Plymouth Industrial REIT : Investor Presentation - September 2023

Investor Presentation

September 2023

Atlanta w Boston w Columbus w Jacksonville w Memphis

Disclaimer

Except as otherwise indicated, this presentation speaks only as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of Plymouth Industrial REIT, Inc. (the "Company") after the date hereof. Certain of the information contained herein may be derived from information provided by industry third-party sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information, however, and has not independently verified such information.

This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. You can identify forward-looking statements by the use of forward- looking terminology such as "believes," "expects," "may," "will," "will likely result," "would," "could," "should," "seeks," "intends," "plans," "projects," "estimates," "anticipates" "predicts," or "potential" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements, discussions possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Statements regarding the following subjects are forward-looking by their nature; the Company's business and investment strategy; its expected operating results; completion of acquisitions; its ability to successfully implement proposed acquisition, lease and management structures; its ability to obtain future financing arrangements; its expected leverage levels; its expected dividend levels; the Company's understanding of its competition; market and industry trends and expectations; and anticipated capital expenditures. Additionally, the following factors could cause actual results to vary from our forward-looking statements: general volatility of the capital markets and the market price of the Company's common or preferred stock; performance of the industrial sector and real estate industries in general; changes in the Company's business or investment strategy; changes in market conditions within the industrial sector and the availability of industrial property acquisitions; the Company's ability to satisfy closing conditions and obtain regulatory, lender and other rulings, approvals and consents in connection with acquisitions; availability, terms and deployment of capital; availability of and the Company's ability to attract and retain qualified personnel; the Company's leverage levels; its capital expenditures; its ability to satisfy the requirements for qualification and taxation as a REIT for federal income tax purposes; changes in the Company's industry and the market in which it operates, interest rates or the general U.S. or international economy; and the degree and nature of the Company's competition.

The forward-looking statements contained in this presentation reflect the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company's business, prospects, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. You should carefully consider all risks before you make an investment decision with respect to the Company's common and preferred stock. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Notice Regarding Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures, including funds from operations ("FFO"), Core funds from operations ("Core FFO"), adjusted funds from operations ("AFFO"), net operating income ("NOI") and earnings before interest, taxes and depreciation ("EBITDA"). For definitions of each of these measures and reconciliations to the closest GAAP measure please see the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company's calculations of these measures may not be exactly the same as other companies who report similar measures. As a result, the Company's measures may not be comparable to those of other companies. The Company believes these measures are helpful supplemental measures, but should be read in conjunction with our financial statements presented in accordance with GAAP.

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Company Overview

From the First Mile to the Last Mile

Plymouth Industrial REIT 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.

Company Overview

• Full service, vertically integrated, self- administered and self-managed
• Focused on the acquisition, development, ownership and management of efficient, utilitarian single and multi-tenant industrial properties
• • Distribution centers
  • Warehouses
  • Light manufacturing
  • Small bay industrial
• Concentrated in primary and secondary markets within the main industrial, distribution and logistics corridors of the U.S.
• Acquires properties that provide income and growth, enabling us to leverage our real estate operating expertise to enhance shareholder value through proactive asset management, prudent property repositioning and disciplined capital deployment

Our Heritage

• Plymouth team is well-recognized for its decades- long experience in extensive, operational approach to real estate asset management and investment
• Intensive, detailed approach to underwriting acquisitions enables thorough understanding of each asset and affords us the ability to unlock value
• Hands-onasset management strategy enhances tenant experiences and drives property values over the long term
• "Boots-on-the-ground"strategy through our team members in Boston and regional offices in Atlanta, Columbus, Jacksonville and Memphis give us a competitive advantage in our markets and exemplifies Plymouth's ability to proactively respond to tenant/property needs

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Investment Highlights

• Focus on Relative Valuation Guides Acquisition Strategy
• • Proven record of acquiring properties at lower acquisition price/SF and higher initial yields compared to peer group provides compelling return metrics in the industrial sector

• • Team approach to underwriting acquisitions that identifies the correlation between perceived and actual risks to target resilient properties within the main industrial, distribution and logistics corridors of the U.S.
  • Hyper focused on achieving desired returns on a deal-by-deal basis while methodically creating platform scale and synergies
• Heritage as Real Estate Operators Contributes to Execution of Growth Strategy
• • Strong property-level operations combined with accretive acquisitions improves capital structure and enhances significant growth in targeted markets
  • "Ground-up"operational expertise enables the team to uncover property-level issues/opportunities that non- operators may miss or overlook
• Strong Fundamentals in the Industrial Sector Leading to Historic Opportunity
• • Demand for logistics space to continue to intensify, even when compared with recent elevated levels(1)
  • E-commercesector to increase most significantly but strong growth for warehouse and distribution facilities from express and parcel delivery; third-party logistics; healthcare and life sciences; and construction and materials(1)
  • Trimming and realignment of supply chains is continuing

(1) Source: JLL, The Future of Global Logistics Real Estate, July 2021.

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