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Highlights:

The transaction provides Plymouth with approximately $500 million of capital to pursue acquisitions

Sixth Street intends to be a strategic partner in pursuing additional joint venture opportunities with Plymouth in both new and existing industrial markets

Sixth Street to provide a total of $250 million of capital in the form of a 65% joint venture ownership of Plymouth’s Chicago portfolio and a non-convertible preferred equity investment into the Operating Partnership

Plymouth will contribute its Chicago-area properties to the joint venture with Sixth Street at a 6.2% capitalization rate for a total gross asset value of approximately $356 million and will retain 35% ownership of the approximately 5.9 million-square-foot portfolio

The transaction is leverage-neutral with overall leverage expected to decline sequentially in the fourth quarter after closing of the joint venture and remain in line with Plymouth’s stated leverage targets for 2024

Plymouth affirmed its previously issued 2024 Core FFO full year guidance range of $1.88 to $1.90 per share provided on August 1, 2024