Plymouth Industrial REIT (PLYM) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 03, 2018
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	1,515,816
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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		3,556,043
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate properties	$ 304,227	$ 303,402
Less Accumulated depreciation	(28,828)	(25,013)
Real estate properties, net	275,399	278,389
Cash	6,382	12,915
Restricted cash	1,204	1,174
Cash held in escrow	5,511	5,074
Deferred lease intangibles, net	25,297	27,619
Other assets	5,284	4,782
Total assets	319,077	329,953
Liabilities
Secured mortgage debt, net	195,600	195,431
Mezzanine debt, net	29,330	29,364
Borrowings under line of credit, net	22,823	20,837
Deferred interest	1,575	1,357
Accounts payable, accrued expenses and other liabilities	15,174	16,015
Deferred lease intangibles, net	6,261	6,807
Total liabilities	270,763	269,811
Commitments and contingencies
Preferred stock, Series A; $0.01 par value; 100,000,000 shares authorized; 2,040,000 shares issued and outstanding (aggregate liquidation preference of $51,000)	48,878	48,931
Plymouth Industrial REIT, Inc. Stockholders' Equity (Deficit)
Common stock, $0.01 par value; 900,000,000 shares authorized; 3,556,043 and 3,819,201 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	36	39
Additional paid-in capital	116,183	123,270
Accumulated deficit	(123,277)	(119,213)
Total stockholders' equity (deficit)	(7,058)	4,096
Non-controlling interest	6,494	7,115
Total equity (deficit)	(564)	11,211
Total liabilities, Series A preferred stock and equity	$ 319,077	$ 329,953

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, Series A, par value	$ 0.01	$ 0.01
Preferred stock, Series A, shares authorized	100,000,000	100,000,000
Preferred stock, Series A, shares issued	2,040,000	2,040,000
Preferred stock, Series A, shares outstanding	2,040,000	2,040,000
Preferred stock, Series A, liquidation preference	$ 51,000	$ 51,000
Common stock stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	3,556,043	3,819,201
Common stock, shares outstanding	3,556,043	3,819,201

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Rental revenue	$ 8,483	$ 3,645
Tenant recoveries	2,946	1,293
Other revenue	450	1
Total revenues	11,879	4,939
Operating expenses
Property	4,452	1,408
Depreciation and amortization	6,542	2,772
General and Administrative	1,373	724
Total operating expenses	12,367	4,904
Operating (loss)/income	(488)	35
Other expense:
Interest expense	(3,985)	(2,941)
Total other expense	(3,985)	(2,941)
Net loss	(4,473)	(2,906)
Less: loss attributable to non-controlling interest	(463)	(2,465)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,010)	(441)
Less: Series A preferred stock dividends	956
Less: amount allocated to participating securities	61
Net loss attributable to common stockholders	$ (5,027)	$ (441)
Net loss per share attributable to common stockholders	$ (1.38)	$ (1.33)
Weighted-average common shares outstanding basic and diluted	3,647,272	331,965

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Preferred Stock and Equity (Deficit) (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Stockholders' Equity (Deficit)	Non-controlling Interest	Total
Beginning balance, shares at Dec. 31, 2017	2,040,000	3,819,201
Beginning balance, value at Dec. 31, 2017	$ 48,931	$ 39	$ 123,270	$ (119,213)	$ 4,096	$ 7,115	$ 11,211
Series A Preferred stock offering costs	$ (53)
Stock based compensation			200		200		200
Dividends and distributions			(2,290)		(2,290)	(158)	(2,448)
Repurchase and retirement of common stock, shares		(263,158)
Repurchase and retirement of common stock, value		$ (3)	(4,997)	(54)	(5,054)		(5,054)
Net loss				(4,010)	(4,010)	(463)	(4,473)
Ending balance, shares at Mar. 31, 2018	2,040,000	3,556,043
Ending balance, value at Mar. 31, 2018	$ 48,878	$ 36	$ 116,183	$ (123,277)	$ (7,058)	$ 6,494	$ (564)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net loss	$ (4,473)	$ (2,906)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,542	2,772
Straight line rent adjustment	(357)	(45)
Intangible amortization in rental revenue , net	(411)	(82)
Change in fair value of warrant derivative	(48)
Accretion of interest and deferred interest	633	794
Equity based compensation	200
Changes in operating assets and liabilities:
Other assets	(145)	397
Deferred leasing costs	(107)	(6)
Accounts payable, accrued expenses and other liabilities	(1,473)	(482)
Net cash provided by operating activities	361	442
Investing activities
Real estate improvements	(744)	(36)
Net cash used in investing activities	(744)	(36)
Financing activities
Redemption of non-controlling interest		(5,582)
Proceeds from credit facility	2,000
Debt issuance costs	(265)
Additional offering costs of preferred stock	(53)
Repurchase of common stock	(5,054)
Dividends paid	(2,311)
Net cash used in financing activities	(5,683)	(5,582)
Net change in cash, cash equivalents and retricted cash	(6,066)	(5,176)
Cash, cash equivalents and retricted cash at beginning of period	19,163	10,201
Cash, cash equivalents and retricted cash at end of period	13,097	5,025
Supplemental Cash Flow Disclosures:
Interest paid	3,352	2,147
Supplemental Non-cash Financing and Investing Activities:
Non cash capital contribution by investor related to adjustment of Redemption Price of redeemable preferred interest		1,019
Dividends declared included in dividends payable	2,290
Distributions payable to non-controlling interest holder	158
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	81
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 433

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company” or the “REIT”) 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 U.S. As of March 31, 2018, the Company through its subsidiaries owns 49 industrial properties comprising approximately 9.2 million square feet. The Company completed its initial public offering (IPO) of common stock (Offering) on June 14, 2017, which resulted in the issuance of 3,060,000 shares of common stock, including 160,000 shares of the underwriters’ over-allotment exercised on July 12, 2017, at $19.00 per share in exchange for gross proceeds of $58,140 and $52,559, net of offering costs. The Company utilized a portion of the proceeds from the Offering to redeem $20,000 of $25,000 non-controlling interest held by Torchlight. The Company issued 263,158 shares at $19.00 per share issued in a private placement with Torchlight, which occurred contemporaneously with the Offering, for the redemption of the remaining $5,000 non-controlling interest. On March 29, 2018, the Company repurchased and retired the 263,158 shares of common stock owned by our investor Torchlight in a privately negotiated transaction of $19 per share, or, $5 million in the aggregate. In conjunction with the repurchase, we amended the Stockholders Agreement to terminate all rights under the agreement other than customary registration rights related to shares of our common stock that may be issued upon the exercise of the warrants held by the Torchlight Entities. (see Note 5). The accompanying condensed consolidated financial statements include the following entities: Name Relationship Formation Plymouth Industrial REIT, Inc. Parent 2011 Plymouth Industrial OP LP 89.4%-owned subsidiary* 2011 Plymouth Industrial 20 Financial LLC Wholly-owned subsidiary 2016 Plymouth Industrial 20 LLC (20 LLC) Wholly-owned subsidiary * 2016 20 individual property LLCs Wholly-owned subsidiary * 2014 Plymouth MWG Holdings LLC Wholly-owned subsidiary 2017 23 individual property LLCs Wholly-owned subsidiary 2017 * See note 7 for discussion of non-controlling interests. Basis of Presentation The Company’s condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed 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. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. It is suggested that these interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2017 and 2016 included in the Company’s Form 10-K as filed March 8, 2018. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or business acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Liquidity and Going Concern The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company believes the cash on hand at March 31, 2018, available borrowings under its line of credit and cash expected to be provided by future operating activities will provide sufficient liquidity for it to operate through at least twelve months from the filing of this Form 10-Q.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, 2017 and 2016. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows: Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable and straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. At March 31, 2018 and December 31, 2017 the Company did not recognize an allowance for doubtful accounts. The Company did not have any bad debt expense or write-offs during the three months ended March 31, 2018 and 2017. For the three months ended March 31, 2018 and 2017, rental income was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. For the three months ending March 31, 2018 there were no tenants that represented 10% or greater of rental revenue. For the three months ended March 31, 2017, there were two tenants, Pier One and Perseus, who represented 10% or greater of rental revenue at 12.7% and 10%, respectively. Rental revenue and tenant recoveries is comprised of the following: Period Ended Period Ended March 31, March 31, 2018 2017 Income from lease $ 7,715 $ 3,517 Straight-line rent adjustment 357 45 Reimbursable expenses 2,946 1,293 Amortization of above market leases (135 ) (45 ) Amortization of below market leases 546 128 Total $ 11,429 $ 4,938 Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2018 and December 31, 2017. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 4, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2018, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss. The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: March 31, March 31, 2018 2017 Cash and cash equivalents as presented on balance sheet $ 6,382 $ 1,151 Cash held in escrow as presented on balance sheet 5,511 3,103 Restricted cash as presented on balance sheet 1,204 771 Cash, cash equivalents and restricted cash as presented on cash flow statement $ 13,097 $ 5,025 Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1— Quoted prices for identical instruments in active markets. Level 2— Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3— Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $112 at March 31, 2018. See Note 5. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, mezzanine debt to investor and deferred interest, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $6,740 and $6,475 at March 31, 2018 and December 31, 2017, respectively, and related accumulated amortization amounted to $1,368 and $982 at March 31, 2018 and December 31, 2017, respectively. Unamortized debt issuance costs amounted to $5,372 and $5,493 at March 31, 2018 and December 31, 2017, respectively. Stock Based Compensation The Company grants stock based compensation awards to our employees and directors typically in the form of restricted shares of common stock. The Company accounts for its stock-based employee compensation in accordance with ASU 2016-09, Compensation — Stock Compensation Improvements to Employee Share-Based Payment Accounting Comprehensive Loss Comprehensive loss includes net loss as well as other changes in equity (deficit) that result from transactions and economic events other than those with members. There was no difference between net loss and comprehensive loss for the periods ended March 31, 2018 and 2017. Earnings per Share The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. 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 warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Recently Adopted Accounting Pronouncements On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes principles for reporting the nature, amount, timing and uncertainty of revenues and cash flows arising from an entity’s contracts with customers. The core principle of the new standard is that an entity recognizes revenue to represent the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB subsequently issued additional ASUs which provide practical expedients, technical corrections and clarification of the new standard. ASC 606 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. ASC 606 permits the use of either the full retrospective transition method or a modified retrospective transition method. We adopted ASC 606 on January 1, 2018 and elected to use the modified retrospective method. As part of our assessment and implementation of ASC 606, we evaluated each of our revenue streams to determine the sources of revenue that are impacted by ASC 606. We evaluated the impact of ASC 606 on the timing and pattern of revenue recognition and determined there was no change as compared to current accounting practice. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows and to eliminate the diversity in practice related to such classifications. The Company adopted this pronouncement effective January 1, 2018 and its adoption did not have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires a statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of- period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 as of January 1, 2018 and has reflected the adoption retrospectively to all periods presented. The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which requires a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply as well as transition guidance specific to nonstandard leasing transactions. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations, and plans to adopt this standard effective January 1, 2019. At March 31, 2018, we have one office space lease that will require us to measure and record a right-of-use asset and a lease liability upon adoption of the standard. The Company is in the process of evaluating the impact of this pronouncement on our condensed consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, 2018 2017 Land and improvements $ 59,797 $ 59,797 Buildings 222,503 221,175 Site improvements 21,650 21,489 Construction in process 277 941 304,227 303,402 Less accumulated depreciation (28,828 ) (25,013 ) Real estate properties $ 275,399 $ 278,389 Depreciation expense was $3,815 and $1,888 for the three months ended March 31, 2018 and 2017, respectively.

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Borrowing Arrangements	4. Borrowing Arrangements The Company’s secured mortgage debt, net of unamortized debt issuance costs, is as follows: March 31, December 31, 2018 2017 $120,000 AIG Loan $ 116,729 $ 116,700 MWG Portfolio Secured Term Loan 78,871 78,731 $ 195,600 $ 195,431 $120,000 AIG Loan Certain indirect subsidiaries of our Operating Partnership have entered into a senior secured loan agreement with investment entities managed by AIG Asset Management (the “AIG Loan”). As of March 31, 2018 and December 31, 2017, there was $120,000 of indebtedness outstanding under the AIG Loan. The AIG Loan bears interest at 4.08% per annum and has a seven-year term maturing in October, 2023. The AIG Loan provides for monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period. The borrowings under the AIG Loan are secured by first lien mortgages on the 20 LLC properties. The obligations under the AIG Loan are also guaranteed in certain circumstances by our Company and certain of our Operating Partnership’s wholly-owned subsidiaries. The AIG Loan agreement contains customary representations and warranties, as well as affirmative and negative covenants. The negative covenants 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 AIG Loan contains financial covenants that require minimum liquidity and Net Worth. The AIG Loan is subject to acceleration upon certain specified events of defaults, 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. The Company is in compliance with the respective covenants at March 31, 2018. The Company has no right to prepay all or any part of the AIG Loan before November 1, 2019. Following that date, the AIG Loan can only be paid in full, and a prepayment penalty would be assessed, as defined in the agreement. The borrowings amounted to $116,729 and $116,700, net of $3,271 and $3,300 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017, respectively. MWG Portfolio Secured Term Loan On November 30, 2017, certain of our indirect subsidiaries entered into a loan agreement, the MWG Loan Agreement, with Special Situations Investing Group II, LLC, as lender and agent, which provides for a loan of $79,800, bearing interest for the first year at a rate per annum equal to LIBOR plus 3.10% and for the second year at a rate per annum equal to LIBOR plus 3.35%. The MWG Loan Agreement matures in November, 2019 and has one, 12-month extension option, subject to certain conditions. The borrowings under the MWG Loan Agreement are secured by first lien mortgages on the 15 properties held by wholly-owned subsidiaries of Plymouth MWG Holdings LLC. In addition, the obligations under the Loan Agreement are guaranteed in certain circumstances by the company and certain of our operating partnership’s wholly-owned subsidiaries. The MWG Loan Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The MWG Loan Agreement also contains financial covenants that require the borrowers to maintain a minimum ratio of net cash flow (less management fees) to the outstanding principal balance under the loan agreement of at least 9.0%. In the event of a default by the Borrowers, the agent may declare all obligations under the MWG Loan Agreement immediately due and payable and enforce any and all rights of the lender or the agent under the MWG Loan Agreement and related documents. The Company is in compliance with the respective covenants at March 31, 2018. Borrowings outstanding amounted to $78,871 and $78,731, net of $929 and $1,069 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017, respectively. The Company also has the following borrowing arrangements: $30,000 Mezzanine Loan 20 LLC has entered into a mezzanine loan agreement with Torchlight as partial payment of its prior Senior Loan. The Mezzanine Loan has an original principal amount of $30,000, and bears interest at 15% per annum, of which 7% percent is paid currently during the first four years of the term and 10% is paid for the remainder of the term, and matures in October, 2023. Unpaid interest accrues and is added to the outstanding principal amount of the loan. The Mezzanine Loan requires borrower to pay a prepayment premium equal to the difference between (1) the sum of 150% of the principal being repaid (excluding the accrued interest) and (2) the sum of the actual principal amount being repaid and current and accrued interest paid through the date of repayment. This repayment feature operates as a prepayment feature since the difference between (1) and (2) will be zero at maturity. As additional consideration for the Mezzanine Loan, 20 LLC granted Torchlight under the Mezzanine Loan, a profit participation in the form of the right to receive 25% of net income and capital proceeds generated by the Company Portfolio following debt service payments and associated costs (the “TL Participation”). The TL Participation was terminated as of June 14, 2017 in consideration of the Company issuing warrants to Torchlight to acquire 250,000 shares of the Company’s common stock at a price of $23.00 per share. The warrants have a five-year term and are more fully discussed in Note 5. The profit participation was zero for the three months ended March 31, 2018 and the year ended December 31, 2017. The borrowings under the Mezzanine Loan are secured by, among other things, pledges of the equity interest in 20 LLC and each of its property-owning subsidiaries. Borrowings under the Mezzanine Loan amounted to $29,330 and $29,364, net of $670 and $636 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017, respectively. Deferred interest amounted to $1,575 and $1,357 at March 31, 2018 and December 31, 2017, respectively, and is presented separately in the condensed consolidated balance sheets. Line of Credit Agreement On August 11, 2017 the Company’s operating partnership entered into a secured line of credit agreement (Line of Credit Agreement) with KeyBank National Association, or KeyBank and the other lenders, which matures in August 2020 with an optional extension through August 2021, subject to certain conditions. Borrowings under the Line of Credit Agreement bear interest at either (1) the base rate (determined from the highest of (a) KeyBank’s prime rate, (b) the federal funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0%) or (2) LIBOR, plus, in either case, a spread between 250 and 300 basis points depending on our total leverage ratio. On March 8, 2018, the Company entered into an Increase Agreement to our credit agreement with KeyBank National Association, or the KeyBank Credit Agreement, to increase our revolving credit facility to $45,000. All other terms of the KeyBank Credit Agreement remained unchanged. The Line of Credit Agreement requires the Company to maintain certain coverage and leverage ratios and certain amounts of minimum net worth as well meet certain affirmative and negative covenants for credit facilities of this type, including limitations with respect to use of proceeds, indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with all covenants at March 31, 2018, except for the distributions covenant per Section 8.7 of the Line of Credit Agreement. KeyBank has provided a waiver for the distributions covenant for March 31, 2018. The Line of Credit Agreement is secured by certain assets of the Company’s operating partnership and certain of its subsidiaries and includes a Company’s guarantee for the payment of all indebtedness under the Line of Credit Agreement. Borrowings outstanding amounted to $22,823 and $20,837, net of unamortized debt issuance costs of $502 and $488 at March 31, 2018 and December 31, 2017, respectively. Borrowings available under the Line of Credit Agreement amounted to $10,435, net of a letter of credit totaling $93, at March 31, 2018.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Common Stock	5. Common Stock Common Stock Warrants On June 14, 2017, the Company issued warrants to Torchlight to acquire 250,000 shares of the Company’s common stock at a strike price of $23.00 per share, which expire in 2022. The warrants were accounted for as a liability on the accompanying condensed consolidated balance sheet as they contain provisions that are considered outside of the Company’s control, such as the holders’ option to receive cash in lieu and other securities in the event of a reorganization of the Company’s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. A roll-forward of the common stock warrants is as follows: Balance at January 1, 2018 $ 160 Change in fair value (48 ) Balance at March 31, 2018 $ 112 The warrants in the amount of $112 at March 31, 2018 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $23.00, volatility of 18.9%, an expected dividend yield of 7.5%, a term of 4.12 years and an annual risk-free interest rate of 2.65%. The warrants in the amount of $160 at December 31, 2017 were determined using a Monte-Carlo option pricing model, whose significant inputs into the model were volatility of 18.9%, an expected dividend yield of 7.5%, a term of 4.4 years and an annual risk-free interest rate of 2.15%. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. The warrants have an expiration date of June 13, 2022. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented since the Company recorded a net loss during the three months ended March 31, 2018. Common Stock Dividends The following table sets forth the common stock distributions that were declared or paid during the three months ended March 31, 2018 and for the year ended December 31, 2017. The Company did not declare or pay any distributions prior to completion of the initial public offering. 2018 Cash Dividends Declared per Share Aggregate Amount First quarter $ 0.3750 $ 1,334 2017 Cash Dividends Aggregate Second quarter (commencing June 14, 2017 to June 30, 2017) $ 0.0650 $ 238 Third quarter $ 0.3750 $ 1,430 Fourth quarter $ 0.3750 $ 1,430

Series A Preferred Stock

Series A Preferred Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Series A Preferred Stock	6. Series A Preferred Stock The table below sets forth the Company’s outstanding preferred stock issuances as of March 31, 2018: Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Interest Rate 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25 7.5% The following table sets forth the 7.5% Series A preferred stock distributions that were declared or paid during the three months ended March 31, 2018 and the year ended December 31, 2017. The Company did not pay any dividends prior to the offering of its Series A Preferred Stock on October 25, 2017. Cash Dividends Aggregate 2018 First quarter $ 0.46875 $ 956 Cash Dividends Aggregate 2017 Fourth quarter (commencing October 25, 2017 to December 31, 2017) $ 0.3542 $ 723

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Non-Controlling Interests	7. Non-Controlling Interests Non-controlling Interests Previously Held by Torchlight As discussed in Note 1, and in connection with the refinancing of the Company’s debt on October 17, 2016, the Company established the following subsidiaries: Plymouth Industrial 20 Financial LLC The REIT through its operating partnership Plymouth Industrial OP, LP is the sole member of Plymouth Industrial 20 Financial LLC. Plymouth Industrial 20 LLC (20 LLC) For the period October 17, 2016 to June 13, 2017, the REIT through Plymouth Industrial 20 Financial LLC, was the managing member in 20 LLC with a 0.5% ownership interest. An affiliate of Torchlight held the remaining 99.5% interest in 20 LLC. This 99.5% interest was redeemed on June 14, 2017 by the REIT and 20 LLC is now a single member LLC with Plymouth Industrial 20 Financial LLC as the sole member. The proportionate share of the loss attributed to the non-controlling interest held by Torchlight was $2,465 for the three months ended March 31, 2017. The redemption resulted in elimination of the non-controlling interest and an adjustment to equity (deficit) in the amount of $56,795. An adjustment to the redemption price in the first quarter 2017 was deemed a non-cash capital contribution in the amount of $1,019. 20 Individual LLC’s for Properties The individual LLC’s which hold the properties associated with the partnership interests are wholly owned subsidiaries of 20 LLC. In connection with the redemption of the preferred member interest on June 14, 2017 the Company acquired the non-controlling interest in Plymouth Industrial 20 LLC and therefore, the 20 individual properties. Operating Partnership Units Acquisitions In connection with the acquisition of the Shadeland Portfolio on August 11, 2017, the Company, through is Operating Partnership issued 421,438 Operating Partnership Units (“OP Units”) at $19.00 per OP Unit for a total of approximately $8,007 to the former owners of the Shadeland Portfolio. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The proportionate share of the loss attributed to the partnership units was $463 and $0 for the three months ending March 31, 2018 and 2017, respectively.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	8. 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 the Company 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 the Company’s common stock and/or LTIP units of partnership interest in the Company’s 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. In addition, the Company will grant its Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Directors vest equally over a three-year period. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted, forfeited and vested for the three months ended March 31, 2018: Shares Unvested restricted stock at January 1, 2018 163,157 Granted — Forfeited — Vested — Unvested restricted stock at March 31, 2018 163,157 The Company recorded equity-based compensation in the amount of $200 and $0 for the three months ended March 31, 2018 and 2017, respectively, which is included in general and administrative expenses in the accompanying condensed consolidated statement of operations. Equity-based compensation expense for shares issued to employers and directors is based on the grant-date fair value of the award and recognized on a straight-line basis over the requisite period of the award. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2018 was approximately $2,483 and is expected to be recognized over a weighted average period of approximately 3.2 years.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	9. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended March 31, 2018 2017 Numerator Net loss $ (4,473 ) $ (2,906 ) Less: loss attributable to non-controlling interest (463 ) (2,465 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,010 ) (441 ) Less: Series A Preferred dividend 956 — Less: amount allocated to participating securities 61 — Net loss attributable to common stockholders $ (5,027 ) $ (441 ) Denominator Weighted-average common shares outstanding basic and diluted 3,647,272 331,965 Net loss per share attributable to common stockholders – basic and diluted $ (1.38 ) $ (1.33 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic EPS calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities at March 31, 2018 include the 250,000 shares of common stock warrants and 163,157 shares of restricted common stock. The stock warrants and restricted common shares have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, and 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. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for the Shadeland Portfolio acquisition, the agreement contains a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold this investment and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On April 9, 2018, the Company acquired a two-property portfolio of Class B industrial buildings totaling approximately 270,000 square feet in Chicago, Illinois for an aggregate contractual purchase price of approximately $15,675. Management has not finalized the asset acquisition accounting and therefore is not able to provide the disclosures otherwise required by GAAP. Effective April 13, 2018, the Company entered into an interest rate swap agreement with JP Morgan Chase in relation to the MWG Portfolio Secured Term Loan. The notional value of the swap is $79,800 with a fixed interest rate of 4% and expires on December 5, 2019. The 4% fixed interest swap represents a cash flow interest rate hedge against the Company’s borrowings under its MWG Portfolio Loan, with interest bearing for the first year at a rate per annum equal to LIBOR plus 3.10% and for the second year at a rate per annum equal to LIBOR plus 3.35%, and matures in November 2019. As of April 30, 2018, certain direct subsidiaries of our Operating Partnership entered into a secured loan agreement with Minnesota Life Insurance Company, in the amount of $21,500. The Loan bears interest at 3.78% per annum and has a ten-year term maturing in April, 2028. The Loan provides for monthly payments of interest only for the first year of the term and thereafter monthly principal and interest payments based on a 30-year amortization period. The borrowings under the Loan are secured by first lien mortgages on seven of the Company’s portfolio properties.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Segments	Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment.
Revenue Recognition and Tenant Receivables and Rental Revenue Components	Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable and straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. At March 31, 2018 and December 31, 2017 the Company did not recognize an allowance for doubtful accounts. The Company did not have any bad debt expense or write-offs during the three months ended March 31, 2018 and 2017. For the three months ended March 31, 2018 and 2017, rental income was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2018 and December 31, 2017. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 4, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2018, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1— Quoted prices for identical instruments in active markets. Level 2— Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3— Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $112 at March 31, 2018. See Note 5. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, mezzanine debt to investor and deferred interest, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations.
Stock Based Compensation	Stock Based Compensation The Company grants stock based compensation awards to our employees and directors typically in the form of restricted shares of common stock. The Company accounts for its stock-based employee compensation in accordance with ASU 2016-09, Compensation — Stock Compensation Improvements to Employee Share-Based Payment Accounting
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in equity (deficit) that result from transactions and economic events other than those with members. There was no difference between net loss and comprehensive loss for the periods ended March 31, 2018 and 2017.
Earnings Per Share	Earnings per Share The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. 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 warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes principles for reporting the nature, amount, timing and uncertainty of revenues and cash flows arising from an entity’s contracts with customers. The core principle of the new standard is that an entity recognizes revenue to represent the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB subsequently issued additional ASUs which provide practical expedients, technical corrections and clarification of the new standard. ASC 606 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. ASC 606 permits the use of either the full retrospective transition method or a modified retrospective transition method. We adopted ASC 606 on January 1, 2018 and elected to use the modified retrospective method. As part of our assessment and implementation of ASC 606, we evaluated each of our revenue streams to determine the sources of revenue that are impacted by ASC 606. We evaluated the impact of ASC 606 on the timing and pattern of revenue recognition and determined there was no change as compared to current accounting practice. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows and to eliminate the diversity in practice related to such classifications. The Company adopted this pronouncement effective January 1, 2018 and its adoption did not have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires a statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of- period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 as of January 1, 2018 and has reflected the adoption retrospectively to all periods presented. The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which requires a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply as well as transition guidance specific to nonstandard leasing transactions. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations, and plans to adopt this standard effective January 1, 2019. At March 31, 2018, we have one office space lease that will require us to measure and record a right-of-use asset and a lease liability upon adoption of the standard. The Company is in the process of evaluating the impact of this pronouncement on our condensed consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Nature of Business and Basis of

Nature of Business and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Subsidiary of Limited Liability Company	Name Relationship Formation Plymouth Industrial REIT, Inc. Parent 2011 Plymouth Industrial OP LP 89.4%-owned subsidiary* 2011 Plymouth Industrial 20 Financial LLC Wholly-owned subsidiary 2016 Plymouth Industrial 20 LLC (20 LLC) Wholly-owned subsidiary * 2016 20 individual property LLCs Wholly-owned subsidiary * 2014 Plymouth MWG Holdings LLC Wholly-owned subsidiary 2017 23 individual property LLCs Wholly-owned subsidiary 2017

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Rental Revenue Components	Period Ended Period Ended March 31, March 31, 2018 2017 Income from lease $ 7,715 $ 3,517 Straight-line rent adjustment 357 45 Reimbursable expenses 2,946 1,293 Amortization of above market leases (135 ) (45 ) Amortization of below market leases 546 128 Total $ 11,429 $ 4,938
Schedule of Cash, Cash Equivalents and Restricted Cash	March 31, March 31, 2018 2017 Cash and cash equivalents as presented on balance sheet $ 6,382 $ 1,151 Cash held in escrow as presented on balance sheet 5,511 3,103 Restricted cash as presented on balance sheet 1,204 771 Cash, cash equivalents and restricted cash as presented on cash flow statement $ 13,097 $ 5,025

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	March 31, December 31, 2018 2017 Land and improvements $ 59,797 $ 59,797 Buildings 222,503 221,175 Site improvements 21,650 21,489 Construction in process 277 941 304,227 303,402 Less accumulated depreciation (28,828 ) (25,013 ) Real estate properties $ 275,399 $ 278,389

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Secured Debt	March 31, December 31, 2018 2017 $120,000 AIG Loan $ 116,729 $ 116,700 MWG Portfolio Secured Term Loan 78,871 78,731 $ 195,600 $ 195,431

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants	Balance at January 1, 2018 $ 160 Change in fair value (48 ) Balance at March 31, 2018 $ 112
Schedule of Common Stock Dividends Declared	2018 Cash Dividends Declared per Share Aggregate Amount First quarter $ 0.3750 $ 1,334 2017 Cash Dividends Aggregate Second quarter (commencing June 14, 2017 to June 30, 2017) $ 0.0650 $ 238 Third quarter $ 0.3750 $ 1,430 Fourth quarter $ 0.3750 $ 1,430

Series A Preferred Stock (Table

Series A Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Preferred Stock	Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Interest Rate 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25 7.5%
Schedule of Series A Preferred Stock Dividends Declared	Cash Dividends Aggregate 2018 First quarter $ 0.46875 $ 956 Cash Dividends Aggregate 2017 Fourth quarter (commencing October 25, 2017 to December 31, 2017) $ 0.3542 $ 723

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Restricted Stock Activity	Shares Unvested restricted stock at January 1, 2018 163,157 Granted — Forfeited — Vested — Unvested restricted stock at March 31, 2018 163,157

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings per Share	Three Months Ended March 31, 2018 2017 Numerator Net loss $ (4,473 ) $ (2,906 ) Less: loss attributable to non-controlling interest (463 ) (2,465 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,010 ) (441 ) Less: Series A Preferred dividend 956 — Less: amount allocated to participating securities 61 — Net loss attributable to common stockholders $ (5,027 ) $ (441 ) Denominator Weighted-average common shares outstanding basic and diluted 3,647,272 331,965 Net loss per share attributable to common stockholders – basic and diluted $ (1.38 ) $ (1.33 )

Nature of the Business and Ba27

Nature of the Business and Basis of Presentation - Schedule of Subsidiary of Limited Liability Company (Details)	3 Months Ended
	Mar. 31, 2018
Parent Company | Plymouth Industrial REIT, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Jan. 1, 2011
89.4% Owned Subsidiary | Plymouth Industrial OP LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Jan. 1, 2011
Wholly-Owned Subsidiary | 23 Individual Property LLCs
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Dec. 31, 2017
Wholly-Owned Subsidiary | Plymouth MWG Holdings LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Dec. 31, 2017
Wholly-Owned Subsidiary | 20 Individual Property LLCs
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Jan. 1, 2014
Wholly-Owned Subsidiary | Plymouth Industrial 20 Financial LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Jan. 1, 2016
Wholly-Owned Subsidiary | Plymouth Industrial 20 LLC (20 LLC)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Formation date	Jan. 1, 2016

Nature of the Business and Ba28

Nature of the Business and Basis of Presentation (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)ft²Integer$ / sharesshares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)$ / sharesshares
Number of industrial properties owned | Integer	49
Industrial properties acquired, approximate square feet | ft²	9,200,000
Redemption of Preferred Member Interest		$ (5,582)
Common stock repurchased and retired, aggregate value	$ 5,054
Initial Public Offering
Common stock issued | shares			3,060,000
Common stock issued, per share price | $ / shares			$ 19
Proceeds from initial public offering, net			$ 52,559
Proceeds from initial public offering, gross			$ 58,140
Over-Allotment Option
Common stock issued | shares			160,000
Common stock issued, per share price | $ / shares			$ 19
Torchlight Investors LLC
Common Stock repurchased and retired | shares	263,158
Common stock repurchased and retired, aggregate value	$ 5,000
Common stock repurchased, per share price | $ / shares	$ 19
Torchlight Investors LLC | Private Placement
Common stock issued, per share price | $ / shares			$ 19
Shares issued in private placement for redemption of redeemable preferred interest, shares | shares			263,158
Shares issued in private placement for redemption of redeemable preferred interest, value			$ 5,000
Redemption of non-controlling interest			25,000
Redemption of Preferred Member Interest			$ (20,000)

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Income from leases	$ 7,715	$ 3,517
Straight-line rent adjustment	357	45
Reimbursable expenses	2,946	1,293
Amortization of above market leases	(135)	(45)
Amortization of below market leases	546	128
Total	$ 11,429	$ 4,938

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents as presented on balance sheet	$ 6,382	$ 12,915	$ 1,151
Cash held in escrow as presented on balance sheet	5,511	5,074	3,103
Restricted cash as presented on balance sheet	1,204	1,174	771
Cash, cash equivalents and restricted cash as presented on cash flow statement	$ 13,097	$ 19,163	$ 5,025	$ 10,201

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Acquisition capitalized costs, approximate	$ 304
Fair value of warrants	112
Debt Issuance Costs
Debt issuance costs	6,740		$ 6,475
Accumulated amortization	1,368		982
Unamortized debt issuance costs	$ 5,372		$ 5,493
Customer Concentration Risk | Perseus
Tenant rental revenue concentration		10.00%
Customer Concentration Risk | Pier One
Tenant rental revenue concentration		12.70%

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land and improvements	$ 59,797	$ 59,797
Buildings	222,503	221,175
Site improvements	21,650	21,489
Construction in process	277	941
Real estate properties at cost	304,227	303,402
Less accumulated depreciation	(28,828)	(25,013)
Real estate properties	$ 275,399	$ 278,389

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Abstract]
Depreciation expense	$ 3,815	$ 1,888

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Secured Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Secured mortgage debt	$ 195,600	$ 195,431
Secured Loan | MWG Portfolio
Debt Instrument [Line Items]
Secured mortgage debt	78,871	78,731
Secured Loan | AIG Asset Management ($120,000 AIG Loan)
Debt Instrument [Line Items]
Secured mortgage debt	$ 116,729	$ 116,700

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Unamortized debt issuance expense	$ 5,372	$ 5,493
Deferred interest	1,575	$ 1,357
KeyBank National Association
Collateral, description		Secured by certain assets of the Company's operating partnership and certain of its subsidiaries and includes a Company's guarantee for the payment of all indebtedness under the Line of Credit Agreement.
Unamortized debt issuance expense	502	$ 488
Line of credit maturity date		Aug. 31, 2020
Line of credit facility, interest rate description		Bears interest at either (1) the base rate (determined from the highest of (a) KeyBank?s prime rate, (b) the federal funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0%) or (2) LIBOR, plus, in either case, a spread between 250 and 300 basis points depending on our total leverage ratio.
Increase to the existing line of credit	45,000
Borrowings under line of credit	22,823	$ 20,837
Available borrowings under line of credit	10,435
Letter of credit	93
Secured Loan | MWG Portfolio
Senior secured loan, outstanding debt		$ 79,800
Interest rate, description		Bearing interest for the first year at a rate per annum equal to LIBOR plus 3.10% and for the second year at a rate per annum equal to LIBOR plus 3.35%.
Maturity date, description		Matures in November, 2019 and has one, 12-month extension option, subject to certain conditions.
Collateral, description		Secured by first lien mortgages on the 15 properties held by wholly-owned subsidiaries of Plymouth MWG Holdings LLC.
Covenant, description		Loan Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The MWG Loan Agreement also contains financial covenants that require the borrowers to maintain a minimum ratio of net cash flow (less management fees) to the outstanding principal balance under the loan agreement of at least 9.0%.
Proceeds from issuance of debt	78,871	$ 78,731
Unamortized debt issuance expense	929	1,069
Secured Loan | AIG Asset Management ($120,000 AIG Loan)
Senior secured loan, outstanding debt	$ 120,000	$ 120,000
Interest rate	4.08%	4.08%
Maturity date, description	Seven-year term maturing in October, 2023	Seven-year term maturing in October, 2023
Payment terms, description	Monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period.	Monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period.
Collateral, description	Secured by first lien mortgages on the 20 LLC properties.	Secured by first lien mortgages on the 20 LLC properties.
Covenant, description	The negative covenants 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 AIG Loan contains financial covenants that require minimum liquidity and Net Worth.	The negative covenants 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 AIG Loan contains financial covenants that require minimum liquidity and Net Worth.
Proceeds from issuance of debt	$ 116,729	$ 116,700
Unamortized debt issuance expense	3,271	3,300
Mezzanine Loan | Torchlight Investors LLC
Senior secured loan, outstanding debt		$ 30,000
Interest rate		15.00%
Interest rate, description		7% percent is paid currently during the first four years of the term and 10% is paid for the remainder of the term.
Maturity date, description		Matures in October, 2023
Payment terms, description		The Mezzanine Loan requires borrower to pay a prepayment premium equal to the difference between (1) the sum of 150% of the principal being repaid (excluding the accrued interest) and (2) the sum of the actual principal amount being repaid and current and accrued interest paid through the date of repayment.
Collateral, description		Pledges of the equity interest in 20 LLC and each of its property-owning subsidiaries.
Proceeds from issuance of debt	29,330	$ 29,364
Unamortized debt issuance expense	670	636
Deferred interest	$ 1,575	$ 1,357
Warrants issued		250,000
Exercise price of warrants issued	$ 23	$ 23
Term of warrants issued		5 years

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Common Stock Warrants
Balance at beginning of period	$ 160
Change in fair value	(48)
Balance at end of period	$ 112

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Equity [Abstract]
Common stock dividends declared, per share	$ 0.0650	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 238	$ 1,334	$ 1,430	$ 1,430

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair value of warrants	$ 112
Mezzanine Loan | Torchlight Investors LLC
Warrants issued		250,000
Exercise price of warrants issued	$ 23	$ 23
Term of warrants issued		5 years
Fair value assumptions, methods used	Binomial Valuation Model applying Level 3 Inputs	Monte-Carlo Option-Pricing Model
Fair value of warrants	$ 112	$ 160
Expected volatility rate	18.90%	18.90%
Expected dividend yield	7.50%	7.50%
Expected term	4 years 2 months	4 years 5 months
Risk free interest rate	2.65%	2.15%

Series A Preferred Stock - Sche

Series A Preferred Stock - Schedule of Preferred Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Issuance of Series A Preferred stock	2,040,000	2,040,000
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of Series A Preferred stock	2,040,000
Issuance date	Oct. 25, 2017
Liquidation value per share	$ 25
Series A Preferred stock, interest rate	7.50%

Series A Preferred Stock - Sc40

Series A Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2018
Equity [Abstract]
Preferred stock cash dividends declared, per share	$ 0.3542	$ 0.46875
Preferred stock dividends declared, aggregate amount	$ 723	$ 956

Non-Controlling Interest (Detai

Non-Controlling Interest (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Loss attributed to non-controlling interest		$ 2,465
Adjustment to equity (deficit) as a result of redemption		56,795
Non-cash capital contribution by investor related to redemption of redeemable preferred interest		1,019
Indianapolis, IN - Shadeland
Issuance of operating partnership units			421,438
Issuance of operating partnership units, price per unit			$ 19
Issuance of partnership units			$ 8,007
Loss attributed to non-controlling interest, operating partnerships	$ 463	$ 0
Wholly-Owned Subsidiary | Plymouth Industrial 20 LLC (20 LLC)
Ownership interest, by parent			0.50%
Ownership interest, non-controlling interest			99.50%

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2018shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unvested restricted stock at January 1, 2018	163,157
Granted
Forfeited
Vested
Unvested restricted stock at March 31, 2018	163,157

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2014
Equity-based compensation expense	$ 200	$ 0
Unrecognized compensation expense	$ 2,483
Weighted average period for vesting	3 years 2 months
2014 Incentive Award Plan
Incentive award plan, shares authorized			750,000
Incentive award plan, shares available for grant			750,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net loss	$ (4,473)	$ (2,906)
Net loss attributable to non-controlling interest	(463)	(2,465)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,010)	(441)
Less: Series A preferred stock dividends	956
Less: amount allocated to participating securities	61
Net loss attributable to common stockholders	$ (5,027)	$ (441)
Denominator
Weighted-average common shares outstanding basic and diluted	3,647,272	331,965
Earnings per share - Basic and Diluted:
Net loss per share attributable to common stockholders	$ (1.38)	$ (1.33)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Mar. 31, 2018shares
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	250,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	163,157

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Employment agreements	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.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	Apr. 13, 2018USD ($)	Apr. 09, 2018USD ($)	Apr. 30, 2018USD ($)	Apr. 04, 2018ft²	Mar. 31, 2018ft²
Subsequent Event [Line Items]
Industrial properties acquired, approximate square feet | ft²					9,200,000
Subsequent Event | Secured Loan | Minnesota Life Insurance Company
Subsequent Event [Line Items]
Secured loan			$ 21,500
Interest rate			3.78%
Maturity date, description			Ten-year term maturing in April, 2028
Payment terms, description			Monthly payments of interest only for the first year of the term and thereafter monthly principal and interest payments based on a 30-year amortization period.
Collateral, description			Secured by first lien mortgages on seven of the Company's portfolio properties.
Subsequent Event | Interest Rate Swap
Subsequent Event [Line Items]
Notional value of interest rate swap	$ 79,800
Interest rate	4.00%
Maturity date	Dec. 5, 2019
Subsequent Event | Portfolio of Class B Industrial Buildings
Subsequent Event [Line Items]
Industrial properties acquired, approximate square feet | ft²				270,000
Acquisition price		$ 15,675