Plymouth Industrial REIT, Inc. Goes Private After Merger Completion

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is no longer a publicly traded company. On January 27, 2026, it completed its merger with an affiliate of PIR Ventures LP, ending its listing on the New York Stock Exchange.

1. Event Description (what happened) On January 27, 2026, Plymouth Industrial REIT, Inc. merged with a subsidiary of PIR Ventures LP, a private equity firm focused on industrial real estate. This merger converted all outstanding PLYM common stock, restricted stock, and performance stock units into $22.00 cash per share. Plymouth's Board of Directors and PIR Ventures LP agreed to the private transaction, aiming to give shareholders a definitive and immediate return at a significant premium. PIR Ventures LP plans to unlock long-term value and improve operations without the short-term pressures and public reporting demands of the stock market. This approach allows greater flexibility in managing Plymouth's large portfolio of industrial properties.

2. Event Date/Timeline Plymouth first announced the merger agreement on October 24, 2025. The merger officially closed, and the company went private, on January 27, 2026, the same day Plymouth filed the required SEC documents. The NYSE suspended PLYM common stock trading before market open on January 28, 2026.

3. Impact Assessment (who/what is affected) This merger significantly reshapes Plymouth Industrial REIT's operations and financial future:

• For Former Shareholders: Investors who held PLYM stock no longer own shares in a public company. They received a $22.00 cash payment per share, ending their public market involvement with Plymouth.
• For the Company: Plymouth Industrial REIT, as a public company, has ceased to exist. Its properties and operations will continue under PIR Ventures LP's ownership and strategic direction. The company will no longer face public reporting requirements, such as quarterly earnings and SEC filings, allowing for a private, long-term strategic focus.
• Future Strategy and Risks: PIR Ventures LP will now determine the company's future growth strategy, capital expenditures, and risk management, operating away from public scrutiny. This shift means less transparency for external observers regarding financial performance, operational metrics, and strategic direction.
• Affected Parties:
  • Investors: Received cash for their shares, and public trading has stopped.
  • Former Management and Board: Jeffrey E. Witherell (CEO), Anthony Saladino (President), and James M. Connolly (CFO), along with the entire Board of Directors, resigned from their positions with the former public company.
  • Employees: While senior leadership has changed, many operational employees will likely remain. However, the organizational structure and culture may evolve under new private ownership.
  • Tenants: Businesses leasing properties from Plymouth Industrial REIT will now have PIR Industrial REIT LLC (a subsidiary of PIR Ventures LP) as their landlord. Day-to-day operations for tenants will likely not change immediately, but the ultimate ownership and long-term property management strategy have shifted.
• What Happens Next: The NYSE suspended PLYM common stock trading before market open on January 28, 2026. The company will soon officially delist from the exchange and deregister with the SEC, ending its obligations as a public reporting company. PIR Ventures LP will integrate Plymouth's assets and operations into its existing portfolio, managing the industrial properties privately. They will focus on implementing new strategies for property management, acquisitions, and capital improvements without public market pressures.

4. Financial Impact (if applicable) All outstanding PLYM common stock, restricted stock, and performance stock units converted into $22.00 cash per share. This cash payment represents an approximate 20% premium over Plymouth's closing stock price on October 23, 2025, the day before the merger agreement announcement. The total transaction value, including debt repayment, is estimated at approximately $1.27 billion. As part of the merger, Plymouth Industrial REIT also repaid all $500 million of its outstanding debt under its credit facility, providing a clean financial slate for its transition to private ownership.

5. Key Takeaways for Investors

• Final Cash Distribution: If you were a PLYM shareholder, you received $22.00 per share in cash for your holdings. Verify this transaction with your brokerage account.
• No Further Trading: PLYM stock no longer trades on any public exchange.
• End of Public Investment: This merger marks the end of Plymouth Industrial REIT as a public investment opportunity. The company's future performance and strategic direction will no longer be public.