Exhibit99.1

PLYMOUTH INDUSTRIAL REIT REPORTS FOURTH QUARTER RESULTS

BOSTON, February 26, 2025 – Plymouth Industrial REIT, Inc. (NYSE: PLYM) (–“Plymouth” or the “Company”) today announced its financial results for the fourth quarter, fiscal year ended December 31, 2024 and other recent developments.

Fourth Quarter, Full Year 2024 and Subsequent Highlights

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth, noted, “During 2024, our focus on driving organic growth through leasing and improved property operations resulted in a 17% increase in cash rent spreads on renewals and new leases. With nearly one third of our existing leases scheduled to expire over the next two years, we see further opportunity to increase rents. We also entered into an exciting partnership with Sixth Street by expanding our platform and providing access to a significant amount of capital to fuel accretive growth to benefit our shareholders. Based on our capital allocation decisions, improved liquidity on our balance sheet, and a strong mix of assets in the Golden Triangle, we believe Plymouth is well-positioned to take advantage of market opportunities in 2025.”

Financial Results for the Fourth Quarter of 2024

On November 13, 2024, Plymouth Industrial OP, LP completed the previously announced contribution of 100% of its equity interests in directly and indirectly wholly-owned subsidiaries owning 34 properties located in and around the Chicago MSA (the “Chicago Portfolio”) to Isosceles JV, LLC, an affiliate of Sixth Street Partners, LLC (the “Sixth Street Joint Venture”) for a total purchase price of $356.6 million. With the closing of the Sixth Street Joint Venture and the deconsolidation of the Chicago Portfolio, the Company will include its share of the results of the unconsolidated joint venture for the purpose of calculating the non-GAAP measures of FFO, Adjusted EBITDA, and Net Debt metrics. The Company’s 35% equity interest in the Sixth Street Joint Venture will be accounted for as an equity method investment. The Company’s initial investment is recorded at cost within the consolidated balance sheets and subsequently adjusted for equity in earnings or losses and cash contributions and distributions. The Company’s share of net income or loss from the ventures is included within the consolidated statements of operations.

Net income attributable to common stockholders for the quarter ended December 31, 2024 was $146.2 million, or $3.25 per weighted average common share outstanding, compared with net income attributable to common stockholders of $9.2 million, or $0.20 per weighted average common share outstanding, for the same period in 2023. The year-over-year improvement was primarily due to a $136.8 million net gain on sale of real estate related to the contribution of Chicago Portfolio, net operating income contributed from acquisitions, decreased interest expenses resulting from the assignment of the Transamerica Loan to the Sixth Street Joint Venture, pay off of the line of credit and Midland National Life Insurance Mortgage, partially offset by a decrease in net operating income from the deconsolidation of the Chicago Portfolio. Weighted average common shares outstanding for the fourth quarters ended December 31, 2024 and 2023 were 45.0 million and 44.9 million, respectively.

Consolidated total revenues for the quarter ended December 31, 2024 were $47.6 million, compared with $50.8 million for the same period in 2023.

NOI for the quarter ended December 31, 2024 was $33.2 million compared with $35.6 million for the same period in 2023. Decrease in NOI was primarily driven by the deconsolidation of the Chicago Portfolio, partially offset by NOI contribution from acquisitions. Same store NOI (“SS NOI”) excluding early termination income and the Chicago Portfolio – GAAP basis for the quarter ended December 31, 2024 was $27.1 million compared with $27.0 million for the same period in 2023, an increase of 0.1%. SS NOI excluding early termination income and the Chicago Portfolio – Cash basis for the quarter ended December 31, 2024 was $26.8 million compared with $26.5 million for the same period in 2023, an increase of 1.1%. SS NOI for the fourth quarter was positively impacted by rent escalations and renewal and new leasing spreads, offset by the transitory vacancy within two of our Cleveland buildings. The same store portfolio is comprised of 167 buildings totaling 25.7 million square feet, or 88.0% of the Company’s total portfolio, and was 95.2% occupied as of December 31, 2024.

EBITDAre for the quarter ended December 31, 2024 was $30.7 million compared with $31.3 million for the same period in 2023.

Core FFO for the quarter ended December 31, 2024 was $21.1 million compared with $21.6 million for the same period in 2023, primarily as a result of the net impact of the deconsolidation of the Chicago Portfolio and recognition of our proportionate share of the Sixth Street Joint Venture Core FFO, increase in Series C Preferred Unit cash and paid-in-kind dividends, offset by a decrease in interest expense and acquisition activity as referenced above. The Company reported Core FFO for the quarter ended December 31, 2024 of $0.46 per weighted average common share and unit compared with $0.47 per weighted average common share and unit for the same period in 2023. Weighted average common shares and units outstanding for the fourth quarters ended December 31, 2024, and 2023 were 45.9 million and 45.7 million, respectively.

AFFO for the quarter ended December 31, 2024 was $18.6 million, or $0.40 per weighted average common share and unit, compared with $22.0 million, or $0.48 per weighted average common share and unit, for the same period in 2023. The results reflected the aforementioned changes in Core FFO increased recurring capital expenditures as a result of leasing activity and decrease within non- cash interest expense driven by the aforementioned assignment and payoff of debt.

See “Non-GAAP Financial Measures” for complete definitions of NOI, EBITDAre, Core FFO and AFFO and the financial tables accompanying this press release for reconciliations of net income to NOI, EBITDAre, Core FFO and AFFO.

Liquidity and Capital Markets Activity

As of February 24, 2025, the Company’s current cash balance was approximately $9.0 million, excluding operating expense escrows of approximately $1.3 million, and it has approximately $457.0 million of capacity under the existing unsecured line of credit.

As previously disclosed, on November 6, 2024, Plymouth entered into a $600 million amended and restated unsecured credit facility that provides expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt.

The new unsecured credit facility is comprised of a revolving credit facility that expanded from $350 million to $500 million and a $100 million term loan, each of which matures in November 2028 and has one, one-year extension option, subject to certain conditions. The facility complements the Company’s existing $200 million term loan that matures in February 2027 and has a fixed rate swap of SOFR at 1.527% and an existing $150 million term loan that matures in May 2027 and has a fixed rate swap of SOFR at 2.904%.

Quarterly Distributions to Stockholders

On January 31, 2025, the Company paid a regular quarterly common stock dividend of $0.24 per share for the fourth quarter of 2024 to stockholders of record on December 31, 2024.

Investment and Disposition Activity

As of December 31, 2024, the Company had wholly-owned real estate investments consisting of 129 industrial properties located in eleven states with an aggregate of approximately 29.3 million rentable square feet.

During the fourth quarter of 2024, the Company acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for $20.1 million, which equates to an anticipated initial NOI yield of 6.8%. The portfolio consists of nine buildings totaling 258,082 square feet that are currently 96.9% leased to 23 tenants with a weighted average lease term of approximately 2.75 years. The Company has a second tranche of this portfolio that is under contract for $17.9 million, which equates to an anticipated initial yield of 7.3%, and is expected to close in the first quarter of 2025, contingent on the satisfaction of customary closing conditions, which cannot be assured. This portfolio consists of four buildings in Cincinnati totaling 240,578 square feet that are currently 98.0% leased to nine tenants with a weighted average lease term of approximately 3.75 years

Sixth Street Chicago Joint Venture and Related Transactions

On November 13, 2024, Plymouth Industrial OP, LP completed the Sixth Street Joint Venture for a total purchase price of $356.6 million. The JV portfolio consists of 34 buildings with 5,957,335 square feet and a portfolio occupancy of 93.1% with a blended mix of 59.1% multi-tenant and 40.9% single tenant.

As previously disclosed, in August 2024, the Company, through its Operating Partnership, issued 60,910 Non-Convertible Cumulative Series C Preferred Units (“Series C Preferred Units”) and, at a later date, will sell additional 79,090 Series C Preferred Units at a price of $1,000 per Series C Preferred Unit within 270 days upon execution of the Purchase Agreement, and (ii) warrants that are exercisable into 11,760,000 of OP Units. As of December 31, 2024, the Company has drawn approximately $60.9 million of the $140.0 million Series C Preferred Units. The remaining draw on the Series C Preferred Units is represented on the balance sheets as a forward contract asset. This asset represents the fair market value (FMV) of the Company’s contractual obligation to draw the remaining approximately $79.1 million of the Series C Preferred Units. The warrants are reflected at FMV in liabilities on the balance sheets and will be marked to market each reporting period. The warrants, upon exercise, can be net settled in cash or shares of the Company’s common stock at the Company’s sole election.

Leasing Activity

Leases commencing during the fourth quarter ended December 31, 2024, all of which have terms of at least six months, totaled an aggregate of 1,532,105 square feet. These leases include 1,042,732 square feet of renewal leases and 489,373 square feet of new leases. Rental rates under these leases reflect a 19.4% increase on a cash basis, with renewal leases reflecting a 12.6% increase on a cash basis and new leases reflecting a 30.2% increase on a cash basis. Same store occupancy at December 31, 2024 was 95.2%. Total portfolio occupancy at December 31, 2024 was 92.5% and reflects a 110-basis-point negative impact from previously disclosed tenancy issues in Cleveland, a 10-basis-point positive impact from the inclusion of the recently acquired Cincinnati portfolio, and a 70-basis- point negative impact from net leasing activity in the fourth quarter of 2024. These figures include the Sixth Street Joint Venture’s (as defined below) Chicago portfolio, which saw a 14.1% cash rental rate increase and had an occupancy of 93.1% at December 31, 2024.

Executed leases commencing during 2024, all of which had terms of at least six months, totaled an aggregate of 5,827,136 square feet. These leases, which represent 71.4% of total 2024 expirations, include 4,180,593 square feet of renewal leases (21.4% of these renewal leases were associated with contractual renewals; there are no remaining 2024 contractual renewals) and 1,646,543 square feet of new leases, of which 138,924 square feet was vacant at the start of 2024. The total square footage of new leases commenced excludes 160,292 square feet of development leasing completed in 2024. Rental rates under these leases reflect a 17.1% increase on a cash basis, with renewal leases reflecting a 12.9% increase in rental rates on a cash basis and new leases reflecting a 28.2% increase on a cash basis. These figures include the Chicago joint venture portfolio, which saw a 17.0% cash rental rate increase.

The Company has executed a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri that commenced on January 15, 2025. The lease is for 600,000 square feet during the first year and 450,000 square feet during the second year with a major international logistics service provider. This deal was done on an “as is” basis with no abatements making it very attractive from a net lease rate perspective. While we continue to actively market the balance of the building, we are also working with our new tenant on expansion options.

Through February 24, 2025, the Company has already executed 3,876,323 square feet of leases that will commence during 2025, or 51.7% of its total 2025 expirations. These leases included 3,342,122 square feet of renewal leases and 842,210 square feet of new leases, of which 675,487 square feet was vacant at the start of 2025. The Company expects to experience a 16.6% increase in rental rates on a cash basis from these leases with renewal leases experiencing a 16.4% increase (15.7% of these renewals were contractual) and new leases experience a 17.6% increase on a cash basis (excluding the abovementioned St. Louis lease). The St. Louis lease was lower on a face rent basis than the prior lease but higher on a net lease rate basis. With this leasing overall occupancy is currently up to 94.0%.

Of the 3,683,898 square feet of 2025 lease expirations, the largest remaining spaces include 624,159 square feet in St. Louis, which we are expecting to renew, and 772,450 square feet in Columbus, which is expected to downsize or vacate. A 300,000-square-foot replacement tenant has been identified in Columbus, which we expect to have executed in the near-term.

Guidance for 2025

Plymouth issued its full year 2025 guidance ranges for net income and Core FFO per weighted average common share and units and its accompanying assumptions, which can be found in the tables below.

Earnings Conference Call and Webcast

The Company will host a conference call and live audio webcast, both open for the general public to hear, on Thursday, February 27, 2025, 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 6, 2025, by dialing (877) 344-7529 and entering the replay access code, 9572499.

The Company has posted supplemental financial information on the fourth quarter results and prepared commentary that it will reference during the conference call. The supplemental information can be found under Financial Results on the Company’s Investor Relations page. The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.plymouthreit.com. The online replay will be available approximately one hour after the end of the call and archived for one year.

About Plymouth

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

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. Such forward-looking statements include, but are not limited to, statements regarding future leasing activity and expectations for the timing of the closing of the Sixth Street Chicago Joint Venture. 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; the closing of the Cincinnati portfolio; the expectation that certain leases will renew in 2025; predictions related to increases in rental rates; the execution of leases for newly identified tenants; and the number ranges presented in our 2025 guidance, 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 statements, 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.

PLYMOUTH INDUSTRIAL REIT, INC.

CONSOLIDATED BALANCE SHEETS

UNAUDITED

(In thousands, except share and per share amounts)

PLYMOUTH INDUSTRIAL REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

(In thousands, except share and per share amounts)

Non-GAAP Financial Measures

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 recoveries) less property-level operating expenses. NOI excludes depreciation and amortization, income tax provision, general and administrative expenses, impairments, loss in investment of unconsolidated joint ventures, gain or losses on sale of real estate, interest expense, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rate swap, appreciation (depreciation) of warrants and other non-operating items.

EBITDAre: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, income tax provision, depreciation and amortization, gain on sale of real estate, appreciation (depreciation) of warrants, impairments, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rate swap and loss on extinguishment of debt. Our proportionate share of EBITDAre for unconsolidated joint ventures is calculated to reflect EBITDAre on the same basis. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.

Funds from Operations (“FFO”): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of a REIT’s operating performance, thereby, providing investors the potential to compare our operating performance with that of other REITs. 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 (Loss) (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”): We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition and transaction related expenses for transactions not completed, gain on financing transaction, income tax provision, and certain non-cash operating expenses such as unrealized loss from interest rate swap, loss on interest rate swap, appreciation (depreciation) of warrants and loss on extinguishment of debt. We believe that Core FFO is a useful supplemental measure in addition to FFO by adjusting for items that are not considered by us to be part of the period-over-period operating performance of our property portfolio, thereby, providing a more meaningful and consistent comparison of our operating and financial performance during the periods presented below. 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 funds available for our cash needs, including our ability to pay dividends.

Adjusted Funds from Operations (“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, capitalized interest 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, non- cash interest expense and adjustments for unconsolidated partnerships and joint ventures. Our proportionate share of AFFO for unconsolidated joint ventures is calculated to reflect AFFO on the same basis.

We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with 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 funds available for our cash needs, including our ability to pay dividends. 

PLYMOUTH INDUSTRIAL REIT, INC.

SUPPLEMENTAL RECONCILIATION OF NON-GAAP DISCLOSURES

UNAUDITED

(In thousands, except share and per share amounts)

(1) Excludes non-recurring capital expenditures of $4,773 and $6,181 for the three months ended December 31, 2024 and 2023, respectively and $21,755 and $30,366 for the year ended December 31, 2024 and 2023, respectively.

Contact:

Plymouth Industrial REIT, Inc.

John Wilfong SCR Partners

IR@plymouthreit.com

FOURTH QUARTER 2024 Plymouth REIT Supplemental Information

Table of Contents

Disclaimers

References herein to “we,” “us,” and “our” refer to Plymouth Industrial REIT. Inc. (“Plymouth” or the “Company”)

Forward-Looking Statements

This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended and of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this Supplemental Information do not constitute guarantees of future performance. Investors are cautioned that statements in this Supplemental Information, which are not strictly historical statements and include, 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, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. 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 Supplemental Information, 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.

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 31-36. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 13-14. 

Executive Summary

Company Overview 

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

MANAGEMENT, BOARD OF DIRECTORS, INVESTOR RELATIONS, AND EQUITY RESEARCH COVERAGE

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 27, 2025 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 6, 2025 by dialing (877) 344-7529 and entering the replay access code, 9572499.

Highlights

As of September 30, 2024

Acquisition Activity

Acquisitions ($ in Thousands)

Note: Acquisitions include wholly-owned industrial properties only; excludes our property management office located in Columbus, Ohio.

Development Projects

As of December 31, 2024

Q4 2024 Supplemental | 7

 

Value Creation Examples

 

 

SAVANNAH:Lease Directly to Subtenant		MEMPHIS:Recycling Capital		CINCINNATI:New Acquisition
Negotiated deal that was initially a sublease on 187,205 square feet that turned into a direct lease. Four-year deal, no downtime, no external brokers and no tenant improvements. Rental rate increase of 124% over expiring rent. The property was acquired in 2020 at an initial NOI yield of 5.1%. Stabilized yield is now 12.0% with annual lease escalations averaging 2.5%.		Sold a 33,688-square-foot flex building in Memphis, TN to an end user at a price of $2.4 million. The building was part of a portfolio Plymouth acquired in July 2024 for $100.5 million. This was a non-core asset leased on a short-term basis to a tenant known to be vacating at year end. The sale proceeds will be retained within the portfolio to fund leasing activities and the ongoing conversion of a 106,000-square-foot call center building back to its original warehouse format to accommodate multiple industrial users.		Purchased a 258,082-square-foot, 9-building industrial portfolio in Cincinnati, OH during the quarter. The portfolio was acquired for $20.1 million at a going-in NOI yield of 6.8%. At acquisition, the portfolio was 96.9% leased to 23 tenants with a weighted average remaining lease term of 2.8 years. In-place rents are consistent with our portfolio average mark-to-market of 18% to 20%.

 

Guidance

As of February 26, 2024

Unaudited ($ in thousands, except per-share amounts)

Plymouth’s full year 2025 guidance ranges for net income and Core FFO per weighted average common share and units and its accompanying assumptions, which can be found in the tables below:

Financial Information

Consolidated Balance Sheets

Unaudited ($ in thousands)

Consolidated Statements of Operations

Unaudited ($ in thousands, except per-share amounts)

Non-GAAP Measurements

Unaudited ($ and shares in thousands, except per-share amounts)

Non-GAAP Measurements (Continued)

Unaudited ($ and shares in thousands, except per-share amounts)

Same Store Net Operating Income (NOI)

Unaudited ($ and SF in thousands)

Same Store Net Operating Income (NOI)

Unaudited ($ and SF in thousands)

Debt Summary

As of December 31, 2024

Unaudited ($ in thousands)

Capitalization

As of December 31, 2024

Unaudited ($ in thousands, except per-share amounts)

Net Asset Value Components

As of September 30, 2024

Unaudited ($ in thousands)

Operational & Portfolio Information

Leasing Activity

As of December 31, 2024

Unaudited

Lease Renewals and New Leases

Note: Lease renewals and new lease activity excludes leases with terms less than six months, and leases associated with construction.

1 Shown as per dollar, per square foot, per year.

2 Executed leases scheduled to commence during 2024, including the fourth quarter activity, total an aggregate of 5,827,136 square feet, all of which are associated with terms of at least six months. The above includes the wholly-owned and Chicago portfolios.

Leasing Activity (continued)

As of December 31, 2024

Unaudited

 

1

Annualized base rent is calculated as monthly contracted base rent as of December 31, 2024, multiplied by 12. Excludes rent abatements.

2

Calculated as annualized base rent set forth in this table divided by total annualized base rent as of December 31, 2024.

Q4 2024 Supplemental | 24

 

Leased Square Feet and Annualized Base Rent by Tenant Industry

As of December 31, 2024

Unaudited

 

Industry1	Total Leased Square Feet	# of Leases	% Rentable Square Feet	ABR2	% ABR	ABR Per Square Foot
Logistics & Transportation	8,160,867	76	30.2%	$       33,911,975	25.9%	$         4.16
Automotive	2,156,884	23	8.0%	10,210,625	7.8%	4.73
Wholesale/Retail	2,060,636	29	7.6%	10,502,267	8.0%	5.10
Home & Garden	1,773,751	22	6.6%	6,106,583	4.7%	3.44
Construction	1,357,672	37	5.0%	6,730,160	5.1%	4.96
Healthcare	1,297,715	50	4.8%	9,448,831	7.2%	7.28
Printing & Paper	1,109,317	10	4.1%	3,811,799	2.9%	3.44
Plastics	1,268,619	17	4.7%	5,833,572	4.5%	4.60
Food & Beverage	930,068	17	3.4%	5,422,827	4.1%	5.83
Industrial Equipment Components	842,725	24	3.1%	4,159,659	3.2%	4.94
Business Services	684,401	34	2.5%	4,691,633	3.6%	6.86
Cardboard and Packaging	531,749	10	2.0%	2,521,352	1.9%	4.74
Storage	502,540	9	1.9%	2,921,596	2.2%	5.81
Other Industries3	4,333,597	139	16.1%	24,625,256	18.9%	5.68
Total	27,010,541	497	100.0%	$     130,898,135	100.0%	$         4.85

 

1

Inclusive of the wholly-owned portfolio.

2

Annualized base rent is calculated as monthly contracted base rent as of December 31, 2024, multiplied by 12. Excludes rent abatements.

3

Includes over 20 tenant industries for which the total leased square feet aggregates to less than 250,000 square feet or 3% of ABR.

 

Q4 2024 Supplemental | 25

 

Leased Square Feet and Annualized Base Rent by Type

As of December 31, 2024

Unaudited

 

Leased Square Feet and Annualized Base Rent by Lease Type
Lease Type	Total Leased Square Feet	# of Leases	% Leased Square Feet	Annualized Base Rent1	% ABR	ABR Per Square Foot
Triple Net	22,841,511	403	84.6%	$    109,474,056	83.6%	$     4.79
Modified Net	2,356,641	51	8.7%	11,599,668	8.9%	4.92
Gross	1,812,389	43	6.7%	9,824,411	7.5%	5.42
Total	27,010,541	497	100.0%	$    130,898,135	100.0%	$     4.85
Leased Square Feet and Annualized Base Rent by Tenant Type
Tenant Type	Total Leased Square Feet	# of Leases	% Leased Square Feet	Annualized Base Rent1	% ABR	ABR Per Square Foot
Multi-Tenant	13,582,131	405	50.3%	$      72,665,593	55.5%	$     5.35
Single-Tenant	13,428,410	92	49.7%	58,232,542	44.5%	4.34
Total	27,010,541	497	100.0%	$    130,898,135	100.0%	$     4.85
Leased Square Feet and Annualized Base Rent by Building Type
Building Type	Total Leased Square Feet	# of Buildings	% Leased Square Feet	Annualized Base Rent1	% ABR	ABR Per Square Foot
Warehouse/Distribution	18,391,062	127	68.1%	$      78,014,224	59.8%	$     4.24
Warehouse/Light Manufacturing	5,656,661	25	20.9%	27,853,977	21.3%	4.92
Small Bay Industrial2	2,962,818	47	11.0%	25,029,934	18.9%	8.45
Total	27,010,541	199	100.0%	$    130,898,135	100.0%	$     4.85

 

Note: Wholly-owned portfolio.

1

Annualized base rent is calculated as monthly contracted base rent as of December 31, 2024, multiplied by 12. Excludes rent abatements.

2

Small bay industrial is inclusive of flex space totaling 603,134 leased square feet and annualized base rent of $7,257,028. Small bay industrial is multipurpose space; flex space includes office space that accounts for greater than 50% of the total rentable area.

 

Q4 2024 Supplemental | 26

 

Top 10 Tenants by Annualized Base Rent

As of December 31, 2024

Unaudited

 

Tenant	Market	Industry	# of Leases	Total Leased Square Feet	Expiration	ABR Per Square Foot	Annualized Base Rent1	% Total ABR
Geodis Logistics, LLC	St. Louis	Logistics & Transportation	1	624,159	8/31/2025	$         4.47	$        2,786,967	2.1%
Royal Canin U.S.A, Inc.	St. Louis	Wholesale/Retail	1	521,171	12/31/2026	5.04	2,626,324	2.0%
ODW Logistics, Inc.	Columbus	Logistics & Transportation	1	772,450	6/30/2025	3.06	2,364,186	1.8%
Archway Marketing Holdings, Inc.	South Bend	Logistics & Transportation	3	503,000	3/31/2026	4.61	2,319,990	1.8%
ASW Supply Chain Services, LLC	Cleveland	Logistics & Transportation	5	577,237	11/30/2027	3.74	2,158,177	1.6%
Balta US, Inc.	Jacksonville	Home & Garden	2	629,084	10/31/2029	3.19	2,004,036	1.5%
Communications Test Design, Inc.	Memphis	Logistics & Transportation	2	566,281	12/31/2025	3.41	1,930,826	1.5%
Winston Products, LLC	Cleveland	Wholesale/Retail	2	266,803	4/30/2032	7.08	1,888,831	1.4%
Advanced Composites, Inc.	Columbus	Automotive	1	480,000	12/31/2031	3.53	1,695,809	1.3%
JobsOhio Beverage System	Cleveland	Food & Beverage	1	350,000	3/31/2029	4.48	1,568,000	1.2%
Total Largest Tenants by Annualized Rent			19	5,290,185		$         4.03	$      21,343,146	16.2%
All Other Tenants2			478	21,720,356		$         5.04	$    109,554,989	83.8%
Total Company Portfolio			497	27,010,541		$         4.85	$    130,898,135	100.0%

 

Note: Wholly-owned portfolio.

1

Annualized base rent is calculated as monthly contracted base rent as of December 31, 2024, multiplied by 12. Excludes rent abatements.

2

Inclusive of 4 leases to the tenant Accredo Health totaling 134,592 square feet and $1.8 million of ABR expired on December 31, 2024.

 

Q4 2024 Supplemental | 27

 

Lease Segmentation by Size

As of December 31, 2024

Unaudited

 

Square Feet	# of Leases	Total Leased Square Feet	Total Rentable Square Feet	Total Leased %	Total Leased % Excluding Repositioning1	Annualized Base Rent2	In-Place + Uncommenced ABR3	% of Total In-Place + Uncommenced ABR	In-Place + Uncommenced ABR Per SF4
< 4,999	67	193,347	273,412	70.7%	72.2%	$        2,053,178	$        2,053,178	1.6%	$                 10.62
5,000 - 9,999	90	649,019	760,090	85.4%	86.0%	5,616,388	5,616,388	4.3%	8.65
10,000 - 24,999	118	1,984,554	2,086,141	95.1%	95.1%	14,962,893	14,962,893	11.4%	7.54
25,000 - 49,999	80	2,923,394	3,134,087	93.3%	94.5%	18,407,420	18,407,420	14.1%	6.30
50,000 - 99,999	70	4,871,290	5,160,244	94.4%	95.4%	24,203,743	24,203,743	18.5%	4.97
100,000 - 249,999	50	7,866,576	8,270,672	95.1%	95.1%	35,439,209	35,439,209	27.0%	4.51
> 250,000	22	8,522,361	9,566,325	89.1%	96.9%	30,215,304	30,215,304	23.1%	3.55
Total/Weighted Avg.	497	27,010,541	29,250,971	92.3%	95.2%	$    130,898,135	$    130,898,135	100.0%	$                   4.85

 

1

Total Leased % Excluding Repositioning excludes vacant square footage being refurbished or repositioned as of December 31, 2024.

2

Annualized base rent is calculated as monthly contracted base rent as of December 31, 2024, multiplied by 12. Excludes rent abatements.

3

In-Place + Uncommenced ABR calculated as in-place current annualized base rent as of December 31, 2024 plus annualized base rent for leases signed but not commenced as of December 31, 2024.

4

In-Place + Uncommenced ABR per SF is calculated as in-place current rent annualized base rent as of December 31, 2024 plus annualized base rent for leases signed but not commenced as of December 31, 2024, divided by leased square feet plus uncommenced leased square feet.

 

Q4 2024 Supplemental | 28

 

Capital Expenditures

Unaudited ($ in thousands)

 

Wholly-owned1	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Tenant improvements	$         806	$     1,203	$            480	$         320	$       375
Lease commissions	$      1,218	$     1,650	$            927	$         674	$       505
Total Recurring Capital Expenditures	$      2,024	$     2,853	$         1,407	$         994	$       880
Capital expenditures	$      4,143	$     5,692	$         3,695	$         664	$    5,074
Development	$         630	$     2,537	$         2,058	$      2,336	$    1,107
Total Non-recurring Capital Expenditures	$      4,773	$     8,229	$         5,753	$      3,000	$    6,181
Total Capital Expenditures	$      6,797	$   11,082	$         7,160	$      3,994	$    7,061
Unconsolidated joint venture	December 31, 2024
Total Recurring Capital Expenditures	$      1,382
Total Non-recurring Capital Expenditures	$         593
Total Capital Expenditures	$      1,975

 

1

Capital expenditures incurred after the joint venture closing are included in the unconsolidated joint venture table below.

Q4 2024 Supplemental | 29

 

 

Appendix

 

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 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 recoveries) less property-level operating expenses. NOI excludes depreciation and amortization, income tax provision, general and administrative expenses, impairments, loss in investment of unconsolidated joint ventures, gain or losses on sale of real estate, interest expense, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rate swap, appreciation (depreciation) of warrants 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, income tax provision, depreciation and amortization, gain on sale of real estate property, appreciation (depreciation) of warrants, impairments, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rates swap and loss on extinguishment of debt. Our proportionate share of EBITDAre for unconsolidated joint ventures is calculated to reflect EBITDAre on the same basis. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.

We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock compensation, (ii) loss on extinguishment of debt, (iii) acquisition expenses (iv) the proforma impacts of acquisition, dispositions and developments and (v) non-cash impairments on real estate lease, (vi) adjustments for unconsolidated partnerships and joint ventures . 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 a REIT’s operating performance, thereby, providing investors the potential to compare our operating performance with that of other REITs. 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 isas follows: Net Income (Loss) (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 FO, 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.

Glossary (continued)

Non-GAAP Financial Measures Definitions (continued):

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition and transaction related expenses for transactions not completed, gain on financing transaction, income tax provision, and certain non-cash operating expenses such as unrealized loss from interest rate swap, loss on interest rate swap, appreciation (depreciation) of warrants and loss on extinguishment of debt. We believe that Core FFO is a useful supplemental measure in addition to FFO by adjusting for items that are not considered by us to be part of the period-over-period operating performance of our property portfolio, thereby, providing a more meaningful and consistent comparison of our operating and financial performance during the periods presented below. 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 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, capitalized interest 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, non-cash interest expense and adjustments for unconsolidated partnerships and joint ventures. Our proportionate share of AFFO for unconsolidated joint ventures is calculated to reflect AFFO on the same basis.

We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance.

As with 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 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 (inclusive of preferred stock and redeemable non-controlling interest) 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.  

Glossary (continued)

Other Definitions:

GAAP: U.S. generally accepted accounting principles.

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.

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, 2022. 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 are classified as repositioning, lease-up during 2023 or 2024 (4 buildings representing approximately 962,000 of rentable square feet placed into service during 2023 or 2024) or under contract for sale. For 2024, the Same Store Portfolio consists of 113 properties aggregating 25.7 million 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.

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.

Glossary (Financials)

Balance Sheet:

Financing lease liability: As of December 31, 2024, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 31 years. Refer to our most recent Annual Report on Form 10-K for expanded disclosure.

Forward contract asset: Represents the FMV of the Company’s contractual obligation to draw the undrawn $79.1 million of the Series C Preferred Units (as defined herein) as of the end of the period.

Interest rate swaps: Represents the fair value of the Company's interest rate swaps. We minimize the credit risk in our derivative financial instruments by transacting with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying consolidated balance sheets. A summary of the Company's interest rate swaps and accounting are detailed in Note 8 of our most recent Annual Report on Form 10-K.

Investment of unconsolidated joint ventures: Represents our share of earnings (losses) related to our investment in an unconsolidated joint venture. The Isosceles Venture Agreement provided for liquidation rights and distribution priorities that were different from the Company’s stated ownership percentage based on total equity contributions. As such, the Company used the hypothetical-liquidation-at-book-value method (“HLBV”) to determine its equity in the earnings of Isosceles. The HLBV method is commonly applied to equity investments in real estate, where cash distribution percentages vary at different points in time and are not directly linked to an investor's ownership percentage.

Net investment in sales-type lease: During Q1 2024, the tenant occupying a single tenant industrial property located in Columbus, Ohio, provided notice of its intention to exercise its option to purchase the property at a fixed price of $21,480. As a result, we reclassified the respective real estate property to net investment in sales-type lease totaling $21,480 on our condensed consolidated balance sheets, effective as of the date of tenant notice, in the following amounts: (i) $19,605 from Real estate properties, (ii) $8,094 from Accumulated depreciation, (iii) $877 from net Deferred lease intangible assets, and (iv) $1,062 from Other assets. Further, we recognized a Gain on sale of real estate of $8,030 related to this transaction. On August 30, 2024, we completed the sale of the property and recognized selling costs of $234. Earnings from our Net investment in sales-type leases are included in Rental revenue in the consolidated statements of operations and totaled $631, $0 and $0 for the years ended December 31, 2024, 2023 and 2022, respectively. Prior to this reclassification to Net investment in sales-type lease, earnings from this lease were recognized in Rental revenue in the condensed consolidated statements of operations. Net investment in sales-type leases are assessed for credit loss allowances. No such allowances were recorded as of December 31, 2024 or December 31, 2023.

Real estate assets/liabilities held for sale, net: On August 26, 2024, the Operating Partnership (the “OP”) entered into a Contribution Agreement with an affiliate of Sixth Street Partners, LLC (the “Investor”), in which the Operating Partnership contributed 34 wholly-owned properties located in and around Chicago (each a “Chicago Property” and collectively the “Chicago Properties”) into a joint venture with the Investor in which will be owned 35% by a wholly-owned subsidiary of the Operating Partnership and 65% by the Investor. The contribution and closing conditions of the joint venture occurred during the fourth quarter of 2024. The aggregate purchase price for the Chicago Properties is $356,600, which includes the assumption by the joint venture of $56,898 of debt held by the OP that is currently outstanding with Transamerica Life Insurance Company and secured by certain Chicago Properties. An additional $10,506 of debt held by the OP outstanding with Midland Nation Life Insurance and secured by a single Chicago Property.

Upon execution of the Contribution Agreement, the carrying amounts of the Chicago Properties were classified as "Real estate assets held for sale, net" and the corresponding carrying amount of the secured mortgages (the Transamerica Loan and the Midland National Life Insurance Mortgage) were classified "Real estate liabilities held for sale, net" on the condensed consolidated balance sheets. Upon classifying the Chicago Properties as being held for sale, the Company ceased recognizing depreciation on the Chicago Properties.

Unsecured debt, net: Includes borrowings under line of credit and term loans. Refer to Debt Summary in this Supplemental Information for additional details.

Glossary (Financials)

Redeemable Non-controlling interest - Series C Preferred Units: On August 26, 2024, the Company, through its OP, issued 60,910 Non-Convertible Series C Preferred Units (“Series C Preferred Units”) at a price of $1,000 per Series C Preferred Unit, for gross proceeds of $60,910, to the Investor. Bundled with the issuance of the 60,910 Series C Units, the Operating Partnership also issued (i) a forward contract in which the OP will sell an addition 79,090 Series C Preferred Units at a price of $1,000 per unit for gross proceeds of $79,090 before May 23rd, 2025, and (ii) warrants that are exercisable into OP Partnership Units (see “Warrant Liability”). The gross proceeds at issuance were first allocated to the Warrants, resulting in the Company recognizing a book loss of $21 million and recording the Series C Preferred Units for a nominal amount of $0.01.

Holders are entitled to receive, on a cumulative basis, (i) distributions in the form of fully paid Series C Preferred Units known as “PIK Distributions” which will be payable at the “PIK Distribution Rate” and (ii) distributions in the form of cash known as “Cash Distributions” which will be payable at the “Cash Distribution Rate.”

The Cash Distribution Rate is a rate per annum equal to (a) 4.0% within the first 5 years after August 26, 2024 (the “Original Issue Date”), (b) 8.0% in the 6th and 7th years after the Original Issue Date, and (c) 12.0% starting from the 8th year after the Original Issue Date and each subsequent year thereafter. The PIK Distribution Rate is a rate per annum equal to (a) within the first 5 years after the Original Issue Date, 7.0% less the applicable Cash Distribution Rate, (b) in the 6th and 7th years after the Original Issue Date, the greater of: (i) 12.0% or (ii) SOFR plus 650 basis points less the applicable Cash Distribution Rate, and (c) from the 8th year after the Original Issue Date and each subsequent year thereafter, the greater of (i) 16.0% or (ii) SOFR plus 1,050 basis points, less the applicable Cash Distribution Rate. Both PIK and Cash Distributions are recognized within Net income (loss) attributable to non-controlling interest within our condensed consolidated statements of operation and are recognized as a deduction to FFO to derive Core FFO.

Warrant liability: Represents the FMV of the warrants issued by the OP on August 26, 2024, to issue and sell to the holder the right to purchase Operating Partnership Units (“OP Units”) as of the end of the respective period. As of December 31, 2024, the associated strike price and amount of units outstanding for each tranche of warrants are as follows:

The warrants provide antidilution adjustments, as well as adjustments in the strike price of the warrants to an amount equal to the issuance price per common share or OP Unit if the Company or the OP issues (or otherwise sells) any shares/units of common stock, OP Units, or equity-linked securities and if the Company or the OP reprices or amends any of its existing equity-linked securities. Such adjustments include the occurrence of stock dividends, splits or combinations, the distribution of rights, options or warrants of the Company’s common stock, distribution if shares of capital stock or other property, cash dividends and distributions, tender or exchange offers made by the Company or the Parent for shares of common stock and degressive issuances.

Holders of the warrants will have the right to submit all, or any whole number of warrants that is less than all of their warrants for exercise at any time during the first 5 years after the date of issuance of the warrants. This can be extended to 7 years if the volume-weighted average price of the Common Stock for the 90 consecutive trading days ending on the 5th anniversary of the issuance date is equal to or less than the Strike Price of the warrants.

Upon the exercise of any warrant, the Company at its election will settle such exercise by paying or delivering OP Units according to either a physical or cashless settlement. In the event the Company elects to deliver OP units upon settlement, the holder can elect to exchange the OP Units into common shares of the Company on a one-to-one basis, however, the Company can elect to settle these OP Units for either cash or shares of the Company’s common stock.

Glossary (Financials)

Consolidated Statements of Operations:

Gain on sale of real estate: During Q1 2024, the tenant occupying an industrial property located in Columbus, Ohio, provided notice of its intention to exercise its option to purchase the property. We re-evaluated the lease classification of the lease in accordance to ASC 842, Leases, concluding that the lease had transitioned to a sales-type lease, thereby recognizing a $7,796 gain on sale of real estate during Q1 2024. During Q2, 2024, the Company sold one 221,911 square foot property in Kansas City, MO, recognized a net gain of $849. During Q4 2024, the Company recognizing a net gain of $136,751 from the contribution of the 34 properties within the Chicago market to the Sixth Street Joint Venture.

Gain on financing transaction: Gain on financing transaction for the year ended December 31, 2024 of $6,660 is related to $43,948 of net gain related to adjustments to the fair market value of warrants, offset by the initial loss of $18,746 and corresponding issuance costs of $12,000 realized upon the issuance of the Series C Preferred Units and $6,542 of net loss related to fair market value adjustments of forward contract. There was no gain on financing transactions for the year ended December 31, 2023.

Net income (loss) per share attributable to common stockholders – Basic and Diluted: Refer to the Annual Report on Form 10-K for additional information.

Loss on interest rate swap: Related to the amount of realized loss reclassified from accumulated other comprehensive income (loss) into earnings.

Unrealized loss from interest rate swap: Related to the mark-to-market adjustment of their de-designated interest rate swap

Non-GAAP Measurements:

Gain on sale of real estate: See definition above in the Consolidated Statements of Operations section.

Gain on financing transaction: See definition above in the Consolidated Statements of Operations section.

Pro forma effect of acquisitions/developments: Represents the estimated impact of wholly-owned acquisitions and development properties as if they had been acquired or stabilized on the first day of each respective quarter in which the acquisitions occurred or developments were placed in-service. 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 and/or placed the development properties in-service as of the beginning of the respective periods.

Recurring capital expenditures: Excludes non-recurring capital expenditures of $4,773 and $6,181 for the three months ended December 31, 2024 and 2023, respectively and $21,755 and $30,366 for the year ended December 31, 2024 and 2023, respectively.

Redeemable Non-controlling interest - Series C Preferred Units: See definition on page 35 in the Balance Sheet section.

Weighted-average common shares and units outstanding: Weighted-average common shares and units outstanding includes common stock, OP units, and restricted stock units as of December 31, 2024 and excludes 54,410 performance stock units as they are deemed to be non-participatory.