Plymouth Industrial REIT is a self-managed industrial REIT that owns, acquires, and manages industrial properties across the U.S. As of year-end 2024, Plymouth's portfolio includes 129 properties (199 buildings) totaling approximately 29.3 million rentable square feet across 11 states. Plymouth focuses on two property types: distribution, warehouse, and light industrial buildings, and small bay multi-tenant industrial space. Plymouth collects rent from industrial tenants — logistics companies, distributors, manufacturers, and e-commerce operators — predominantly on net leases, where tenants pay base rent plus operating expenses. Plymouth manages roughly 75% of its properties in-house, with regional offices in Columbus, Jacksonville, Memphis, and Atlanta. Plymouth's defining strategic focus is on secondary and mid-tier markets in the U.S. interior — what management calls the "Golden Triangle," including Chicago, Memphis, Columbus, and Atlanta — deliberately avoiding coastal gateway markets. Management argues this focus provides lower acquisition costs, less competition from institutional capital, and greater rent upside. Plymouth targets buildings under 250,000 square feet, where it argues supply is more constrained than for large-box Class A logistics facilities. Plymouth grows NOI by improving occupancy, marking rents to market on lease renewals, and acquiring properties with below-market rents or near-term lease expirations that it can reposition using its in-house leasing and management platform. Plymouth also earns management fees and a share of profits through joint ventures with institutional partners, most notably a 2024 JV with Sixth Street Partners covering Plymouth's Chicago portfolio.