Plymouth Industrial REIT Inc (PLYM) - Cash Flow Conversion Efficiency

Plymouth Industrial REIT, Inc., is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the Operating Partnership). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of September 30, 2025, and December 31, 2024, the Company owned a 98.9% equity interest in the Operating Partnership. The Company is a real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States. As of September 30, 2025, the Company, through its subsidiaries, wholly owned 148 industrial properties comprising 226 buildings with an aggregate of approximately 32.1 million square feet, and our regional property management office building located in Columbus, Ohio totaling approximately 17,260 square feet. The Company also owns a 35% non-controlling equity interest in, and provides management services to, a joint venture through a wholly owned subsidiary of the Operating Partnership. The joint venture is accounted for using the equity method of accounting. As such, the operating data of the joint venture is not consolidated with that of the Company. Plymouth Industrial REIT, Inc. is a Maryland corporation formed on March 7, 2011. As of January 27, 2026 Plymouth Industrial REIT, Inc. act as subsidiary of Makarora Management LP and Ares Alternative Credit.