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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

November 10 2023

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.)

 

20 Custom House Street, 11th 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.   ☐

Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share PLYM New York Stock Exchange
     
     
 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On November 10, 2023, Plymouth Industrial REIT, Inc. (the “Company”) entered into interest rate swap agreements with Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., and Capital One, N.A. for a total notional amount of $100.0 million to fix the USD-SOFR floating rate at a weighted average of 4.75% for its unsecured revolving credit facility through maturity. Based on the Company’s current applicable spread on its credit facility, the $100.0 million is now fixed at a weighted average interest rate of 6.40%.

 

As of November 10, 2023, the Company has $890.3 million of debt outstanding. With the execution of these interest rate swap agreements, 92% of the Company’s outstanding debt is now fixed at a weighted average interest rate of 3.99% with total debt outstanding at a weighted average interest rate of 4.23%. In addition, 70% of total debt outstanding is unsecured, and the Company has only $18.6 million of debt maturing until August 2025.

 

 

Exhibit No.   Description
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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: November 13, 2023       By:  

/s/ Jeffrey E. Witherell

            Jeffrey E. Witherell
            Chief Executive Officer

 

 

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Nov. 10, 2023
Document Type 8-K
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Document Period End Date Nov. 10, 2023
Entity File Number 001-38106
Entity Registrant Name PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key 0001515816
Entity Tax Identification Number 27-5466153
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 20 Custom House Street
Entity Address, Address Line Two 11th Floor
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02110
City Area Code (617)
Local Phone Number 340-3814
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Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock, par value $0.01 per share  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol PLYM
Security Exchange Name NYSE
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