Plymouth Industrial REIT (PLYM) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	0001515816
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Interactive Data Current	Yes
Entity Incorporation Code	MD
Entity File Number	27-5466153
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 Common Stock, Shares Outstanding		8,754,782
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Real estate properties	$ 474,734	$ 452,610
Less Accumulated depreciation	(51,676)	(41,279)
Real estate properties, net	423,058	411,331
Cash	13,044	5,394
Cash held in escrow	8,775	7,808
Restricted cash	2,375	1,759
Deferred lease intangibles, net	34,931	37,940
Other assets	10,525	5,931
Total assets	492,708	470,163
Liabilities
Secured debt, net	287,990	288,993
Borrowings under line of credit, net		28,187
Accounts payable, accrued expenses and other liabilities	26,577	21,996
Deferred lease intangibles, net	6,393	7,067
Total liabilities	320,960	346,243
Equity (deficit):
Common stock	88	49
Additional paid-in capital	177,557	126,327
Accumulated deficit	(143,406)	(137,983)
Total stockholders' equity (deficit)	34,239	(11,607)
Non-controlling interest	12,648	14,467
Total equity	46,887	2,860
Total liabilities, preferred stock and equity	492,708	470,163
Series A Preferred Stock
Liabilities
Preferred stock	48,868	48,868
Series B Preferred Stock
Liabilities
Preferred stock	$ 75,993	$ 72,192

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
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	8,754,782	4,821,876
Common stock, shares outstanding	8,754,782	4,821,876
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	4,411,764
Preferred stock, shares outstanding	4,411,764	4,411,764
Preferred stock, liquidation preference	$ 97,183	$ 96,689

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Rental revenue	$ 17,022	$ 11,976	$ 33,684	$ 23,406
Other revenue		71		521
Total revenues	17,022	12,047	33,684	23,927
Operating expenses
Property	6,034	3,787	12,296	8,240
Depreciation and amortization	8,476	6,444	16,908	12,986
General and administrative	1,691	1,533	3,337	2,953
Total operating expenses	16,201	11,764	32,541	24,179
Other expense:
Interest expense	(3,576)	(4,216)	(7,418)	(8,202)
Loss on extinguishment of debt		(3,601)		(3,601)
Change in fair value of warrant derivative	(102)		(181)	48
Total other expense	(3,678)	(7,817)	(7,599)	(11,755)
Net loss	(2,857)	(7,534)	(6,456)	(12,007)
Less: loss attributable to non-controlling interest	(380)	(829)	(1,033)	(1,292)
Net loss attributable to Plymouth Industrial REIT, Inc.	(2,477)	(6,705)	(5,423)	(10,715)
Less: Preferred stock dividends	1,566	956	3,132	1,912
Less: Series B Preferred stock accretion to redemption value	1,901		3,801
Less: amount allocated to participating securities	58	46	115	107
Net loss attributable to common stockholders	$ (6,002)	$ (7,707)	$ (12,471)	$ (12,734)
Net loss per share attributable to common stockholders	$ (0.88)	$ (2.27)	$ (2.15)	$ (3.61)
Weighted-average common shares outstanding basic and diluted	6,835,878	3,400,012	5,787,600	3,522,959

Condensed Consolidated Statem_2

Condensed 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, 2017	2,040,000		3,819,201
Beginning balance, value at Dec. 31, 2017	$ 48,931		$ 39	$ 123,270	$ (119,213)	$ 4,096	$ 7,115	$ 11,211
Series A Preferred stock offering costs	$ (53)
Stock based compensation				200		200		200
Dividends and distributions				(2,290)		(2,290)	(158)	(2,448)
Repurchase and retirement of common stock, shares			(263,158)
Repurchase and retirement of common stock, value			$ (3)	(4,997)	(54)	(5,054)		(5,054)
Net loss					(4,010)	(4,010)	(463)
Ending balance, shares at Mar. 31, 2018	2,040,000		3,556,043
Ending balance, value at Mar. 31, 2018	$ 48,878		$ 36	116,183	(123,277)	(7,058)	6,494	(564)
Beginning balance, shares at Dec. 31, 2017	2,040,000		3,819,201
Beginning balance, value at Dec. 31, 2017	$ 48,931		$ 39	123,270	(119,213)	4,096	7,115	11,211
Series B Preferred stock accretion to redemption value
Net proceeds from common stock, value								(8)
Net loss								(12,007)
Ending balance, shares at Jun. 30, 2018	2,040,000		3,556,043
Ending balance, value at Jun. 30, 2018	$ 48,868		$ 36	114,085	(129,982)	(15,861)	5,507	(10,354)
Beginning balance, shares at Dec. 31, 2017	2,040,000		3,819,201
Beginning balance, value at Dec. 31, 2017	$ 48,931		$ 39	123,270	(119,213)	4,096	7,115	11,211
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
Beginning balance, shares at Mar. 31, 2018	2,040,000		3,556,043
Beginning balance, value at Mar. 31, 2018	$ 48,878		$ 36	116,183	(123,277)	(7,058)	6,494	(564)
Series B Preferred stock accretion to redemption value
Series A Preferred stock offering costs	$ (10)
Common stock offering costs				(8)		(8)		(8)
Stock based compensation				200		200		200
Dividends and distributions				(2,290)		(2,290)	(158)	(2,448)
Net loss					(6,705)	(6,705)	(829)	(7,534)
Ending balance, shares at Jun. 30, 2018	2,040,000		3,556,043
Ending balance, value at Jun. 30, 2018	$ 48,868		$ 36	114,085	(129,982)	(15,861)	5,507	(10,354)
Beginning balance, shares at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	126,327	(137,983)	(11,607)	14,467	2,860
Series B Preferred stock accretion to redemption value		$ 1,900		(1,900)		(1,900)		(1,900)
Net proceeds from common stock, shares			278,302
Net proceeds from common stock, value			$ 2	4,513		4,515		4,515
Stock based compensation				288		288		288
Restricted shares issued			29,192
Dividends and distributions				(3,489)		(3,489)	(393)	(3,882)
Net loss					(2,946)	(2,946)	(653)	(3,599)
Ending balance, shares at Mar. 31, 2019	2,040,000	4,411,764	5,129,370
Ending balance, value at Mar. 31, 2019	$ 48,868	$ 74,092	$ 51	125,739	(140,929)	(15,139)	13,421	(1,718)
Beginning balance, shares at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	126,327	(137,983)	(11,607)	14,467	2,860
Series B Preferred stock accretion to redemption value								(3,801)
Net proceeds from common stock, value								62,788
Net loss								(6,456)
Ending balance, shares at Jun. 30, 2019	2,040,000	4,411,764	8,754,782
Ending balance, value at Jun. 30, 2019	$ 48,868	$ 75,993	$ 88	177,557	(143,406)	34,239	12,648	46,887
Beginning balance, shares at Mar. 31, 2019	2,040,000	4,411,764	5,129,370
Beginning balance, value at Mar. 31, 2019	$ 48,868	$ 74,092	$ 51	125,739	(140,929)	(15,139)	13,421	(1,718)
Series B Preferred stock accretion to redemption value		$ 1,901		(1,901)		(1,901)		(1,901)
Net proceeds from common stock, shares			3,572,017
Net proceeds from common stock, value			$ 36	58,237		58,237		58,237
Stock based compensation				305		305		305
Restricted shares issued			53,395
Restricted shares issued value			$ 1			1		1
Dividends and distributions				(4,823)		(4,823)	(393)	(5,216)
Net loss					(2,477)	(2,477)	(380)	(2,857)
Ending balance, shares at Jun. 30, 2019	2,040,000	4,411,764	8,754,782
Ending balance, value at Jun. 30, 2019	$ 48,868	$ 75,993	$ 88	$ 177,557	$ (143,406)	$ 34,239	$ 12,648	$ 46,887

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net loss	$ (6,456)	$ (12,007)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,908	12,986
Straight line rent adjustment	(481)	(818)
Intangible amortization in rental revenue , net	(685)	(717)
Loss on extinguishment of debt		3,601
Amortization of debt issuance cost	508	1,660
Change in fair value of warrant derivative	181	(48)
Stock based compensation	593	400
Changes in operating assets and liabilities:
Other assets	(3,856)	(1,830)
Deferred leasing costs	(995)	(571)
Accounts payable, accrued expenses and other liabilities	1,304	169
Net cash provided by operating activities	7,021	2,825
Investing activities
Acquisition of properties	(22,686)	(16,896)
Real estate improvements	(1,802)	(1,668)
Net cash used in investing activities	(24,488)	(18,564)
Financing activities
Net proceeds from common stock	62,788	(8)
Additional offering costs of preferred stock		(63)
Proceeds from issuance of secured debt	63,115	57,200
Repayment of secured debt	(63,304)
Repayment of mezzanine debt		(34,698)
Proceeds from credit facility	6,697	18,825
Repayment of credit facility	(35,250)	(21,000)
Debt issuance costs	(1,208)	(1,602)
Repurchase of common stock		(5,054)
Dividends paid	(6,138)	(4,896)
Net cash provided by (used in) financing activities	26,700	8,704
Net decrease in cash and cash held in escrow and restricted cash	9,233	(7,035)
Cash and cash held in escrow and restricted cash at beginning of year	14,961	19,163
Cash and cash held in escrow and restricted cash at end of year	24,194	12,128
Supplemental Cash Flow Disclosures:
Interest paid	7,003	6,542
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in dividends payable	4,847	2,290
Distribution payable to non-controlling interest holder	393	158
Series B accretion to redemption value	3,801
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	316	350
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 59

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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”, “we” 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 June 30, 2019 and December 31, 2018, the Company owned an 89.3% and 82.2%, respectively, 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 June 30, 2019, the Company, through its subsidiaries, owns 57 industrial properties comprising approximately 12.5 million square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, 2018 and 2017. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows: Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. It is suggested that these interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2018 and 2017 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the United States Securities and Exchange Commission on March 7, 2019. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or business acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Reclassifications Tenant recoveries totaling $2,957 and $5,903 on the Company’s condensed consolidated Statements of Operations for the three and six months ended June 30, 2018, respectively, were reclassified into rental revenue due to the adoption of ASU 2016-02, Leases (“ASU 2016-02”). The change in the fair market value of our common stock warrants totaling $0 and $48 for the three and six months ending June 30, 2018, respectively, were reclassified to Other expense - Change in fair value of warrant derivative from Operating expenses - General and administrative on the Company’s condensed consolidated Statements of Operations. 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. 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 revenue 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 June 30, 2019 and December 31, 2018 the Company did not recognize an allowance for doubtful accounts. The Company incurred write-offs of $26 and $0 during the six months ended June 30, 2019 and 2018, respectively. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet. For the six months ended June 30, 2019 and 2018, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Period Ended Period Ended June 30, June 30, 2019 2018 Income from lease $ 24,469 $ 15,968 Straight-line rent adjustment 481 818 Tenant recoveries 8,049 5,903 Amortization of above market leases (319 ) (270 ) Amortization of below market leases 1,004 987 Total $ 33,684 $ 23,406 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 June 30, 2019 and December 31, 2018. 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 improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of June 30, 2019, 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 condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: June 30, December 31, 2019 2018 Cash as presented on balance sheet $ 13,044 $ 5,394 Cash held in escrow as presented on balance sheet 8,775 7,808 Restricted cash as presented on balance sheet 2,375 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 24,194 $ 14,961 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 June 30, 2019 and December 31, 2018. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at June 30, 2019 and December 31, 2018, respectively, as discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $7,441 and $6,232 at June 30, 2019 and December 31, 2018, respectively, and related accumulated amortization amounted to $2,254 and $1,754 at June 30, 2019 and December 31, 2018, respectively. Unamortized debt issuance costs amounted to $5,187 and $4,478 at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019, the balance under the line of credit is $0. The Company reclassed net unamortized debt issuance costs of $257 related to the Line of Credit Agreement from Borrowings under line of credit, net to Other assets in the condensed consolidated balance sheet. 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 periods ended June 30, 2019 and 2018. 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 are marked 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 using interest rates that management believes reflect the risks associated with debt instruments of similar risk and duration. Earnings per Share The Company follows the two-class method when computing net loss per share of common stock as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 and various subsequent ASU’s, which require a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. The new standard also requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. We adopted ASU 2016-02 effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, Leases (Topic 842): Targeted Improvements For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our condensed consolidated balance sheets as of June 30, 2019, upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $2,096 on the condensed consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. The adoption of ASU 2016-02 did not have a material impact on our condensed consolidated statements of operations as we elected to adopt the standard effective January 1, 2019 using the modified retrospective transition approach, with no restatement of prior periods presented. The Company includes the right of use asset within other assets and the corresponding lease liability within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheet. For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the condensed consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at June 30, 2019 and December 31, 2018: June 30, December 31, 2019 2018 Land $ 96,139 $ 92,628 Buildings, building improvements and tenant improvements 343,715 325,933 Site improvements 34,317 33,270 Construction in process 563 779 474,734 452,610 Less accumulated depreciation (51,676 ) (41,279 ) Real estate properties $ 423,058 $ 411,331 Depreciation expense was $10,397 and $7,796 for the six months ended June 30, 2019 and 2018, respectively. Acquisition of Properties The Company made the following acquisitions of property during the six months ended June 30, 2019: 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 June 10, 2019, the Company acquired a single Class B industrial property, consisting of approximately 485,000 square feet, located in Indianapolis, Indiana for an aggregate purchase price of approximately $17,100. 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 Total Purchase Price Purchase price $ 22,525 Acquisition costs 161 Total $ 22,686 Allocation of Purchase Price Land $ 3,511 Building 15,572 Site improvements 1,047 Total real estate properties 20,130 Deferred lease intangibles Tenant relationships 581 Leasing commissions 475 Lease in place value 1,825 Total deferred lease intangibles 2,881 Deferred lease intangibles Below market lease value (325 ) Totals $ 22,686

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	4. Leases As a Lessor We lease our properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses are recognized in Rental revenue As of June 30, 2019, undiscounted future minimum rental receipts due under non-cancellable operating leases for each of the next five years and total thereafter were as follows (in thousands): Future Minimum 2019 $ 24,251 2020 43,720 2021 33,211 2022 24,448 2023 20,151 Thereafter 37,810 Total minimum rental receipts $ 183,591 These amounts do not reflect future rental revenue from the renewal or replacement of existing leases and excludes tenant recoveries and rental increases that are not fixed or indexed to CPI. As a Lessee At June 30, 2019, we have two, non-cancelable office space operating leases. These leases have remaining lease terms ranging from 5.2 years to 5.8 years. The lease agreements do not contain residual value guarantees or an option to renew. As of June 30, 2019, total right of use assets and lease liabilities were approximately $2,119 and $2,132, respectively. In arriving at the lease liability as of June 30, 2019, we applied a weighted-average incremental borrowing rate of 5.4% over the weighted-average remaining lease term of 5.7 years. The incremental borrowing rate is the rate equal to the closest borrowing under the KeyBank line of credit agreement. The following table summarizes the operating lease expense recognized during the three and six months ended June 30, 2019 included in the Company’s condensed consolidated statements of operations. Three months ended Six months ended June 30, June 30, 2019 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 110 $ 215 The following table summarizes supplemental cash flow information related to operating leases recognized during the three and six months ended June 30, 2019 in the Company’s condensed consolidated statements of cash flows. Three months ended Six months ended June 30, June 30, 2019 2019 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 102 $ 202 The following table summarizes the minimum rental commitments under our non-cancelable leases, which is discounted by our incremental borrowing rate to calculate the lease liability for the operating leases in which we are the lessee (in thousands): June 30, December 31, 2019 2018 2019 $ 202 $ 378 2020 423 385 2021 431 393 2022 439 400 2023 448 407 Thereafter 547 519 Total undiscounted rental commitments 2,490 $ 2,482 Present value adjustment using incremental borrowing rate 358 Total lease liability $ 2,132 As of June 30, 2019 and December 31, 2018, the Company had no finance leases.

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Borrowing Arrangements	5. Borrowing Arrangements 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 June 30, 2019 and December 31, 2018, there was $120,000 of indebtedness outstanding under the AIG Loan. The AIG Loan bears interest at 4.08% per annum and has a seven-year term maturing in October, 2023. The AIG Loan provides for monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period. The borrowings under the AIG Loan are secured by first lien mortgages on the properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC. 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 June 30, 2019. The Company has no right to prepay all or any part of the AIG Loan before November 1, 2019. Following that date, up to three secured properties can be repaid in full, subject to paying a premium equal to the greater of (a) 1% of the outstanding principal and (b) the present value of the note as defined in the AIG Loan. Borrowings outstanding amounted to $117,546 and $117,263, net of $2,454 and $2,737 of unamortized debt issuance costs at June 30, 2019 and December 31, 2018, 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 provided 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 June 30, 2019. Borrowings outstanding amounted to $21,096 and $21,133, net of $339 and $367 of unamortized debt issuance costs at June 30, 2019 and December 31, 2018, respectively. Transamerica Loan On July 10, 2018, certain wholly-owned subsidiaries (the “Borrowers”) of Plymouth Industrial REIT, Inc. (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, 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. There are no events of default as of June 30, 2019. Borrowings outstanding amounted to $73,526 and $73,609, net of $1,094 and $1,011 of unamortized debt issuance costs at June 30, 2019 and December 31, 2018, respectively. 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 certain financial covenants, 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. There are no trigger or default events as of June 30, 2019. Borrowings outstanding amounted to $13,749 and $13,873 at June 30, 2019 and December 31, 2018, respectively. Allianz Loan On March 21, 2019, certain wholly-owned subsidiaries (the “Borrowers”) of Plymouth Industrial REIT, Inc. (the “Company”) entered into a loan agreement (the “Allianz Loan”) with Allianz Life Insurance Company of North America providing for commercial mortgage loans to the Borrowers in the aggregate principal amount of $63,115. The Allianz Loan matures on April 10, 2026 and bears interest at the fixed rate of 4.07% per annum. The promissory note (the “Note”) evidencing the Allianz Loan require the Borrowers to make monthly interest-only payments through April 2022 and thereafter the Note requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Allianz Loan at any time, subject to paying a premium equal to the greater of (i) one percent (1%) of the amount of the Principal Indebtedness being prepaid and (ii) the difference between (A) the present value at the time of prepayment of the remaining scheduled monthly payments plus the present value at the time of prepayment of the final installment of principal and interest due on the Maturity Date, both discounted on a monthly basis at the Index Rate (as defined in the Note), and (B) the unpaid principal balance of the Note at the time of prepayment, but not less than zero. The Allianz Loan 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. There are no trigger or default events as of June 30, 2019. Borrowings outstanding amounted to $62,072, net of $1,043 of unamortized debt issuance costs at June 30, 2019. 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 June 30, 2019 the interest rate was approximately 5.1%. The Line of Credit Agreement 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 June 30, 2019. 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 $0 and $28,550, offset by unamortized debt issuance costs of $363 at December 31, 2018. Borrowings available under the Line of Credit Agreement amounted to $44,907, net of a letter of credit totaling $93, at June 30, 2019. 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 provided for a secured loan in the amount of $63,115. On March 21, 2019, the Company used the proceeds of the Allianz Loan, along with additional working capital, to repay in full the KeyBank Bridge Loan.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Common Stock	6. Common Stock 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. 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 used the net proceeds of the public offering to acquire additional industrial properties, working capital and other general purposes. During May 2019, the Company completed a follow-on public offering of 3,425,000 shares of common stock, including 425,000 shares of common stock issued upon exercise of the underwriters’ overallotment option, at $17.50 per share resulting in net proceeds of approximately $55,853. The Company used the net proceeds of the public offering to acquire additional industrial properties, pay down the line of credit, working capital and other general purposes. ATM Program 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 a “at-the-market equity offering program” (the “ATM program”). During the six months ended June 30, 2019, the Company sold 425,319 securities for a weighted average share price of $16.69 under the ATM program, resulting in net proceeds of approximately $6,931, of which 147,017 shares were sold in the quarter ended June 30, 2019. As of June 30, 2019, the Company had approximately $42,903 remaining that may be issued under the ATM program. Common Stock Warrants On June 14, 2017, the Company issued warrants to an affiliate of 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. Due to the Company’s subsequent common stock issuances, the outstanding warrants have increased to 296,177 shares at a strike price of $19.41 per share at June 30, 2019. The warrants are accounted for as a liability on the accompanying condensed consolidated balance sheet as they contain provisions that are considered outside of the Company’s control, such as the holders’ option to receive cash in lieu and other securities in the event of a reorganization of the Company’s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. A roll-forward of the warrants is as follows: Balance at January 1, 2019 $ 112 Change in fair value 181 Balance at June 30, 2019 $ 293 The warrants in the amount of $293 at June 30, 2019 represent their fair value determined using a Monte-Carlo option pricing model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $19.41, volatility of 18.1%, an expected annual dividend of $1.50, a term of 2.94 years and an annual risk-free interest rate of 1.71%. 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 fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. The warrants have an expiration date of June 13, 2022. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented since the Company recorded a net loss during the six months ended June 30, 2019 and 2018. Common Stock Dividends The following table sets forth the common stock distributions that were declared during the six months ended June 30, 2019 and the year ended December 31, 2018. Cash Dividends Aggregate 2019 First quarter $ 0.3750 $ 1,923 Second quarter $ 0.3750 $ 3,257 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

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Preferred Stock	7. Preferred Stock Series A Preferred Stock The table below sets forth the Company’s outstanding Series A Preferred Stock issuances as of June 30, 2019: Preferred Stock Issuance Issuance Number Liquidation Value Dividend 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25 7.5% The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the six months ended June 30, 2019 and the year ended December 31, 2018. Cash Dividends Aggregate 2019 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 2018 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 Third quarter $ 0.46875 $ 956 Fourth quarter $ 0.46875 $ 956 Series B Preferred Stock The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock issuances as of June 30, 2019. Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible Redeemable Preferred Stock 12/14/2018 4,411,764 $ 22.03 3.25% The following table sets forth the Series B preferred stock that were declared during the six months ended June 30, 2019 and the year ended December 31, 2018. The Company did not pay any dividends prior to the closing of the offering of its Series B Preferred Stock on December 14, 2018. Cash Dividends Aggregate 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 2018 Fourth quarter (commencing December 14, 2018 to December 31, 2018) $ 0.02609 $ 115

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Non-Controlling Interests	8. Non-Controlling Interests 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 during the six months ended June 30, 2019 and the year ended December 31, 2018. Cash Distributions Aggregate 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 2018 First quarter $ 0.375 $ 158 Second quarter $ 0.375 $ 158 Third quarter $ 0.375 $ 158 Fourth quarter $ 0.375 (1) $ 357 ____________________ (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. The proportionate share of the loss attributed to the partnership units was $380 and $829 for the three months ending June 30, 2019 and 2018, respectively, and $1,033 and $1,292 for the six months ending June 30, 2019 and 2018, respectively.

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	9. Incentive Award Plan The following table is a summary of the total restricted shares granted, forfeited and vested for the six months ended June 30, 2019: Shares Unvested restricted stock at January 1, 2019 124,051 Granted 82,587 Forfeited — Vested (49,614 ) Unvested restricted stock at June 30, 2019 157,024 The Company recorded equity-based compensation in the amount of $593 and $400 for the six months ended June 30, 2019 and 2018, respectively, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Equity-based compensation expense for shares issued to employees 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 June 30, 2019 was approximately $2,744 and is expected to be recognized over a weighted average period of approximately 3.2 years.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
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: Three months Ended June 30, Six months Ended June 30, 2019 2018 2019 2018 Numerator Net loss $ (2,857 ) $ (7,534 ) $ (6,456 ) $ (12,007 ) Less: loss attributable to non-controlling interest (380 ) (829 ) (1,033 ) (1,292 ) Net loss attributable to Plymouth Industrial REIT, Inc. (2,477 ) (6,705 ) (5,423 ) (10,715 ) Less: Preferred stock dividends 1,566 956 3,132 1,912 Less: Series B Preferred stock accretion to redemption value 1,901 — 3,801 — Less: amount allocated to participating securities 58 46 115 107 Net loss attributable to common stockholders (6,002 ) $ (7,707 ) $ (12,471 ) $ (12,734 ) Denominator Weighted-average common shares outstanding basic and diluted 6,835,878 3,400,012 5,787,600 3,522,959 Net loss per share attributable to common stockholders – basic and diluted $ (0.88 ) $ (2.27 ) $ (2.15 ) $ (3.61 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic EPS calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities at June 30, 2019 include the 296,177 shares of common stock issuable pursuant to the outstanding warrants and 157,024 shares of restricted common stock. The warrant shares and restricted common stock have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, and Executive Vice President and Chief Financial Officer. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $200 to $300 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On August 7, 2019, the Company entered in an amended and restated credit agreement to our Line of Credit Agreement with KeyBank National Association to increase our revolving credit facility to $100,000 with the ability to increase up to $200,000, subject to certain conditions. The amended and restated credit agreement extends the term of the Line of Credit Agreement to August 2023 with two six-month extensions through August 2024. The amended and restated 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 200 and 250 basis points depending on our total leverage ratio. The amended and restated credit agreement contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates. On July 29, 2019, the Company acquired a single Class B industrial property, consisting of approximately 129,000 square feet, located in St. Louis, Missouri for an aggregate purchase price of $5,400. On July 8, 2019, the Company entered into a purchase and sale agreement to acquire a six-property portfolio of Class B industrial properties, consisting of approximately 591,695 square feet, located in Columbus and Cincinnati, Ohio for an aggregate purchase price of $36,200. This pending acquisition is subject to customary closing conditions. As such, there can be no assurance that we will complete the acquisition. On July 18, 2019, the Company entered into a purchase and sale agreement to acquire a single Class B industrial property, consisting of approximately 566,000 square feet, located in Memphis, Tennessee for an aggregate purchase price of $22,050. This pending acquisition is subject to customary closing conditions. As such, there can be no assurance that we will complete the acquisition.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. It is suggested that these interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2018 and 2017 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the United States Securities and Exchange Commission on March 7, 2019.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or business acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
Reclassification	Reclassifications Tenant recoveries totaling $2,957 and $5,903 on the Company’s condensed consolidated Statements of Operations for the three and six months ended June 30, 2018, respectively, were reclassified into rental revenue due to the adoption of ASU 2016-02, Leases (“ASU 2016-02”). The change in the fair market value of our common stock warrants totaling $0 and $48 for the three and six months ending June 30, 2018, respectively, were reclassified to Other expense - Change in fair value of warrant derivative from Operating expenses - General and administrative on the Company’s condensed consolidated Statements of Operations.
Risks and Uncertainties	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.
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 revenue 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 June 30, 2019 and December 31, 2018 the Company did not recognize an allowance for doubtful accounts. The Company incurred write-offs of $26 and $0 during the six months ended June 30, 2019 and 2018, respectively. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet. For the six months ended June 30, 2019 and 2018, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Period Ended Period Ended June 30, June 30, 2019 2018 Income from lease $ 24,469 $ 15,968 Straight-line rent adjustment 481 818 Tenant recoveries 8,049 5,903 Amortization of above market leases (319 ) (270 ) Amortization of below market leases 1,004 987 Total $ 33,684 $ 23,406
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 June 30, 2019 and December 31, 2018. 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 improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of June 30, 2019, 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 condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: June 30, December 31, 2019 2018 Cash as presented on balance sheet $ 13,044 $ 5,394 Cash held in escrow as presented on balance sheet 8,775 7,808 Restricted cash as presented on balance sheet 2,375 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 24,194 $ 14,961
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 June 30, 2019 and December 31, 2018. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at June 30, 2019 and December 31, 2018, respectively, as discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $7,441 and $6,232 at June 30, 2019 and December 31, 2018, respectively, and related accumulated amortization amounted to $2,254 and $1,754 at June 30, 2019 and December 31, 2018, respectively. Unamortized debt issuance costs amounted to $5,187 and $4,478 at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019, the balance under the line of credit is $0. The Company reclassed net unamortized debt issuance costs of $257 related to the Line of Credit Agreement from Borrowings under line of credit, net to Other assets in the condensed consolidated balance sheet.
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 periods ended June 30, 2019 and 2018.
Derivative Instrument	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 are marked 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 using interest rates that management believes reflect the risks associated with debt instruments of similar risk and duration.
Earnings Per Share	Earnings per Share The Company follows the two-class method when computing net loss per share of common stock as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 and various subsequent ASU’s, which require a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. The new standard also requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. We adopted ASU 2016-02 effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, Leases (Topic 842): Targeted Improvements For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our condensed consolidated balance sheets as of June 30, 2019, upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $2,096 on the condensed consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. The adoption of ASU 2016-02 did not have a material impact on our condensed consolidated statements of operations as we elected to adopt the standard effective January 1, 2019 using the modified retrospective transition approach, with no restatement of prior periods presented. The Company includes the right of use asset within other assets and the corresponding lease liability within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheet. For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the condensed consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Rental Revenue Components	Period Ended Period Ended June 30, June 30, 2019 2018 Income from lease $ 24,469 $ 15,968 Straight-line rent adjustment 481 818 Tenant recoveries 8,049 5,903 Amortization of above market leases (319 ) (270 ) Amortization of below market leases 1,004 987 Total $ 33,684 $ 23,406
Schedule of Cash, Cash Equivalents and Restricted Cash	June 30, December 31, 2019 2018 Cash as presented on balance sheet $ 13,044 $ 5,394 Cash held in escrow as presented on balance sheet 8,775 7,808 Restricted cash as presented on balance sheet 2,375 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 24,194 $ 14,961

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	June 30, December 31, 2019 2018 Land $ 96,139 $ 92,628 Buildings, building improvements and tenant improvements 343,715 325,933 Site improvements 34,317 33,270 Construction in process 563 779 474,734 452,610 Less accumulated depreciation (51,676 ) (41,279 ) Real estate properties $ 423,058 $ 411,331
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Purchase Price Total Purchase Price Purchase price $ 22,525 Acquisition costs 161 Total $ 22,686 Allocation of Purchase Price Land $ 3,511 Building 15,572 Site improvements 1,047 Total real estate properties 20,130 Deferred lease intangibles Tenant relationships 581 Leasing commissions 475 Lease in place value 1,825 Total deferred lease intangibles 2,881 Deferred lease intangibles Below market lease value (325 ) Totals $ 22,686

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases	Future Minimum 2019 $ 24,251 2020 43,720 2021 33,211 2022 24,448 2023 20,151 Thereafter 37,810 Total minimum rental receipts $ 183,591
Summary of Operating Lease Costs	Three months ended Six months ended June 30, June 30, 2019 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 110 $ 215
Summary of Supplemental Cash Flow Information Related to Operating Leases	Three months ended Six months ended June 30, June 30, 2019 2019 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 102 $ 202
Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases	June 30, December 31, 2019 2018 2019 $ 202 $ 378 2020 423 385 2021 431 393 2022 439 400 2023 448 407 Thereafter 547 519 Total undiscounted rental commitments 2,490 $ 2,482 Present value adjustment using incremental borrowing rate 358 Total lease liability $ 2,132

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants	Balance at January 1, 2019 $ 112 Change in fair value 181 Balance at June 30, 2019 $ 293
Schedule of Common Stock Dividends Declared	Cash Dividends Aggregate 2019 First quarter $ 0.3750 $ 1,923 Second quarter $ 0.3750 $ 3,257 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

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Preferred Stock Outstanding	Preferred Stock Issuance Issuance Number Liquidation Value Dividend 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25 7.5% Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible Redeemable Preferred Stock 12/14/2018 4,411,764 $ 22.03 3.25%
Schedule of Preferred Stock Dividends Declared	Series A Preferred Stock Cash Dividends Aggregate 2019 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 2018 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 Third quarter $ 0.46875 $ 956 Fourth quarter $ 0.46875 $ 956 Series B Preferred Stock Cash Dividends Aggregate 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 2018 Fourth quarter (commencing December 14, 2018 to December 31, 2018) $ 0.02609 $ 115

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Schedule of Redeemable Non-Controlling Interest	Cash Distributions Aggregate 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 2018 First quarter $ 0.375 $ 158 Second quarter $ 0.375 $ 158 Third quarter $ 0.375 $ 158 Fourth quarter $ 0.375 (1) $ 357

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Shares Activity	Shares Unvested restricted stock at January 1, 2019 124,051 Granted 82,587 Forfeited — Vested (49,614 ) Unvested restricted stock at June 30, 2019 157,024

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings per Share	Three months Ended June 30, Six months Ended June 30, 2019 2018 2019 2018 Numerator Net loss $ (2,857 ) $ (7,534 ) $ (6,456 ) $ (12,007 ) Less: loss attributable to non-controlling interest (380 ) (829 ) (1,033 ) (1,292 ) Net loss attributable to Plymouth Industrial REIT, Inc. (2,477 ) (6,705 ) (5,423 ) (10,715 ) Less: Preferred stock dividends 1,566 956 3,132 1,912 Less: Series B Preferred stock accretion to redemption value 1,901 — 3,801 — Less: amount allocated to participating securities 58 46 115 107 Net loss attributable to common stockholders (6,002 ) $ (7,707 ) $ (12,471 ) $ (12,734 ) Denominator Weighted-average common shares outstanding basic and diluted 6,835,878 3,400,012 5,787,600 3,522,959 Net loss per share attributable to common stockholders – basic and diluted $ (0.88 ) $ (2.27 ) $ (2.15 ) $ (3.61 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	6 Months Ended	12 Months Ended
	Jun. 30, 2019ft²Integer	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership equity interest in Operating Partnership	89.30%	82.20%
Number of industrial properties owned | Integer	57
Industrial properties acquired, approximate square feet | ft²	12,500,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Income from lease	$ 24,469	$ 15,968
Straight-line rent adjustment	481	818
Tenant recoveries	8,049	5,903
Amortization of above market leases	(319)	(270)
Amortization of below market leases	1,004	987
Total	$ 33,684	$ 23,406

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash as presented on balance sheet	$ 13,044	$ 5,394
Cash held in escrow as presented on balance sheet	8,775	7,808
Restricted cash as presented on balance sheet	2,375	1,759
Cash and cash held in escrow and restricted cash as presented on cash flow statement	$ 24,194	$ 14,961	$ 12,128	$ 19,163

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenue Recognition and Tenant Receivables
Write-offs		$ 26	$ 0
Prospective Adoption of New Accounting Pronouncements
Right of use asset		2,119
Debt Issuance Costs
Debt issuance costs		7,441		$ 6,232
Accumulated amortization		2,254		1,754
Unamortized debt issuance costs		5,187		4,478
Line of Credit
Line of credit, balance				28,187
Reclassed unamortized debt issuance costs to other assets		257
Fair Value, Inputs, Level 2
Interest Rate Derivatives, at Fair Value
Fair value of the interest rate cap agreement		0		0
Fair Value, Inputs, Level 3
Equity, Fair Value Disclosure
Fair value of warrants		293		$ 112
ASU 2016-02
Reclassifications
Tenant recoveries reclassed to rental revenue	$ 2,957		5,903
Change in fair market value of common stock warrants	$ 0		$ 48
Prospective Adoption of New Accounting Pronouncements
Right of use asset		$ 2,096

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 96,139	$ 92,628
Buildings, building improvements and tenant improvements	343,715	325,933
Site improvements	34,317	33,270
Construction in process	563	779
Real estate properties at cost	474,734	452,610
Less accumulated depreciation	(51,676)	(41,279)
Real estate properties	$ 423,058	$ 411,331

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Total Purchase Price
Purchase Price	$ 22,525
Acquisition Costs	161
Total	22,686
Allocation of Purchase Price
Land	3,511
Building	15,572
Site Improvements	1,047
Total real estate properties	20,130
Deferred Lease Intangibles
Total deferred lease intangibles	2,881
Below Market Lease Value	(325)
Totals	22,686
Tenant Relationships
Deferred Lease Intangibles
Total deferred lease intangibles	581
Leasing Commission
Deferred Lease Intangibles
Total deferred lease intangibles	475
Lease in Place
Deferred Lease Intangibles
Total deferred lease intangibles	$ 1,825

Real Estate Properties (Details

Real Estate Properties (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)ft²Integer	Jun. 30, 2018USD ($)
Depreciation expense	$ 10,397	$ 7,796
Number of real estate properties acquired | Integer	57
Purchase Price	$ 22,525
Industrial properties acquired, approximate square feet | ft²	12,500,000
Chicago, Illinois - Class B Industrial Property
Number of real estate properties acquired | Integer	1
Purchase Price	$ 5,425
Industrial properties acquired, approximate square feet | ft²	73,785
Indianapolis, Indiana - Class B Industrial Property
Number of real estate properties acquired | Integer	1
Purchase Price	$ 17,100
Industrial properties acquired, approximate square feet | ft²	485,000

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Future minimum rental receipts, 2019	$ 24,251
Future minimum rental receipts, 2020	43,720
Future minimum rental receipts, 2021	33,211
Future minimum rental receipts, 2022	24,448
Future minimum rental receipts, 2023	20,151
Future minimum rental receipts, Thereafter	37,810
Total minimum rental receipts	$ 183,591

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost included in general and administrative expense attributable to corporate office lease	$ 110	$ 215

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 102	$ 202

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Minimum rental commitments, 2019	$ 202	$ 378
Minimum rental commitments, 2020	423	385
Minimum rental commitments, 2021	431	393
Minimum rental commitments, 2022	439	400
Minimum rental commitments, 2023	448	407
Minimum rental commitments, Thereafter	547	519
Total undiscounted rental commitments	2,490	$ 2,482
Present value adjustment using incremental borrowing rate	358
Total lease liability	$ 2,132

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Jun. 30, 2019USD ($)
Operating lease remaining terms	5 years 9 months
Right-of-use assets	$ 2,119
Lease liabilities	$ 2,132
Incremental borrowing rate	5.40%
Minimum
Operating lease remaining terms	5 years 2 months
Maximum
Operating lease remaining terms	5 years 10 months

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Repayment of debt	$ 63,304
Unamortized debt issuance expense	5,187		$ 4,478
KeyBank Bridge Loan
Repayment of debt	63,115
Bridge Loan			63,115
KeyBank National Assocation
Line of credit facility, outstanding balance	0		28,550
Line of credit, available borrowings	44,907
Letter of credit, net	$ 93
Line of credit facility, unamortized debt issuance costs			$ 363
Line of credit maturity date	Aug. 31, 2020		Aug. 31, 2020
Line of credit facility, interest rate	5.10%
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.		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.
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.		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.
Secured Loan | Minnesota Life Loan
Senior secured loan, outstanding debt	$ 21,500		$ 21,500
Interest rate	3.78%		3.78%
Senior secured loan, term	10 years		10 years
Maturity date	May 1, 2028		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.		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.		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.		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.
Proceeds from issuance of debt	$ 21,096		$ 21,133
Unamortized debt issuance expense	339		367
Secured Loan | AIG Asset Management
Senior secured loan, outstanding debt	$ 120,000		$ 120,000
Interest rate	4.08%		4.08%
Senior secured loan, term	7 years		7 years
Maturity date	Oct. 31, 2023		Oct. 31, 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	$ 117,546		$ 117,263
Unamortized debt issuance expense	$ 2,454		$ 2,737
Commercial Mortgage Loan | Allianz Life Insurance Company
Interest rate	4.07%
Maturity date	Apr. 10, 2026
Payment terms, description	Requires the Borrowers to make monthly interest-only payments through April 2022 and thereafter the Note requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Allianz Loan at any time, subject to paying a premium equal to the greater of (i) one percent (1%) of the amount of the Principal Indebtedness being prepaid and (ii) the difference between (A) the present value at the time of prepayment of the remaining scheduled monthly payments plus the present value at the time of prepayment of the final installment of principal and interest due on the Maturity Date, both discounted on a monthly basis at the Index Rate (as defined in the Note), and (B) the unpaid principal balance of the Note at the time of prepayment, but not less than zero.
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.
Promissory note	$ 63,115
Outstanding promissory note borrowings	62,072
Unamortized debt issuance expense	$ 1,043
Commercial Mortgage Loan | Transamerica Life Insurance Company
Interest rate	4.35%		4.35%
Maturity date	Aug. 1, 2028		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 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.		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.
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.		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.
Promissory note	$ 78,000		$ 78,000
Outstanding promissory note borrowings	73,526		73,609
Unamortized debt issuance expense	$ 1,094		$ 1,011
Fisher Park Mortgage
Interest rate	5.229%		5.229%
Maturity date	Jan. 1, 2027		Jan. 1, 2027
Payment terms, description	Monthly installments of principal plus accrued interest based on a 30-year amortization.		Monthly installments of principal plus accrued interest based on a 30-year amortization.
Collateral, description	Secured by the property.		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.		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	$ 13,749		$ 13,873
Assumption of mortgage note	13,907		13,907
Premium on the assumed debt value	$ 92		$ 92

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common Stock Warrants
Balance at beginning of period			$ 112
Change in fair value	$ (102)		(181)	$ 48
Balance at end of period	$ 293		$ 293

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Equity [Abstract]
Common stock dividends declared, per share	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 3,257	$ 1,923	$ 1,808	$ 1,807	$ 1,334	$ 1,334

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Proceeds from initial public offering, gross		$ 58,237	$ 4,515	$ 62,788	$ (8)
Affiliate of Torchlight Investors LLC
Warrants issued							250,000
Warrants outstanding		296,177		296,177
Strike price				$ 19.41			$ 23
Exercise price of warrants issued		$ 19.41		$ 19.41		$ 21.06
Term of warrants issued							5 years
Fair value of warrants		$ 293		$ 293		$ 112
Expected volatility rate				18.10%		20.00%
Expected annual dividend, per share		$ 1.50		$ 1.50		$ 1.50
Expected term				2 years 11 months		3 years 6 months
Risk free interest rate				1.71%		2.47%
Initial Public Offering
Common stock issued				3,425,000		1,262,833	3,060,000
Price per share		$ 17.50		$ 17.50
Proceeds from initial public offering, gross				$ 55,853		$ 17,843
Over-Allotment Option
Common stock issued				425,000		160,369	160,000
"At-the-Market" Equity Offering Program
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").
Number of shares issued at the market offering	[1]	425,319		425,319
Weighted average share price		$ 16.69		$ 16.69
Net proceeds from the issuance of shares at the market offering		$ 6,931		$ 6,931
Available for issue under the ATM program		$ 42,903		$ 42,903
[1]	147,017 shares were sold in the quarter ended June 30, 2019.

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock Outstanding (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Series A Preferred Stock
Preferred stock, shares issued	2,040,000	2,040,000
Preferred stock issued, issuance date	Oct. 25, 2017
Liquidation value per share	$ 25
Dividend rate	7.50%
Series B Preferred Stock
Preferred stock, shares issued	4,411,764	4,411,764
Preferred stock issued, issuance date	Dec. 14, 2018
Liquidation value per share	$ 22.03
Dividend rate	3.25%

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended					6 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
Series A Preferred Stock
Preferred stock cash dividends declared, per share		$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875
Preferred stock dividends declared, aggregate amount		$ 956	$ 956	$ 956	$ 956	$ 956	$ 956
Series B Preferred Stock
Preferred stock cash dividends declared, per share	$ 0.02609	$ 0.13813					$ 0.13813
Preferred stock dividends declared, aggregate amount	$ 115	$ 610					$ 610

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Cash distribution declared per OP unit	$ 0.375	$ 0.375	$ 0.375	[1]	$ 0.375	$ 0.375	$ 0.375
Aggregate amount	$ 393	$ 393	$ 357		$ 158	$ 158	$ 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.

Non-Controlling Interest (Detai

Non-Controlling Interest (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Loss attributed to non-controlling interest	$ (380)	$ (829)	$ (1,033)	$ (1,292)
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

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2019shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at beginning of period	124,051
Granted	82,587
Forfeited
Vested	(49,614)
Unvested restricted stock at end of period	157,024

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 593	$ 400
Unrecognized compensation expense	$ 2,744
Weighted average period for recognition	3 years 2 months

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net loss	$ (2,857)	$ (3,599)	$ (7,534)	$ (6,456)	$ (12,007)
Net loss attributable to non-controlling interest	(380)		(829)	(1,033)	(1,292)
Net loss attributable to Plymouth Industrial REIT, Inc.	(2,477)		(6,705)	(5,423)	(10,715)
Less: Preferred stock dividends	1,566		956	3,132	1,912
Less: Series B Preferred stock accretion to redemption value	1,901	$ 1,900		3,801
Less: amount allocated to participating securities	58		46	115	107
Net loss attributable to common stockholders	$ (6,002)		$ (7,707)	$ (12,471)	$ (12,734)
Denominator
Weighted-average common shares outstanding basic and diluted	6,835,878		3,400,012	5,787,600	3,522,959
Earnings per share - Basic and Diluted:
Net loss per share attributable to common stockholders basic and diluted	$ (0.88)		$ (2.27)	$ (2.15)	$ (3.61)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	6 Months Ended
	Jun. 30, 2019shares
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	296,177
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	157,024

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Employment agreements	As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $200 to $300 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands		Aug. 07, 2019USD ($)	Jun. 30, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Jul. 29, 2019USD ($)ft²	Jul. 18, 2019USD ($)ft²	Jul. 08, 2019USD ($)ft²
Subsequent Event [Line Items]
Area of property | ft²			12,500,000
Contract purchase price			$ 474,734	$ 452,610
KeyBank National Assocation
Subsequent Event [Line Items]
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.	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.
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.	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.
Subsequent Event | St. Louis, Missouri - Class B Industrial Property
Subsequent Event [Line Items]
Area of property | ft²					129,000
Contract purchase price					$ 5,400
Subsequent Event | Purchase and Sale Agreement
Subsequent Event [Line Items]
Area of property | ft²						566,000	591,695
Contract purchase price						$ 22,050	$ 36,200
Subsequent Event | KeyBank National Assocation
Subsequent Event [Line Items]
Increase to the existing line of credit	[1]	$ 100,000
Line of credit maturity date	[2]	Aug. 31, 2023
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 200 and 250 basis points depending on our total leverage ratio.
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.
[1]	With the ability to increase up to $200,000 subject to certain conditions.
[2]	With two six-month extensions through August 2024.