Plymouth Industrial REIT (PLYM) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	5-May-15
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	1515816
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,327,859
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Unaudited_Consolidated_Balance

Unaudited Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Real estate properties	$138,135	$138,112
Less Accumulated Depreciation	-2,880	-1,004
Real estate properties - net	135,255	137,108
Investments in real estate joint ventures	3,701	3,722
Cash	2,543	4,974
Restricted cash	738	744
Deferred intangibles, net	18,147	19,424
Deferred financing costs, net	429	1,832
Other assets	2,458	1,724
Total assets	163,271	169,528
Liabilities
Senior debt, net of discount	185,956	173,627
Deferred interest	4,551	1,653
Accounts payable, accrued expenses and other liabilities	3,982	4,149
Deferred lease intangibles - below market leases, net	2,340	2,473
Total liabilities	196,829	181,902
Stockholders' equity deficit:
Preferred stock, par value $0.01 par value; 100,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value; 900,000,000 shares authorized; 1,327,859 shares issued and outstanding	13	13
Additional paid-in capital	12,467	12,467
Accumulated deficit	-46,038	-24,854
Total stockholders' deficit	-33,558	-12,374
Total liabilities and stockholders' deficit	$163,271	$169,528

Unaudited_Consolidated_Balance1

Unaudited Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock stock, par value	$0.01	$0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	1,327,859	1,327,859
Common stock, shares outstanding	1,327,859	1,327,859

Unaudited_Consolidated_Stateme

Unaudited Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Rental revenue	$4,849
Equity investment income (loss)	-8	35
Total revenues	4,841	35
Operating expenses
Property	1,509
Depreciation and amortization	3,108
General and Administrative	1,494	409
Acquisition costs	355
Total operating expenses	6,466	409
Operating loss	-1,625	-374
Interest expense	19,559
Total other expense, net	19,559
Net loss	($21,184)	($374)
Weighted-average common shares used in computing net loss per share-basic and diluted	1,327,859	1,205,516
Net loss per share--basic and diluted	($15.95)	($0.31)

Unaudited_Consolidated_Stateme1

Unaudited Consolidated Statement of Changes in Stockholders' Equity (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
In Thousands, except Share data
Beginning balance at Dec. 31, 2014	$13	$12,467	($24,584)	($12,374)
Beginning balance (shares) at Dec. 31, 2014	1,327,859			1,327,859
Net loss			-21,184	-21,184
Ending balance at Mar. 31, 2015	$13	$12,467	($46,308)	($33,558)
Ending balance (shares) at Mar. 31, 2015	1,327,859			1,327,859

Unaudited_Consolidated_Stateme2

Unaudited Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($21,184)	($374)
Depreciation and amortization	3,108
Straight line rent adustment	111
Intangible amortization in rental revenue , net	-87
Equity investment (income) loss	8	-35
Accretion of interest and amortization of deferred financing costs	13,733
Changes in operating assets and liabilities:
Restricted cash	6	-100
Prepaid expenses and other assets	-8	-11
Deferred interest	2,898
Accounts payable, accrued expenses and other liabilities	-93	-48
Net cash used in operating activities	-1,714	-546
Investing activities
Real estate property improvements	24
Acquisition deposits	550
Distributions from investments in real estate joint ventures	13	152
Net cash provided by (used in) investing activities	-561	152
Financing activities
Proceeds from issuance of common stock, net of offering costs		761
Deferred offering costs	156
Net cash provided by (used in) financing activities	-156	761
Net increase (decrease) in cash and cash equivalents	-2,431	367
Cash at beginning of period	4,974	266
Cash at end of period	2,543	633
Non-cash Investing and Financing Activities:
Common stock distributable as dividends based on fair value of common stock		190
Deferred offering costs included in accrued expenses	81
Supplemental cash flow disclosures:
Interest paid	$2,928

Business_and_Liquidity

Business and Liquidity	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Business and Liquidity	(1)  Business and Liquidity
	Business
	Plymouth Industrial REIT, Inc., formerly known as Plymouth Opportunity REIT, Inc., is a Maryland corporation formed on March 7, 2011. The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company is focused on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the Eastern half of the U.S. and Texas. Prior to May 6, 2014, the Company had retained Plymouth Real Estate Investors, Inc. (the “Advisor”), an affiliate of Plymouth Group Real Estate, LLC (the Sponsor), to serve as its advisor for managing, operating, directing and supervising the operations and administration of the Company and its assets. The advisory agreement was terminated on May 6, 2014.
	All references to “the Company” refer to Plymouth Industrial REIT, Inc. and its subsidiaries, collectively, unless the context otherwise requires.  Our subsidiaries consist principally of our Operating Partnership, a wholly owned subsidiary, Plymouth Industrial OP, LP (the “Operating Partnership”), and special purpose wholly-owned subsidiaries of our Operating Partnership for each of the acquired properties discussed in Note 3.
	The Company has operated in a manner that will allow it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through an Operating Partnership.
	Liquidity and Going Concern
	As of March 31, 2015, the Company had an accumulated deficit of approximately $46,038 and had limited amounts of available liquidity evidenced by our cash position of $2,543. The Company continues to maintain arrangements with certain of its vendors to limit future expenses related to certain professional services.
	The Company derives the capital required to purchase and originate real estate-related investments and conduct our operations from secured financings from banks and other lenders and from any undistributed funds from our operations. On October 28, 2014, the Company entered into a loan agreement (the “Senior Loan”) with third party investment entities. The Senior Loan as described in Note (4) provides for secured loans in an aggregate amount up to $192,000, with cash funding amounts through December 31, 2014 of $165,000 and $20,000 of original issue discount. The Company used $155,000 of the net proceeds to acquire 20 industrial properties. The loans bear interest at a current pay rate equal to 7% per annum, coupled with payment-in-kind features with respect to the remaining interest at varying rates. The loans mature on April 28, 2015, subject to the Company’s option, subject to certain conditions, to extend the maturity date to October 28, 2015. The Company’s obligations under the Senior Loan are also guaranteed by Plymouth Industrial REIT, Inc. and each of our Operating Partnership’s subsidiaries. On March 26, 2015, the Company exercised its option to extend the maturity date of the loans to October 28, 2015.
	Effective June 16, 2014, the Company filed an S-11 registration with the SEC for the issuance of securities issued by real estate companies to raise funds in the publicly traded market on the New York Stock Exchange, and subsequently, amendments thereto, the most recent filed as of February 5, 2015.
	The Company’s ability to meet its working capital needs and repay its borrowings under the Senior Loan is dependent on its ability to issue additional equity or secure additional debt financing. There is no assurance, however, that additional debt or other forms of capital will be available to the Company, or on terms acceptable to the Company. In the event those sources of capital are not available to the Company, it would seek an extension on the maturity of the Senior Loan, although there can be no assurance that such an extension would be provided or provided on terms acceptable to the Company.
	These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Significant Accounting Policies, Basis of Presentation and Recent Accounting Pronouncements	(2)  Significant Accounting Policies
	It is suggested that these Consolidated Financial Statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. There have been no material changes in the accounting policies followed by the Company during the current fiscal year.
	Basis of Presentation
	These interim consolidated financial statements of the accounts of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These interim consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company’s financial position and results of operations. The interim consolidated financial statements include the accounts of the Company on a consolidated basis for its wholly owned subsidiaries. These interim consolidated financial statements may not be indicative of financial results for the full year.
	Income Taxes
	The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it is able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT.
	Earnings per Share
	Basic net loss per share is computed by dividing net loss by the weighted average shares of common stock outstanding for each year, which is also presented on the consolidated income statements . Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The Company has not granted any stock options or stock-based awards under the 2014 Incentive Award Plan.
	Financial Instruments
	The Company estimates that the carrying value of cash, restricted cash, senior debt, and deferred interest approximate their fair values based on their short-term maturity and prevailing interest rates.
	Reclassifications
	Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 presentation.
	Recent Accounting Pronouncements
	The Company has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company.
	In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued.  An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The standard applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.  The Company is evaluating the effect that ASU 2014-15 will have on its consolidated financial statements and related disclosures.
	In February 2015, the FASB issued ASU 2015-02, Consolidation (topic 810) to address financial reporting considerations for the evaluation as to the requirement to consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and for interim periods within those fiscal years beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-02 and if early adoption is appropriate in future reporting periods.
	In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) as part of the initiative to reduce complexity in accounting standards. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual periods beginning after December 15, 2015 and for interim periods within those fiscal years. The Company is evaluating the impact of ASU 2015-03, and if early adoption is appropriate in future reporting periods.

Investments_in_Real_Estate_Joi

Investments in Real Estate Joint Ventures	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Investments in Real Estate Joint Ventures	(3)  Investments in Real Estate Joint Ventures
	The Company, through its Operating Partnership, has the following investment in real estate joint ventures, which are accounted for on the equity method of accounting based on significant influence over the entities and lack of control over the entities:
		·	A 51.5% equity interest in the Class A shares of Colony Hills Capital Residential II, LLC (“CHCR II”) which is a joint venture with Colony Hills Capital, LLC, for $1,250. The Company has no controlling interest in CHCR II. CHCR II is the sole member of Wynthrope Holdings, LLC, which owns Wynthrope Forest Apartments, a 23 building, 270 unit multifamily complex located in Riverdale, a suburb of Atlanta, Georgia. The property is 98.1% occupied.
		·	A 50.3% interest in TCG 5400 FIB LP (“5400 FIB”), which was obtained in October and November of 2013 for a total of $3,900. 5400 FIB owns a warehouse facility (the “Property”) in Atlanta, Georgia containing 682,750 rentable square feet of space. The initial purchase price of the Property was $21,900 which included $15,000 of secured debt. The Property is 100% leased.
	A condensed unaudited summary of results of operations of the real estate joint ventures is as follows:
			Three Months Ended March 31,
			2015			2014
	Revenues		$	2,030		$	2,104
	Expenses			(2,047	)		(1,109	)
	Net income		$	(17	)	$	995
	Distributions amounted to $13 and $152, for the three months ended March 31, 2015 and 2014, respectively.
	Management of the Company monitors the financial position of the Company’s joint venture partners. To the extent that management of the Company determines that a joint venture partner has financial or liquidity concerns, management will evaluate all actions and remedies available to the Company under the applicable joint venture agreement to minimize any potential adverse implications to the Company.

Senior_Debt

Senior Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Senior Debt	(4)  Senior Debt
	On October 28, 2014, the Company, its Operating Partnership and certain subsidiaries of its Operating Partnership entered into a senior secured loan agreement (Senior Loan) with investment entities, or the Funds, managed by Senator Investment Group LP. The Senior Loan was a $192,000 facility with $71,000 designated as Tranche A, $101,000 designated as Tranche B and $20,000 designated as Tranche C and the deemed original issue discount.
	The Company borrowed $69,200 under Tranche A and $95,800 under Tranche B for a total of $165,000. At March 31, 2015 and December 31, 2014, there was $165,000 of indebtedness outstanding under the Senior Loan and $20,000 of original issue discount, which is being accreted over the term of the Senior Loan, and payment-in-kind interest (PIK) is also accreted to debt. Accordingly, there was $185,956, net of $16,986 of unamortized original issue discount, and deferred interest payable of $4,551, outstanding at March 31, 2015. There was $173,627, net of $12,877 of unamortized original issue discount, and deferred interest payable of $1,653, outstanding at December 31, 2014.
	On March 26, 2015, the Company exercised its option to extend the maturity date of the Senior Loan to October 28, 2015 from the original maturity date of April 28, 2015.
	The relevant terms of the borrowing arrangement are as follows:
		·	The borrowings under the Senior Loan bear interest at a current pay rate equal to 7% annum. The Company is current on its interest payments.
		·	The borrowings under the Senior Loan were made in tranches and also accrue PIK interest at an annual rate of 3% compounded monthly on Tranche A amounts, and at an annual rate of 8% compounded monthly on Tranche B amounts. The weighted average of PIK interest was approximately 5% at March 31, 2015 and December 31, 2014. PIK interest amounted to $3,970 and $1,504 at March 31, 2015 and December 31, 2014, respectively, and is included in debt in the accompanying consolidated balance sheets. All PIK amounts are due at maturity.
		·	The Company has the option to prepay the loans. With respect to any prepayment or repayment of (a) Tranche A, a make-whole fee in an amount equal to two percent (2%) of the outstanding balance of Tranche A if such prepayment or repayment occurs on or prior to April 28, 2015 and four percent (4%) thereafter will be payable; (b) Tranche B, a make-whole fee in an amount equal to four percent (4%) of the outstanding balance of Tranche B if such prepayment or repayment occurs on or prior to April 28, 2015, and five percent (5%) thereafter will be payable. The Company has accrued the make-whole fees due upon the maturity of the Senior Loan on April 28, 2015 on the straight line basis which approximates the effective interest rate. The amount of make whole fees accrued at March 31, 2015 and December 31, 2014 was $ 4,551 and $1,653, respectively, and is included in deferred interest in the accompanying consolidated balance sheets.
		·	The borrowings under the Senior Loan are secured by first lien mortgages on all of the Company’s existing properties and pledges of equity interests in the Operating Partnership.
		·	The obligations under the Senior Loan are guaranteed by the Company.
		·	The Senior Loan contains affirmative and negative covenants, which include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements.
		·	The Senior Loan contains financial covenants that require the maintenance of a minimum debt service coverage ratio as of the last day of any fiscal quarter of 1.1 to 1.0 and an annual amount of net operating income of not less than $12,200.
		·	The Senior Loan is subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness, failure to pay taxes or a change of control of our company, as defined in the senior secured loan agreement.
	At March 31, 2015, the Company is in compliance with all covenants under the Senior Loan.

2014_Incentive_Award_Plan

2014 Incentive Award Plan	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
2014 Incentive Award Plan	(5)  2014 Incentive Award Plan
	In April 2014, the Company’s Board of Directors adopted, and in June 2014 the Company’s stockholders approved, the 2014 Incentive Award Plan, or Plan, under which we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of our common stock and/or LTIP units of partnership interest in our Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 750,000 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires or is settled for cash, any shares/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. However, the following shares/LTIP units may not be used again for grant under the Plan: (1) shares/LTIP units tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award; (2) shares subject to a stock appreciation right, or SAR, that are not issued in connection with the stock settlement of the SAR on its exercise; and (3) shares purchased on the open market with the cash proceeds from the exercise of options. The maximum number of shares that may be issued under the Plan upon the exercise of incentive stock options is 750,000.
	The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards.
	No awards have been granted to date under the Plan.

Employment_Agreements

Employment Agreements	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Employment Agreements	(6)  Employment Agreements
	On September 10, 2014, the Company entered into employment agreements with Jeffrey E. Witherell, the Company’s Chief Executive Officer, Pendleton P. White, Jr., the Company’s President and Chief Investment Officer, and Daniel C. Wright, the Company’s Executive Vice President and Chief Financial Officer. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $200 to $300 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Related Party Transactions	(7)  Related Party Transactions
	The Company was party to an advisory agreement dated July 27, 2011 with its Advisor which entitled its Advisor to specified fees upon the provision of certain services with regard to the Offering and investment of funds in real estate and real estate related investments, among other services, as well as reimbursement for organization and offering costs incurred by its Advisor on behalf of the Company and certain costs incurred by its Advisor and its affiliates in providing services to the Company. The advisory agreement was terminated as of May 6, 2014 and no consideration was paid to the Advisor as a result of the termination. The fees the Company incurred prior to termination under the advisory agreement are as follows:
	Type of Compensation	Form of Compensation
	Organization and Offering Costs	Reimbursement of organization and offering costs to the Advisor or its affiliates for cumulative organization and offering expenses, but only to the extent that the total organizational and offering costs borne by the Company do not exceed 15.0% of gross offering proceeds as of the date of the reimbursement. Total organization and offering costs incurred from inception to March 31, 2014 were $1,110. Reimbursement of organization and offering costs to the Advisor were none for the three months ended March 31, 2015 and $26 for three months ended March 31, 2014.
	Asset Management Fee	Total asset management fees paid to the Advisor equal to one-twelfth of 1.0% of the sum of the cost of each asset, where cost equals the amount actually paid.  Total asset management fees incurred were none for the three months ended March 31, 2015 and $14 for three months ended March 31, 2014.
	The Company also incurred $27 for the three months ended March 31, 2014 in commissions and dealer manager fees owed to the Dealer Manager related to the issuance of common stock. There were none for the three months ended March 31, 2015.
	Colony Hills Capital, LLC who is a member of Colony Hills Capital Residential II, LLC, which is the entity the Company holds a 51.5% interest in, is also a shareholder of the Company.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	(8)  Commitments
	Operating Leases
	The Company leases space for its corporate office under the terms of a sub-lease. Rental expense for operating leases, including common-area maintenance, was $80 and $61 for the three months ended March 31, 2015 and 2014 respectively. Future amounts of minimum rental commitments under the operating lease as of March 31, 2015 were $213 for the remainder of 2015 and $189 for 2016.

Pending_Acquisition_Transactio

Pending Acquisition Transactions	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Pending Acquisition Transactions	(9) Pending Acquisition Transactions
	We have entered into agreements to acquire in a series of four transactions, fourteen properties totaling approximately 1,895,839 square feet, for a purchase price of $79,575. We anticipate funding these acquisitions with proceeds from additional debt financing or issuance of additional equity. There is no assurance we will obtain financing for the acquisitions.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Basis of Presentation	Basis of Presentation
	These consolidated financial statements of the accounts of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company’s financial position and results of operations. The consolidated financial statements include the accounts of the Company on a consolidated basis for its wholly owned subsidiaries.
Income Taxes	Income Taxes
	The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it is able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT.
Earnings Per Share	Earnings per Share
	Basic net loss per share is computed by dividing net loss by the weighted average shares of common stock outstanding for each year, which is also presented on the consolidated income statements . Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The Company has not granted any stock options or stock-based awards under the 2014 Incentive Award Plan.
Financial Instruments	Financial Instruments
	The Company estimates that the carrying value of cash, restricted cash, senior debt, and deferred interest approximate their fair values based on their short-term maturity and prevailing interest rates.
Reclassifications	Reclassifications
	Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	The Company has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASU applies to the Company.
	In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued.  An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The standard applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.  The Company is evaluating the effect that ASU 2014-15 will have on its consolidated financial statements and related disclosures.
	In February 2015, the FASB issued ASU No. 2015-02, Consolidation (topic 810) to address financial reporting considerations for the evaluation as to the requirement to consolidate certain legal entities. ASU 2015-02 is effective for annual periods beginning after December 15, 2015 and for interim periods within fiscal years beginning after December 15, 2017. The Company is evaluating the impact of ASU No. 2015-02 and if early adoption is appropriate in future reporting periods.
	In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) as part of the initiative to reduce complexity in accounting standards. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual periods beginning after December 15, 2015 and for interim periods within those fiscal years.  The Company is evaluating the impact of ASU No. 2015-0, and if early adoption is appropriate in future reporting periods.

Investments_in_Real_Estate_Joi1

Investments in Real Estate Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2015
Banking and Thrift [Abstract]
A condensed summary of the financial position and results of operations of the joint ventures		Three Months Ended March 31,
		2015			2014
	Revenues	$	2,030		$	2,104
	Expenses		(2,047	)		(1,109	)
	Net income	$	(17	)	$	995

Business_and_Liquidity_Details

Business and Liquidity (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	Integer
Business Combinations [Abstract]
Number of industrial properties acquired	20
Total purchase price of properties	$155,000

Investments_in_Real_Estate_Joi2

Investments in Real Estate Joint Ventures - A condensed summary of the financial position and results of operations of the joint ventures (Details) (Joint Venture, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Joint Venture
Operating Revenue and Expenses
Revenues	$2,030	$2,104
Expenses	2,047	1,109
Net income	($17)	$995

Investment_in_Joint_Ventures_D

Investment in Joint Ventures (Details Narrative) (USD $)	3 Months Ended		2 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Nov. 30, 2013
			sqft
Income (loss) from investments in real estate joint ventures	($8)	$35
CHCR II and TCG 5400 FIB LP
Cash distributions from investments in joint ventures	13	152
Colony Hills Capital Residential II, LLC | VIE Not Primary Beneficiary
Ownership interest	51.50%
Purchase price for the equity interest acquired	1,250
Number of buildings in property	23
Number of units in multifamily complex	270
Percent of property occupied	98.10%
TCG 5400 FIB LP
Ownership interest			50.30%
Purchase price for the equity interest acquired			3,900
Total equity investment			3,900
Property area (square feet)			682,750
Percent of property occupied			100.00%
Total purchase price paid by joint venture			21,900
Portion of purchase paid for with secured debt			$15,000

Senior_Debt_Details_Narrative

Senior Debt (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Senior secured credit facility, deferred interest payable	$4,551	$1,653
Senior Notes
Debt Instrument [Line Items]
Senior secured credit facility		192,000
Senior secured credit facility, current borrowings	165,000	165,000
Senior secured credit facility, original issue discount	20,000	20,000
Senior secured credit facility, outstanding	185,956	173,627
Senior secured credit facility, unamortized original issue discount	16,986	12,877
Senior secured credit facility, deferred interest payable	4,551	1,653
Senior secured credit facility, maturity date	28-Oct-15	28-Apr-15
Senior secured credit facility, debt interest rate	7.00%	7.00%
Senior secured credit facility, weighted average paid-in-kind interest rate	5.00%	5.00%
Senior secured credit facility, paid-in-kind interest	3,970	1,504
Senior secured credit facility, payment terms		The Company has the option to prepay the loans. With respect to any prepayment or repayment of (a) Tranche A, a make-whole fee in an amount equal to two percent (2%) of the outstanding balance of Tranche A if such prepayment or repayment occurs on or prior to April 28, 2015 and four percent (4%) thereafter will be payable; (b) Tranche B, a make-whole fee in an amount equal to four percent (4%) of the outstanding balance of Tranche B if such prepayment or repayment occurs on or prior to April 28, 2015, and five percent (5%) thereafter will be payable. The Company has accrued the make-whole fees due upon the maturity of the Senior Loan on April 28, 2015 on the straight line basis which approximates the effective interest rate. The amount of make whole fees accrued at March 31, 2015 and December 31, 2014 was $4,551 and $1,653 and is included in deferred interest in the accompanying consolidated balance sheets.
Senior secured credit facility, collateral		The borrowings under the Senior Loan are secured by first lien mortgages on all of the CompanyBs existing properties and pledges of equity interests in the Operating Partnership. The obligations under the Senior Loan are guaranteed by the Company.
Senior secured credit facility, covenant terms		The Senior Loan contains affirmative and negative covenants, which include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements. The Senior Loan contains financial covenants that require the maintenance of a minimum debt service coverage ratio as of the last day of any fiscal quarter of 1.1 to 1.0 and an annual amount of net operating income of not less than $12,200. The Senior Loan is subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness, failure to pay taxes or a change of control of our company, as defined in the senior secured loan agreement.
Senior secured credit facility, compliance		At March 31, 2015, the Company is in compliance with all covenants under the Senior Loan.
Senior Notes | Tranche C
Debt Instrument [Line Items]
Senior secured credit facility		20,000
Senior secured credit facility, debt interest rate		7.00%
Senior secured credit facility, interest rate description		Payment-in-kind interest at an annual rate of 8% compounded monthly.
Senior Notes | Tranche B
Debt Instrument [Line Items]
Senior secured credit facility		101,000
Senior secured credit facility, current borrowings		95,800
Senior secured credit facility, debt interest rate		7.00%
Senior secured credit facility, interest rate description		Payment-in-kind interest at an annual rate of 8% compounded monthly.
Senior Notes | Tranche A
Debt Instrument [Line Items]
Senior secured credit facility		71,000
Senior secured credit facility, current borrowings		$69,200
Senior secured credit facility, debt interest rate		7.00%
Senior secured credit facility, interest rate description		Payment-in-kind interest at an annual rate of 3% compounded monthly.

2014_Incentive_Award_Plan_Deta

2014 Incentive Award Plan (Details Narrative)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive award plan, shares authorized	750,000
Incentive award plan, shares available for grant	750,000
Incentive award plan, shares granted	0

Employment_Agreements_Details_

Employment Agreements (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Minimum
Annual base salary for officers	$200
Maximum
Annual base salary for officers	$300

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	3 Months Ended		36 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2014
Plymouth Real Estate Investors, Inc. (Advisor)
Related Party Transactions (Textual) [Abstract]
Organization and Offering Costs, description	Reimbursement of organization and offering costs to the Advisor or its affiliates for cumulative organization and offering expenses, but only to the extent that the total organizational and offering costs borne by the Company do not exceed 15.0% of gross offering proceeds as of the date of the reimbursement.
Total organization and offering costs incurred from inception			$1,110
Organization and offering costs reimbursed to the Advisor	0	26
Asset management fee, description	Total asset management fees to the Advisor equal to one-twelfth of 1.0% of the sum of the cost of each asset, where cost equals the amount actually paid.
Asset management fees incurred	0	14
Dealer Manager | Expense Sharing Agreement
Related Party Transactions (Textual) [Abstract]
Commissions and dealer manager fees owed to Dealer Manager	$0	$27

Commitments_Details_Narrative

Commitments (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rental expense for operating lease	$80	$61
Minimum future annual rental commitments under the operating lease
2015	213
2016	$189

Pending_Acquisition_Transactio1

Pending Acquisition Transaction (Details Narrative)	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Transaction agreement description	We have entered into agreements to acquire in a series of four transactions, fourteen properties totaling approximately 1,895,839 square feet, for a purchase price of $79,575.