Plymouth Industrial REIT Inc.'s planned IPO will bring 20 industrial warehouses, primarily in Chicago and Ohio, to the public market.
According to the company's registration statement, the real estate investment trust's portfolio is almost entirely composed of class B industrial properties in secondary markets.
As of March 31, Plymouth's industrial properties sported one of the highest occupancy rates of the U.S. publicly traded industrial REIT sector, at 98.4%. Plymouth currently owns a 0.5% interest in the properties through a joint venture with Torchlight Investors LLC. The REIT plans to use the funding from its IPO to assume 100% interest in the properties.
During the past year, the industrial REIT sector generated a 20.3% total return, 225 basis points higher than the S&P 500 and much higher than the broader REIT sector's 6.1% return.