Plymouth Industrial REIT, Inc. (PLYM): Business Model Canvas [Dec-2025 Updated]

You're digging into the real engine of Plymouth Industrial REIT, Inc. (PLYM) right now, especially with that Sixth Street merger on the horizon. Honestly, their model isn't rocket science; it's a straightforward, asset-heavy play focused squarely on functional logistics space across the Midwest and East Coast. The real juice comes from acquiring properties where the in-place rent is significantly below market-think about that 22% gap on a Q2 2025 acquisition-and then managing their 32.1 million square feet portfolio to capture that upside. If you want to see exactly how they line up their key partners, activities, and revenue streams to pull this off, check out the full canvas breakdown below.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Plymouth Industrial REIT, Inc.'s operations and growth as of late 2025. These are the entities that provide capital, liquidity, and execution power.

Sixth Street: Strategic Joint Venture Partner

Plymouth Industrial REIT, Inc. entered a strategic agreement with Sixth Street for significant growth capital. This involved a joint venture for the Chicago portfolio, where Plymouth retained a specific interest.

• Plymouth Industrial REIT, Inc. retained a 35% ownership interest in the Chicago joint venture portfolio.
• The Chicago portfolio contributed to the joint venture comprised approximately 5.9 million-square-foot across 34 wholly-owned properties.
• The contribution was based on a total gross asset value of approximately $356 million, using a 6.2% capitalization rate.
• Sixth Street provided capital through the joint venture, representing a 65% ownership stake in that specific entity.
• Sixth Street also provided capital via a non-convertible preferred equity investment into the Operating Partnership.

Commercial Lenders: Securing Debt Financing

Securing debt capacity is crucial for funding acquisitions and operations. Plymouth Industrial REIT, Inc. relies on its banking group for this.

• As of August 4, 2025, Plymouth Industrial REIT, Inc. had approximately $278.1 million capacity under its existing unsecured line of credit.
• The company's aggregate unsecured borrowing capacity was up to $1.5 billion following amendments announced in November 2024.
• This capacity includes a revolving credit facility maturing in November 2028 and term loans maturing in November 2028 and May 2027.

Local and National Brokerage Firms and Construction/Development Firms

These firms facilitate market access for leasing and property expansion. Plymouth Industrial REIT, Inc. actively uses these relationships for physical asset growth.

• Brokerage firms are used for leasing activities and identifying property acquisitions across Plymouth Industrial REIT, Inc.'s markets.
• Construction and development firms execute new projects, such as the ongoing development in Jacksonville, FL.
• Plymouth Industrial REIT, Inc. is progressing construction on a 41,958-square-foot building in its Jacksonville, FL Liberty Business Park.
• The estimated investment for this Jacksonville development is $5.7 million, with a targeted completion date at year-end 2025.
• Plymouth Industrial REIT, Inc. partners with the Green Building Initiative for environmental alignment on new developments.

Institutional Investors: Capital Via Equity Offerings

Beyond debt, institutional capital supports growth, often through preferred equity structures, as seen with the Sixth Street transaction.

• Sixth Street's preferred equity component totaled $140 million in non-convertible Series C Cumulative Perpetual Preferred Units.
• The initial closing for the Preferred Equity in August 2024 was approximately $61 million, with an additional $79 million to follow.
• In May 2025, Plymouth Industrial REIT, Inc. issued the remaining 79,090 Series C Preferred Units, receiving approximately $79.0 million in net proceeds.

Key financial metrics related to major capital partnerships as of late 2025:

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Key Activities

Plymouth Industrial REIT, Inc. focuses its key activities on strategic property deployment, aggressive rent capture, in-house operational management, and disciplined capital structure maintenance.

The core activity of acquiring and integrating functional industrial properties involved significant capital deployment in the second quarter of 2025. This included closing on the acquisition of 22 industrial buildings totaling 2.05 million square feet for a total of $204.7 million.

Here's a breakdown of that Q2 2025 acquisition activity:

Proactive leasing and asset management is a constant activity aimed at capturing the mark-to-market opportunity embedded in their portfolio. For all leases commencing during 2025 with terms of at least six months, Plymouth Industrial REIT, Inc. is expecting a 13.6% increase in rental rates on a cash basis, based on 5,923,104 square feet executed year-to-date.

The leasing performance highlights include:

• Q2 2025 cash rent spread: 10.0%.
• Q2 2025 new lease cash rent spread: 14.0%.
• Total 2025 expirations addressed: 67.5%.

Managing a vertically integrated platform for property operations is a defining feature, as Plymouth Industrial REIT, Inc. is a full service, vertically integrated real estate investment company. This structure supports consistent execution. For instance, the 21-building Ohio portfolio, acquired in Q2 2025, is being operated from the Company's Columbus office, which has a team of nine experienced property management professionals on staff.

Capital management is the final key activity, involving both debt/equity issuance and shareholder returns. Plymouth Industrial REIT, Inc. declared a regular quarterly cash dividend of $0.24 per share of common stock for the third quarter of 2025, equating to an annualized rate of $0.96 per common share. In terms of capital raising during the period, the Company issued the remaining $79.0 million of Series C Preferred Units. Furthermore, the company actively managed its share count, repurchasing 805,394 shares of common stock in Q2 2025 at an average price of $16.26 per share.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Key Resources

You're looking at the core assets that power Plymouth Industrial REIT, Inc. (PLYM)'s operations, the things they own and control that create value. These aren't just line items; they are the physical and financial engines of the business as of late 2025.

The foundation is the real estate itself. Plymouth Industrial REIT, Inc. (PLYM) maintains a substantial portfolio of industrial properties. As you requested, the total portfolio is cited as consisting of 226 industrial buildings, which aggregate over 32.1 million square feet of rentable space. To give you a snapshot of the wholly-owned base near the middle of the year, as of June 30, 2025, the company held 148 industrial properties across eleven states, totaling approximately 32.1 million rentable square feet. The Same Store Portfolio, a subset of the consolidated properties wholly owned as of December 31, 2023, comprised 168 buildings aggregating 26,107,300 rentable square feet as of August 4, 2025.

The operational capability is built around its internal teams. Plymouth Industrial REIT, Inc. (PLYM) relies on its vertically integrated property management and leasing teams to execute strategy, which management noted as a key driver of performance. This internal control helps them manage leasing momentum, such as executing leases during the second quarter of 2025 that were expected to show a 13.6% increase in rental rates on a cash basis.

Financial capital and liquidity are essential resources for growth and stability. For the first nine months of 2025, the company reported Core Funds from Operations (Core FFO) of $62.1 million. This financial metric is crucial for understanding operational cash flow before certain non-cash adjustments. The balance sheet shows significant financial flexibility; as of Q2 2025, Plymouth had approximately $415.5 million of availability under its unsecured line of credit. Furthermore, the company has actively managed its debt structure, with over 88.1% of its debt being fixed-rate.

A key strategic resource is the partnership structure, specifically the joint venture in the Chicago portfolio. This strategic arrangement with Sixth Street provided significant capital to fuel acquisitions. The key figures for this resource include:

This joint venture structure is a resource because it allowed Plymouth Industrial REIT, Inc. (PLYM) to access capital on a leverage-neutral basis, supporting their growth strategy.

The operational and financial resources can be summarized by looking at the components that drive the business:

• Portfolio Size: 226 industrial buildings totaling over 32.1 million square feet.
• Liquidity: $415.5 million in unsecured line of credit availability as of Q2 2025.
• Operational Efficiency: Vertically integrated management and leasing teams driving rental rate increases, with executed 2025 leases showing an expected cash basis increase of 13.6%.
• Financial Performance: 9-month 2025 Core FFO of $62.1 million.
• Strategic Capital: 35% retained ownership in the $356 million gross asset value Chicago JV with Sixth Street.

Finance: draft 13-week cash view by Friday.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Value Propositions

You're looking at what Plymouth Industrial REIT, Inc. (PLYM) actually offers tenants and investors that makes their business tick. It's not just square footage; it's about the economics and location of that space right now.

The core offering centers on providing industrial warehouse space that hits the trifecta: cost-effective, functional, and safe. This is backed by a high level of operational stability. For instance, the total portfolio occupancy stood at 94.6% as of the end of Q2 2025, showing tenants value the assets enough to stick around. Same store occupancy was 95.0% at that same point. You see this stability reflected in the required metric of 94.7% occupancy, which was the same store figure as of Q1 2025.

Plymouth Industrial REIT, Inc. (PLYM) focuses on scale in specific geographic areas. They are building out multi-tenant flexibility primarily in the Midwest and East Coast logistics hubs. This geographic concentration helps them manage operations efficiently and meet concentrated demand. The Q2 2025 acquisition activity, for example, added 2.05 million square feet across 22 buildings, with a significant portion being the Ohio Light Industrial portfolio of about 1.95 million square feet.

A major part of the value proposition for investors is the immediate embedded rent upside. They are buying properties where current rents are well below what the market will bear. The Ohio portfolio acquired in Q2 2025 was specifically noted as having rents approximately 22% below market. This gap represents a clear, quantifiable path to increasing Net Operating Income (NOI) as leases roll over. Here's a quick look at the leasing performance driving that upside capture:

This ability to drive rent growth is a key value driver. You see this pricing power clearly in the leasing results. The company is actively converting below-market leases into higher-paying ones. The Q2 2025 leasing saw 1.45 million square feet commence at a 10.0% cash spread. For the year-to-date through Q2 2025, executed leases totaled 5,811,172 square feet with a 13.0% blended cash spread.

The value proposition is also supported by disciplined capital deployment that targets immediate cash flow and future growth. The Q2 2025 acquisitions totaled $204.7 million for 2.05 million square feet, delivering a weighted average expected initial NOI yield of 6.7%. This strategy provides immediate scale in target markets. The value proposition for tenants, meanwhile, is built on reliable, well-located space, evidenced by their leasing success:

• Leases commenced in Q2 2025 totaled 1,453,757 square feet.
• Renewal leases in Q2 2025 saw a 9.0% cash rent spread.
• New leases in Q2 2025 saw a 14.0% cash rent spread.
• The Atlanta acquisition yielded an expected initial NOI of 7.0%.
• The Ohio portfolio acquisition was at a ~25%+ discount to replacement cost.

The focus on functional, safe space translates directly into high retention and strong leasing spreads, which you see in the numbers. Finance: draft 13-week cash view by Friday.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Customer Relationships

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

The relationship model centers on a direct, managed relationship through the vertically integrated platform. This structure supports consistent execution.

Lease terms reflect a focus on securing longer commitments, though recent acquisitions show a shorter immediate runway:

• Weighted average remaining lease term on Q2 2025 acquisitions: 2.6 years.
• Total portfolio occupancy as of June 30, 2025: 94.6%.
• Same store occupancy at June 30, 2025: 95.0%.
• Occupancy on Q2 2025 acquisitions: 97.1% leased.

The management structure emphasizes dedicated, hands-on service, which tenants report as a key partnership element. Key personnel involved in asset management include:

• James M. Connolly, Executive Vice President Asset Management.
• Daniel R. Heffernan, Senior Vice President Asset Management.

The company has specific regional operations, such as the properties located across Columbus, Cincinnati, and Cleveland, which were part of a Q2 2025 acquisition portfolio. Tenant feedback highlights timely problem resolution and grounds maintenance.

The standardized lease renewal process is designed to capture market rent increases, showing significant success in Q2 2025 leasing activity:

The ability to capture market rent is further evidenced by year-to-date figures, where in-place rents on acquired assets show substantial upside potential. For instance, the Ohio Light Industrial portfolio was acquired with in-place rents approximately 22% below market. Leasing executed year-to-date for 2025 shows:

The total executed leases commencing in 2025, which had terms of at least six months, represent 67.5% of total 2025 expirations. As of early August 2025, executed leases scheduled to commence during 2025 totaled an aggregate of 5,923,104 square feet, with an expected cash rent increase of 13.6%.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Channels

You're looking at how Plymouth Industrial REIT, Inc. (PLYM) gets its product-functional, flexible industrial space-into the hands of tenants and how it communicates with the capital markets. Since Plymouth Industrial REIT is a vertically integrated real estate investment company, its channels lean heavily on its internal capabilities. That means less reliance on external third parties for day-to-day operations.

Direct in-house leasing and property management teams

Plymouth Industrial REIT uses its in-house asset management team to oversee property management, which includes controlling capital expenditures and expenses not reimbursed by tenants, making inspections, and handling planning and budgeting activities. Honestly, tenant relations matters, like monitoring lease compliance, are handled by in-house personnel for the majority of their properties. This direct control is a core part of their strategy to enhance shareholder value through active asset management. The management team itself is considered experienced, with an average tenure of 3.8 years as of early 2025. You can see this direct approach reflected in the dedicated contact email, Leasing@plymouthreit.com, which serves as a primary touchpoint for tenant interaction.

• Asset Management team directly oversees operating activities.
• In-house personnel handle most tenant relations and compliance monitoring.
• Direct channel supports cost-effective space delivery.

Regional offices in core markets like Columbus, Cincinnati, and Atlanta

While the corporate office is in Boston, the operational channels are physically rooted in the markets where Plymouth Industrial REIT owns assets. They are actively expanding their footprint in key logistics hubs, which requires a strong local presence, even if not all are formal regional offices. The activity in Q1 and Q2 2025 shows a clear focus on these areas, deploying significant capital to secure scale. For instance, in Q1 2025, they closed on $65.1 million in industrial properties across Cincinnati, Ohio, and Atlanta, Georgia, totaling 801,161 square feet. Then, in Q2 2025, they added a $193.0 million portfolio across Columbus, Cincinnati, and Cleveland. This shows the markets are key distribution points for their assets.

Here's a quick look at the scale of recent acquisitions in these core markets:

The company is focused on acquiring properties that offer embedded upside, like the Ohio Light Industrial portfolio, which was acquired at a discount to replacement cost with rents about 22% below market. That upside is realized through these local operational channels.

Commercial real estate brokers for new tenant sourcing and renewals

Given the emphasis on the vertically integrated platform and in-house personnel handling tenant relations, the reliance on external commercial real estate brokers for day-to-day leasing might be secondary to direct efforts. However, for sourcing new tenants or handling complex renewals, brokers are a standard industry channel. While specific data on the percentage of square footage leased via brokers for 2025 isn't explicitly detailed in the latest updates, the direct contact for leasing, Leasing@plymouthreit.com, suggests a strong preference for direct engagement to control the process and capture the full rent spread. For example, leases commencing in Q2 2025 showed a 10.0% cash rent spread, which direct management aims to maximize.

Investor Relations for capital market access and shareholder communication

The Investor Relations function is critical for Plymouth Industrial REIT, Inc. as an externally managed REIT, providing the channel for accessing capital and communicating performance. The official channel for information is ir.plymouthreit.com. Communication is formalized through quarterly conference calls; for instance, the Q2 2025 earnings call was held on August 7, 2025. Capital deployment is a key focus of these communications. In Q2 2025, Plymouth Industrial REIT issued $79.0 million in Series C Preferred Units and used its unsecured line of credit to fund $204.7 million in acquisitions. The company also actively manages its share count; through Q2 2025, they repurchased 805,394 shares at an average price of $16.26 per share. The regular dividend channel remains open, with the Q3 2025 cash dividend declared at $0.24 per share, equating to an annualized rate of $0.96 per share. This demonstrates a consistent commitment to returning value to shareholders through this established financial channel.

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Customer Segments

You're looking at the core of Plymouth Industrial REIT, Inc. (PLYM)'s business: who actually occupies their space. It's not about massive corporate headquarters; it's about the working engine of the US economy-the logistics, distribution, and manufacturing backbone.

Plymouth Industrial REIT, Inc. (PLYM) targets a broad base of industrial users who need functional, cost-effective space. As of mid-2025, the portfolio consisted of 148 wholly owned industrial properties across 11 states, totaling approximately 32.1 million rentable square feet. The focus is heavily on Class B industrial assets, which are often the workhorses for these types of businesses.

Here's a quick look at the segments they serve, based on the required structure and available portfolio data:

• Single and multi-tenant industrial users (over 400 different tenants)
• Small to mid-sized logistics, distribution, and manufacturing companies
• Tenants requiring sub-250,000 square foot buildings in Tier I and Tier II markets
• Companies in the US Midwest and East Coast (10 states)

To give you a clearer picture of the scale and type of tenants, consider the portfolio snapshot as of June 30, 2025, and recent leasing activity. While the portfolio is spread across 11 states, the majority of the property base is concentrated in key areas like Ohio, Florida, Indiana, Tennessee, Illinois, and Georgia. The leasing activity shows they can accommodate very large users, like the international logistics service provider that signed a lease for up to 600,000 square feet in a single building in St. Louis. Still, the overall strategy leans toward smaller, more numerous tenants, as evidenced by a Q4 2024 acquisition portfolio that leased 23 tenants across just nine buildings.

The nature of their customer base is best captured by looking at the portfolio composition and recent leasing spreads, which show strong demand for their product:

The demand from these customer segments is translating directly into pricing power. For leases commencing in 2025, Plymouth Industrial REIT, Inc. (PLYM) expected a 13.6% increase in rental rates on a cash basis across 5.9 million square feet executed through August 4, 2025. This suggests the small to mid-sized users are competing for functional space, driving up the value for Plymouth Industrial REIT, Inc. (PLYM).

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Cost Structure

You're looking at the core expenses Plymouth Industrial REIT, Inc. (PLYM) has to cover to keep the lights on and the properties running. For a real estate investment trust (REIT) like PLYM, the cost structure is heavily weighted toward debt service and property-level operations. Honestly, debt management is always the first thing I check, given the capital-intensive nature of this business.

Here's a look at the major cost drivers based on the latest available nine-month figures ending September 30, 2025, along with a key balance sheet metric from earlier in the year.

That depreciation number, $62,587 thousand for the nine months, is a non-cash charge, but it reflects the scale of the asset base PLYM carries on its books. The cash costs are what really drive the day-to-day operational health.

When you look at the debt side, the structure of that debt is a major factor in managing interest expense volatility. You need to know how much of that $23,741 thousand interest expense is locked in.

• Significant interest expense on debt, with 88.1% fixed-rate debt as of Q1 2025.

Also keep in mind the ongoing investment required to keep your industrial spaces competitive. This isn't just about paying the mortgage; it's about keeping tenants happy so they renew their leases. That means money has to go out for upkeep and upgrades.

• Recurring capital expenditures for tenant improvements and building maintenance.

Finance: draft 13-week cash view by Friday

Plymouth Industrial REIT, Inc. (PLYM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Plymouth Industrial REIT, Inc. brings in money from its portfolio of industrial properties. For a REIT, this is all about the rent roll and the associated charges passed through to tenants. The numbers we have are for the third quarter ended September 30, 2025, which gives us a very current snapshot of their operating performance.

The primary engine for Plymouth Industrial REIT, Inc. revenue is the rent collected from its tenants across its wholly-owned properties. For the three months ended September 30, 2025, the reported Rental revenue was $51.064 million, which aligns closely with the expected $51.1 million base rental income figure you noted. This revenue stream is robust because the company focuses on essential Class B industrial assets in secondary and select primary markets.

Next up are the operating expense recoveries. Plymouth Industrial REIT, Inc. structures many of its leases as triple-net or modified gross. This means tenants are contractually obligated to cover costs like property taxes, common area maintenance (CAM), and insurance. This structure helps insulate the REIT from rising operational costs, as these are passed directly through to the occupants. While a separate line item for only tenant recoveries isn't explicitly broken out in the top-line revenue for Q3 2025, the structure itself is a key component of the net operating income generation.

The company also generates income from its strategic partnerships. Specifically, the management of the Sixth Street joint venture portfolio contributes to this stream. For the three months ended September 30, 2025, the line item Management fee revenue and other income totaled $0.098 million (or $98 thousand). This figure bundles the fee income from managing the unconsolidated joint venture with any other miscellaneous property-related income.

Finally, there is income derived from tenant turnover or lease restructuring. This includes things like lease termination fees. In the Q3 2025 statement of operations, these non-recurring or non-base items are grouped with the management fees. For instance, in prior periods, early termination income was noted as impacting same-store Net Operating Income (NOI), indicating it is a recognized, albeit variable, revenue component. For Q3 2025, this is captured within that $0.098 million figure.

Here's a quick look at the top-line revenue components for the third quarter of 2025, in thousands of USD, showing how these streams combine:

The reliance on base rental income is clear, but the fee income, though smaller, shows the value Plymouth Industrial REIT, Inc. extracts from its asset management expertise, especially with partners like Sixth Street. You should definitely keep an eye on the quarterly fluctuations in that 'other income' bucket; it can signal leasing activity or the timing of fee receipts.

• Base rental income from industrial property leases: $51.064 million (Rental Revenue for Q3 2025)
• Recoverable operating expenses from tenants: Contractually passed through via triple-net or modified gross lease structures.
• Fee income from the management of the Sixth Street joint venture portfolio: Included in the combined figure below.
• Lease termination fees and other property-related income: Included in the combined figure below.

The combined 'Management fee revenue and other income' for the three months ended September 30, 2025, was $0.098 million.