Plymouth Industrial REIT, Inc.: M&A transaction — Plymouth Industrial completes $357.9M contribution of 34 Chicago properties to JV with Sixth Street

Plymouth Industrial REIT, Inc.

Total purchase price $357.9M for 34 properties in Chicago MSA; cash consideration $232.4M.
Recognized gain on sale of $133.1M; retained 35% equity interest in the JV valued at $60.9M.
Pro forma net loss attributable to common stockholders of $30.1M for nine months ended Sept 30, 2024, reflecting JV equity method losses.
Repaid $10.5M Midland National Life Insurance Mortgage as condition of closing.
Sixth Street JV has profit-sharing waterfall; Plymouth receives annual asset management fee of 1% of rental receipts.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Plymouth Industrial REIT, Inc. completed a disposition involving Isosceles JV, LLC, an affiliate of Sixth Street Partners, LLC for $357.9 million (closed 2024-11-13).

Action: disposition
Counterparty: Isosceles JV, LLC, an affiliate of Sixth Street Partners, LLC
Consideration: $357.9 million
Closing: 2024-11-13

Exact text from the filing

On November 13, 2024, Plymouth Industrial OP, LP (the “Operating Partnership”) completed the previously announced contribution of 100% of its equity interests in directly and indirectly wholly-owned subsidiaries owning 34 properties located in and around the Chicago MSA (the “Contribution”) to Isosceles JV, LLC, an affiliate of Sixth Street Partners, LLC (the “Joint Venture’) for a total purchase price of $357.9 million

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Source: SEC EDGAR

accession 0001171520-24-000367

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