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Section 1: 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

October 1, 2018

Date of Report (Date of earliest event reported)

 

PLYMOUTH INDUSTRIAL REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

         
MARYLAND   001-38106   27-5466153

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

   

260 Franklin Street, 7th Floor

Boston, MA 02110

(Address of Principal Executive Offices) (Zip Code)

(617) 340-3814

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

 

Item 7.01       Regulation FD Disclosure.

On October 1, 2018, Plymouth Industrial REIT, Inc. (the "Company") issued a press release providing an update of its transaction activity.

The information contained in this Item 7.01 and the exhibit hereto are being “furnished” and, as such, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01       Financial Statements and Exhibits.

(d) Exhibits:

 

  Exhibit No.   Description
       
  99.1   Plymouth Industrial REIT, Inc. press release dated October 1, 2018

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

             
        PLYMOUTH INDUSTRIAL REIT, INC.
       
Date: October 1, 2018       By:  

/s/ Jeffrey E. Witherell

            Jeffrey E. Witherell
            Chief Executive Officer

 

 

 

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Section 2: EX-99.1 (PRESS RELEASE)

Exhibit 99.1

 

Plymouth Industrial REIT Expands in Ohio with $27 Million Cleveland Acquisition and Pending UPREIT Transaction in Cincinnati

 

BOSTON—(October 1, 2018) Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it has acquired a 400,000-square foot, multi-tenant Class A industrial building in Cleveland, Ohio for $27.0 million in cash, which was funded with borrowings under the Company’s secured credit facility. The Company also announced the signing of a definitive agreement to acquire a 1.1 million-square-foot, multi-tenant Class B industrial property in Cincinnati, Ohio for total consideration of $24.8 million. The Cincinnati transaction is expected to be funded with the issuance of operating partnership units and the assumption of existing mortgage debt.

 

The 400,000-square-foot 30339 Diamond Parkway in Cleveland is 100% leased to four tenants, including Royal Appliance Manufacturing Company and Ryder Logistics and located in Cleveland’s high-demand Southeast market. The acquisition is projected to provide an initial yield of 7.6%.

 

The Cincinnati acquisition, which is expected to close later this month, is projected to provide an initial yield of 8.5%. Plymouth expects to fund the transaction with the issuance of approximately $10.8 million in operating partnership units priced at $17.00 per unit, and the assumption of approximately $14 million of existing mortgage debt. Located on 103 acres with rail and crane service on site, the property is 92% leased to 12 tenants. The transaction is subject to customary closing conditions and due diligence as well as satisfactory assumption of the existing mortgage debt.

 

Pendleton White, President and Chief Investment Officer of Plymouth Industrial REIT, noted, “Cleveland and Cincinnati are attractive markets for us, and we are excited to increase our presence in each market. In addition to the stabilized income from strong current occupancy, the acquisitions offer opportunities to leverage our leasing expertise on future renewals in tight markets, significantly diversify our tenant base and secure future development potential.”

 

About Plymouth

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

Forward-Looking Statements

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

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Contact:    
Tripp Sullivan    
SCR Partners    
(615) 760-1104    
TSullivan@scr-ir.com    

 

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