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Plymouth Industrial REIT to offer 1.8 million shares of preferred stock

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Plymouth Industrial REIT to offer 1.8 million shares of preferred stock

Plymouth Industrial REIT Inc. filed a registration statement to offer 1.8 million shares of its series A cumulative redeemable preferred stock, with an option for underwriters to purchase up to an additional 270,000 shares.

The company expects a maximum aggregate offering price of roughly $51.8 million, estimated solely for the purpose of determining the registration fee.

Net proceeds from the offering will be contributed to Plymouth's operating partnership in exchange for a number of series A preferred units equal to the number of shares sold in the offering. The operating partnership will use $5.0 million of the net proceeds to repurchase the 263,158 shares of the company's common stock issued to Torchlight Investors LLC.

Any remaining net proceeds will go toward funding future industrial property acquisitions and for general corporate purposes.

D.A. Davidson & Co., BB&T Capital Markets, Ladenburg Thalmann & Co. Inc., National Securities Corp. and Wedbush Securities Inc. will be the underwriters for the offering.