Plymouth Industrial REIT (PLYM) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 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	Sep. 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		13,406,302
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Real estate properties	$ 565,394	$ 452,610
Less Accumulated depreciation	(57,331)	(41,279)
Real estate properties, net	508,063	411,331
Cash	25,720	5,394
Cash held in escrow	8,571	7,808
Restricted cash	2,510	1,759
Deferred lease intangibles, net	45,768	37,940
Other assets	11,214	5,931
Total assets	601,846	470,163
Liabilities
Secured debt, net	319,448	288,993
Borrowings under line of credit, net	0	28,187
Accounts payable, accrued expenses and other liabilities	32,222	21,996
Deferred lease intangibles, net	7,579	7,067
Total liabilities	359,249	346,243
Equity (deficit):
Common stock	134	49
Additional paid-in capital	249,827	126,327
Accumulated deficit	(146,072)	(137,983)
Total stockholders' equity (deficit)	103,889	(11,607)
Non-controlling interest	11,947	14,467
Total equity	115,836	2,860
Total liabilities, preferred stock and equity	601,846	470,163
Series A Preferred Stock
Liabilities
Preferred stock	48,868	48,868
Series B Preferred Stock
Liabilities
Preferred stock	$ 77,893	$ 72,192

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 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	13,406,302	4,821,876
Common stock, shares outstanding	13,406,302	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Rental revenue	$ 19,123	$ 11,648	$ 52,807	$ 35,054
Other revenue		5		526
Total revenues	19,123	11,653	52,807	35,580
Operating expenses
Property	6,920	4,349	19,216	12,589
Depreciation and amortization	9,399	6,249	26,307	19,235
General and administrative	2,135	1,394	5,472	4,347
Total operating expenses	18,454	11,992	50,995	36,171
Other income (expense):
Interest expense	(3,643)	(3,575)	(11,061)	(11,777)
Loss on extinguishment of debt		(804)		(4,405)
Change in fair value of warrant derivative			(181)	48
Total other expense	(3,643)	(4,379)	(11,242)	(16,134)
Net loss	(2,974)	(4,718)	(9,430)	(16,725)
Less: loss attributable to non-controlling interest	(308)	(417)	(1,341)	(1,709)
Net loss attributable to Plymouth Industrial REIT, Inc.	(2,666)	(4,301)	(8,089)	(15,016)
Less: Preferred stock dividends	1,566	956	4,698	2,868
Less: Series B Preferred stock accretion to redemption value	1,900		5,701
Less: amount allocated to participating securities	62	48	177	155
Net loss attributable to common stockholders	$ (6,194)	$ (5,305)	$ (18,665)	$ (18,039)
Net loss per share attributable to common stockholders	$ (0.68)	$ (1.22)	$ (2.73)	$ (4.74)
Weighted-average common shares outstanding basic and diluted	9,081,180	4,350,687	6,847,950	3,801,900

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)	(4,473)
Ending balance, shares at Mar. 31, 2018	2,040,000		3,556,043
Ending balance, value at Mar. 31, 2018	$ 48,878		$ 36	116,183	(123,277)	(7,058)	6,494	(564)
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								17,873
Net loss								(16,725)
Ending balance, shares at Sep. 30, 2018	2,040,000		4,821,876
Ending balance, value at Sep. 30, 2018	$ 48,868		$ 49	129,392	(134,283)	(4,842)	4,932	90
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 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)
Series B Preferred stock accretion to redemption value
Common stock offering shares			1,262,833
Common stock offering costs			$ 13	17,868		17,881		17,881
Stock based compensation				$ 202		202		202
Restricted shares issued				3,000
Dividends and distributions				$ (2,763)		(2,763)	(158)	(2,921)
Net loss					(4,301)	(4,301)	(417)	(4,718)
Ending balance, shares at Sep. 30, 2018	2,040,000		4,821,876
Ending balance, value at Sep. 30, 2018	$ 48,868		$ 49	129,392	(134,283)	(4,842)	4,932	90
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								(5,701)
Net proceeds from common stock, value								143,315
Net loss								(9,430)
Ending balance, shares at Sep. 30, 2019	2,040,000	4,411,764	13,406,302
Ending balance, value at Sep. 30, 2019	$ 48,868	$ 77,893	$ 134	249,827	(146,072)	103,889	11,947	115,836
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	177,577	(143,406)	34,239	12,648	46,887
Series B Preferred stock accretion to redemption value		$ 19,000		(1,900)		(1,900)		(1,900)
Net proceeds from common stock, shares			4,644,032
Net proceeds from common stock, value			$ 46	80,481		80,527		80,527
Stock based compensation				282		282		282
Restricted shares issued			7,488
Dividends and distributions				(6,593)		(6,593)	(393)	(6,986)
Net loss					(2,666)	(2,666)	(308)	(2,974)
Ending balance, shares at Sep. 30, 2019	2,040,000	4,411,764	13,406,302
Ending balance, value at Sep. 30, 2019	$ 48,868	$ 77,893	$ 134	$ 249,827	$ (146,072)	$ 103,889	$ 11,947	$ 115,836

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net loss	$ (9,430)	$ (16,725)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,307	19,235
Straight line rent adjustment	(778)	(925)
Intangible amortization in rental revenue , net	(1,059)	(964)
Loss on extinguishment of debt		4,405
Amortization of debt issuance cost	783	1,834
Change in fair value of warrant derivative	181	(48)
Stock based compensation	875	602
Changes in operating assets and liabilities:
Other assets	(3,291)	(702)
Deferred leasing costs	(1,740)	(697)
Accounts payable, accrued expenses and other liabilities	5,854	(270)
Net cash provided by operating activities	17,702	5,745
Investing activities
Acquisition of properties	(92,327)	(44,159)
Real estate improvements	(3,271)	(2,488)
Net cash used in investing activities	(95,598)	(46,647)
Financing activities
Net proceeds from common stock	143,315	17,873
Additional offering costs of preferred stock		(63)
Proceeds from issuance of secured debt	63,115	135,200
Repayment of secured debt	(63,503)	(84,330)
Repayment of mezzanine debt		(34,682)
Proceeds from credit facility	57,697	45,225
Repayment of credit facility	(86,250)	(31,000)
Debt issuance costs	(2,304)	(2,667)
Repurchase of common stock		(5,054)
Dividends paid	(12,334)	(7,206)
Net cash provided by financing activities	99,736	33,296
Net decrease in cash and cash held in escrow and restricted cash	21,840	(7,606)
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	36,801	11,557
Supplemental Cash Flow Disclosures:
Interest paid	10,046	9,943
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in dividends payable	5,637	2,764
Distribution payable to non-controlling interest holder	393	158
Series B accretion to redemption value	5,701
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	647	124
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	33	$ 455
Assumption of mortgage notes	$ 30,581

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018, the Company owned a 92.8% 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 September 30, 2019, the Company, through its subsidiaries, owns 72 industrial properties comprising approximately 14.9 million square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 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 $2,906 and $8,809 on the Company’s condensed consolidated Statements of Operations for the three and nine months ended September 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 nine months ending September 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 September 30, 2019 and December 31, 2018 the Company did not recognize an allowance for doubtful accounts. The Company incurred write-offs of $41 and $0 during the nine months ended September 30, 2019 and 2018, respectively. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet. For the nine months ended September 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 September 30, September 30, 2019 2018 Income from leases $ 38,279 $ 24,356 Straight-line rent adjustments 778 925 Tenant recoveries 12,691 8,809 Amortization of above market leases (483 ) (402 ) Amortization of below market leases 1,542 1,366 Total $ 52,807 $ 35,054 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 September 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 September 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: September 30, December 31, 2019 2018 Cash as presented on balance sheet $ 25,720 $ 5,394 Cash held in escrow as presented on balance sheet 8,571 7,808 Restricted cash as presented on balance sheet 2,510 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 36,801 $ 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 September 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 September 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 $6,722 and $6,232 at September 30, 2019 and December 31, 2018, respectively, and related accumulated amortization amounted to $2,011 and $1,754 at September 30, 2019 and December 31, 2018, respectively. Unamortized debt issuance costs amounted to $4,711 and $4,478 at September 30, 2019 and December 31, 2018, respectively. At September 30, 2019, the balance outstanding under the line of credit is $0. The Company has classified net unamortized debt issuance costs of $1,214 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 September 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 September 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	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Land $ 110,287 $ 92,628 Buildings, building improvements and tenant improvements 412,300 325,933 Site improvements 41,534 33,270 Construction in process 1,273 779 565,394 452,610 Less accumulated depreciation (57,331 ) (41,279 ) Real estate properties $ 508,063 $ 411,331 Depreciation expense was $16,052 and $11,817 for the nine months ended September 30, 2019 and 2018, respectively. Acquisition of Properties The Company made the following acquisitions of property during the nine months ended September 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. 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 August 29, 2019, the Company acquired a single Class B industrial property, consisting of approximately 566,281 square feet, located in Memphis, Tennessee for an aggregate purchase price of $22,050. The purchase price included the assumption of approximately $9,577 of existing mortgage debt secured by the property. On August 29, 2019, the Company acquired a seven-property portfolio of Class B industrial buildings, consisting of approximately 1,071,129 square feet, located in Chicago, Illinois for an aggregate purchase price of $32,250. On August 30, 2019, the Company acquired a six-property portfolio of Class B industrial buildings, consisting of approximately 591,695 square feet, located in Cincinnati and Columbus, Ohio for an aggregate purchase price of $36,200. The purchase price included the assumption of approximately $21,004 of existing mortgage debt secured by the property. 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 $ 118,425 Acquisition costs 4,483 Total $ 122,908 Allocation of Purchase Price Land $ 17,658 Building 83,066 Site improvements 8,264 Total real estate properties 108,988 Deferred lease intangibles Tenant relationships 2,458 Leasing commissions 2,249 Above market lease value 204 Below market lease value (1,963 ) Lease in place value 11,997 Net deferred lease intangibles 14,945 Assumed debt - market value Above market debt value (1,025 ) Net assumed debt – market value (1,025 ) Totals $ 122,908

Leases

Leases	9 Months Ended
	Sep. 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 September 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 $ 14,790 2020 56,230 2021 45,547 2022 35,355 2023 28,151 2024 20,587 Thereafter 26,342 Total minimum rental receipts $ 227,002 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 September 30, 2019, we have three, non-cancelable office space operating leases. These leases have remaining lease terms ranging from 4.9 years to 5.5 years. The lease agreements do not contain residual value guarantees or an option to renew. As of September 30, 2019, total right of use assets and lease liabilities were approximately $2,191 and $2,215, respectively. In arriving at the lease liability as of September 30, 2019, we applied a weighted-average incremental borrowing rate of 5.3% over the weighted-average remaining lease term of 5.4 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 nine months ended September 30, 2019 included in the Company’s condensed consolidated statements of operations. Three months ended Nine months ended September 30, September 30, 2019 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 113 $ 327 The following table summarizes supplemental cash flow information related to operating leases recognized during the three and nine months ended September 30, 2019 in the Company’s condensed consolidated statements of cash flows. Three months ended Nine months ended September 30, September 30, 2019 2019 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 102 $ 304 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): September 30, December 31, 2019 2018 2019 $ 104 $ 378 2020 453 385 2021 465 393 2022 474 400 2023 483 407 Thereafter 587 519 Total undiscounted rental commitments 2,566 $ 2,482 Present value adjustment using incremental borrowing rate 351 Total lease liability $ 2,215 As of September 30, 2019 and December 31, 2018, the Company had no finance leases.

Borrowing Arrangements

Borrowing Arrangements	9 Months Ended
	Sep. 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 September 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 September 30, 2019. As of November 1, 2019, the AIG Loan may be prepaid in full, but not in part, provided that up to three properties securing the AIG Loan may be released with the applicable portion of the AIG Loan being repaid, 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 $117,688 and $117,263, net of $2,312 and $2,737 of unamortized debt issuance costs, at September 30, 2019 and December 31, 2018, respectively. Minnesota Life Loan On April 30, 2018, certain wholly-owned subsidiaries of the Operating Partnership entered into a secured loan agreement with Minnesota Life Insurance Company, or the Minnesota Life Loan, in the original principal amount of $21,500. The Minnesota Life Loan bears interest at 3.78% per annum and has a ten-year term, maturing on May 1, 2028. The Minnesota Life Loan provides for monthly payments of interest only for the first year of the term and thereafter monthly principal and interest payments based on a 30-year amortization period. The borrowings under the Minnesota Life Loan are secured by first lien mortgages on seven of the Company’s properties. The Minnesota Life Loan contains customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at September 30, 2019. Borrowings outstanding amounted to $21,041 and $21,133, net of $330 and $367 of unamortized debt issuance costs, at September 30, 2019 and December 31, 2018, respectively. Transamerica Loan On July 10, 2018, certain wholly-owned subsidiaries (the “Borrowers”) of the Operating Partnership entered into a loan agreement with Transamerica Life Insurance Company (the “Transamerica Loan”) 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 provided for the Borrowers to make monthly interest-only payments through August 2019 and thereafter equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Transamerica Loan in whole or in part at any time, 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. The Borrowers are in compliance with all respective covenants at September 30, 2019. Borrowings outstanding amounted to $73,455 and $73,609, net of $1,064 and $1,011 of unamortized debt issuance costs, at September 30, 2019 and December 31, 2018, respectively. Fisher Park Mortgage On October 15, 2018, a wholly-owned subsidiary of the Operating Partnership 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 discount 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. The borrower is in compliance with all covenants at September 30, 2019. Borrowings outstanding amounted to $13,634 and $13,783, net of $82 and $90 of unamortized fair market value discount, at September 30, 2019 and December 31, 2018, respectively. Allianz Loan On March 21, 2019, certain wholly-owned subsidiaries (the “Allianz Borrowers”) of the Operating Partnership entered into a loan agreement (the “Allianz Loan”) with Allianz Life Insurance Company of North America providing for commercial mortgage loans to the Allianz 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 “Allianz Note”) evidencing the Allianz Loan require the Allianz Borrowers to make monthly interest-only payments through April 2022 and thereafter the Allianz Note requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Allianz 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 the present value of remaining payments up to maturity and the unpaid principal balance as defined within the Allianz Note. 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. The Allianz Borrowers are in compliance with all respective covenants at September 30, 2019. Borrowings outstanding amounted to $62,110, net of $1,005 of unamortized debt issuance costs, at September 30, 2019. South Park Mortgage On August 29, 2019, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “South Park Mortgage”) with a balance of $9,577 as part of our acquisition of the property in Memphis. The South Park Mortgage, held by Lincoln National, matures January 2022, bears interest at 3.41% and is secured by the property. The South Park Mortgage requires monthly installments of principal plus accrued interest based on a 30-year amortization. As part of the allocation of the South Park purchase price per ASC 805, the Company recorded a $65 premium on the assumed debt value. The South Park Mortgage contains certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019. Borrowings outstanding amounted to $9,622, inclusive of $62 of unamortized fair market value premium, at September 30, 2019. Orange Point Mortgage On August 30, 2019, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Orange Point Mortgage”) with a balance of $21,004 as part of our acquisition of the 6-property portfolio in Cincinnati and Columbus. The Orange Point Mortgage, held by Ohio National Life Insurance Company, matures August 2024, bears interest at 4.14% and is secured by the properties. The Orange Point Mortgage requires monthly installments of principal plus accrued interest based on a 25-year amortization. As part of the allocation of the Orange Point purchase price per ASC 805, the Company recorded a $960 premium on the assumed debt value. The Orange Point Mortgage contains certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019. Borrowings outstanding amounted to $21,898, inclusive of $944 of unamortized fair market value premium, at September 30, 2019. Line of Credit Agreement On August 7, 2019 the Operating Partnership entered into an amended and restated credit agreement (the “New Credit Agreement”) with KeyBank National Association, or KeyBank, and the other lenders to increase our revolving credit facility to $100,000 with the ability to increase up to $200,000, subject to certain conditions. The New Credit Agreement extends the term of our initial line of credit agreement to August 2023 with two six-month extensions through August 2024. Borrowings under the New 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. At September 30, 2019 the interest rate was approximately 4.39%. The New 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 in the New Credit Agreement. The Company is in compliance with the respective covenants at September 30, 2019. The New Credit Agreement is secured by certain assets of the Operating Partnership and certain of its subsidiaries and includes the Company guarantee for the payment of all indebtedness under the New Credit Agreement. Borrowings outstanding amounted to $0 and $28,550 at September 30, 2019 and December 31, 2018, respectively, offset by unamortized debt issuance costs of $363, at December 31, 2018. Borrowings available under the New Credit Agreement amounted to $74,632, net of a letter of credit totaling $93, at September 30, 2019. Repayment of Debt 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. 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	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Common Stock	6. Common Stock 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, for 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 $55,857. The Company used the net proceeds of the public offering to acquire additional industrial properties, pay down the line of credit, for working capital and other general purposes. During September 2019, the Company completed a follow-on public offering of 3,450,000 shares of common stock, including 450,000 shares of common stock issued upon exercise of the underwriters’ overallotment option, at $18.00 per share resulting in net proceeds of approximately $58,756. The Company used the net proceeds of the public offering to acquire additional industrial properties, pay down the line of credit, for 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 nine months ended September 30, 2019, the Company sold 1,619,351 securities for a weighted average share price of $18.11 under the ATM program, resulting in net proceeds of approximately $28,702, of which 1,194,032 shares were sold in the quarter ended September 30, 2019. As of September 30, 2019, the Company had approximately $20,678 available for issuance under the ATM program. Common Stock Warrants On June 14, 2017, the Company issued warrants 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 303,029 shares at a strike price of $18.98 per share at September 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 September 30, 2019 $ 293 The warrants in the amount of $293 at September 30, 2019 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 $18.98, volatility of 18.1%, an expected annual dividend of $1.50, a term of 2.69 years and an annual risk-free interest rate of 1.56%. 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 nine months ended September 30, 2019 and 2018. Common Stock Dividends The following table sets forth the common stock distributions that were declared during the nine months ended September 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 Third quarter $ 0.3750 $ 5,027 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	9 Months Ended
	Sep. 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 issuance as of September 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 nine months ended September 30, 2019 and the year ended December 31, 2018. Cash Dividends Aggregate 2019 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 Third 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 issuance as of September 30, 2019. Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible 12/14/2018 4,411,764 $ 22.03 3.25% The following table sets forth the Series B preferred stock dividends that were declared during the nine months ended September 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 Third quarter $ 0.13813 $ 610 2018 Fourth quarter (commencing December 14, 2018 to December 31, 2018) $ 0.02609 $ 115

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 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. 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. 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 nine months ended September 30, 2019 and the year ended December 31, 2018. Cash Distributions Aggregate 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 Third 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 $308 and $417 for the three months ending September 30, 2019 and 2018, respectively, and $1,341 and $1,709 for the nine months ending September 30, 2019 and 2018, respectively.

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 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 nine months ended September 30, 2019: Shares Unvested restricted stock at January 1, 2019 124,051 Granted 90,075 Forfeited — Vested (50,364 ) Unvested restricted stock at September 30, 2019 163,762 The Company recorded equity-based compensation in the amount of $875 and $602 for the nine months ended September 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 September 30, 2019 was approximately $2,605 and is expected to be recognized over a weighted average period of approximately 3 years.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 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 September 30, Nine months Ended September 30, 2019 2018 2019 2018 Numerator Net loss $ (2,974 ) $ (4,718 ) $ (9,430 ) $ (16,725 ) Less: loss attributable to non-controlling interest (308 ) (417 ) (1,341 ) (1,709 ) Net loss attributable to Plymouth Industrial REIT, Inc. (2,666 ) (4,301 ) (8,089 ) (15,016 ) Less: Preferred stock dividends 1,566 956 4,698 2,868 Less: Series B Preferred stock accretion to redemption value 1,900 — 5,701 — Less: amount allocated to participating securities 62 48 177 155 Net loss attributable to common stockholders $ (6,194 ) $ (5,305 ) $ (18,665 ) $ (18,039 ) Denominator Weighted-average common shares outstanding basic and diluted 9,081,180 4,350,687 6,847,950 3,801,900 Net loss per share attributable to common stockholders – basic and diluted $ (0.68 ) $ (1.22 ) $ (2.73 ) $ (4.74 ) 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 September 30, 2019 include the 303,029 shares of common stock issuable pursuant to the outstanding warrants and 163,762 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	9 Months Ended
	Sep. 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 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 these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On October 30, 2019, the Company acquired a single Class B industrial property, consisting of approximately 295,693 square feet, located in Atlanta, Georgia for an aggregate purchase price of $19,400.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 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
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 $2,906 and $8,809 on the Company’s condensed consolidated Statements of Operations for the three and nine months ended September 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 nine months ending September 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 September 30, 2019 and December 31, 2018 the Company did not recognize an allowance for doubtful accounts. The Company incurred write-offs of $41 and $0 during the nine months ended September 30, 2019 and 2018, respectively. The Company includes accounts receivable and straight line rent receivables within other assets in the balance sheet. For the nine months ended September 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 September 30, September 30, 2019 2018 Income from leases $ 38,279 $ 24,356 Straight-line rent adjustments 778 925 Tenant recoveries 12,691 8,809 Amortization of above market leases (483 ) (402 ) Amortization of below market leases 1,542 1,366 Total $ 52,807 $ 35,054
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 September 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 September 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: September 30, December 31, 2019 2018 Cash as presented on balance sheet $ 25,720 $ 5,394 Cash held in escrow as presented on balance sheet 8,571 7,808 Restricted cash as presented on balance sheet 2,510 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 36,801 $ 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 September 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 September 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 $6,722 and $6,232 at September 30, 2019 and December 31, 2018, respectively, and related accumulated amortization amounted to $2,011 and $1,754 at September 30, 2019 and December 31, 2018, respectively. Unamortized debt issuance costs amounted to $4,711 and $4,478 at September 30, 2019 and December 31, 2018, respectively. At September 30, 2019, the balance outstanding under the line of credit is $0. The Company has classified net unamortized debt issuance costs of $1,214 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 September 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 September 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)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Rental Revenue Components	Period Ended Period Ended September 30, September 30, 2019 2018 Income from leases $ 38,279 $ 24,356 Straight-line rent adjustments 778 925 Tenant recoveries 12,691 8,809 Amortization of above market leases (483 ) (402 ) Amortization of below market leases 1,542 1,366 Total $ 52,807 $ 35,054
Schedule of Cash, Cash Equivalents and Restricted Cash	September 30, December 31, 2019 2018 Cash as presented on balance sheet $ 25,720 $ 5,394 Cash held in escrow as presented on balance sheet 8,571 7,808 Restricted cash as presented on balance sheet 2,510 1,759 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 36,801 $ 14,961

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	September 30, December 31, 2019 2018 Land $ 110,287 $ 92,628 Buildings, building improvements and tenant improvements 412,300 325,933 Site improvements 41,534 33,270 Construction in process 1,273 779 565,394 452,610 Less accumulated depreciation (57,331 ) (41,279 ) Real estate properties $ 508,063 $ 411,331
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Purchase Price Total Purchase Price Purchase price $ 118,425 Acquisition costs 4,483 Total $ 122,908 Allocation of Purchase Price Land $ 17,658 Building 83,066 Site improvements 8,264 Total real estate properties 108,988 Deferred lease intangibles Tenant relationships 2,458 Leasing commissions 2,249 Above market lease value 204 Below market lease value (1,963 ) Lease in place value 11,997 Net deferred lease intangibles 14,945 Assumed debt - market value Below market debt value (1,025 ) Net assumed debt – market value (1,025 ) Totals $ 122,908

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases	Future Minimum 2019 $ 14,790 2020 56,230 2021 45,547 2022 35,355 2023 28,151 2024 20,587 Thereafter 26,342 Total minimum rental receipts $ 227,002
Summary of Operating Lease Costs	Three months ended Nine months ended September 30, September 30, 2019 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 113 $ 327
Summary of Supplemental Cash Flow Information Related to Operating Leases	Three months ended Nine months ended September 30, September 30, 2019 2019 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 102 $ 304
Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases	September 30, December 31, 2019 2018 2019 $ 104 $ 378 2020 453 385 2021 465 393 2022 474 400 2023 483 407 Thereafter 587 519 Total undiscounted rental commitments 2,566 $ 2,482 Present value adjustment using incremental borrowing rate 351 Total lease liability $ 2,215

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants	Balance at January 1, 2019 $ 112 Change in fair value 181 Balance at September 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 Third quarter $ 0.3750 $ 5,027 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)	9 Months Ended
	Sep. 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% Series B Convertible 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 Third 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 Third 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)	9 Months Ended
	Sep. 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 Third 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)	9 Months Ended
	Sep. 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 90,075 Forfeited — Vested (50,364 ) Unvested restricted stock at September 30, 2019 163,762

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings per Share	Three months Ended September 30, Nine months Ended September 30, 2019 2018 2019 2018 Numerator Net loss $ (2,974 ) $ (4,718 ) $ (9,430 ) $ (16,725 ) Less: loss attributable to non-controlling interest (308 ) (417 ) (1,341 ) (1,709 ) Net loss attributable to Plymouth Industrial REIT, Inc. (2,666 ) (4,301 ) (8,089 ) (15,016 ) Less: Preferred stock dividends 1,566 956 4,698 2,868 Less: Series B Preferred stock accretion to redemption value 1,900 — 5,701 — Less: amount allocated to participating securities 62 48 177 155 Net loss attributable to common stockholders $ (6,194 ) $ (5,305 ) $ (18,665 ) $ (18,039 ) Denominator Weighted-average common shares outstanding basic and diluted 9,081,180 4,350,687 6,847,950 3,801,900 Net loss per share attributable to common stockholders – basic and diluted $ (0.68 ) $ (1.22 ) $ (2.73 ) $ (4.74 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	9 Months Ended	12 Months Ended
	Sep. 30, 2019ft²Integer	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership equity interest in Operating Partnership	92.80%	82.20%
Number of industrial properties owned | Integer	72
Industrial properties acquired, approximate square feet | ft²	14,900,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Income from lease	$ 38,279	$ 24,356
Straight-line rent adjustment	778	925
Tenant recoveries	12,691	8,809
Amortization of above market leases	(483)	(402)
Amortization of below market leases	1,542	1,366
Total	$ 52,807	$ 35,054

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash as presented on balance sheet	$ 25,720	$ 5,394
Cash held in escrow as presented on balance sheet	8,571	7,808
Restricted cash as presented on balance sheet	2,510	1,759
Cash and cash held in escrow and restricted cash as presented on cash flow statement	$ 36,801	$ 14,961	$ 11,557	$ 19,163

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue Recognition and Tenant Receivables
Write-offs		$ 41	$ 0
Prospective Adoption of New Accounting Pronouncements
Right of use asset		2,191
Equity, Fair Value Disclosure
Fair value of warrants		293		$ 112
Debt Issuance Costs
Debt issuance costs		6,722		6,232
Accumulated amortization		2,011		1,754
Unamortized debt issuance costs		4,711		4,478
Line of Credit
Line of credit, balance		0		28,187
Reclassed unamortized debt issuance costs to other assets		1,214
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	$ 2,906		8,809
Change in fair market value of common stock warrants	$ 0		$ 48
Prospective Adoption of New Accounting Pronouncements
Transition option		Modified Retrospective
Right of use asset		$ 2,096

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 110,287	$ 92,628
Buildings, building improvements and tenant improvements	412,300	325,933
Site improvements	41,534	33,270
Construction in process	1,273	779
Real estate properties at cost	565,394	452,610
Less accumulated depreciation	(57,331)	(41,279)
Real estate properties	$ 508,063	$ 411,331

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Total Purchase Price
Purchase Price	$ 118,425
Acquisition Costs	4,483
Total	122,908
Allocation of Purchase Price
Land	17,658
Building	83,066
Site Improvements	8,264
Total real estate properties	108,988
Deferred Lease Intangibles
Net deferred lease intangibles	14,945
Assumed Debt - Market Value
Above market debt value	(1,025)
Net assumed debt - market value	(1,025)
Totals	122,908
Tenant Relationships
Deferred Lease Intangibles
Net deferred lease intangibles	2,458
Leasing Commission
Deferred Lease Intangibles
Net deferred lease intangibles	2,249
Above Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	204
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	1,963
Lease in Place Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 11,997

Real Estate Properties (Details

Real Estate Properties (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)ft²Integer	Sep. 30, 2018USD ($)
Depreciation expense	$ 16,052	$ 11,817
Number of real estate properties acquired | Integer	72
Purchase Price	$ 118,425
Industrial properties acquired, approximate square feet | ft²	14,900,000
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
St. Louis, Missouri - Class B Industrial Property
Number of real estate properties acquired | Integer	1
Purchase Price	$ 5,400
Industrial properties acquired, approximate square feet | ft²	129,000
Memphis, Tennessee - Class B Industrial Property
Number of real estate properties acquired | Integer	1
Purchase Price	$ 22,050
Existing mortgage debt assumed	$ 9,577
Industrial properties acquired, approximate square feet | ft²	566,281
Chicago, Illinois - Portfolio of Class B Industrial Buildings
Number of real estate properties acquired | Integer	7
Purchase Price	$ 32,250
Industrial properties acquired, approximate square feet | ft²	1,071,129
Cincinnati and Columbus, Ohio - Portfolio of Class B Industrial Buildings
Number of real estate properties acquired | Integer	6
Purchase Price	$ 36,200
Existing mortgage debt assumed	$ 21,004
Industrial properties acquired, approximate square feet | ft²	591,695

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Future minimum rental receipts, 2019	$ 14,790
Future minimum rental receipts, 2020	56,230
Future minimum rental receipts, 2021	45,547
Future minimum rental receipts, 2022	35,355
Future minimum rental receipts, 2023	28,151
Future minimum rental receipts, 2024	20,587
Thereafter	26,342
Total minimum rental receipts	$ 227,002

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost included in general and administrative expense attributable to corporate office lease	$ 113	$ 327

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 102	$ 304

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Minimum rental commitments, 2019	$ 104	$ 378
Minimum rental commitments, 2020	453	385
Minimum rental commitments, 2021	465	393
Minimum rental commitments, 2022	474	400
Minimum rental commitments, 2023	483	407
Minimum rental commitments, Thereafter	587	519
Total undiscounted rental commitments	2,566	$ 2,482
Present value adjustment using incremental borrowing rate	351
Total lease liability	$ 2,215

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Sep. 30, 2019USD ($)
Operating lease remaining terms	5 years 5 months
Right-of-use assets	$ 2,191
Lease liabilities	$ 2,215
Incremental borrowing rate	5.30%
Minimum
Operating lease remaining terms	4 years 11 months
Maximum
Operating lease remaining terms	5 years 6 months

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Repayment of debt		$ 63,503	$ 84,330
Unamortized debt issuance expense		4,711		$ 4,478
Line of credit		0		28,187
Assumption of mortgage note		30,581
KeyBank Bridge Loan
Repayment of debt		63,115
Bridge Loan				63,115
KeyBank National Assocation
Line of credit	[1]	100,000
Line of credit facility, outstanding balance		0		28,550
Line of credit, available borrowings		74,632
Letter of credit, net		$ 93
Line of credit facility, unamortized debt issuance costs				363
Line of credit maturity date	[2]	Aug. 31, 2023
Line of credit facility, interest rate		4.39%
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, 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.
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.
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.
Borrowings outstanding		$ 21,041		$ 21,133
Unamortized debt issuance expense		330		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.
Borrowings outstanding		$ 117,688		$ 117,263
Unamortized debt issuance expense		$ 2,312		$ 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
Borrowings outstanding		62,110
Unamortized debt issuance expense		$ 1,005
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 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
Borrowings outstanding		73,455		73,609
Unamortized debt issuance expense		$ 1,064		$ 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.
Borrowings outstanding		$ 13,634		$ 13,783
Unamortized debt issuance expense		82		90
Assumption of mortgage note		13,907		13,907
Discount/Premium on the assumed debt value		$ 92		$ 92
South Park Mortgage
Interest rate		3.41%
Maturity date		Jan. 31, 2022
Payment terms, description		Requires monthly installments of principal plus accrued interest based on a 30-year amortization.
Collateral, description		Secured by the property.
Covenant, description		Contains certain financial covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019.
Borrowings outstanding		$ 9,622
Unamortized debt issuance expense		62
Assumption of mortgage note		9,577
Discount/Premium on the assumed debt value		$ (65)
Orange Point Mortgage
Interest rate		4.14%
Maturity date		Aug. 31, 2024
Payment terms, description		Requires monthly installments of principal plus accrued interest based on a 25-year amortization.
Collateral, description		Secured by the properties.
Covenant, description		Contains certain financial covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019.
Borrowings outstanding		$ 21,898
Unamortized debt issuance expense		944
Assumption of mortgage note		21,004
Discount/Premium on the assumed debt value		$ (960)
[1]	With the ability to increase up to $200,000, subject to certain conditions.
[2]	With two six-month extensions through August 2024.

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common Stock Warrants
Balance at beginning of period			$ 112
Change in fair value			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
	Sep. 30, 2019	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	$ 0.3750
Common stock dividends declared, aggregate amount	$ 5,027	$ 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		1 Months Ended			3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2019	May 30, 2019	Jul. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Proceeds from initial public offering, gross					$ 80,527	$ 58,237	$ 4,515	$ 143,315	$ 17,873
Warrants issued											250,000
Warrants outstanding		303,029			303,029			303,029
Strike price								$ 18.98			$ 23
Exercise price of warrants issued		$ 18.98			$ 18.98			$ 18.98		$ 21.06
Term of warrants issued											5 years
Warrants, maturity date		Jun. 13, 2022			Jun. 13, 2022			Jun. 13, 2022		Jun. 13, 2022
Fair value of warrants		$ 293			$ 293			$ 293		$ 112
Expected volatility rate								18.10%		20.00%
Expected annual dividend, per share		$ 1.50			$ 1.50			$ 1.50		$ 1.50
Expected term								2 years 9 months		3 years 6 months
Risk free interest rate								1.56%		2.47%
Initial Public Offering
Common stock issued		3,450,000	3,425,000	1,262,833
Price per share		$ 18	$ 17.50		$ 18			$ 18
Proceeds from initial public offering, gross		$ 58,756	$ 55,857	$ 17,843
Over-Allotment Option
Common stock issued		450,000	425,000	160,369
"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]	1,619,351			1,619,351			1,619,351
Weighted average share price		$ 18.11			$ 18.11			$ 18.11
Net proceeds from the issuance of shares at the market offering		$ 28,702			$ 28,702			$ 28,702
Available for issue under the ATM program		$ 20,678			$ 20,678			$ 20,678
[1]	1,194,032 shares were sold in the quarter ended September 30, 2019.

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock Outstanding (Details) - $ / shares	3 Months Ended
	Sep. 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
	Dec. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Series A Preferred Stock
Preferred stock cash dividends declared, per share		$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875
Preferred stock dividends declared, aggregate amount		$ 956	$ 956	$ 956	$ 956	$ 956	$ 956	$ 956
Series B Preferred Stock
Preferred stock cash dividends declared, per share	$ 0.02609	$ 0.13813	$ 0.13813	$ 0.13813
Preferred stock dividends declared, aggregate amount	$ 115	$ 610	$ 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
	Sep. 30, 2019	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	$ 0.375	[1]	$ 0.375	$ 0.375	$ 0.375
Aggregate amount	$ 393	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Loss attributed to non-controlling interest	$ (308)	$ (417)	$ (1,341)	$ (1,709)
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)	9 Months Ended
	Sep. 30, 2019shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at beginning of period	124,051
Granted	90,075
Forfeited
Vested	(50,364)
Unvested restricted stock at end of period	163,762

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 875	$ 602
Unrecognized compensation expense	$ 2,605
Weighted average period for recognition	3 years

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator
Net loss	$ (2,974)	$ (2,857)	$ (3,599)	$ (4,718)	$ (7,534)	$ (4,473)	$ (9,430)	$ (16,725)
Net loss attributable to non-controlling interest	(308)			(417)			(1,341)	(1,709)
Net loss attributable to Plymouth Industrial REIT, Inc.	(2,666)			(4,301)			(8,089)	(15,016)
Less: Preferred stock dividends	1,566			956			4,698	2,868
Less: Series B Preferred stock accretion to redemption value	1,900	$ 1,901	$ 1,900				5,701
Less: amount allocated to participating securities	62			48			177	155
Net loss attributable to common stockholders	$ (6,194)			$ (5,305)			$ (18,665)	$ (18,039)
Denominator
Weighted-average common shares outstanding basic and diluted	9,081,180			4,350,687			6,847,950	3,801,900
Earnings per share - Basic and Diluted:
Net loss per share attributable to common stockholders basic and diluted	$ (0.68)			$ (1.22)			$ (2.73)	$ (4.74)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	9 Months Ended
	Sep. 30, 2019shares
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	303,029
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	163,762

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	9 Months Ended
	Sep. 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	1 Months Ended	9 Months Ended
	Oct. 30, 2019USD ($)ft²Integer	Sep. 30, 2019USD ($)ft²Integer
Subsequent Event [Line Items]
Number of real estate properties acquired | Integer		72
Purchase Price | $		$ 118,425
Area of property acquired | ft²		14,900,000
Subsequent Event | Atlanta, Georgia - Class B Industrial Property
Subsequent Event [Line Items]
Number of real estate properties acquired | Integer	1
Purchase Price | $	$ 19,400
Area of property acquired | ft²	295,693