Plymouth Industrial REIT (PLYM) 10-K 8 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 07, 2019	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	1,515,816
Document Type	10-K
Document Period End Date	Dec. 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
Is Entity Emerging Growth Company?	false
Elected Not To Use the Extended Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Public Float			$ 54,319,008
Entity Common Stock, Shares Outstanding		4,851,068
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate properties	$ 452,610	$ 303,402
Less Accumulated depreciation	(41,279)	(25,013)
Real estate properties, net	411,331	278,389
Cash	5,394	12,915
Cash held in escrow	7,808	5,074
Restricted cash	1,759	1,174
Deferred lease intangibles, net	37,940	27,619
Other assets	5,931	4,782
Total assets	470,163	329,953
Liabilities
Secured mortgage debt, net	288,993	195,431
Mezzanine debt to investor, net		29,364
Borrowings under line of credit, net	28,187	20,837
Deferred interest		1,357
Accounts payable, accrued expenses and other liabilities	21,996	16,015
Deferred lease intangibles, net	7,067	6,807
Total liabilities	346,243	269,811
Commitments and contingencies (Note 12)
Equity (Deficit):
Common stock	49	39
Additional paid-in capital	126,327	123,270
Accumulated deficit	(137,983)	(119,213)
Total stockholders' (deficit) equity	(11,607)	4,096
Non-controlling interest	14,467	7,115
Total equity	2,860	11,211
Total liabilities, Preferred stock and equity	470,163	329,953
Series A Preferred Stock
Liabilities
Preferred stock	48,868	48,931
Series B Preferred Stock
Liabilities
Preferred stock	$ 72,192

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	4,821,876	3,819,201
Common stock, shares outstanding	4,821,876	3,819,201
Series A Preferred Stock
Preferred stock, shares issued	2,040,000	2,040,000
Preferred stock, shares outstanding	2,040,000	2,040,000
Preferred stock, liquidation preference	$ 51,000	$ 51,000
Series B Preferred Stock
Preferred stock, shares issued	4,411,764	0
Preferred stock, shares outstanding	4,411,764	0
Preferred stock, liquidation preference	$ 75,425	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Rental revenue	$ 36,632	$ 18,372
Tenant recoveries	12,051	6,443
Other revenue	534	3
Total revenues	49,217	24,818
Operating expenses
Property	17,449	8,205
Depreciation and amortization	26,788	13,998
General and Administrative	6,032	5,189
Acquisition costs		103
Total operating expenses	50,269	27,495
Operating loss	(1,052)	(2,677)
Other income (expense):
Interest expense	(15,734)	(11,581)
Loss on extinguishment of debt	(5,393)
Gain on sale of real estate	1,004
Gain on disposition of equity investment		231
Total other expense, net	(20,123)	(11,350)
Net loss	(21,175)	(14,027)
Less: loss attributable to non-controlling interest	(2,459)	(5,320)
Net loss attributable to Plymouth Industrial REIT, Inc.	(18,716)	(8,707)
Less: Preferred stock dividends	3,940	723
Less: Series B Preferred stock accretion to redemption value	359
Less: amount allocated to participating securities	201	128
Net loss attributable to common stockholders	$ (23,216)	$ (9,558)
Net loss per share attributable to common stockholders	$ (5.76)	$ (4.45)
Weighted-average common shares outstanding basic and diluted	4,027,329	2,149,977

Consolidated Statements of Chan

Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) - USD ($) $ in Thousands	Preferred Stock Series A	Preferred Stock Series B	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Stockholders' Equity (Deficit)	Non-Controlling Interest	Total
Beginning balance, shares at Dec. 31, 2016			331,965
Beginning balance, value at Dec. 31, 2016			$ 3	$ 12,477	$ (110,506)	$ (98,026)	$ 60,450	$ (37,576)
Series B Preferred stock accretion to redemption value
Non cash capital contribution by investor related to redemption of redeemable preferred interest							1,019	1,019
Proceeds from sale of Series A Preferred stock, net of offering costs of $2,069, shares	2,040,000
Proceeds from sale of Series A Preferred stock, net of offering costs of $2,069, value	$ 48,931
Proceeds from sale of common stock, net of offering costs, shares			3,060,000
Proceeds from sale of common stock, net of offering costs, value			$ 31	52,528		52,559		52,559
Shares issued in private placement for redemption of redeemable preferred interest, shares			263,158
Shares issued in private placement for redemption of redeemable preferred interest, value			$ 3	4,997		5,000		5,000
Warrants issued to acquire 250,000 shares at $23 per share				(140)		(140)		(140)
Restricted shares issued, shares			164,078
Restricted shares issued, value			$ 2	(2)
Stock Based Compensation				435		435		435
Dividends and distributions				(3,820)		(3,820)	(246)	(4,066)
Issuance of partnership units							8,007	8,007
Net loss					(8,707)	(8,707)	(5,320)	(14,027)
Redemption of non-controlling interest related to redeemable preferred interest				56,795		56,795	(56,795)
Ending balance, shares at Dec. 31, 2017	2,040,000		3,819,201
Ending 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	$ (63)
Proceeds from sale of Series B Preferred stock, net of offering costs of $3,167, shares		4,411,764
Proceeds from sale of Series B Preferred stock, net of offering costs of $3,167, value		$ 71,833
Series B Preferred stock accretion to redemption value		$ 359		(359)		(359)		(359)
Proceeds from sale of common stock, net of offering costs, shares			1,262,833
Proceeds from sale of common stock, net of offering costs, value			$ 13	17,830		17,843		17,843
Restricted shares issued, shares			3,000
Stock Based Compensation				805		805		805
Repurchase and retirement of common stock, shares			(263,158)
Repurchase and retirement of common stock, value			$ (3)	(4,997)	(54)	(5,054)		(5,054)
Dividends and distributions				(10,222)		(10,222)	(831)	(11,053)
Issuance of partnership units							10,642	10,642
Net loss					(18,716)	(18,716)	(2,459)	(21,175)
Ending balance, shares at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Ending balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	$ 126,327	$ (137,983)	$ (11,607)	$ 14,467	$ 2,860

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquisition of shares, not issued		250,000
Price per share to acquire shares		$ 23
Preferred Stock Series A
Offering costs		$ 2,069
Preferred Stock Series B
Offering costs	$ 3,167
Common Stock
Offering costs	$ 1,857	$ 5,581

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net loss	$ (21,175)	$ (14,027)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,788	13,998
Straight line rent adjustment	(996)	(191)
Intangible amortization in rental revenue , net	(1,304)	(423)
Loss on debt extinguishment	5,393
Accretion of interest and deferred interest	2,138	2,399
Change in fair value of warrant derivative	(48)	20
Stock based compensation	805	435
Gain on sale of investment in joint venture		(231)
Gain on sale of real estate	(1,004)
Changes in operating assets and liabilities:
Other assets	(239)	(2,638)
Deferred leasing costs	(1,208)	(70)
Accounts payable, accrued expenses and other liabilities	5,717	8,832
Net cash provided by operating activities	14,867	8,104
Investing activities
Acquisition of real estate	(142,635)	(170,788)
Proceeds from sale of real estate, net	4,562
Real estate improvements	(3,850)	(1,287)
Proceeds from sale of joint ventures		231
Net cash used in investing activities	(141,923)	(171,844)
Financing activities
Redemption of non-controlling interest		(25,582)
Net proceeds from common stock	17,843	52,559
Net proceeds from preferred stock	71,770	48,931
Proceeds from issuance of secured debt	198,315	79,800
Repayment of secured debt	(118,914)
Repayment of mezzanine debt	(34,682)
Proceeds from credit facility	45,225	33,825
Repayment of credit facility	(38,000)	(12,500)
Debt issuance costs	(2,566)	(2,576)
Repurchase of common stock	(5,054)
Dividends paid	(11,083)	(1,755)
Net cash provided by financing activities	122,854	172,702
Net (decrease) increase in cash and cash held in escrow and restricted cash	(4,202)	8,962
Cash and cash held in escrow and restricted cash at beginning of year	19,163	10,201
Cash and cash held in escrow and restricted cash at end of year	14,961	19,163
Supplemental Cash Flow Disclosures:
Interest paid	13,596	9,182
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
Shares issued in Private Placement for Redemption of Redeemable Preferred Interest		5,000
Redemption of non-controlling interest related to preferred interest		56,795
Warrants issued		140
Dividends declared included in dividends payable	1,923	2,153
Distribution payable to non-controlling interest holder	358	158
Issuance of partnership units in exchange for acquisition of property	10,642	8,007
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	124	437
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	114
Series B accretion to redemption value	359
Assumption of mortgage note	$ 13,907

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 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 structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2018 and 2017, the Company owned an 82.2% and 90.5%, respectively, common equity interest in the Operating Partnership. The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company focuses 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 December 31, 2018, the Company, through its subsidiaries, owns 55 industrial properties comprising approximately 12 million square feet. The Company completed its initial listed 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 common stock issued to cover the underwriters’ over-allotment. The Company utilized a portion of the proceeds from the Offering to redeem $20,000 of the $25,000 non-controlling interest held by an affiliate of Torchlight Investors, LLC (“Torchlight”). The Company issued 263,158 shares at $19.00 per share in a private placement to an affiliate of Torchlight, which occurred contemporaneously with the Offering, for the redemption of the remaining $5,000 portion of the non-controlling interest. On March 29, 2018, the Company repurchased and retired the 263,158 shares of common stock owned by an affiliate of Torchlight in a privately negotiated transaction at a purchase price of $19.00 per share, or $5,000 in the aggregate. Equity Offering On July 23, 2018, the Company completed a follow-on public offering of 1,262,833 shares of common stock, including 160,369 shares of common stock issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds of approximately $17,843. The Company contributed the net proceeds of this offering to the Operating Partnership in exchange for 1,262,833 OP Units, and the Operating Partnership used the net proceeds of the public offering to acquire additional industrial properties, working capital purposes and other general purposes. ATM Program On July 30, 2018, the Company and Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $500,000 of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities. On August 24, 2018, the Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the “Agents”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an “at-the-market equity offering programs (the “ATM program”). As of December 31, 2018, the Company has not sold any securities under the ATM Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Reclassifications Certain reclassifications have been made in the 2017 consolidated financial statements to conform to the 2018 presentation. These reclassifications have no effect on 2017 consolidated net loss. Use of Estimates The preparation of the 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 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 warrants 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. New Accounting Standards Recently Adopted In May 2017, the FASB issued ASU 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting, which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. The Company adopted this standard effective January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business . In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The ASU requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in that statement to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one-line item on the balance sheet. The Company adopted this standard effective January 1, 2018 using a retrospective approach. The Company has determined the impact of adopting ASU 2016-18 resulted in the inclusion of cash held in escrow and restricted cash in total cash and in the determination of changes in cash in its statements of cash flows. For the year ended December 31, 2017, the change resulted in an increase in cash provided by operating activities of approximately $523, a decrease in cash used in investing activities of approximately $2,047 and a decrease in cash provided by financing activities of approximately $5,582. 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 March 2016, the FASB issued ASU 2016-09, Stock Compensation – Improvements to Employee Share-Based Payment Accounting, (“ASU 2016-09”), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and policy elections on the impact for forfeitures. The Company adopted ASU 2016-09 in fiscal year 2017 and its adoption had no material impact on the Company’s consolidated financial statements. 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. Early application is permitted for annual periods beginning after December 15, 2016. ASC 606 permits the use of either the full retrospective transition method or a modified retrospective transition method. The Company adopted ASC 606 on January 1, 2018, using the modified retrospective method. The adoption of ASC 606 did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Issued but not yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) , The Company has adopted the lease standard on January 1, 2019 using the modified retrospective transition method. The Company will elect the package of practical expedients available for implementation which allows the Company to 1) not reassess whether any expired or existing contracts are or contain leases; 2) not reassess the lease classification for any expired or existing leases; and 3) not reassess initial direct costs for any existing leases. For arrangements where the Company is the lessee, the Company expects to record a right of use asset of approximately $1,918 and a lease liability of approximately $1,939 on the Consolidated Balance Sheet upon adoption of ASU 2016-02. For arrangements where the Company is the lessor, the Company has concluded the new lease standard will not have a material impact on the 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. 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 December 31, 2018 and 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 years ended December 31, 2018 and 2017. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet. Rental revenue and tenant recoveries is comprised of the following: Year Ended Year Ended December 31, December 31, 2018 2017 Income from lease $ 34,332 $ 17,758 Straight-line rent adjustment 996 191 Reimbursable expenses 12,051 6,443 Amortization of above market leases (519 ) (289 ) Amortization of below market leases 1,823 712 Total $ 48,683 $ 24,815 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 December 31, 2018 and 2017. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, 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 December 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 held in escrow and restricted cash reported within our consolidated balance sheet to amounts reported within our consolidated statement of cash flows: December 31, December 31, 2018 2017 Cash as presented on balance sheet $ 5,394 $ 12,915 Cash held in escrow as presented on balance sheet 7,808 5,074 Restricted cash as presented on balance sheet 1,759 1,174 Cash, cash held in escrow and restricted cash as presented on cash flow statement $ 14,961 $ 19,163 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 2 inputs such as interest rates and credit spreads, are applied in determining the fair value of the interest rate cap in the amount of $0 at December 31, 2018. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $112 and $160 at December 31, 2018 and 2017, respectively, discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, 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. Derivative Instrument The Company uses an interest rate cap as a derivative instrument to manage interest rate risk and is recognized on the balance sheet at fair value. The interest rate cap is not designated as a hedging instrument and changes in fair value is mark to market through earnings. The input values used in the fair value measurement of the interest rate cap were obtained using quoted market prices for similar assets in markets that are not active and therefore are, classified as Level 2 under the fair value hierarchy. The fair value of the interest rate cap is estimated based on discounting future cash flows and interest rates that management believes reflect the risks associated with debt instruments of similar risk and duration. 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 consolidated statements of operations. Debt issuance costs amounted to $6,232 and $6,475 at December 31, 2018 and 2017, respectively, and related accumulated amortization amounted to $1,754 and $982 at December 31, 2018 and 2017, respectively. Unamortized debt issuance costs amounted to $4,478 and $5,493 at December 31, 2018 and 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 measures stock-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. Forfeitures of unvested shares are recognized in the period the forfeiture occurs. 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 years ended December 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. Consolidation The Company’s 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. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 Property, Plant and Equipment Real Estate, Consolidation Income Taxes The Company has operated in a manner that allows 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 UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. 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 its 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 its 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 can 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 continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2015 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2017 of approximately $32,675. The Company incurred a federal taxable loss during 2018 of approximately $3,188, resulting in net operating loss carryforwards to 2019 of approximately $35,863. 2018 NOLs are not limited to 20 years and can be carried forward indefinitely. The 2018 NOL carried forward can only offset up to 80% of taxable income in future years. The Company’s net tax basis of real estate assets amounted to $487,049 and $324,654 as of December 31, 2018 and 2017, respectively. Real Estate Property Acquisitions In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 “Business Combinations”, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company has implemented ASU 2017-01 as of July 2017 and has concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease Intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets. Non-controlling Interests As further discussed in Note 8, the Company has issued non-controlling interests in its subsidiaries. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated results of operations since the date of initial issuance. Controlling Interests The Company determines whether it holds a controlling financial interest in an entity by first evaluating whether it is required to apply the variable interest entity (“VIE”) model to the entity. Where the Company holds current or potential rights that give it the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance combined with a variable interest that gives it the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, the Company is the primary beneficiary of that VIE. When changes occur to the design of an entity, the Company reconsiders whether it is subject to the VIE model. The Company continuously evaluates whether it is the primary beneficiary of a consolidated VIE. To the extent the Company is not required to apply the VIE model, the Company follows the control model for consolidation purposes and considers instances whether its ownership exceeds 50% of the voting rights of the entity and whether other investors have liquidating, kick-out or substantive participating rights. With respect to in substance real estate transactions, the Company considers guidance of ASC 360 and ASC 976, as referenced by ASC 810, for issuance of membership interests prior to any deconsolidation of assets. See Note 8.

Reverse Stock Split

Reverse Stock Split	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Reverse Stock Split	3. Reverse Stock Split On May 1, 2017, the Company amended its charter and effected a 1-for-4 reverse stock split with respect to all then-outstanding shares of the Company’s common stock. All per share amounts and number of shares in the financial statements and related notes have been retroactively restated to reflect the reverse stock split.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Properties	4. Real Estate Properties Real estate properties consisted of the following at December 31, 2018 and 2017: 2018 2017 Land $ 92,628 $ 59,663 Buildings, building improvements and tenant improvements 325,933 221,309 Site improvements 33,270 21,489 Construction in process 779 941 452,610 303,402 Less accumulated depreciation (41,279 ) (25,013 ) Real estate properties $ 411,331 $ 278,389 Depreciation expense was $16,477 in 2018 and $8,986 in 2017. Acquisition of Real Estate The Company made the following acquisitions of properties during the year ended December 31, 2018: On April 9, 2018, the Company acquired a two-property portfolio of industrial properties, consisting of approximately 270,000 square feet, located in Chicago, Illinois for an aggregate purchase price of approximately $15,675. On September 27, 2018, the Company acquired an industrial property, consisting of approximately 400,000 square feet, located in Cleveland, Ohio for an aggregate purchase price of approximately $27,000. On October 15, 2018, the Company acquired a single Class B industrial property in greater Cincinnati, Ohio totaling approximately 1,100,000 square feet for approximately $24,800. The purchase price includes the issuance of 626,011 units of Plymouth’s Operating Partnership units valued at approximately $10,642, the assumption of approximately $13,907 of existing mortgage debt secured by the property and approximately $251 in cash. On December 14, 2018, the Company acquired a three-property portfolio of Class B light industrial/flex buildings totaling 1,100,000 square feet in Jacksonville, Florida for an aggregate purchase price of approximately $97,100. The Company made the following acquisitions of properties during the year ended December 31, 2017: On July 20, 2017 the Company acquired a five-property portfolio of Class A and Class B industrial buildings totaling 667,000 square feet in South Bend, Indiana for approximately $26,000 in cash. On August 11, 2017 the Company acquired two Class B industrial properties in Indianapolis, Indiana, the “Shadeland Portfolio”, totaling approximately 606,871 square feet for approximately $16,875. The purchase price includes approximately $8,868 in cash, and the issuance of 421,438 units of Plymouth’s Operating Partnership at $19.00 per unit for approximately $8,007. On August 16, 2017 the Company acquired a Class B industrial property in Columbus, Ohio consisting of 121,440 square feet for approximately $3,700 in cash. On August 16, 2017 the Company acquired an eight-building portfolio of Class B industrial/flex space in Memphis, Tennessee, for approximately $7,825 totaling approximately 235,000 square feet. On September 8, 2017 the Company acquired a Class B industrial property in Memphis, Tennessee consisting of 131,904 square feet for approximately $3,700 in cash. On November 30, 2017 the Company acquired a fifteen-property portfolio of Class B Warehouse/Distribution/Light Manufacturing space located in Illinois and Wisconsin for approximately $99,750 totaling approximately 3,027,987 square feet. On December 21, 2017 the Company acquired a three-property portfolio of Class B industrial buildings totaling 330,361 square feet in Atlanta, Georgia for approximately $11,425 in cash. On December 22, 2017 the Company acquired a Class B industrial property totaling 75,000 square feet in Elgin, Illinois for approximately $4,050 in cash. The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Purchase price allocation Year ended Year ended Total Purchase Price Purchase Price $ 164,575 $ 173,325 Acquisition Costs 1,653 5,470 Additional acquisition costs from MWG portfolio 955 — Total $ 167,183 $ 178,795 Allocation of Purchase Price Land $ 33,938 $ 41,609 Building 103,570 109,977 Site Improvements 11,823 11,006 Total real estate properties 149,331 162,592 Deferred lease intangible assets Tenant relationships 4,819 3,919 Leasing Commissions 3,659 2,588 Above Market Lease Value 1,225 991 Lease in Place Value 10,231 14,819 Total deferred lease intangible assets 19,934 22,317 Deferred lease intangible liabilities Below Market Debt value 92 — Below Market Lease Value (2,174 ) (6,114 ) Total deferred lease intangible liabilities (2,082 ) (6,114 ) Totals $ 167,183 $ 178,795 Sale of Real Estate During the year ended December 31, 2018, the Company disposed of a single, 112,144 square foot property located in Milwaukee, WI with a net book value of approximately $3,953. Net proceeds from the sale was approximately $4,562, resulting in the Company recognizing a gain on the sale of approximately $1,004. There were no sales of real estate during the year ended December 31, 2017. Deferred Lease Intangibles Deferred lease intangible assets consisted of the following at December 31, 2018 and 2017: 2018 2017 Above market lease $ 3,310 $ 2,086 Lease in place 35,521 26,514 Tenant relationships 10,333 5,811 Leasing commission 8,318 4,948 Leasing commission after acquisition 1,523 327 59,005 39,686 Less Accumulated amortization (21,065 ) (12,067 ) Deferred lease intangibles $ 37,940 $ 27,619 Deferred lease intangibles liabilities consisted of the following at December 31, 2018 and 2017: 2018 2017 Below market leases $ 9,782 $ 8,309 Above market debt value (92 ) — Less accumulated amortization (2,623 ) (1,502 ) Deferred lease intangibles $ 7,067 $ 6,807 Amortization of above and below market leases was recorded as an adjustment to revenues and amounted to $1,304 and $423 in 2018 and 2017, respectively. Amortization of all other deferred lease intangibles has been included in depreciation and amortization in the accompanying consolidated statements of operations and amounted to $10,311 and $5,012 in 2018 and 2017, respectively. Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2018 is as follows: Amortization Expense Related to Net Increase to Rental Income Related to Other Intangible Lease Assets and Liabilities Above and Below Market Lease Amortization Year (in thousands) (in thousands) 2019 $ 12,197 $ (1,356) 2020 $ 9,187 $ (1,011) 2021 $ 5,306 $ (662) 2022 $ 3,032 $ (543) 2023 $ 2,127 $ (358) Thereafter $ 4,055 $ (1,101)

Borrowing Arrangements

Borrowing Arrangements	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Borrowing Arrangements	5. Borrowing Arrangements $120,000 AIG Loan Certain indirect subsidiaries of the Operating Partnership have entered into a senior secured loan agreement with investment entities managed by AIG Asset Management (the “AIG Loan”). As of December 31, 2018 and 2017, there was $120,000 of principal 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 properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC (see Note 8). The obligations under the AIG Loan are also guaranteed in certain circumstances by the Company and certain of the 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 December 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 $117,263 and $116,700, net of $2,737 and $3,300 of unamortized debt issuance costs at December 31, 2018 and 2017, respectively. Minnesota Life Loan On April 30, 2018, certain subsidiaries of our operating partnership entered into a secured loan agreement with Minnesota Life Insurance Company, or the Minnesota Life Loan, in the original principal amount of $21,500. The Minnesota Life Loan bears interest at 3.78% per annum and has a ten-year term, maturing on May 1, 2028. The Minnesota Life 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 Minnesota Life Loan are secured by first lien mortgages on seven of the Company’s properties. The Minnesota Life Loan contains customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2018. Borrowings outstanding amounted to $21,133, net of $367 of unamortized debt issuance costs at December 31, 2018. Transamerica Loan On July 10, 2018, certain wholly-owned subsidiaries (the “Borrowers”) of the Company entered into a loan agreement (the “Transamerica Loan”) with Transamerica Life Insurance Company providing for commercial mortgage loans to the Borrowers in the aggregate principal amount of $78,000. The Transamerica Loan matures on August 1, 2028 and bears interest at the fixed rate of 4.35% per annum. The promissory notes (the “Notes”) evidencing the Transamerica Loan require the Borrowers to make monthly interest-only payments through August 2019 and thereafter the Transamerica Loan requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Transamerica Loan at any time following the first twelve full calendar months of the Transamerica Loan’s term, subject to paying a premium equal to the greater of (a) 1% of the prepayment amount and (b) the “Yield Protection Amount,” as defined in the Notes. The Transamerica Loan and the Notes contain customary events of default, including non-payment of principal or interest and bankruptcy. Any default under the Transamerica Loan or any Note will constitute a default under each of the other Notes. Each Borrower has guaranteed the payment obligations of all the other Borrowers under the Notes. On December 19, 2018, the Company repaid $3,380 of the Transamerica Loan as part of the sale of 525 West Marquette, 1 of 18 properties that serve as collateral for the Transamerica Loan. The Company recognized a $395 loss on extinguishment of debt at the time of the partial repayment. Borrowings outstanding amounted to $73,609, net of $1,011 of unamortized debt issuance costs at December 31, 2018. Fisher Park Mortgage On October 15, 2018, the Operating Partnership (the “Borrower”) assumed a mortgage (the “Fisher Park Mortgage”) with a balance of $13,907 as part of our acquisition of the property in greater Cincinnati. The Fisher Park Mortgage, held by JP Morgan Chase Bank, matures on January 1, 2027, bears interest at 5.229% and is secured by the property. The Fisher Park Mortgage requires monthly installments of principal plus accrued interest based on a 30-year amortization. As part of the allocation of the Fisher Park purchase price per ASC 805, the Company recorded a $92 premium on the assumed debt value. The Fisher Park Mortgage contains customary events of default, including non-payment of principal or interest and bankruptcy and certain trigger events to occur upon the Debt Service Coverage Ratio going below certain thresholds as defined within the loan agreement. Borrowings outstanding amounted to $13,873 at December 31, 2018. KeyBank Bridge Loan On December 14, 2018, the Operating Partnership and certain of its subsidiaries entered into a loan agreement (the “KeyBank Bridge Loan”) with KeyBank National Association (“KeyBank”). The KeyBank Bridge Loan provides for a secured loan in the amount of $63,115. The KeyBank Bridge Loan bears interest at a rate per annum 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 2%. At December 31, 2018 the interest rate was 4.44%. The KeyBank Bridge Loan matures on the earlier of March 14, 2019 or the date KeyBank ceases to serve as the administrative agent under the Company’s revolving credit facility; however, the Operating Partnership has the right to prepay the KeyBank Bridge Loan at any time without penalty. Borrowings under the KeyBank Bridge Loan are secured by the Jacksonville Property and are guaranteed by the Company and each subsidiary of the Operating Partnership that is the direct or indirect owner of any collateral for the KeyBank Bridge Loan. The KeyBank Bridge Loan contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the loan agreement. The Company is in compliance with the respective covenants at December 31, 2018. Borrowings outstanding amounted to $63,115 at December 31, 2018. 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. At December 31, 2018 the interest rate was 5.4%. On March 8, 2018, the Company entered into an Increase Agreement to our Line of Credit Agreement with KeyBank National Association to increase our revolving credit facility to $45,000. All other terms of the Line of Credit Agreement remained unchanged. The Line of Credit Agreement, consistent with the KeyBank Bridge Loan covenants, contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the Line of Credit Agreement. The Company is in compliance with the respective covenants at December 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 $28,187 and $20,837, net of unamortized debt issuance costs of $363 and $488 at December 31, 2018 and 2017, respectively. Borrowings available under the Line of Credit Agreement amounted to $7,070, net of a letter of credit totaling $93, at December 31, 2018. Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2018 are as follows: Year ending December 31: Amount 2019 $ 64,672 2020 32,946 2021 4,588 2022 4,783 2023 113,792 Thereafter 100,928 Repayment of Debt MWG 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 were 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 were guaranteed 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. On July 10, 2018, the Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay in full the MWG Loan Agreement. The Company recognized a $804 loss on extinguishment of debt at the time of the repayment to reflect the write off of unamortized deferred financing fees. As part of the MWG Loan Agreement, in April, 2018, the Company entered into an interest rate cap agreement. The interest rate cap agreement remains in effect through the maturity date, December 1, 2019. No key terms or conditions relating to the interest rate cap agreement were changed as a result of the repayment of the MWG Loan Agreement. The interest rate cap is recorded at fair value based upon an independent third-party valuation source. The fair value of the interest rate cap agreement was $0 at December 31, 2018. $30,000 Mezzanine Loan On October 17, 2016, Plymouth Industrial 20 LLC (“20 LLC”) entered into a mezzanine loan agreement with Torchlight as partial payment of its prior Senior Loan (“Mezzanine Loan”). The Mezzanine Loan had an original principal amount of $30,000, and bears interest at 15% per annum, of which 7% percent is paid for 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 was added to the outstanding principal amount of the loan. The Mezzanine Loan required borrower to pay a prepayment premium equal to the difference between (1) the sum of 150% of the principal being repaid 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 operated 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 6. The profit participation was zero for the years ended December 31, 2018 and 2017. The borrowings under the Mezzanine Loan were secured by, among other things, pledges of the equity interest in 20 LLC and each of its property-owning subsidiaries. On May 24, 2018, the $30,000 Mezzanine Loan was paid in full for a total consideration of $35,000 from proceeds of the KeyBank Term Loan. Included within the $35,000 consideration is the return of the $30,000 principal, accrued interest outstanding of $1,786, interest expense for the stub period of May 2018 of $318 and a repayment premium of approximately $2,896. The Company had paid approximately $8,232 in interest during the term of the loan. The Company recognized a $3,601 loss on extinguishment of debt upon completion of the repayment which consisted of the aforementioned repayment premium, write off of unamortized deferred financing fees of $689 and legal expenses of approximately $16. KeyBank Term Loan On May 23, 2018, the Company entered into a loan agreement with KeyBank National Association, or KeyBank, for a senior secured term loan (“KeyBank Term Loan”). The KeyBank Term Loan provided for a loan of $35,700 and matures on the earlier of (1) August 11, 2021 or (2) the date KeyBank ceases to serve as administrative agent under the KeyBank Credit Agreement. The KeyBank Term Loan bears interest, at the Company’s option, at either (1) LIBOR plus 7% or (2) KeyBank’s base rate plus 6%. The KeyBank Term Loan was secured by, among other things, pledges of the equity interests in 20 LLC and each of its property owning subsidiaries. The KeyBank Term Loan net proceeds were used to repay the Torchlight Mezzanine Loan. The KeyBank Term Loan, consistent with the Line of Credit Agreement covenants, contained customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the KeyBank Term Loan agreement. On December 14, 2018, the Company used the proceeds of the Series B Preferred Offering to repay in full the KeyBank Term Loan. The Company recognized a $593 loss on extinguishment of debt at the time of the repayment to reflect the write off of unamortized deferred financing fees.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Common Stock	6. Common Stock Follow-on Offering On July 23, 2018, the Company completed a follow-on public offering of 1,262,833 shares of common stock, including 160,369 shares of common stock issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds of approximately $17,843. The Company contributed the net proceeds of this offering to the Operating Partnership in exchange for 1,262,833 OP Units, and the Operating Partnership used the net proceeds of the public offering to acquire additional industrial properties, working capital purposes and other general purposes. ATM Program On July 30, 2018, the Company and Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $500,000 of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities. On August 24, 2018, the Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the “Agents”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through “at-the-market equity offering programs” (the “ATM program”). As of December 31, 2018, the Company has not sold any securities under the ATM Program. 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. As a result of the Company’s follow-on public offering completed during the third quarter of 2018, the outstanding warrants have increased to 273,004 shares at a strike price of $21.06 per share. The warrants were accounted for as a liability on the accompanying 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 consolidated statements of operations. A roll-forward of the common stock warrants is as follows: Balance at January 1, 2017 $ — Issuance of common stock warrant 140 Change in fair value 20 Balance at December 31, 2017 160 Issuance of common stock warrant — Change in fair value (48 ) Balance at December 31, 2018 $ 112 The warrants in the amount of $112 at December 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 $21.06, volatility of 20.0%, an expected annual dividend of $1.50, a term of 3.5 years and an annual risk-free interest rate of 2.47%. 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 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 years ended December 31, 2018 and 2017. Common Stock Dividends The following table sets forth the common stock distributions that were declared or paid during the years ended December 31, 2018 and 2017. The Company did not declare or pay any distributions prior to completion of the Offering. Cash Dividends Aggregate 2018 First quarter $ 0.3750 $ 1,334 Second quarter $ 0.3750 $ 1,334 Third quarter $ 0.3750 $ 1,807 Fourth quarter $ 0.3750 $ 1,808 2017 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 Characterization of Common Stock Dividends (unaudited) Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2018. Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of Capital 3/15/2018 3/30/2018 4/30/2018 $ 0.3750 $ - $ 0.3750 6/14/2018 6/29/2018 7/31/2018 $ 0.3750 $ - $ 0.3750 9/14/2018 9/28/2018 10/31/2018 $ 0.3750 $ - $ 0.3750 12/14/2018 12/28/2018 1/31/2019 $ 0.3750 $ - $ 0.3750

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Preferred Stock	7. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 shares of Series A Preferred Stock, including 240,000 shares exercised under the underwriter’s over-allotment, at a per share price of $25.00 for net cash proceeds of $48,868. The offering of the Series A Preferred Stock was registered with the Securities and Exchange Commission, or the SEC, pursuant to a registration statement on Form S-11 declared effective on October 18, 2017. The relevant features of the Series A Preferred Stock are as follows: Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. The Company also has the right to redeem for the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with the holders of any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2018 and 2017. The Company did not pay any dividends prior to the offering of its Series A Preferred Stock offering on October 25, 2017. Cash Dividends Aggregate 2018 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 2017 Fourth quarter (commencing October 25, 2017 to December 31, 2017) $ 0.3542 $ 723 Characterization of Series A Preferred Stock Dividends (unaudited) Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2018. Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of Capital 3/1/2018 3/15/2018 4/2/2018 $ 0.4688 $ - $ 0.4688 6/1/2018 6/15/2018 7/2/2018 $ 0.4688 $ - $ 0.4688 8/31/2018 9/14/2018 10/1/2018 $ 0.4688 $ - $ 0.4688 11/30/2018 12/14/2018 12/31/2018 $ 0.4688 $ - $ 0.4688 Presentation The Company has presented its Series A Preferred Stock as temporary equity since the redemption of the Series A Preferred Stock is outside of the control of the Company. Series B Preferred Stock On November 20, 2018, the Company entered into an Investment Agreement (the “Investment Agreement”) with MIRELF VI Pilgrim, LLC, an affiliate of Madison International Realty Holdings, LLC (the “Investor”), pursuant to which the Company agreed to issue and sell to the Investor, in a private placement exempt from registration under the federal securities laws (the “Private Placement”), 4,411,764 shares of the Company’s Series B Convertible Redeemable Preferred Stock (the “Series B Preferred Stock”) at a purchase price of $17.00 per share for an aggregate consideration of $75,000 (the “Purchase Price”) or $71,800, net of issuance costs. On December 14, 2018, the Company closed (the “Closing”) the Private Placement and issued to the Investor the Series B Preferred Stock in exchange for the Purchase Price. Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity basis with the shares of the Company’s 7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference, which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. For the year ended December 31, 2018, accretion recorded in relation to the 12% annual internal rate of return and offering costs is $359. Redemption Rights Upon certain change of control events, including a delisting of the Company’s common stock, involving the Company, the Company is required to, at the option of each holder of Series B Preferred Stock, redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash of shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Conversion Rights The Series B Preferred Stock is convertible at the option of the Investor from and after January 1, 2022. In addition, beginning on January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock, and on December 31, 2024, the Series B Preferred Stock is, subject to availability of funds, automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement, as required by the NYSE American rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities (such as stock dividends, stock splits, combinations and other corporate reorganization events), provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock shall, without further action of the Company or the holders, shall convert at the Settlement Amount as of December 31, 2024; provided, however , that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: · If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; · If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and · If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights The Series B Preferred Stock Investors have no voting rights. However, after December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Approval Rights In addition, for so long as any shares of Series B Preferred Stock are outstanding, the affirmative vote of a majority of the holders of Series B Preferred Stock is required to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE American with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. In addition, to the extent that any shares of Series B Preferred Stock remains outstanding after December 31, 2024, or if dividends on any shares of Series B Preferred Stock are in arrears for six or more quarters (whether or not consecutive), the holders of the Series B Preferred Stock will have the right to elect two directors to serve on the Company’s board of directors. Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. Presentation The Company has presented its Series B Preferred Stock as temporary equity since the redemption of the Series B Preferred Stock is outside of the control of the Company.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Non-Controlling Interests	8. Non-Controlling Interests Non-controlling Interests Previously Held by Torchlight In connection with the refinancing of the Company’s debt on October 17, 2016, the REIT through its Operating Partnership as the sole member of Plymouth Industrial 20 Financial LLC and 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 $4,674 for the year ended December 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 of 2017 was deemed a non-cash capital contribution in the amount of $1,019. Operating Partnership Units Acquisitions In connection with the acquisition of the Shadeland Portfolio on August 11, 2017, the Company, through its 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. In connection with the Cincinnati, Ohio acquisition on October 15, 2018, the Company, through its Operating Partnership issued 626,011 OP Units at $17.00 per OP Unit for a total of approximately $10,642 to the former owners of the property. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The following table sets forth the OP Unit distributions that were declared or paid during the years ended December 31, 2018 and 2017. The Company did not pay any distributions prior to the issuance of the OP Units in connection with the Shadeland Portfolio acquisition on August 11, 2017. Cash Distributions Aggregate 2018 First quarter $ 0.375 $ 158 Second quarter $ 0.375 $ 158 Third quarter $ 0.375 $ 158 Fourth quarter $ 0.375 (1) $ 357 2017 Third quarter $ 0.375 (2) $ 88 Fourth quarter $ 0.375 $ 158 ____________________ (1) Distributions for the OP Units issued in connection with the Cincinnati, Ohio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $199 in the aggregate for the quarter ended December 31, 2018. (2) Distributions for the OP Units issued in connection with the Shadeland Portfolio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $88 in the aggregate for the quarter ended September 30, 2017. The proportionate share of the loss attributed to the partnership units was $2,459 and $646 for the year ended December 31, 2018 and 2017, respectively.

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	9. 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 375,000 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 375,000. 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 Independent Board of 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 Independent Board of 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 for the years ended December 31, 2018 and 2017: Shares Unvested restricted stock at January 1, 2017 — Granted 164,078 Forfeited — Vested (921 ) Unvested restricted stock at December 31, 2017 163,157 Granted 3,000 Forfeited — Vested (42,106 ) Unvested restricted stock at December 31, 2018 124,051 The Company recorded equity-based compensation in the amount of $805 and $435 for the years ended December 31, 2018 and 2017, respectively, which is included in general and administrative expenses in the accompanying 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 December 31, 2018 was approximately $1,922 and is expected to be recognized over a weighted average period of approximately 2.5 years. The fair value of the 3,000 restricted shares granted during 2018 was approximately $48 with a weighted average fair value of $16.00 per share. The fair value of the 164,078 restricted shares granted during 2017 was approximately $3,114 with a weighted average fair value of $18.98 per share. The fair value related to the restricted stock was calculated based on the stock price on the date of the grant.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	10. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Year Ended December 31, 2018 2017 Numerator Net loss $ (21,175 ) $ (14,027 ) Less: loss attributable to non-controlling interest (2,459 ) (5,320 ) Net loss attributable to Plymouth Industrial REIT, Inc. (18,716 ) (8,707 ) Less: Preferred stock dividends 3,940 723 Less: Series B accretion to redemption value 359 — Less: amount allocated to participating securities 201 128 Net loss attributable to common stockholders $ (23,216 ) $ (9,558 ) Denominator Weighted-average common shares outstanding basic and diluted 4,027,329 2,149,977 Earnings per share - Basic and Diluted: Net loss per share attributable to common stockholders $ (5.76 ) $ (4.45 ) 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. Our 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 include the 273,004 shares of common stock warrants and 124,051 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.

Future Minimum Rental Receipts

Future Minimum Rental Receipts Under Non-Cancellable Leases	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Future Minimum Rental Receipts Under Non-Cancellable Leases	11. Future Minimum Rental Receipts Under Non-Cancellable Leases The following schedule indicates approximate future minimum rental receipts due under non-cancellable operating leases for real estate properties, by year, as of December 31, 2018: Year ending December 31, Future Minimum 2019 $ 45,376 2020 39,984 2021 28,704 2022 19,940 2023 15,836 Thereafter 26,450 Total minimum rental receipts $ 176,290

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases space for its corporate office under the terms of a lease. Rental expense for operating leases, including common-area maintenance, was $401 in 2018 and $225 in 2017. The following table sets forth the minimum future annual rental commitments under the operating lease as of December 31, 2018. 2019 $ 378 2020 $ 385 2021 $ 393 2022 $ 400 2023 $ 407 Thereafter $ 519 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 and Cincinnati, Ohio acquisitions, the agreements contain 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.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Retirement Plan	13. Retirement Plan The Company in December, 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2018 in the amount of $190 and an amount of $260 for 2017, which is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets at December 31, 2018 and 2017, respectively. The Company has no control or administrative responsibility related to the individual accounts and is not obligated to fund them in future years.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On January 4, 2019, the Company acquired a single Class B industrial property, consisting of approximately 73,785 square feet, located in Chicago, Illinois for an aggregate purchase price of approximately $5,425. On February 28, 2019 the Board of Directors declared a regular quarterly cash dividend of $0.46875 per share, or an annualized dividend of $1.875 per share, for the Company’s Series A Cumulative Redeemable Preferred Stock for the first quarter of 2019. The dividend is payable on April 1, 2019 to stockholders of record on March 15, 2019.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain reclassifications have been made in the 2017 consolidated financial statements to conform to the 2018 presentation. These reclassifications have no effect on 2017 consolidated net loss.
Use of Estimates	Use of Estimates The preparation of the 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 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 warrants 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.
Recently Issued Accounting Standards	New Accounting Standards Recently Adopted In May 2017, the FASB issued ASU 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting, which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. The Company adopted this standard effective January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The ASU requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in that statement to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one-line item on the balance sheet. The Company adopted this standard effective January 1, 2018 using a retrospective approach. The Company has determined the impact of adopting ASU 2016-18 resulted in the inclusion of cash held in escrow and restricted cash in total cash and in the determination of changes in cash in its statements of cash flows. For the year ended December 31, 2017, the change resulted in an increase in cash provided by operating activities of approximately $523, a decrease in cash used in investing activities of approximately $2,047 and a decrease in cash provided by financing activities of approximately $5,582. 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 March 2016, the FASB issued ASU 2016-09, Stock Compensation – Improvements to Employee Share-Based Payment Accounting, 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. Early application is permitted for annual periods beginning after December 15, 2016. ASC 606 permits the use of either the full retrospective transition method or a modified retrospective transition method. The Company adopted ASC 606 on January 1, 2018, using the modified retrospective method. The adoption of ASC 606 did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Issued but not yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) , The Company has adopted the lease standard on January 1, 2019 using the modified retrospective transition method. The Company will elect the package of practical expedients available for implementation which allows the Company to 1) not reassess whether any expired or existing contracts are or contain leases; 2) not reassess the lease classification for any expired or existing leases; and 3) not reassess initial direct costs for any existing leases. For arrangements where the Company is the lessee, the Company expects to record a right of use asset of approximately $1,918 and a lease liability of approximately $1,939 on the Consolidated Balance Sheet upon adoption of ASU 2016-02. For arrangements where the Company is the lessor, the Company has concluded the new lease standard will not have a material impact on the 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.
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 December 31, 2018 and 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 years ended December 31, 2018 and 2017. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet.
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 December 31, 2018 and 2017. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, 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 December 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 2 inputs such as interest rates and credit spreads, are applied in determining the fair value of the interest rate cap in the amount of $0 at December 31, 2018. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $112 and $160 at December 31, 2018 and 2017, respectively, discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, 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.
Derivative Instruments	Derivative Instrument The Company uses an interest rate cap as a derivative instrument to manage interest rate risk and is recognized on the balance sheet at fair value. The interest rate cap is not designated as a hedging instrument and changes in fair value is mark to market through earnings. The input values used in the fair value measurement of the interest rate cap were obtained using quoted market prices for similar assets in markets that are not active and therefore are, classified as Level 2 under the fair value hierarchy. The fair value of the interest rate cap is estimated based on discounting future cash flows and interest rates that management believes reflect the risks associated with debt instruments of similar risk and duration.
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 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 measures stock-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. Forfeitures of unvested shares are recognized in the period the forfeiture occurs.
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 years ended December 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.
Consolidation	Consolidation The Company’s 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. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 Property, Plant and Equipment Real Estate, Consolidation
Income Taxes	Income Taxes The Company has operated in a manner that allows 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 UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. 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 its 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 its 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 can 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 continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2015 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years.
Real Estate Property Acquisitions	Real Estate Property Acquisitions In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 “Business Combinations”, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company has implemented ASU 2017-01 as of July 2017 and has concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy.
Real Estate and Depreciation	Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized.
Amortization of Deferred Lease Intangibles - Assets and Liabilities	Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease Intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets.
Controlling Interest	Controlling Interests The Company determines whether it holds a controlling financial interest in an entity by first evaluating whether it is required to apply the variable interest entity (“VIE”) model to the entity. Where the Company holds current or potential rights that give it the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance combined with a variable interest that gives it the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, the Company is the primary beneficiary of that VIE. When changes occur to the design of an entity, the Company reconsiders whether it is subject to the VIE model. The Company continuously evaluates whether it is the primary beneficiary of a consolidated VIE. To the extent the Company is not required to apply the VIE model, the Company follows the control model for consolidation purposes and considers instances whether its ownership exceeds 50% of the voting rights of the entity and whether other investors have liquidating, kick-out or substantive participating rights. With respect to in substance real estate transactions, the Company considers guidance of ASC 360 and ASC 976, as referenced by ASC 810, for issuance of membership interests prior to any deconsolidation of assets. See Note 8.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Rental Revenue Components	Year Ended Year Ended December 31, December 31, 2018 2017 Income from lease $ 34,332 $ 17,758 Straight-line rent adjustment 996 191 Reimbursable expenses 12,051 6,443 Amortization of above market leases (519 ) (289 ) Amortization of below market leases 1,823 712 Total $ 48,683 $ 24,815
Schedule of Cash, Cash Equivalents and Restricted Cash	December 31, December 31, 2018 2017 Cash as presented on balance sheet $ 5,394 $ 12,915 Cash held in escrow as presented on balance sheet 7,808 5,074 Restricted cash as presented on balance sheet 1,759 1,174 Cash, cash held in escrow and restricted cash as presented on cash flow statement $ 14,961 $ 19,163

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	2018 2017 Land $ 92,628 $ 59,663 Buildings, building improvements and tenant improvements 325,933 221,309 Site improvements 33,270 21,489 Construction in process 779 941 452,610 303,402 Less accumulated depreciation (41,279 ) (25,013 ) Real estate properties $ 411,331 $ 278,389
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Purchase price allocation Year ended Year ended Total Purchase Price Purchase Price $ 164,575 $ 173,325 Acquisition Costs 1,653 5,470 Additional acquisition costs from MWG portfolio 955 — Total $ 167,183 $ 178,795 Allocation of Purchase Price Land $ 33,938 $ 41,609 Building 103,570 109,977 Site Improvements 11,823 11,006 Total real estate properties 149,331 162,592 Deferred lease intangible assets Tenant relationships 4,819 3,919 Leasing Commissions 3,659 2,588 Above Market Lease Value 1,225 991 Lease in Place Value 10,231 14,819 Total deferred lease intangible assets 19,934 22,317 Deferred lease intangible liabilities Below Market Debt value 92 — Below Market Lease Value (2,174 ) (6,114 ) Total deferred lease intangible liabilities (2,082 ) (6,114 ) Totals $ 167,183 $ 178,795
Schedule of Finite Lived Intangible Assets	2018 2017 Above market lease $ 3,310 $ 2,086 Lease in place 35,521 26,514 Tenant relationships 10,333 5,811 Leasing commission 8,318 4,948 Leasing commission after acquisition 1,523 327 59,005 39,686 Less Accumulated amortization (21,065 ) (12,067 ) Deferred lease intangibles $ 37,940 $ 27,619 2018 2017 Below market leases $ 9,782 $ 8,309 Above market debt value (92 ) — Less accumulated amortization (2,623 ) (1,502 ) Deferred lease intangibles $ 7,067 $ 6,807
Schedule of Finite Lived Intangible Assets Future Amortization Expense	Amortization Expense Related to Net Increase to Rental Income Related to Other Intangible Lease Assets and Liabilities Above and Below Market Lease Amortization Year (in thousands) (in thousands) 2019 $ 12,197 $ (1,356) 2020 $ 9,187 $ (1,011) 2021 $ 5,306 $ (662) 2022 $ 3,032 $ (543) 2023 $ 2,127 $ (358) Thereafter $ 4,055 $ (1,101)

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Maturities of Long-Term Debt	Year ending December 31: Amount 2019 $ 64,672 2020 32,946 2021 4,588 2022 4,783 2023 113,792 Thereafter 100,928

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants	Balance at January 1, 2017 $ — Issuance of common stock warrant 140 Change in fair value 20 Balance at December 31, 2017 160 Issuance of common stock warrant — Change in fair value (48 ) Balance at December 31, 2018 $ 112
Schedule of Common Stock Dividends Declared	Cash Dividends Aggregate 2018 First quarter $ 0.3750 $ 1,334 Second quarter $ 0.3750 $ 1,334 Third quarter $ 0.3750 $ 1,807 Fourth quarter $ 0.3750 $ 1,808 2017 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
Schedule of Dividends Payable	Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of Capital 3/15/2018 3/30/2018 4/30/2018 $ 0.3750 $ - $ 0.3750 6/14/2018 6/29/2018 7/31/2018 $ 0.3750 $ - $ 0.3750 9/14/2018 9/28/2018 10/31/2018 $ 0.3750 $ - $ 0.3750 12/14/2018 12/28/2018 1/31/2019 $ 0.3750 $ - $ 0.3750

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Series A Preferred Stock Dividends Declared	Cash Dividends Aggregate 2018 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 2017 Fourth quarter (commencing October 25, 2017 to December 31, 2017) $ 0.3542 $ 723
Schedule of Series A Preferred Stock Dividends Payable	Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of Capital 3/1/2018 3/15/2018 4/2/2018 $ 0.4688 $ - $ 0.4688 6/1/2018 6/15/2018 7/2/2018 $ 0.4688 $ - $ 0.4688 8/31/2018 9/14/2018 10/1/2018 $ 0.4688 $ - $ 0.4688 11/30/2018 12/14/2018 12/31/2018 $ 0.4688 $ - $ 0.4688

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Schedule of Redeemable Non-Controlling Interest	Cash Distributions Aggregate 2018 First quarter $ 0.375 $ 158 Second quarter $ 0.375 $ 158 Third quarter $ 0.375 $ 158 Fourth quarter $ 0.375 (1) $ 357 2017 Third quarter $ 0.375 (2) $ 88 Fourth quarter $ 0.375 $ 158 ____________________ (1) Distributions for the OP Units issued in connection with the Cincinnati, Ohio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $199 in the aggregate for the quarter ended December 31, 2018. (2) Distributions for the OP Units issued in connection with the Shadeland Portfolio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $88 in the aggregate for the quarter ended September 30, 2017.

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Restricted Stock Activity	Unvested restricted stock at January 1, 2017 — Granted 164,078 Forfeited — Vested (921 ) Unvested restricted stock at December 31, 2017 163,157 Granted 3,000 Forfeited — Vested (42,106 ) Unvested restricted stock at December 31, 2018 124,051

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings per Share	Year Ended December 31, 2018 2017 Numerator Net loss $ (21,175 ) $ (14,027 ) Less: loss attributable to non-controlling interest (2,459 ) (5,320 ) Net loss attributable to Plymouth Industrial REIT, Inc. (18,716 ) (8,707 ) Less: Preferred stock dividends 3,940 723 Less: Series B accretion to redemption value 359 — Less: amount allocated to participating securities 201 128 Net loss attributable to common stockholders $ (23,216 ) $ (9,558 ) Denominator Weighted-average common shares outstanding basic and diluted 4,027,329 2,149,977 Earnings per share - Basic and Diluted: Net loss per share attributable to common stockholders $ (5.76 ) $ (4.45 )

Future Minimum Rental Receipt_2

Future Minimum Rental Receipts Under Non-Cancellable Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Schedule of Future Minimum Rental Receipts under Non-Cancellable Leases	Year ending December 31, Future Minimum 2019 $ 45,376 2020 39,984 2021 28,704 2022 19,940 2023 15,836 Thereafter 26,450 Total minimum rental receipts $ 176,290

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	2019 $ 378 2020 $ 385 2021 $ 393 2022 $ 400 2023 $ 407 Thereafter $ 519

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ft²Integer$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Ownership equity interest in Operating Partnership	82.20%	90.50%
Number of industrial properties owned | Integer	55
Industrial properties acquired, approximate square feet | ft²	12,000,000
Shares issued in private placement for redemption of redeemable preferred interest, value		$ 5,000
Proceeds from initial public offering, gross	$ 17,843	52,559
Redemption of Preferred Member Interest		$ (25,582)
Common stock repurchased and retired, aggregate value	5,054
Aggregate value of registered securities	$ 500,000
ATM Distribution agreement	The Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the "Agents"), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an "at-the-market equity offering programs (the "ATM program").
Initial Public Offering
Common stock issued | shares	1,262,833	3,060,000
Proceeds from initial public offering, gross	$ 17,843
Number of OP Units received in exchange of contributed proceeds from offering | shares	1,262,833
Over-Allotment Option
Common stock issued | shares	160,369	160,000
Affiliate of 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
Affiliate of 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 Accoun_3

Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Income from leases	$ 34,332	$ 17,758
Straight-line rent adjustment	996	191
Reimbursable expenses	12,051	6,443
Amortization of above market leases	(519)	(289)
Amortization of below market leases	1,823	712
Total	$ 48,683	$ 24,815

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash as presented on balance sheet	$ 5,394	$ 12,915
Cash held in escrow as presented on balance sheet	7,808	5,074
Restricted cash as presented on balance sheet	1,759	1,174
Cash, cash held in escrow and restricted cash as presented on cash flow statement	$ 14,961	$ 19,163	$ 10,201

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Increase in cash provided by operating activities		$ 523
Decrease in cash used in investing activities		2,047
Decrease in cash provided by financing activities		5,582
New accounting pronouncements, transition method	The Company has adopted the lease standard on January 1, 2019 using the modified retrospective transition method. The Company will elect the package of practical expedients available for implementation which allows the Company to 1) not reassess whether any expired or existing contracts are or contain leases; 2) not reassess the lease classification for any expired or existing leases; and 3) not reassess initial direct costs for any existing leases.
New accounting pronouncements, prospective transition	For arrangements where the Company is the lessee, the Company expects to record a right of use asset of approximately $1,918 and a lease liability of approximately $1,939 on the Consolidated Balance Sheet upon adoption of ASU 2016-02.
Fair value of the interest rate cap agreement	$ 0
Fair value of warrants	112	160
Debt Issuance Costs
Debt issuance costs	6,232	6,475
Accumulated amortization	1,754	982
Unamortized debt issuance costs	4,478	5,493
Income Taxes
NOL carryforward	35,863	32,675
Federal taxable loss	3,188
Tax basis of real estate assets	$ 487,049	$ 324,654
Real Estate Property
Depreciation method	Straight-line method
Building | Minimum
Real Estate Property
Estimated remaining useful lives	11 Years
Building | Maximum
Real Estate Property
Estimated remaining useful lives	40 Years
Site Improvements | Minimum
Real Estate Property
Estimated remaining useful lives	3 Years
Site Improvements | Maximum
Real Estate Property
Estimated remaining useful lives	13 Years

Reverse Stock Split (Details Na

Reverse Stock Split (Details Narrative)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Reverse stock split	1-for-4 reverse stock split

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 92,628	$ 59,663
Buildings, building improvements and tenant improvements	325,933	221,309
Site improvements	33,270	21,489
Construction in process	779	941
Real estate properties at cost	452,610	303,402
Less accumulated depreciation	(41,279)	(25,013)
Real estate properties	$ 411,331	$ 278,389

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total Purchase Price
Purchase Price	$ 164,575	$ 173,325
Acquisition Costs	1,653	5,470
Additional acquisition costs from MWG portfolio	955
Total	167,183	178,795
Allocation of Purchase Price
Land	33,938	41,609
Building	103,570	109,977
Site Improvements	11,823	11,006
Total real estate properties	149,331	162,592
Deferred Lease Intangible Assets
Deferred lease intangible liabilities	19,934	22,317
Below Market Debt value	92
Below Market Lease Value	(2,174)	(6,114)
Total deferred lease intangible liabilities	(2,082)	(6,114)
Totals	167,183	178,795
Tenant Relationships
Deferred Lease Intangible Assets
Deferred lease intangible liabilities	4,819	3,919
Leasing Commission
Deferred Lease Intangible Assets
Deferred lease intangible liabilities	3,659	2,588
Above Market Lease Value
Deferred Lease Intangible Assets
Deferred lease intangible liabilities	1,225	991
Lease in Place
Deferred Lease Intangible Assets
Deferred lease intangible liabilities	$ 10,231	$ 14,819

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Lease Intangible Assets
Above market lease	$ 3,310	$ 2,086
Lease in place	35,521	26,514
Tenant relationships	10,333	5,811
Leasing commission	8,318	4,948
Leasing commission after acquisition	1,523	327
Deferred lease intangibles, gross	59,005	39,686
Less Accumulated amortization	(21,065)	(12,067)
Deferred lease intangibles	37,940	27,619
Deferred Lease Intangibles Liabilities
Below market leases	9,782	8,309
Above market debt value	(92)
Less accumulated amortization	(2,623)	(1,502)
Deferred lease intangibles	$ 7,067	$ 6,807

Real Estate Properties - Sche_4

Real Estate Properties - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2018USD ($)
Amortization Expense
2,019	$ 12,197
2,020	9,187
2,021	5,306
2,022	3,032
2,023	2,127
Thereafter	4,055
Net Increase to Rental Income
2,019	(1,356)
2,020	(1,011)
2,021	(662)
2,022	(543)
2,023	(358)
Thereafter	$ (1,101)

Real Estate Properties (Details

Real Estate Properties (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ft²Integer$ / sharesshares	Dec. 31, 2017USD ($)ft²Integer$ / sharesshares
Depreciation expense	$ 16,477	$ 8,986
Number of real estate properties acquired | Integer	55
Approximate purchase price of acquired industrial properties	$ 164,575	173,325
Industrial properties acquired, approximate square feet | ft²	12,000,000
Issuance of operating partnership units, value	$ 10,642	8,007
Assumption of mortgage note	13,907
Amortization of above and below market leases	1,304	423
Amortization of other deferred lease intangibles	$ 10,311	$ 5,012
Milwaukee, WI - Property
Industrial properties acquired, approximate square feet | ft²	112,144
Sale of real estate, value	$ 3,953
Proceeds from sale of real estate	4,562
Gain on sale of real estate	$ 1,004
Chicago, Illinois - Portfolio of Industrial Properties
Number of real estate properties acquired | Integer	2
Approximate purchase price of acquired industrial properties	$ 15,675
Industrial properties acquired, approximate square feet | ft²	270,000
Cleveland, OH - Industrial Property
Number of real estate properties acquired | Integer	1
Approximate purchase price of acquired industrial properties	$ 27,000
Industrial properties acquired, approximate square feet | ft²	400,000
Cincinnati, OH - Class B Industrial Property
Number of real estate properties acquired | Integer	1
Approximate purchase price of acquired industrial properties	$ 24,800
Industrial properties acquired, approximate square feet | ft²	1,100,000
Issuance of operating partnership units, value	$ 10,642
Issuance of operating partnership units | shares	626,011
Issuance of operating partnership units, price per unit | $ / shares	$ 17
Payments to acquire properties	$ 251
Assumption of mortgage note	$ 13,907
Jacksonville, FL - Portfolio of Class B Light Industrial/Flex Buildings
Number of real estate properties acquired | Integer	3
Approximate purchase price of acquired industrial properties	$ 97,100
Industrial properties acquired, approximate square feet | ft²	1,100,000
South Bend, IN
Number of real estate properties acquired | Integer		5
Approximate purchase price of acquired industrial properties		$ 26,000
Industrial properties acquired, approximate square feet | ft²		667,000
Indianapolis, IN - Shadeland
Number of real estate properties acquired | Integer		2
Approximate purchase price of acquired industrial properties		$ 16,875
Industrial properties acquired, approximate square feet | ft²		606,871
Issuance of operating partnership units, value		$ 8,007
Issuance of operating partnership units | shares		421,438
Issuance of operating partnership units, price per unit | $ / shares		$ 19
Payments to acquire properties		$ 8,868
Columbus, OH - New World
Number of real estate properties acquired | Integer		1
Approximate purchase price of acquired industrial properties		$ 3,700
Industrial properties acquired, approximate square feet | ft²		121,440
Memphis, TN - Airport Business Park
Number of real estate properties acquired | Integer		8
Approximate purchase price of acquired industrial properties		$ 7,825
Industrial properties acquired, approximate square feet | ft²		235,000
Memphis, TN - Knight Road
Number of real estate properties acquired | Integer		1
Approximate purchase price of acquired industrial properties		$ 3,700
Industrial properties acquired, approximate square feet | ft²		131,904
Illinois and Wisconsin - Warehouse/Distribution/Light Manufacturing
Number of real estate properties acquired | Integer		15
Approximate purchase price of acquired industrial properties		$ 99,750
Industrial properties acquired, approximate square feet | ft²		3,027,987
Atlanta, Georgia - Industrial Buildings
Number of real estate properties acquired | Integer		3
Approximate purchase price of acquired industrial properties		$ 11,425
Industrial properties acquired, approximate square feet | ft²		330,361
Elgin, Illinois - Industrial Property
Number of real estate properties acquired | Integer		1
Approximate purchase price of acquired industrial properties		$ 4,050
Industrial properties acquired, approximate square feet | ft²		75,000

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2018USD ($)
Year ending December 31:
2,019	$ 64,672
2,020	32,946
2,021	4,588
2,022	4,783
2,023	113,792
Thereafter	$ 209,732

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Repayment of debt	$ 118,914
Loss on extinguishment of debt	(5,393)
Unamortized debt issuance expense	4,478	$ 5,493
Fair value of the interest rate cap agreement	0
Assumption of mortgage note	$ 13,907
Exercise price of warrants issued		$ 23
KeyBank Bridge Loan
Interest rate, description	Bears interest at a rate per annum 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 2%. At December 31, 2018 the interest rate was 4.44%.
Maturity date, description	Matures on the earlier of March 14, 2019 or the date KeyBank ceases to serve as the administrative agent under the Company's revolving credit facility; however, the Operating Partnership has the right to prepay the KeyBank Bridge Loan at any time without penalty.
Collateral, description	Secured by the Jacksonville Property and are guaranteed by the Company and each subsidiary of the Operating Partnership that is the direct or indirect owner of any collateral for the KeyBank Bridge Loan.
Covenant, description	Contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the loan agreement. The Company is in compliance with the respective covenants at December 31, 2018.
Outstanding promissory note borrowings	$ 63,115
Bridge Loan	63,115
KeyBank National Assocation
Line of credit facility, outstanding balance	28,187	$ 20,837
Line of credit, available borrowings	7,070
Letter of credit, net	93
Line of credit facility, unamortized debt issuance costs	$ 363	$ 488
Line of credit maturity date	Aug. 31, 2020	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. At December 31, 2018 the interest rate was 5.4%.	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
Line of credit facility, collateral	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.	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.
Line of credit facility, covenant terms	Contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the Line of Credit Agreement. The Company is in compliance with the respective covenants at December 31, 2018.	Contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the Line of Credit Agreement.
Secured Loan | MWG Loan Agreement
Senior secured loan, outstanding debt		$ 79,800
Interest rate, description		Bears 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		Nov. 30, 2019
Collateral, description		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 were guaranteed by the company and certain of our operating partnership's wholly-owned subsidiaries.
Covenant, description		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.
Repayment of debt, description	The Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay in full the MWG Loan.
Loss on extinguishment of debt	$ (804)
Fair value of the interest rate cap agreement	$ 0
Interest rate cap, maturity	Dec. 1, 2019
Secured Loan | KeyBank Term Loan
Senior secured loan, outstanding debt	$ 35,700
Interest rate, description	Bears interest, at the Company's option, at either (1) LIBOR plus 7% or (2) KeyBank's base rate plus 6%.
Maturity date, description	Matures on the earlier of (1) August 11, 2021 or (2) the date KeyBank ceases to serve as administrative agent under the KeyBank Credit Agreement.
Collateral, description	Secured by, among other things, pledges of the equity interests in Plymouth Industrial 20 and each of its property owning subsidiaries.
Covenant, description	Contains customary affirmative and negative covenants for term loans of this type, including limitations with respect to mergers, dispositions of assets, change of management or change of control and transactions with affiliates. The KeyBank Term Loan requires us to apply an amount equal to 25% of the net proceeds from any additional equity raised by the Company to the repayment of the KeyBank Term Loan.
Repayment of debt, description	The Company used the proceeds of the Series B Preferred Offering to repay in full the KeyBank Term Loan.
Loss on extinguishment of debt	$ 593
Secured Loan | Minnesota Life Loan
Senior secured loan, outstanding debt	$ 21,500
Interest rate	3.78%
Maturity date, description	Ten-year term, maturing on May 1, 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 on the Company's properties.
Covenant, description	Contains customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. In the event of a default by the Borrowers, the agent may declare all obligations under the Minnesota Life Loan immediately due and payable and enforce any and all rights of the lender or the agent under the Minnesota Life Loan and related documents.
Proceeds from issuance of debt	$ 21,133
Unamortized debt issuance expense	367
Secured Loan | AIG Asset Management
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 properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC.	Secured by first lien mortgages on the properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC.
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	$ 117,263	$ 116,700
Unamortized debt issuance expense	$ 2,737	$ 3,300
Commercial Mortgage Loan | Transamerica Life Insurance Company
Interest rate	4.35%
Maturity date	Aug. 1, 2028
Payment terms, description	Monthly interest-only payments through August 2019 and thereafter the Transamerica Loan requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers' final payments on the Transamerica Loan, due on the maturity date, shall include all outstanding principal and accrued and unpaid interest.
Covenant, description	Contain customary events of default, including non-payment of principal or interest and bankruptcy. Any default under the Transamerica Loan or any Note will constitute a default under each of the other Notes. Each Borrower has guaranteed the payment obligations of all the other Borrowers under the Notes.
Repayment of debt	$ 3,380
Loss on extinguishment of debt	395
Promissory note	78,000
Outstanding promissory note borrowings	73,609
Unamortized debt issuance expense	$ 1,011
Fisher Park Mortgage
Interest rate	5.229%
Maturity date	Jan. 1, 2027
Payment terms, description	Monthly installments of principal plus accrued interest based on a 30-year amortization.
Collateral, description	Secured by the property.
Covenant, description	Contains customary events of default, including non-payment of principal or interest and bankruptcy and certain trigger events to occur upon the Debt Service Coverage Ratio going below certain thresholds as defined within the loan agreement.
Outstanding promissory note borrowings	$ 13,873
Assumption of mortgage note	13,907
Premium on the assumed debt value	$ 92
Mezzanine Loan
Interest rate, description			Bears interest at 15% per annum, of which 7% percent is paid for during the first four years of the term and 10% is paid for the remainder of the term.
Maturity date			Oct. 31, 2023
Collateral, description			Secured by, among other things, pledges of the equity interest in 20 LLC and each of its property-owning subsidiaries.
Repayment of debt, description	Included within the $35,000 consideration is the return of the $30,000 principal, accrued interest outstanding of $1,786, interest expense for the stub period of May 2018 of $318 and a repayment premium of approximately $2,896. The Company had paid approximately $8,232 in interest during the term of the loan.
Repayment of debt	$ 35,000
Loss on extinguishment of debt	3,601
Proceeds from issuance of debt			$ 30,000
Unamortized debt issuance expense	689
Legal expenses	$ 16
Warrants issued		250,000
Exercise price of warrants issued		$ 23
Term of warrants issued		5 years

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Common Stock Warrants
Balance at beginning of period	$ 160	$ 0
Issuance of common stock warrants	0	140
Change in fair value	(48)	20
Balance at end of period	$ 112	$ 160

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	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	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	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 238	$ 1,808	$ 1,807	$ 1,334	$ 1,334	$ 1,430	$ 1,430

Common Stock - Schedule of Divi

Common Stock - Schedule of Dividends Payable (Details)	12 Months Ended
	Dec. 31, 2018USD ($)$ / shares
Dividends #1
Declaration Date	Mar. 15, 2018
Date of Record	Mar. 30, 2018
Payable Date	Apr. 30, 2018
Cash Distribution	$ 0.3750
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #2
Declaration Date	Jun. 14, 2018
Date of Record	Jun. 29, 2018
Payable Date	Jul. 31, 2018
Cash Distribution	$ 0.3750
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #3
Declaration Date	Sep. 14, 2018
Date of Record	Sep. 28, 2018
Payable Date	Oct. 31, 2018
Cash Distribution	$ 0.3750
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #4
Declaration Date	Dec. 14, 2018
Date of Record	Dec. 28, 2018
Payable Date	Jan. 31, 2019
Cash Distribution	$ 0.3750
Ordinary Dividends | $
Return of Capital	$ 0.3750

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Proceeds from initial public offering, gross	$ 17,843	$ 52,559
Exercise price of warrants issued		$ 23
Fair value of warrants	112	$ 160
Common Stock repurchased and retired, aggregate value	(5,054)
Aggregate value of registered securities	$ 500,000
ATM Distribution agreement	The Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the "Agents"), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an "at-the-market equity offering programs (the "ATM program").
Affiliate of Torchlight Investors LLC
Common Stock repurchased and retired, aggregate value	$ (5,000)
Mezzanine Loan
Warrants issued		250,000
Exercise price of warrants issued		$ 23
Term of warrants issued		5 years
Mezzanine Loan | Affiliate of Torchlight Investors LLC
Warrants issued	273,004	250,000
Strike price	$ 21.06	$ 23
Exercise price of warrants issued	$ 21.06
Term of warrants issued	4 years	5 years
Fair value assumptions, methods used	Binomial Valuation Model	Monte-Carlo Option-Pricing Model
Fair value of warrants	$ 112	$ 160
Expected volatility rate	20.00%	18.90%
Expected dividend yield		7.50%
Expected annual dividend, per share	$ 1.50
Expected term	3 years 6 months	4 years 2 months
Risk free interest rate	2.47%	2.15%
Initial Public Offering
Common stock issued	1,262,833	3,060,000
Proceeds from initial public offering, gross	$ 17,843
Number of OP Units received in exchange of contributed proceeds from offering	1,262,833
Over-Allotment Option
Common stock issued	160,369	160,000

Preferred Stock - Schedule of S

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	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Equity [Abstract]
Preferred stock cash dividends declared, per share	$ 0.3542	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688
Preferred stock dividends declared, aggregate amount	$ 723	$ 956	$ 956	$ 956	$ 956

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable (Details)	12 Months Ended
	Dec. 31, 2018USD ($)$ / shares
Dividends #1
Declaration Date	Mar. 15, 2018
Date of Record	Mar. 30, 2018
Payable Date	Apr. 30, 2018
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #2
Declaration Date	Jun. 14, 2018
Date of Record	Jun. 29, 2018
Payable Date	Jul. 31, 2018
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #3
Declaration Date	Sep. 14, 2018
Date of Record	Sep. 28, 2018
Payable Date	Oct. 31, 2018
Ordinary Dividends | $
Return of Capital	$ 0.3750
Dividends #4
Declaration Date	Dec. 14, 2018
Date of Record	Dec. 28, 2018
Payable Date	Jan. 31, 2019
Ordinary Dividends | $
Return of Capital	$ 0.3750
Series A Preferred Stock | Dividends #1
Declaration Date	Mar. 1, 2018
Date of Record	Mar. 15, 2018
Payable Date	Apr. 2, 2018
Cash Distribution	$ 0.4688
Ordinary Dividends | $
Return of Capital	$ 0.4688
Series A Preferred Stock | Dividends #2
Declaration Date	Jun. 1, 2018
Date of Record	Jun. 15, 2018
Payable Date	Jul. 2, 2018
Cash Distribution	$ 0.4688
Ordinary Dividends | $
Return of Capital	$ 0.4688
Series A Preferred Stock | Dividends #3
Declaration Date	Aug. 31, 2018
Date of Record	Sep. 14, 2018
Payable Date	Oct. 1, 2018
Cash Distribution	$ 0.4688
Ordinary Dividends | $
Return of Capital	$ 0.4688
Series A Preferred Stock | Dividends #4
Declaration Date	Nov. 30, 2018
Date of Record	Dec. 14, 2018
Payable Date	Dec. 31, 2018
Cash Distribution	$ 0.4688
Ordinary Dividends | $
Return of Capital	$ 0.4688

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accretion expense	$ 2,138	$ 2,399
Series A Preferred Stock
Issuance of Preferred stock	2,040,000	2,040,000
Proceeds from issuance of preferred stock		$ 48,868
Price per share		$ 25
Liquidation rights per share		$ 25
Liquidation preference rights, description		In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends.
Redemption rights per share		$ 25
Redemption date		Dec. 31, 2022
Dividend rights, description		When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share ("Initial Rate")).
Series A Preferred Stock | Over-Allotment Option
Issuance of Preferred stock		240,000
Series B Preferred Stock
Issuance of Preferred stock	4,411,764	0
Liquidation preference rights, description	The shares of Series B Preferred Stock have a Liquidation Preference, which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be.
Redemption date	Dec. 31, 2022
Dividend payment terms	Payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025.
Accretion expense	$ 359
Series B Preferred Stock | Private Placement
Issuance of Preferred stock	4,411,764
Proceeds from issuance of preferred stock	$ 75,000
Proceeds from issuance of preferred stock, net of issuance costs	$ 71,800
Price per share	$ 17
Liquidation rights per share	$ 17

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interest (Details) - Non-Controlling Interest - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Cash distribution declared per OP unit	$ 0.375	[1]	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	[2]
Aggregate amount	$ 357		$ 158	$ 158	$ 158	$ 158	$ 88
[1]	Distributions for the OP Units issued in connection with the Cincinnati, Ohio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $199 in the aggregate for the quarter ended December 31, 2018.
[2]	Distributions for the OP Units issued in connection with the Shadeland Portfolio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $88 in the aggregate for the quarter ended September 30, 2017.

Non-Controlling Interest (Detai

Non-Controlling Interest (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Issuance of partnership units	$ 10,642	$ 8,007
Loss attributed to non-controlling interest	$ (2,459)	(5,320)
Non-cash capital contribution by investor related to redemption of redeemable preferred interest		1,019
Redemption of non-controlling interest related to preferred interest		$ 56,795
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
Cincinnati, OH - Class B Industrial Property
Issuance of operating partnership units	626,011
Issuance of operating partnership units, price per unit	$ 17
Issuance of partnership units	$ 10,642
Affiliate of Torchlight Investors LLC
Loss attributed to non-controlling interest		(4,674)
Non-cash capital contribution by investor related to redemption of redeemable preferred interest		1,019
Redemption of non-controlling interest related to preferred interest		$ 56,795
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) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unvested restricted stock at beginning of year	163,157	0
Granted	3,000	164,078
Forfeited	0	0
Vested	(42,106)	(921)
Unvested restricted stock at end of year	124,051	163,157

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive award plan, shares authorized		375,000
Incentive award plan, shares available for grant		375,000
Equity-based compensation expense	$ 805	$ 435
Unrecognized compensation expense	$ 1,922
Weighted average period for vesting	2 years 6 months
Restricted shares granted	3,000	164,078
Weighted average fair value	$ 48	$ 3,114
Weighted average fair value, per share	$ 16	$ 18.98

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Numerator
Net loss	$ (21,175)	$ (14,027)
Net loss attributable to non-controlling interest	(2,459)	(5,320)
Net loss attributable to Plymouth Industrial REIT, Inc.	(18,716)	(8,707)
Less: Preferred stock dividends	3,940	723
Less: Series B accretion to redemption value	359
Less: amount allocated to participating securities	201	128
Net loss attributable to common stockholders	$ (23,216)	$ (9,558)
Denominator
Weighted-average common shares outstanding basic and diluted	4,027,329	2,149,977
Earnings per share - Basic and Diluted:
Net loss per share attributable to common stockholders	$ (5.76)	$ (4.45)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	12 Months Ended
	Dec. 31, 2018shares
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	273,004
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	124,051

Future Minimum Rental Receipt_3

Future Minimum Rental Receipts Under Non-Cancellable Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2,019	$ 45,376
2,020	39,984
2,021	28,704
2,022	19,940
2,023	15,836
Thereafter	26,450
Total minimum rental receipts	$ 176,290

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 378
2,020	385
2,021	393
2,022	400
2,023	407
Thereafter	$ 519

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rental expense for operating leases	$ 401	$ 225
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.	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.

Retirement Plan (Details Narrat

Retirement Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Amount funded to individual SEP IRA retirement accounts	$ 190	$ 260

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended
	Feb. 28, 2019$ / shares	Jan. 31, 2019USD ($)ft²	Dec. 31, 2017$ / shares	Dec. 31, 2018ft²$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares
Subsequent Event [Line Items]
Industrial properties acquired, approximate square feet | ft²				12,000,000
Preferred stock dividends declared, per share			$ 0.3542	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Dividend payable date	Apr. 1, 2019
Subsequent Event | Series A Preferred Stock | Quarterly
Subsequent Event [Line Items]
Preferred stock dividends declared, per share	$ 0.46875
Subsequent Event | Series A Preferred Stock | Annualized
Subsequent Event [Line Items]
Preferred stock dividends declared, per share	$ 1.875
Subsequent Event | Chicago, IL - Class B Industrial Property
Subsequent Event [Line Items]
Industrial properties acquired, approximate square feet | ft²		73,785
Approximate purchase price of acquired industrial properties | $		$ 5,425

Schedule III Real Estate Proper

Schedule III Real Estate Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial costs of land		$ 92,628
Initial cost of building and improvements		353,337
Costs capitalized subsequent to acquisition		6,319
Gross amounts of land		92,628
Gross amounts of building and improvements		359,656
Total real estate properties, gross		452,610	[1]	$ 303,402	$ 139,086
Accumulated depreciation		41,279	[2]	$ 25,013	$ 16,027
Aggregate basis for Federal tax purposes of investments in real estate		515,283
Atlanta, GA 32 Dart Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		256
Initial cost of building and improvements		4,454
Costs capitalized subsequent to acquisition		277
Gross amounts of land		256
Gross amounts of building and improvements		4,731
Total real estate properties, gross	[1]	4,987
Accumulated depreciation	[2]	$ 1,179
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,988
Depreciable life (in years)	[5]	18 years
Atlanta, GA 1665 Dogwood Drive SW
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		494
Initial cost of building and improvements		6,027
Costs capitalized subsequent to acquisition		1
Gross amounts of land		494
Gross amounts of building and improvements		6,028
Total real estate properties, gross	[1]	6,522
Accumulated depreciation	[2]	$ 330
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,973
Depreciable life (in years)	[5]	20 years
Atlanta, GA 1715 Dogwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		270
Initial cost of building and improvements		2,879
Costs capitalized subsequent to acquisition		1
Gross amounts of land		270
Gross amounts of building and improvements		2,880
Total real estate properties, gross	[1]	3,150
Accumulated depreciation	[2]	$ 148
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,973
Depreciable life (in years)	[5]	22 years
Atlanta, GA 11236 Harland Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		159
Initial cost of building and improvements		909
Costs capitalized subsequent to acquisition
Gross amounts of land		159
Gross amounts of building and improvements		909
Total real estate properties, gross	[1]	1,068
Accumulated depreciation	[2]	$ 59
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,988
Depreciable life (in years)	[5]	20 years
Atlanta, GA 11236 Harland Drive #2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial costs of land		$ 112
Gross amounts of land		112
Total real estate properties, gross	[1]	$ 112
Year acquired		Dec. 31, 2018
Chicago, IL 3940 Stern Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,156
Initial cost of building and improvements		5,139
Costs capitalized subsequent to acquisition		204
Gross amounts of land		1,156
Gross amounts of building and improvements		5,343
Total real estate properties, gross	[1]	6,499
Accumulated depreciation	[2]	$ 1,417
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,987
Depreciable life (in years)	[5]	16 years
Chicago, IL 1875 Holmes Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,597
Initial cost of building and improvements		5,199
Costs capitalized subsequent to acquisition
Gross amounts of land		1,597
Gross amounts of building and improvements		5,199
Total real estate properties, gross	[1]	6,796
Accumulated depreciation	[2]	$ 1,523
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,989
Depreciable life (in years)	[5]	16 years
Chicago, IL 1355 Holmes Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,012
Initial cost of building and improvements		2,789
Costs capitalized subsequent to acquisition		131
Gross amounts of land		1,012
Gross amounts of building and improvements		2,920
Total real estate properties, gross	[1]	3,932
Accumulated depreciation	[2]	$ 819
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1975/1999
Depreciable life (in years)	[5]	16 years
Chicago, IL 2401 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		486
Initial cost of building and improvements		4,597
Costs capitalized subsequent to acquisition		536
Gross amounts of land		486
Gross amounts of building and improvements		5,133
Total real estate properties, gross	[1]	5,619
Accumulated depreciation	[2]	$ 895
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,994
Depreciable life (in years)	[5]	28 years
Chicago, IL 189 Seegers Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		470
Initial cost of building and improvements		1,369
Costs capitalized subsequent to acquisition		9
Gross amounts of land		470
Gross amounts of building and improvements		1,378
Total real estate properties, gross	[1]	1,848
Accumulated depreciation	[2]	$ 289
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,972
Depreciable life (in years)	[5]	21 years
Chicago, IL 11351 W. 183rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		361
Initial cost of building and improvements		1,685
Costs capitalized subsequent to acquisition
Gross amounts of land		361
Gross amounts of building and improvements		1,685
Total real estate properties, gross	[1]	2,046
Accumulated depreciation	[2]	$ 308
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	2,000
Depreciable life (in years)	[5]	34 years
Chicago, IL 7200 Mason Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		2,519
Initial cost of building and improvements		5,482
Costs capitalized subsequent to acquisition
Gross amounts of land		2,519
Gross amounts of building and improvements		5,482
Total real estate properties, gross	[1]	8,001
Accumulated depreciation	[2]	$ 369
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,974
Depreciable life (in years)	[5]	18 years
Chicago, IL 6000 West 73rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,891
Initial cost of building and improvements		3,403
Costs capitalized subsequent to acquisition
Gross amounts of land		1,891
Gross amounts of building and improvements		3,403
Total real estate properties, gross	[1]	5,294
Accumulated depreciation	[2]	$ 256
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,974
Depreciable life (in years)	[5]	17 years
Chicago, IL 6510 West 73rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		4,229
Initial cost of building and improvements		4,104
Costs capitalized subsequent to acquisition		8
Gross amounts of land		4,229
Gross amounts of building and improvements		4,112
Total real estate properties, gross	[1]	8,341
Accumulated depreciation	[2]	$ 337
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,974
Depreciable life (in years)	[5]	18 years
Chicago, IL 6558 West 73rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		3,444
Initial cost of building and improvements		2,325
Costs capitalized subsequent to acquisition
Gross amounts of land		3,444
Gross amounts of building and improvements		2,325
Total real estate properties, gross	[1]	5,769
Accumulated depreciation	[2]	$ 201
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,975
Depreciable life (in years)	[5]	16 years
Chicago, IL 6751 Sayre Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		2,891
Initial cost of building and improvements		5,743
Costs capitalized subsequent to acquisition
Gross amounts of land		2,891
Gross amounts of building and improvements		5,743
Total real estate properties, gross	[1]	8,634
Accumulated depreciation	[2]	$ 335
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,973
Depreciable life (in years)	[5]	22 years
Chicago, IL 11601 Central Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		3,479
Initial cost of building and improvements		6,545
Costs capitalized subsequent to acquisition
Gross amounts of land		3,479
Gross amounts of building and improvements		6,545
Total real estate properties, gross	[1]	10,024
Accumulated depreciation	[2]	$ 431
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,970
Depreciable life (in years)	[5]	21 years
Chicago, IL 13040 South Pulaski Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		3,520
Initial cost of building and improvements		11,115
Costs capitalized subsequent to acquisition		98
Gross amounts of land		3,520
Gross amounts of building and improvements		11,213
Total real estate properties, gross	[1]	14,733
Accumulated depreciation	[2]	$ 928
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,976
Depreciable life (in years)	[5]	16 years
Chicago, IL 1796 Sherwin Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,542
Initial cost of building and improvements		3,598
Costs capitalized subsequent to acquisition		32
Gross amounts of land		1,542
Gross amounts of building and improvements		3,630
Total real estate properties, gross	[1]	5,172
Accumulated depreciation	[2]	$ 265
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,964
Depreciable life (in years)	[5]	19 years
Chicago, IL 1455-1645 Greenleaf Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,926
Initial cost of building and improvements		5,137
Costs capitalized subsequent to acquisition		151
Gross amounts of land		1,926
Gross amounts of building and improvements		5,288
Total real estate properties, gross	[1]	7,214
Accumulated depreciation	[2]	$ 310
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,968
Depreciable life (in years)	[5]	21 years
Chicago, IL 28160 North Keith Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,614
Initial cost of building and improvements		1,643
Costs capitalized subsequent to acquisition
Gross amounts of land		1,614
Gross amounts of building and improvements		1,643
Total real estate properties, gross	[1]	3,257
Accumulated depreciation	[2]	$ 132
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,989
Depreciable life (in years)	[5]	16 years
Chicago, IL 13970 West Laurel Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,447
Initial cost of building and improvements		1,377
Costs capitalized subsequent to acquisition
Gross amounts of land		1,447
Gross amounts of building and improvements		1,377
Total real estate properties, gross	[1]	2,824
Accumulated depreciation	[2]	$ 137
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,990
Depreciable life (in years)	[5]	14 years
Chicago, IL 3841-3865 Swanson Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,640
Initial cost of building and improvements		2,247
Costs capitalized subsequent to acquisition		22
Gross amounts of land		1,640
Gross amounts of building and improvements		2,269
Total real estate properties, gross	[1]	3,909
Accumulated depreciation	[2]	$ 168
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,978
Depreciable life (in years)	[5]	17 years
Chicago, IL 1750 South Lincoln Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		489
Initial cost of building and improvements		9,270
Costs capitalized subsequent to acquisition		44
Gross amounts of land		489
Gross amounts of building and improvements		9,314
Total real estate properties, gross	[1]	9,803
Accumulated depreciation	[2]	$ 503
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	2,001
Depreciable life (in years)	[5]	24 years
Chicago, IL 440 South McLean Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,332
Initial cost of building and improvements		2,248
Costs capitalized subsequent to acquisition		1
Gross amounts of land		1,332
Gross amounts of building and improvements		2,249
Total real estate properties, gross	[1]	3,581
Accumulated depreciation	[2]	$ 176
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1968/1998
Depreciable life (in years)	[5]	15 years
Chicago, IL 1600 Fleetwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		2,699
Initial cost of building and improvements		9,530
Costs capitalized subsequent to acquisition
Gross amounts of land		2,699
Gross amounts of building and improvements		9,530
Total real estate properties, gross	[1]	12,229
Accumulated depreciation	[2]	$ 346
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	1,968
Depreciable life (in years)	[5]	23 years
Chicago, IL 3 West College Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		728
Initial cost of building and improvements		1,531
Costs capitalized subsequent to acquisition
Gross amounts of land		728
Gross amounts of building and improvements		1,531
Total real estate properties, gross	[1]	2,259
Accumulated depreciation	[2]	$ 52
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	1,978
Depreciable life (in years)	[5]	26 years
Indianapolis, IN 3035 North Shadeland Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,966
Initial cost of building and improvements		11,740
Costs capitalized subsequent to acquisition		128
Gross amounts of land		1,966
Gross amounts of building and improvements		11,868
Total real estate properties, gross	[1]	13,834
Accumulated depreciation	[2]	$ 1,114
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1962/2004
Depreciable life (in years)	[5]	17 years
Indianapolis, IN 3169 North Shadeland Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		148
Initial cost of building and improvements		884
Costs capitalized subsequent to acquisition		2
Gross amounts of land		148
Gross amounts of building and improvements		886
Total real estate properties, gross	[1]	1,034
Accumulated depreciation	[2]	$ 133
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1979/2014
Depreciable life (in years)	[5]	17 years
South Bend, IN 5861 W. Cleveland Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		234
Initial cost of building and improvements		1,966
Costs capitalized subsequent to acquisition
Gross amounts of land		234
Gross amounts of building and improvements		1,966
Total real estate properties, gross	[1]	2,200
Accumulated depreciation	[2]	$ 130
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,994
Depreciable life (in years)	[5]	27 years
South Bend, IN West Brick Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		381
Initial cost of building and improvements		3,209
Costs capitalized subsequent to acquisition		65
Gross amounts of land		381
Gross amounts of building and improvements		3,274
Total real estate properties, gross	[1]	3,655
Accumulated depreciation	[2]	$ 212
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,998
Depreciable life (in years)	[5]	27 years
South Bend, IN 4491 N. Mayflower Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		289
Initial cost of building and improvements		2,422
Costs capitalized subsequent to acquisition
Gross amounts of land		289
Gross amounts of building and improvements		2,422
Total real estate properties, gross	[1]	2,711
Accumulated depreciation	[2]	$ 160
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	2,000
Depreciable life (in years)	[5]	27 years
South Bend, IN 5855 West Carbonmill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		743
Initial cost of building and improvements		6,269
Costs capitalized subsequent to acquisition
Gross amounts of land		743
Gross amounts of building and improvements		6,269
Total real estate properties, gross	[1]	7,012
Accumulated depreciation	[2]	$ 412
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	2,002
Depreciable life (in years)	[5]	27 years
South Bend, IN 4955 Ameritech Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		856
Initial cost of building and improvements		7,251
Costs capitalized subsequent to acquisition
Gross amounts of land		856
Gross amounts of building and improvements		7,251
Total real estate properties, gross	[1]	8,107
Accumulated depreciation	[2]	$ 475
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	2,004
Depreciable life (in years)	[5]	27 years
Jacksonville, FL Center Point Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		9,848
Initial cost of building and improvements		26,411
Costs capitalized subsequent to acquisition
Gross amounts of land		9,848
Gross amounts of building and improvements		26,411
Total real estate properties, gross	[1]	36,259
Accumulated depreciation	[2]	$ 84
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	1990-1997
Depreciable life (in years)	[5]	35 years
Jacksonville, FL Liberty Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		9,347
Initial cost of building and improvements		26,978
Costs capitalized subsequent to acquisition
Gross amounts of land		9,347
Gross amounts of building and improvements		26,978
Total real estate properties, gross	[1]	36,325
Accumulated depreciation	[2]	$ 85
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	1996-1999
Depreciable life (in years)	[5]	38 years
Jacksonville, FL Salisbury Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		4,354
Initial cost of building and improvements		9,049
Costs capitalized subsequent to acquisition
Gross amounts of land		4,354
Gross amounts of building and improvements		9,049
Total real estate properties, gross	[1]	13,403
Accumulated depreciation	[2]	$ 32
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	2001-2012
Depreciable life (in years)	[5]	32 years
Florence, KY 7585 Empire Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		644
Initial cost of building and improvements		2,658
Costs capitalized subsequent to acquisition		11
Gross amounts of land		644
Gross amounts of building and improvements		2,669
Total real estate properties, gross	[1]	3,313
Accumulated depreciation	[2]	$ 1,143
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,973
Depreciable life (in years)	[5]	11 years
Portland, ME 56 Milliken Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,418
Initial cost of building and improvements		7,482
Costs capitalized subsequent to acquisition		393
Gross amounts of land		1,418
Gross amounts of building and improvements		7,875
Total real estate properties, gross	[1]	9,293
Accumulated depreciation	[2]	$ 2,003
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1966/1995, 2005, 2013
Depreciable life (in years)	[5]	20 years
Marlton, NJ 4 East Stow Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,580
Initial cost of building and improvements		6,954
Costs capitalized subsequent to acquisition		46
Gross amounts of land		1,580
Gross amounts of building and improvements		7,000
Total real estate properties, gross	[1]	8,580
Accumulated depreciation	[2]	$ 1,831
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,986
Depreciable life (in years)	[5]	22 years
Cincinnati, OH Mosteller Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,501
Initial cost of building and improvements		9,424
Costs capitalized subsequent to acquisition
Gross amounts of land		1,501
Gross amounts of building and improvements		9,424
Total real estate properties, gross	[1]	10,925
Accumulated depreciation	[2]	$ 3,146
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,959
Depreciable life (in years)	[5]	14 years
Cincinnati, OH 4115 Thunderbird Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		275
Initial cost of building and improvements		2,093
Costs capitalized subsequent to acquisition		56
Gross amounts of land		275
Gross amounts of building and improvements		2,149
Total real estate properties, gross	[1]	2,424
Accumulated depreciation	[2]	$ 509
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,991
Depreciable life (in years)	[5]	22 years
Cincinnati, OH Fisher Industrial Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		4,147
Initial cost of building and improvements		18,147
Costs capitalized subsequent to acquisition		10
Gross amounts of land		4,147
Gross amounts of building and improvements		18,157
Total real estate properties, gross	[1]	22,304
Accumulated depreciation	[2]	$ 199
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	1,946
Depreciable life (in years)	[5]	20 years
Cleveland, OH 1755 Enterprise Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,411
Initial cost of building and improvements		12,281
Costs capitalized subsequent to acquisition		775
Gross amounts of land		1,411
Gross amounts of building and improvements		13,056
Total real estate properties, gross	[1]	14,467
Accumulated depreciation	[2]	$ 2,266
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1979/2005
Depreciable life (in years)	[5]	27 years
Cleveland, OH 30339 Diamond Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		2,815
Initial cost of building and improvements		22,792
Costs capitalized subsequent to acquisition		7
Gross amounts of land		2,815
Gross amounts of building and improvements		22,799
Total real estate properties, gross	[1]	25,614
Accumulated depreciation	[2]	$ 2,019
Year acquired		Dec. 31, 2018
Year built/renovated	[4]	2,007
Depreciable life (in years)	[5]	34 years
Columbus, OH 3500 Southwest Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,488
Initial cost of building and improvements		16,730
Costs capitalized subsequent to acquisition		1,939
Gross amounts of land		1,488
Gross amounts of building and improvements		18,669
Total real estate properties, gross	[1]	20,157
Accumulated depreciation	[2]	$ 3,757
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,992
Depreciable life (in years)	[5]	22 years
Columbus, OH 3100 Creekside Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,203
Initial cost of building and improvements		9,603
Costs capitalized subsequent to acquisition		342
Gross amounts of land		1,203
Gross amounts of building and improvements		9,945
Total real estate properties, gross	[1]	11,148
Accumulated depreciation	[2]	$ 1,777
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	2,004
Depreciable life (in years)	[5]	27 years
Columbus, OH 8288 Green Meadows Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		1,107
Initial cost of building and improvements		8,413
Costs capitalized subsequent to acquisition		15
Gross amounts of land		1,107
Gross amounts of building and improvements		8,428
Total real estate properties, gross	[1]	9,535
Accumulated depreciation	[2]	$ 2,451
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,988
Depreciable life (in years)	[5]	17 years
Columbus, OH 8273 Green Meadows Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		341
Initial cost of building and improvements		2,266
Costs capitalized subsequent to acquisition		158
Gross amounts of land		341
Gross amounts of building and improvements		2,424
Total real estate properties, gross	[1]	2,765
Accumulated depreciation	[2]	$ 511
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1996/2007
Depreciable life (in years)	[5]	27 years
Columbus, OH 7001 American Pkwy
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		331
Initial cost of building and improvements		1,416
Costs capitalized subsequent to acquisition		82
Gross amounts of land		331
Gross amounts of building and improvements		1,498
Total real estate properties, gross	[1]	1,829
Accumulated depreciation	[2]	$ 394
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1986/2007 & 2012
Depreciable life (in years)	[5]	20 years
Columbus, OH 2120-2138 New World Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		400
Initial cost of building and improvements		3,007
Costs capitalized subsequent to acquisition
Gross amounts of land		400
Gross amounts of building and improvements		3,007
Total real estate properties, gross	[1]	3,407
Accumulated depreciation	[2]	$ 281
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,971
Depreciable life (in years)	[5]	18 years
Jackson, TN 210 American Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		928
Initial cost of building and improvements		10,442
Costs capitalized subsequent to acquisition		74
Gross amounts of land		928
Gross amounts of building and improvements		10,516
Total real estate properties, gross	[1]	11,444
Accumulated depreciation	[2]	$ 3,801
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1967/1981 & 2012
Depreciable life (in years)	[5]	13 years
Memphis, TN 6005, 6045 & 6075 Shelby Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		488
Initial cost of building and improvements		4,919
Costs capitalized subsequent to acquisition		476
Gross amounts of land		488
Gross amounts of building and improvements		5,395
Total real estate properties, gross	[1]	5,883
Accumulated depreciation	[2]	$ 1,392
Year acquired		Dec. 31, 2014
Year built/renovated	[4]	1,989
Depreciable life (in years)	[5]	19 years
Memphis, TN 3635 Knight Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		422
Initial cost of building and improvements		2,820
Costs capitalized subsequent to acquisition		26
Gross amounts of land		422
Gross amounts of building and improvements		2,846
Total real estate properties, gross	[1]	3,268
Accumulated depreciation	[2]	$ 238
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,986
Depreciable life (in years)	[5]	18 years
Memphis, TN Airport Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[6]
Initial costs of land		1,511
Initial cost of building and improvements		4,352
Costs capitalized subsequent to acquisition		98
Gross amounts of land		1,511
Gross amounts of building and improvements		4,450
Total real estate properties, gross	[1]	5,961
Accumulated depreciation	[2]	$ 480
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1985/1989
Depreciable life (in years)	[5]	26 years
Milwaukee, WI 5110 South 6th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]
Initial costs of land		689
Initial cost of building and improvements		1,014
Costs capitalized subsequent to acquisition		101
Gross amounts of land		689
Gross amounts of building and improvements		1,115
Total real estate properties, gross	[1]	1,804
Accumulated depreciation	[2]	$ 103
Year acquired		Dec. 31, 2017
Year built/renovated	[4]	1,972
Depreciable life (in years)	[5]	16 years
[1]	Total does not include corporate office leasehold improvements of $326.
[2]	Total does not include accumulated depreciation related to corporate office leasehold improvements of $38.
[3]	These properties secure the $293,108 Secured Debt.
[4]	Renovations means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems.
[5]	Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-34 years for buildings and 3-13 years for improvements.
[6]	These properties secure the $28,550 borrowings under the line of credit agreement.

Schedule III Real Estate Prop_2

Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
Real Estate
Balance at the beginning of the year	$ 303,402		$ 139,086
Additions during the year	153,305		164,316
Deductions due to sale of real estate	(4,097)
Balance at the end of the year	452,610	[1]	303,402
Accumulated Depreciation
Balance at the beginning of the year	25,013		16,027
Depreciation expense	16,477		8,986
Deductions due to sale of real estate	(211)
Balance at the end of the year	$ 41,279	[2]	$ 25,013
[1]	Total does not include corporate office leasehold improvements of $326.
[2]	Total does not include accumulated depreciation related to corporate office leasehold improvements of $38.