SCHEDULE: Madison Realty Cuts Plymouth REIT Stake Below 5%

Madison International Realty Holdings, LLC has updated its beneficial ownership in Plymouth Industrial REIT, Inc., now holding 4.86% of common stock.

Summary

• Madison International Realty Holdings, LLC filed an Amendment No. 4 to Schedule 13G regarding its beneficial ownership in Plymouth Industrial REIT, Inc.
• The reporting person now beneficially owns 2,217,491 shares of Plymouth Industrial REIT, Inc. common stock.
• This represents 4.86% of the outstanding common stock of Plymouth Industrial REIT, Inc.
• The percentage is calculated based on 45,550,898 shares of Common Stock outstanding as of April 29, 2025, as reported in the issuer's Form 10-Q filed on May 1, 2025.
• Madison International Realty Holdings, LLC holds sole voting power and sole dispositive power over all 2,217,491 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 4

Explanation: The filing is a routine disclosure of a reduced stake, which is slightly negative as it indicates a partial divestment by a significant investor, though the stated purpose remains passive.

Positives

• The filing provides transparency regarding a significant investor's stake in Plymouth Industrial REIT, Inc.
• Madison International Realty Holdings, LLC certifies that its investment is passive and not intended to influence or change control of the issuer.

Negatives

• Madison International Realty Holdings, LLC's beneficial ownership in Plymouth Industrial REIT, Inc. has decreased to 4.86%, falling below the 5% threshold that typically triggers Schedule 13G filings for new positions, indicating a partial divestment.

Risks

• A reduction in a significant shareholder's stake, as indicated by the decrease below 5%, could be perceived negatively by the market, potentially signaling a shift in investment strategy or reduced confidence in the issuer.

Future Outlook

Not applicable as this is a beneficial ownership disclosure filing and does not contain forward-looking statements or guidance from the issuer.

Management Comments

• Ronald M. Dickerman, Managing Member of Madison International Realty Holdings, LLC, certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing is a routine disclosure of a passive investment stake in a Real Estate Investment Trust (REIT) specializing in industrial properties. It does not contain information on broader industry trends or the competitive landscape.

Stakeholder Impact

• Shareholders may interpret the reduction in stake by Madison International Realty Holdings, LLC as a neutral to slightly negative signal, potentially impacting investor sentiment.

Next Steps

• Madison International Realty Holdings, LLC will file future amendments to Schedule 13G if their beneficial ownership percentage in Plymouth Industrial REIT, Inc. changes significantly (e.g., increases back above 5% or changes by more than 1% while above 5%).

Key Dates

Recommendation

This filing indicates a reduction in a significant investor's stake below the 5% threshold, which is a neutral to slightly negative signal. However, it's a passive investment and not indicative of a fundamental change in the issuer's business operations or financial health. Investors should monitor future filings and the company's operational performance rather than making a strong buy/sell decision solely based on this ownership change.

Keywords

Plymouth Industrial REIT, Industrial REIT, Real Estate, Madison International Realty, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Investment Adviser