Plymouth Industrial REIT, Inc. (PLYM)

Plymouth Industrial REIT, Inc. was a self-managed real estate investment trust that owned, acquired and operated industrial properties, primarily Class B distribution warehouses and light industrial buildings. It was based in Boston, Massachusetts, and its predecessor, Plymouth Opportunity REIT, was formed in 2011 by affiliates of Plymouth Group Real Estate. The company later became self-managed under chief executive Jeffrey Witherell.

Its strategy focused on single-tenant and multi-tenant industrial assets in secondary and select primary markets, mainly in the Midwest, Southeast and Northeast. The company bought properties it viewed as underbuilt or underleased, then invested in renovations, leasing and tenant relationships to raise occupancy and rental income. Customers included logistics, e-commerce, manufacturing and distribution companies.

Plymouth completed an initial public offering in 2017 and its common stock traded on the New York Stock Exchange under the symbol PLYM. Over the following years it grew its portfolio through numerous acquisitions, funded by equity offerings, preferred stock and debt. As a REIT, it paid regular dividends to shareholders as required to maintain its tax status.

In 2025 the company drew acquisition interest. Affiliates of Sixth Street Partners disclosed a nonbinding proposal to acquire the company after the market close on August 18, 2025, and the company later agreed to a sale to affiliates of Makarora Management and Ares Management Corporation. The agreed price of $22.00 per share in cash represented a premium of about 50 percent to Plymouth's unaffected share price on August 18, 2025.

The all-cash transaction was valued at approximately $2.1 billion, and the buyers also assumed certain pieces of Plymouth's outstanding debt. Plymouth stockholders approved the acquisition at a special meeting held before year-end.

The acquisition was completed in late January 2026, with Plymouth becoming privately held. The NYSE filed a Form 25 notification of removal from listing on January 28, 2026, and the stock is no longer traded on any public exchange.

The company's profile as a public REIT meant its stock was widely held by institutions and income-oriented investors, and the cash price gave holders a defined exit. Industrial real estate had attracted considerable private capital in the years leading up to the transaction because of demand from logistics and e-commerce tenants, which formed part of the backdrop to the interest in Plymouth. After closing, the properties and leases continue to be owned by the acquiring group, and Plymouth no longer files periodic reports with the SEC as a public company. Its common stock ceased to be listed on the NYSE as part of the Form 25 process.