Plymouth Industrial REIT Announces Closing of Partial Exercise of Underwriters’ Option to Purchase Additional Shares of Common Stock

Plymouth Industrial REIT, Inc. (NYSE American: PLYM) (the “Company”)
today announced the closing of the issuance of an additional 425,000
shares of common stock pursuant to the partial exercise of the
underwriters’ option to purchase additional shares. The Company sold an
aggregate of 3,425,000 shares of common stock in the offering at a
public offering price of $17.50 per share, resulting in net proceeds to
the Company of approximately $56.1 million, after deducting underwriting
commissions and offering expenses payable by the Company. Plymouth
intends to use the net proceeds from this offering to repay, in whole or
in part, amounts outstanding under its secured revolving credit
facility, to fund acquisitions and for general corporate purposes.

Barclays and KeyBanc Capital Markets acted as joint book-running
managers for the offering, D.A. Davidson & Co. acted as lead manager for
the offering and BB&T Capital Markets, National Securities Corporation,
a wholly owned subsidiary of National Holdings, Inc., Sandler O’Neill +
Partners, L.P. and Wedbush Securities Inc. acted as co-managers for the
offering.

The shares were offered pursuant to an effective shelf registration
statement on Form S-3 filed with the Securities and Exchange Commission.
A final prospectus supplement, dated May 15, 2019, relating to the
offering was filed with the Securities and Exchange Commission. The
offering was made only by means of a prospectus supplement and
accompanying prospectus. Copies of the prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting Barclays, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, telephone: 1-888-603-5847 or by
emailing [email protected].

This press release shall not constitute an offer to sell or a
solicitation to buy these securities, nor shall there be any sale of
these securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.

About Plymouth

Plymouth Industrial REIT, Inc. is a vertically integrated and
self-managed real estate investment trust focused on the acquisition and
operation of single and multi-tenant industrial properties located in
secondary and select primary markets across the United States. The
Company seeks to acquire properties that provide income and growth that
enable the Company to leverage its real estate operating expertise to
enhance shareholder value through active asset management, prudent
property re-positioning and disciplined capital deployment.

Forward-Looking Statements

This press release includes “forward-looking statements” that are made
pursuant to the safe harbor provisions of Section 27A of the Securities
Act of 1933 and of Section 21E of the Securities Exchange Act of 1934.
The forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that
statements in this press release, which are not strictly historical
statements, including, without limitation, statements regarding the
anticipated use of proceeds, constitute forward-looking statements. Such
forward-looking statements are subject to a number of known and unknown
risks and uncertainties that could cause actual results to differ
materially from those anticipated by the forward-looking statement, many
of which may be beyond our control. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
“may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe” or “continue” or the negative thereof or
variations thereon or similar terminology. Any forward-looking
information presented herein is made only as of the date of this press
release, and we do not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.

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