$ 30,498	$ (333)	-1.1%

Same Store NOI - Cash Basis

	Three Months Ended June 30,
	2021	2020	$ Change	% Change

Rental revenue	$ 22,769	$ 22,348	$ 421	1.9%
Property expenses	8,681	8,009	672	8.4%
Same Store NOI - Cash Basis	$ 14,088	$ 14,339	$ (251)	-1.8%

Same Store NOI excluding early termination income - Cash Basis²	$ 14,088	$ 14,320	$ (232)	-1.6%

	Six Months Ended June 30,
	2021	2020	$ Change	% Change

Rental revenue	$ 46,268	$ 45,382	$ 886	2.0%
Property expenses	18,082	16,441	1,641	10.0%
Same Store NOI - Cash Basis	$ 28,186	$ 28,941	$ (755)	-2.6%

Same Store NOI excluding early termination income - Cash Basis	$ 28,113	$ 28,818	$ (705)	-2.4%

1)	Same Store NOI ("SS NOI") for the second quarter was positively impacted by rent escalations and renewal spreads, partially offset by an increase in operating expenses.
2)	SS NOI for the second quarter was negatively impacted by free rent periods that will burn off in subsequent quarters, coupled with an increase in operating expenses.

Page 8

Plymouth Industrial REIT, Inc.

Consolidated Statements of Operations

Unaudited ($ thousands, except per-share amounts)

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2021	2020	2021	2020

Revenues:
Rental revenue	$ 25,627	$ 20,364	$ 50,181	$ 40,725
Tenant recoveries	7,131	5,773	14,410	11,641
Management fee revenue¹	97	-	180	-
Total revenues	$ 32,855	$ 26,137	$ 64,771	$ 52,366

Operating expenses:
Property	10,940	9,026	22,366	18,037
Depreciation and amortization	16,902	13,520	32,679	27,617
General and administrative	3,309	2,576	6,318	5,098
Total operating expenses	$ 31,151	$ 25,122	$ 61,363	$ 50,752

Other income (expense):
Interest expense	(4,825)	(4,900)	(9,583)	(9,771)
Earnings (loss) in investment of unconsolidated joint venture²	(224)	-	(497)	-
Unrealized (appreciation) depreciation of warrants³	(636)	-	(883)	-
Gain on sale of real estate⁴	-	-	590	-
Total other income (expense)	$ (5,685)	$ (4,900)	$ (10,373)	$ (9,771)

Net loss	$ (3,981)	$ (3,885)	$ (6,965)	$ (8,157)

Less: Loss attributable to non-controlling interest	(71)	(209)	(136)	(454)

Net loss attributable to Plymouth Industrial REIT, Inc.	$ (3,910)	$ (3,676)	$ (6,829)	$ (7,703)

Less: Preferred stock dividends	1,652	1,613	3,304	3,226
Less: Series B Preferred Stock accretion to redemption value	1,807	1,854	3,614	3,708
Less: Amount allocated to participating securities	48	30	105	106

Net loss attributable to common stockholders	$ (7,417)	$ �� (7,173)	$ (13,852)	$ (14,743)

Net loss basic and diluted per share attributable to common stockholders	$ (0.25)	$ (0.49)	$ (0.49)	$ (1.02)

Weighted-average common shares outstanding basic & diluted	29,349	14,649	28,283	14,514

1)	Represents management fee revenue earned from the unconsolidated joint venture.
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)	Represents the change in the fair market value of our common stock warrants.
4)	During the first quarter of 2021, the Company sold a single, 98,340 SF property for approximately $2,307, recognizing a net gain of $590.

Page 9

Plymouth Industrial REIT, Inc.

Non-GAAP Measurements

Unaudited ($ in thousands)

Consolidated NOI

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020

Net loss	$ (3,981)	$ (3,885)	$ (6,965)	$ (8,157)
General and administrative	3,309	2,576	6,318	5,098
Depreciation and amortization	16,902	13,520	32,679	27,617
Interest expense	4,825	4,900	9,583	9,771
Unrealized appreciation (depreciation) of warrants¹	636	-	883	-
(Earnings) loss in investment of unconsolidated joint venture²	224	-	497	-
Gain on sale of real estate	-	-	(590)	-
Other Income³	(97)	-	(180)	-
Net Operating Income	$ 21,818	$ 17,111	$ 42,225	$ 34,329

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net loss	$ (3,981)	$ (3,885)	$ (6,965)	$ (8,157)
Depreciation and amortization	16,902	13,520	32,679	27,617
Interest expense	4,825	4,900	9,583	9,771
Unrealized appreciation (depreciation) of warrants¹	636	-	883	-
Gain on sale of real estate	-	-	(590)	-
EBITDAre	$ 18,382	$ 14,535	$ 35,590	$ 29,231
Stock compensation	461	383	879	732
Pro forma effect of acquisitions⁴	234	-	1,266	584
EBITDA adjustments attributable to unconsolidated joint venture⁵	500	-	986	-
Adjusted EBITDA	$ 19,577	$ 14,918	$ 38,721	$ 30,547

Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)

Net loss	$ (3,981)	$ (3,885)	$ (6,965)	$ (8,157)
Gain on sale of real estate	-	-	(590)	-
Depreciation and amortization	16,902	13,520	32,679	27,617
Depreciation and amortization from unconsolidated joint venture	408	-	801	-
FFO	$ 13,329	$ 9,635	$ 25,925	$ 19,460
Preferred stock dividends	(1,652)	(1,613)	(3,304)	(3,226)
Unrealized appreciation (depreciation) of warrants¹	636	-	883	-
Core FFO	$ 12,313	$ 8,022	$ 23,504	$ 16,234
Amortization of debt related costs	369	366	739	665
Non-cash interest expense	(29)	(174)	(72)	90
Stock compensation	461	383	879	732
Straight line rent	(1,146)	(443)	(1,760)	(961)
Above/below market lease rents	(616)	(438)	(1,109)	(986)
Recurring capital expenditures⁶	(1,555)	(719)	(3,415)	(1,755)
AFFO	$ 9,797	$ 6,997	$ 18,766	$ 14,019

Weighted-average common shares and units outstanding	30,156	15,675	29,109	15,564

Core FFO attributable to common stockholders and unit holders per share	$ 0.41	$ 0.51	$ 0.81	$ 1.04
AFFO attributable to common stockholders and unit holders per share	$ 0.32	$ 0.45	$ 0.64	$ 0.90

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.
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 $6,350 and $401 for the three months ended June 30, 2021 and 2020, respectively, and $7,584 and $2,151 for the six months ended June 30, 2021 and 2020, respectively.

Page 10

Plymouth Industrial REIT, Inc.

Consolidated Balance Sheets

Unaudited ($ in thousands)

	June 30, 2021	December 31, 2020
ASSETS
Real estate properties:
Land	$ 170,245	$ 159,681
Building and improvements	790,375	727,000
Less accumulated depreciation	(118,523)	(98,283)
Total real estate properties, net	$ 842,097	$ 788,398

Cash, cash held in escrow and restricted cash	29,314	32,054
Deferred lease intangibles, net	64,510	66,116
Investment in unconsolidated joint venture¹	6,186	6,683
Other assets	27,721	27,019
Total assets	$ 969,828	$ 920,270

LIABILITIES, PREFERRED STOCK AND EQUITY
Secured debt, net	$ 326,585	$ 328,908
Unsecured debt, net²	167,333	189,254
Accounts payable, accrued expenses and other liabilities	55,284	49,335
Deferred lease intangibles, net	9,925	11,350
Financing lease liability³	2,216	2,207

Total liabilities	$ 561,343	$ 581,054

Preferred stock - Series A	$ 48,473	$ 48,485
Preferred stock - Series B⁴	$ 90,823	$ 87,209

Equity:
Common stock	$ 310	$ 253
Additional paid in capital	434,161	360,752
Accumulated deficit	(169,079)	(162,250)
Total stockholders' equity	265,392	198,755
Non-controlling interest	3,797	4,767
Total equity	$ 269,189	$ 203,522

Total liabilities, preferred stock and equity	$ 969,828	$ 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 revolving credit facility and term loan. Refer to Debt Summary in this Supplemental Information for additional details.
3)	As of June 30, 2021, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 34.5 years. Refer to our 2021 Quarterly Report on Form 10-Q 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 06/30/2021

Debt Summary

Secured Debt:	Maturity Date	Interest Rate	Commitment	Principal Balance
Lincoln Life Mortgage¹	January-22	3.41%	$ 9,600	$ 9,178
AIG Loan	November-23	4.08%	120,000	115,795
Ohio National Life Mortgage¹	August-24	4.14%	21,000	19,958
Allianz Loan	April-26	4.07%	63,115	63,115
JPMorgan Chase Loan¹	January-27	5.23%	13,900	13,323
Nationwide Loan	October-27	2.97%	15,000	15,000
Minnesota Life Loan	May-28	3.78%	21,500	20,663
Transamerica Loan	August-28	4.35%	78,000	72,312
Total / Weighted Average Secured Debt		4.10%	$ 342,115	$ 329,344

Unsecured Debt:
KeyBank Revolving Credit Facility	October-24	1.95%²	$ 200,000	$ 68,000
KeyBank Term Loan	October-25	1.95%²	100,000	100,000
Total / Weighted Average Unsecured Debt		1.95%	$ 300,000	$ 168,000

	June 30,	March 31,	December 31,
Net Debt:	2021	2021	2020
Total Debt³	$ 508,544	$ 539,883	$ 533,211
Less: Cash	29,314	28,163	32,054
Net Debt	$ 479,230	$ 511,720	$ 501,157

Capitalization

	June 30,	March 31,	December 31,
	2021	2021	2020
Common Shares and Units Outstanding⁴	31,596	28,945	25,951
Closing Price (as of period end)	$ 19.90	$ 16.85	$ 15.00
Market Value of Common Shares⁵	$ 628,760	$ 487,723	$ 389,265
Preferred Stock - Series A⁶	50,589	50,589	50,600
Preferred Stock - Series B⁶	97,277	97,277	97,230
Total Market Capitalization^5,7	$ 1,285,170	$ 1,175,472	$ 1,070,306

Dividend / Share (annualized)	$ 0.84	$ 0.80	$ 0.80
Dividend Yield (annualized)	4.2%	4.7%	5.3%
Total Debt-to-Total Market Capitalization	39.6%	45.9%	49.8%
Secured Debt as a % of Total Debt	67.0%	63.3%	62.3%
Unsecured Debt as a % of Total Debt	33.0%	36.7%	37.7%
Net Debt-to-Annualized Adjusted EBITDA (quarter annualized)	6.2x	6.7x	6.7x
Net Debt plus Preferred-to-Annualized Adjusted EBITDA (quarter annualized)⁶	8.1x	8.6x	8.7x
Weighted Average Maturity of Total Debt (years)	4.3	4.7	4.9

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
786,031	$ 21.04	ATM	Q3 2021	$ 16,204

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)	The 1-month LIBOR rate as of June 30, 2021 was 0.10%. The spread over the applicable rate for the KeyBank Term Loan and the revolving line of credit with KeyBank is based on the Company’s total leverage ratio.
3)	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.
4)	Common shares and units outstanding were 31,089 and 507 as of June 30, 2021, respectively, and 25,344 and 607 for the year ended 2020, respectively.
5)	Based on closing price as of last trading day of the quarter and common shares and units as of the period ended.
6)	Preferred Stock is calculated at its liquidation preference as of the end of the period.
7)	Market value of shares and units plus total debt and preferred stock as of period end.

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 06/30/2021

Unconsolidated Joint Venture Portfolio Statistics

Madison International Realty Joint Venture

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	95.0%	Madison	80%	120,000
Weighted Average Lease Term Remaining (in years)	2.6			$ 150,000
Multi-Tenant %	41%	Partner Equity Deployed		$ 33,328
Single-Tenant %	59%	Annualized Asset Mgmt. Fee to PLYM		$ 333

Targeted Leverage	Total Potential Investment	Remaining Potential Investment
60%	$ 375,000	$ 289,000
65%	$ 428,000	$ 342,000

Balance Sheet Information¹

Selected Quarter-to-Date and Year-to-Date Financial Information¹

	June 30,		Three Months Ended	Six Months Ended
ASSETS	2021		June 30,	June 30,
Real estate properties, net	$ 84,021	Plymouth's Share	2021	2021
Cash, cash held in escrow and restricted cash	4,623	Revenues	$ 464	$ 945
Other assets	1,303	Net Operating Income	$ 283	$ 604
Total assets	$ 89,947	Interest Expense	$ 92	$ 185
		EBITDA	$ 260	$ 560
LIABILITIES AND EQUITY		Joint Venture Assets	$ 17,989	$ 17,989
Secured debt, net²	$ 55,412	Joint Venture Debt	$ 11,200	$ 11,200
Other liabilities	4,010
Equity	30,525
Total liabilities and equity	$ 89,947

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)	Balance sheet and portfolio information is presented at 100% of the joint venture. Selected financial information is presented at our pro rata share.
2)	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 06/30/2021

Net Operating Income

YTD 2021 Acquisitions

	Three Months Ended June 30,		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	$ 21,818	St. Louis	3/23/2021	1	142,364	7,800	7.6%
Share of Joint Venture NOI	$ 283	Chicago	3/25/2021	1	149,474	7,900	7.3%
Pro Forma Effect of New Lease Activity¹	$ 264	Cleveland	3/29/2021	1	100,150	7,700	7.6%
Pro Forma Effect of Acquisitions²	$ 234	Columbus	3/29/2021	1	772,450	29,000	7.5%
Pro Forma Effect of Repositioning / Development³	$ 915	Memphis	6/29/2021	1	74,665	5,250	7.0%
Pro Forma NOI	$ 23,514	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	(625)	Memphis	7/30/2021	1	316,935	6,277	8.0%
Straight-line rental revenue adjustment	(1,151)			9	2,166,383	$ 91,227	7.6%
Pro Forma Cash NOI	$ 21,738

Other Assets and Liabilities

Developable Land

	Cash, cash held in escrow and restricted cash	$ 29,314	Market	Owned Land (acres)⁴	Developable GLA (SF)⁴	Under Construction (SF)⁵	Under Development (SF)⁵
	Other assets	$ 27,721	Atlanta	65	340,000	-	240,000
	Accounts payable, accrued expenses and other liabilities	$ 55,284	Chicago	11	220,000	-	-
			Boston	8	70,000	70,000	-
Debt and Preferred Stock			Cincinnati	30	450,000	-	-
			Jacksonville	15	178,000	-	178,000
	Secured Debt, net	$ 329,344	Memphis	23	475,000	-	-
	Unsecured Debt, net	$ 168,000		152	1,733,000	70,000	418,000
	Share of Joint Venture Debt⁶	$ 11,200
	Preferred Stock - Series A⁷	$ 50,589
	Preferred Stock - Series B⁷	$ 97,277

	Common shares and units outstanding⁸	31,596

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 31,089 and 507 as of June 30, 2021.

Page 14

Plymouth Industrial REIT, Inc.

Leasing Activity and Expirations

Unaudited as of 06/30/2021

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	899,102	77.5%	$ 4.00	$ 4.39	9.8%	$ 0.23	$ 0.07
	New Leases	261,495	22.5%	$ 3.82	$ 4.61	20.7%	$ 0.15	$ 0.14
	Total	1,160,597	100%	$ 3.96	$ 4.44	12.1%	$ 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

Lease Expiration Schedule

Year	Square Footage	ABR²	% of ABR Expiring³
Available	947,474	$ -	-
2021	626,970	3,286,297	3.3%
2022	4,384,914	20,118,161	20.2%
2023	2,928,271	11,595,946	11.6%
2024	4,145,358	16,636,760	16.7%
2025	4,303,875	17,028,884	17.1%
Thereafter	7,439,992	31,006,854	31.1%
Total	24,776,854	$ 99,672,902	100.0%

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 June 30, 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 June 30, 2021.

Page 15

Plymouth Industrial REIT, Inc.

Leased Square Feet and Annualized Base Rent by Tenant Industry

Unaudited as of 06/30/2021


Industry	Total Leased Square Feet	# of Tenants	% Rentable Square Feet	ABR¹	% ABR	ABR Per Square Foot
Logistics & Transportation	6,439,826	70	27.0%	$ 24,399,453	24.5%	$ 3.79
Home & Garden	1,588,580	14	6.7%	5,132,335	5.1%	3.23
Light Manufacturing	1,350,976	10	5.7%	5,182,306	5.2%	3.84
Food & Beverage	1,349,217	18	5.7%	6,153,936	6.2%	4.56
Construction	1,321,567	30	5.5%	5,480,685	5.5%	4.15
Cardboard and Packaging	1,299,200	13	5.5%	4,724,076	4.7%	3.64
Printing	1,246,721	8	5.2%	4,037,617	4.1%	3.24
Automotive	1,180,043	18	5.0%	4,984,948	5.0%	4.22
Wholesale/Retail	866,416	19	3.6%	3,289,913	3.3%	3.80
Plastics	771,234	10	3.2%	3,171,461	3.2%	4.11
Other Industries*	6,415,600	191	26.9%	33,116,172	33.2%	5.16
Total	23,829,380	401	100.0%	$ 99,672,902	100.0%	$ 4.18

*Other Industries	Total Leased Square Feet	# of Tenants	% Rentable Square Feet	ABR¹	% ABR	ABR Per Square Foot
Industrial Equipment Components	706,004	19	3.0%	$ 2,743,001	2.8%	$ 3.89
Healthcare	499,667	20	2.1%	2,889,651	2.9%	5.78
Metal Fabrication/Finishing	487,566	10	2.0%	2,273,941	2.3%	4.66
Technology & Electronics	460,070	14	1.9%	2,418,285	2.4%	5.26
Business Services	434,245	23	1.8%	3,346,125	3.3%	7.71
Storage	405,696	10	1.7%	2,648,708	2.7%	6.53
Education	402,844	7	1.7%	2,015,124	2.0%	5.00
Chemical	371,672	6	1.6%	1,385,709	1.4%	3.73
Plumbing Equipment/Services	361,374	6	1.5%	1,250,125	1.3%	3.46
Paper	342,178	3	1.4%	1,621,920	1.6%	4.74
Appliances	335,415	2	1.4%	1,450,098	1.5%	4.32
Other²	1,608,869	71	6.8%	9,073,485	9.0%	5.64
Total	6,415,600	191	26.9%	$ 33,116,172	33.2%	$ 5.16

1)	Annualized base rent is calculated as monthly contracted base rent as of June 30, 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 06/30/2021

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	17,495,874	297	73.4%	$ 71,472,276	71.7%	$ 4.09
Modified Net	3,436,598	50	14.4%	14,981,943	15.0%	4.36
Gross	2,896,908	54	12.2%	13,218,683	13.3%	4.56
Total	23,829,380	401	100.0%	$ 99,672,902	100.0%	$ 4.18

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	14,662,242	340	61.5%	$ 65,720,532	65.9%	$ 4.48
Single-Tenant	9,167,138	61	38.5%	33,952,370	34.1%	3.70
Total	23,829,380	401	100.0%	$ 99,672,902	100.0%	$ 4.18

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	14,969,846	73	62.8%	$ 54,291,548	54.5%	$ 3.63
Warehouse/Light Manufacturing	6,079,878	29	25.5%	25,037,033	25.1%	4.12
Small Bay Industrial²	2,779,656	45	11.7%	20,344,321	20.4%	7.32
Total	23,829,380	147	100.0%	$ 99,672,902	100.0%	$ 4.18

1)	Annualized base rent is calculated as monthly contracted base rent as of June 30, 2021, multiplied by 12. Excludes rent abatements.
2)	Small bay industrial is inclusive of flex space totaling 366,366 leased square feet and annualized base rent of $5,015,951. 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 06/30/2021

Tenant	Market	Industry	# of Leases	Total Leased Square Feet	Expiration	ABR Per Square Foot	ABR¹	% Total ABR
Archway Marketing Holdings, Inc.	Chicago	Logistics & Transportation	3	503,000	3/31/2026	$ 4.30	$ 2,164,500	2.2%
ODW Logistics, Inc.	Columbus	Logistics & Transportation	1	772,450	6/30/2025	2.80	2,162,860	2.2%
Balta US, Inc.	Jacksonville	Home & Garden	2	629,084	12/31/2028	3.02	1,898,956	1.9%
Communications Test Design, Inc.	Memphis	Logistics & Transportation	2	566,281	12/31/2024	3.21	1,819,461	1.8%
Pactiv Corporation	Chicago	Food & Beverage	3	439,631	8/31/2023	3.86	1,696,552	1.7%
ASC Manufacturing, Ltd.	Cleveland	Light Manufacturing	1	274,464	6/30/2022	6.08	1,667,508	1.7%
ASW Supply Chain Services, LLC	Cleveland	Logistics & Transportation	4	532,437	11/30/2027	3.10	1,650,555	1.7%
First Logistics	Chicago	Logistics & Transportation	1	327,194	10/31/2024	4.95	1,619,610	1.6%
JobsOhio Beverage System	Cleveland	Food & Beverage	1	350,000	3/31/2024	4.26	1,491,000	1.5%
American Plastics, LLC	Cleveland	Plastics	1	405,000	12/31/2028	3.67	1,485,342	1.5%
Total Largest Tenants by Annualized Rent			19	4,799,541		$ 3.68	$ 17,656,344	17.8%
All Other Tenants			382	19,029,839		$ 4.31	$ 82,016,558	82.2%
Total Company Portfolio			401	23,829,380		$ 4.18	$ 99,672,902	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	148,216	195,665	81.4%	75.9%	$ 1,635,621	$ 1,715,221	1.7%	$ 11.16
5,000 - 9,999	59	431,929	570,006	79.4%	81.9%	3,345,394	3,375,940	3.4%	7.72
10,000 - 24,999	83	1,378,917	1,530,611	90.8%	93.3%	9,441,501	9,683,960	9.7%	6.73
25,000 - 49,999	75	2,630,914	2,727,757	96.4%	95.9%	14,487,448	14,487,448	14.5%	5.51
50,000 - 99,999	58	3,971,839	4,178,698	100.0%	94.6%	17,928,365	17,928,365	17.9%	4.51
100,000 - 249,999	43	7,432,344	7,432,344	100.0%	100.0%	27,466,528	27,466,528	27.5%	3.70
> 250,000	22	7,835,221	8,141,773	100.0%	100.0%	25,368,045	25,368,045	25.3%	3.24
Total / Weighted Average	401	23,829,380	24,776,854	96.2%	98.4%	$ 99,672,902	$100,025,507	100.0%	$ 4.19

1)	Annualized base rent is calculated as monthly contracted base rent as of June 30, 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 June 30, 2021 plus annualized base rent for leases signed but not commenced as of June 30, 2021.
4)	In-Place + Uncommenced ABR per SF is calculated as in-place current rent annualized base rent as of June 30, 2021 plus annualized base rent for leases signed but not commenced as of June 30, 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 06/30/2021

Primary Markets¹

				Total Rentable	% Rentable
	# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR²	% ABR
Atlanta	8	9	99.2%	1,318,002	5.3%	$ 5,235	5.3%
Chicago	37	38	92.0%	6,078,434	24.6%	23,948	24.1%

Secondary Markets¹

	# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR²	% ABR
Boston	1	1	100.0%	200,625	0.8%	$ 1,141	1.1%
Cincinnati	8	8	92.3%	2,060,310	8.3%	7,058	7.1%
Cleveland	14	17	98.4%	3,681,390	14.9%	15,632	15.7%
Columbus	10	10	99.3%	2,724,173	11.0%	8,904	8.9%
Indianapolis	14	14	97.6%	3,468,401	14.0%	12,281	12.3%
Jacksonville	7	24	99.7%	1,966,154	7.9%	12,782	12.8%
Kansas City	1	1	100.0%	221,911	0.9%	789	0.8%
Memphis	6	16	93.5%	1,848,559	7.5%	6,597	6.6%
Philadelphia	1	1	99.8%	156,634	0.6%	939	0.9%
St. Louis	6	8	99.7%	1,052,261	4.2%	4,366	4.4%
Total	113	147	96.2%	24,776,854	100.0%	$ 99,672	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	$ 55,067	5.8%
Chicago	IL, IN, WI	38	232,676	224,308	23.5%
Boston	MA, ME	1	10,500	9,270	1.0%
Cincinnati	OH, KY	8	68,457	60,471	6.4%
Cleveland	OH	17	176,250	164,925	17.2%
Columbus	OH	10	101,643	98,764	10.4%
Indianapolis	IN	14	104,740	93,601	9.8%
Jacksonville	FL, GA	24	135,650	123,431	13.0%
Kansas City	MO	1	8,600	8,114	0.9%
Memphis	TN	16	58,725	54,038	5.7%
Philadelphia	PA, NJ	1	9,700	8,657	0.9%
St. Louis	MO	8	56,237	51,590	5.4%
Total		147	$ 1,026,109	$ 952,236	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 June 30, 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 June 30, 2021 excluding $7,473 in leasehold improvements and assets related to Corporate activities and the finance lease right-of-use asset of $911 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.

Page 19

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, and loss on impairments. 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.

Page 20

Plymouth Industrial REIT, Inc.

Glossary

Other Definitions:

GAAP: U.S. generally accepted accounting principles.

Gross Assets: The carrying amount of total assets plus accumulated depreciation and amortization, as reported in the Company’s consolidated financial statements. For gross assets as of June 30, 2021 the calculation is as follows:

Total assets		$ 969,828
Add back accumulated depreciation		118,523
Add back intangible amortization		61,308
Gross assets		$ 1,149,659

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
1 - 2019	3.25%	$ �� 2,438	$ 97,230	No conversion or redemption options
2 - 2020	3.50%	$ 2,625	$ 97,230	No conversion or redemption options
3 - 2021	3.75%	$ 2,813	$ 97,230	No conversion or redemption options
4 - 2022	4.00%	$ 3,000	$ 97,230	- 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.

Page 21

Plymouth Industrial REIT (PLYM) 8-KPlymouth Industrial Reit Reports Second Quarter Results