Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | Plymouth Industrial REIT Inc. | ||
Entity Central Index Key | 0001515816 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Is Entity Emerging Growth Company? | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Public Float | $ 161,341,811 | ||
Entity Common Stock, Shares Outstanding | 14,736,221 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Shell Company | false | ||
Entity File Number | 001-38106 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Real estate properties | $ 655,788 | $ 452,610 | |
Less Accumulated depreciation | (63,877) | (41,279) | |
Real estate properties, net | 591,911 | 411,331 | |
Cash | 10,465 | 5,394 | |
Cash held in escrow | 9,453 | 7,808 | |
Restricted cash | 2,480 | 1,759 | |
Deferred lease intangibles, net | 57,088 | 37,940 | |
Other assets | 14,084 | 5,931 | |
Total assets | 685,481 | 470,163 | |
Liabilities | |||
Secured debt, net | 318,558 | 288,993 | |
Borrowings under line of credit, net | 78,900 | 28,187 | |
Accounts payable, accrued expenses and other liabilities | 36,284 | 21,996 | |
Deferred lease intangibles, net | 8,314 | 7,067 | |
Total liabilities | 442,056 | 346,243 | |
Commitments and contingencies (Note 12) | |||
Equity (Deficit): | |||
Common stock | 141 | 49 | |
Additional paid-in capital | 256,259 | 126,327 | |
Accumulated deficit | (148,403) | (137,983) | |
Total stockholders' equity (deficit) | 107,997 | (11,607) | |
Non-controlling interest | 6,767 | 14,467 | |
Total equity | 114,764 | 2,860 | $ 11,211 |
Total liabilities, preferred stock and equity | 685,481 | 470,163 | |
Series A Preferred Stock | |||
Liabilities | |||
Preferred stock | 48,868 | $ 48,868 | |
Series B Preferred Stock | |||
Liabilities | |||
Preferred stock | $ 79,793 | $ 72,192 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 13,406,302 | 4,821,876 | |
Common stock, shares outstanding | 4,821,876 | 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 | $ 96,574 | $ 96,689 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Rental revenue | $ 75,290 | $ 48,683 |
Other revenue | 534 | |
Total revenues | 75,290 | 49,217 |
Operating expenses | ||
Property | 27,237 | 17,449 |
Depreciation and amortization | 37,381 | 26,788 |
General and Administrative | 7,481 | 6,080 |
Total operating expenses | 72,099 | 50,317 |
Other income (expense): | ||
Interest expense | 14,948 | 15,734 |
Loss on extinguishment of debt | (5,393) | |
Gain on sale of real estate | 1,004 | |
Change in fair value of warrant derivative | 181 | (48) |
Total other income (expense), net | (15,129) | (20,075) |
Net loss | (11,938) | (21,175) |
Less: loss attributable to non-controlling interest | (1,518) | (2,459) |
Net loss attributable to Plymouth Industrial REIT, Inc. | (10,420) | (18,716) |
Less: Preferred stock dividends | 6,263 | 3,940 |
Less: Series B Preferred stock accretion to redemption value | 7,601 | 359 |
Less: amount allocated to participating securities | 239 | 201 |
Net loss attributable to common stockholders | $ (24,523) | $ (23,216) |
Net loss per share attributable to common stockholders | $ (2.88) | $ (5.76) |
Weighted-average common shares outstanding basic and diluted | 8,503,375 | 4,027,329 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) - USD ($) $ in Thousands | Preferred Stock Series A | Preferred Stock Series B | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Stockholders' Equity (Deficit) | Non-Controlling Interest | Total |
Beginning balance, shares at Dec. 31, 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 | $ (63) | |||||||
Series B preferred stock, net of offering costs, shares | 4,411,764 | |||||||
Series B preferred stock, net of offering costs, value | $ 71,833 | |||||||
Series B preferred stock accretion to redemption value | $ 359 | (359) | (359) | (359) | ||||
Net proceeds from common stock, shares | 1,262,833 | |||||||
Net proceeds from common stock, value | $ 13 | 17,830 | 17,843 | 17,843 | ||||
Stock Based Compensation | 805 | 805 | 805 | |||||
Repurchase and retirement of common stock, shares | (263,158) | |||||||
Repurchase and retirement of common stock, value | $ (3) | (4,997) | (54) | (5,054) | (5,054) | |||
Restricted shares issued, shares | 3,000 | |||||||
Dividends and distributions | (10,222) | (10,222) | (831) | (11,053) | ||||
Issuance of partnership units | 10,642 | 10,642 | ||||||
Net loss | (18,716) | (18,716) | (2,459) | (21,175) | ||||
Ending balance, shares at Dec. 31, 2018 | 2,040,000 | 4,411,764 | 4,821,876 | |||||
Ending balance, value at Dec. 31, 2018 | $ 48,868 | $ 72,192 | $ 49 | 126,327 | (137,983) | (11,607) | 14,467 | 2,860 |
Series B preferred stock accretion to redemption value | $ 7,601 | (7,601) | (7,601) | (7,601) | ||||
Net proceeds from common stock, shares | 9,057,251 | |||||||
Net proceeds from common stock, value | $ 90 | 153,428 | 153,518 | 153,518 | ||||
Stock Based Compensation | 1,205 | 1,205 | 1,205 | |||||
Restricted shares issued, shares | 90,075 | |||||||
Restricted shares issued, value | $ 1 | 1 | 1 | |||||
Dividends and distributions | (21,774) | (21,774) | (1,507) | (23,281) | ||||
Redemption of partnership units, shares | 172,153 | |||||||
Redemption of partnership units, value | $ 1 | 2,926 | 2,927 | (2,927) | ||||
Rebalancing of non-controlling interest | 1,748 | 1,748 | (1,748) | |||||
Net loss | (10,420) | (10,420) | (1,518) | (11,938) | ||||
Ending balance, shares at Dec. 31, 2019 | 2,040,000 | 4,411,764 | 14,141,355 | |||||
Ending balance, value at Dec. 31, 2019 | $ 48,868 | $ 79,793 | $ 141 | $ 256,259 | $ (148,403) | $ 107,997 | $ 6,767 | $ 114,764 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net loss | $ (11,938) | $ (21,175) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 37,381 | 26,788 |
Straight line rent adjustment | (1,296) | (996) |
Intangible amortization in rental revenue, net | (1,488) | (1,304) |
Loss on debt extinguishment | 5,393 | |
Amortization of debt issuance costs | 1,030 | 2,138 |
Change in fair value of warrant derivative | 181 | (48) |
Stock based compensation | 1,205 | 805 |
Gain on sale of real estate | (1,004) | |
Changes in operating assets and liabilities: | ||
Other assets | (5,724) | (239) |
Deferred leasing costs | (2,005) | (1,208) |
Accounts payable, accrued expenses and other liabilities | 10,371 | 5,717 |
Net cash provided by operating activities | 27,717 | 14,867 |
Investing activities | ||
Acquisition of real estate | (195,141) | (142,635) |
Proceeds from sale of real estate, net | 4,562 | |
Real estate improvements | (5,326) | (3,850) |
Net cash used in investing activities | (200,467) | (141,923) |
Financing activities | ||
Proceeds from issuance of common stock | 153,518 | 17,843 |
Proceeds from preferred stock | 71,770 | |
Proceeds from issuance of secured debt | 63,115 | 198,315 |
Repayment of secured debt | (64,630) | (118,914) |
Repayment of mezzanine debt | (34,682) | |
Proceeds from credit facility | 141,097 | 45,225 |
Repayment of line of credit facility | (90,750) | (38,000) |
Debt issuance costs | (2,233) | (2,566) |
Repurchase of common stock | (5,054) | |
Dividends paid | (19,930) | (11,083) |
Net cash provided by financing activities | 180,187 | 122,854 |
Net increase (decrease) in cash and cash held in escrow and restricted cash | 7,437 | (4,202) |
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 | 22,398 | 14,961 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 13,652 | 13,596 |
Supplemental Non-cash Financing and Investing Activities: | ||
Dividends declared included in dividends payable | 5,303 | 1,923 |
Distribution payable to non-controlling interest holder | 328 | 358 |
Issuance of partnership units in exchange for acquisition of property | 10,642 | |
Series B accretion to redemption value | 7,601 | 359 |
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities | 161 | 124 |
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities | 463 | 114 |
Assumption of mortgage notes in connection with acquisition of property | $ 30,582 | $ 13,907 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 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”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2019 and 2018, the Company owned an 94.2% and 82.2%, respectively, common equity interest in the Operating Partnership. The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company focuses on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the U.S. As of December 31, 2019, the Company, through its subsidiaries, owns 85 industrial properties comprising approximately 17,800 square feet. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Reclassifications For the year ended December 31, 2018, tenant recoveries totaling $12,051 on the Company’s Consolidated Statements of Operations were reclassified into rental revenue due to the adoption of ASU 2016-02, Leases (“ASU 2016-02”). Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. New Accounting Standards Recently Adopted We adopted ASU 2016-02, Leases, 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 consolidated balance sheets 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 consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. 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 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 consolidated financial statements. New Accounting Pronouncements Issued but not yet Adopted Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements. Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Historically, the Company has experienced immaterial write-offs. At December 31, 2019 and 2018 the Company did not recognize an allowance for doubtful accounts. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheet. For the years ended December 31, 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: Year Ended Year Ended December 31, December 31, 2019 2018 Income from lease $ 54,603 $ 34,332 Straight-line rent adjustment 1,296 996 Tenant recoveries 17,903 12,051 Amortization of above market leases (668 ) (519 ) Amortization of below market leases 2,156 1,823 Total $ 75,290 $ 48,683 Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2019 and 2018. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 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 consolidated balance sheet to amounts reported within our consolidated statement of cash flows: December 31, December 31, 2019 2018 Cash as presented on balance sheet $ 10,465 $ 5,394 Cash held in escrow as presented on balance sheet 9,453 7,808 Restricted cash as presented on balance sheet 2,480 1,759 Cash, cash held in escrow and restricted cash as presented on cash flow statement $ 22,398 $ 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 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at December 31, 2019 and 2018, respectively, discussed in Note 7. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, 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 consolidated statements of operations. Debt issuance costs amounted to $6,718 and $6,232 at December 31, 2019 and 2018, respectively, and related accumulated amortization amounted to $2,227 and $1,754 at December 31, 2019 and 2018, respectively. At December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,133 related to the Line of Credit Agreement from Borrowings under line of credit, net to other assets in the 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. Loss per Share The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Consolidation The Company’s consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 Property, Plant and Equipment Real Estate, Consolidation Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2016 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2018 of approximately $35,322. The Company will incur no federal taxable income during 2019 after utilizing the dividends paid deduction, resulting in net operating loss carryforwards to 2020 of approximately $35,322. NOLs generated from 2018 and onwards are not limited to 20 years and can be carried forward indefinitely with the exception that they can only offset up to 80% of federal taxable income in future years. The Company’s net tax basis of real estate assets amounted to $602,848 and $487,049 as of December 31, 2019 and 2018, respectively. Real Estate Property Acquisitions In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 “Business Combinations”, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company implemented ASU 2017-01 as of July 2017 and concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets. Non-controlling Interests As further discussed in Note 9, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Properties | 3. Real Estate Properties Real estate properties consisted of the following at December 31, 2019 and 2018: 2019 2018 Land $ 127,439 $ 92,628 Buildings, building improvements and tenant improvements 474,492 325,933 Site improvements 52,998 33,270 Construction in progress 859 779 655,788 452,610 Less accumulated depreciation (63,877 ) (41,279 ) Real estate properties $ 591,911 $ 411,331 Depreciation expense was $22,633 in 2019 and $16,477 in 2018. Acquisitions of Real Estate The Company made the following acquisitions of properties during the year ended December 31, 2019: Location Date Square Properties Purchase Price (1) Chicago, IL January 4, 2019 73,785 1 $ 5,425 Indianapolis, IN June 10, 2019 484,879 1 17,100 St. Louis, MO July 29, 2019 129,000 1 5,400 Memphis, TN August 29, 2019 566,281 1 22,050 (2) Chicago, IL August 29, 2019 1,071,129 7 32,250 Cincinnati/Columbus, OH August 30, 2019 591,695 6 36,200 (3) Atlanta, GA October 30, 2019 295,693 1 19,400 St. Louis, MO November 21, 2019 59,055 1 3,525 Shadeland, IN December 4, 2019 1,747,411 9 49,815 Indianapolis, IN December 4, 2019 353,000 1 12,150 Findlay, OH December 20, 2019 405,000 1 16,800 Year ended December 31, 2019 5,776,928 30 $ 220,115 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $22,050 includes the assumption of approximately $9,577 of existing mortgage debt secured by the property. (3) The purchase price of $36,200 included the assumption of approximately $21,005 of existing mortgage debt secured by the property The Company made the following acquisitions of properties during the year ended December 31, 2018: Market Date Square Properties Purchase Price (1) Chicago, IL April 9, 2018 269,999 2 $ 15,675 Cleveland, OH September 27, 2018 400,184 1 27,000 Cincinnati, OH October 15, 2018 1,100,000 1 24,800 (2) Jacksonville, FL December 14, 2018 1,133,516 3 97,100 Year ended December 31, 2018 2,903,699 7 $ 164,575 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $24,800 includes the assumption of approximately $13,907 of existing mortgage debt secured by the property and the issuance of 626,011 units of Operating Partnership units valued at approximately $10,642. The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Purchase price allocation Year ended Year ended Total Purchase Price Purchase Price $ 220,115 $ 164,575 Acquisition Costs 5,608 2,608 Total $ 225,723 $ 167,183 Allocation of Purchase Price Land $ 34,810 $ 33,938 Building 143,313 103,570 Site Improvements 19,727 11,823 Total real estate properties 197,850 149,331 Deferred lease intangibles Tenant relationships 5,692 4,819 Leasing Commissions 4,115 3,659 Above Market Lease Value 519 1,225 Below Market Lease Value (3,312 ) (2,174 ) Lease in Place Value 21,884 10,231 Net deferred lease intangibles 28,898 17,760 Assumed debt – market value Above market debt (1,025 ) — Below market debt — 92 Net assumed debt – market value (1,025 ) 92 Totals $ 225,723 $ 167,183 Sale of Real Estate During the year ended December 31, 2018, the Company disposed of a single, 112,144 square foot property located in Milwaukee, WI with a net book value of approximately $3,953. Net proceeds from the sale were approximately $4,562, and the Company recognized a gain on the sale of approximately $1,004. There were no sales of real estate during the year ended December 31, 2019. |
Deferred Lease Intangibles
Deferred Lease Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Deferred Lease Intangibles | 4. Deferred Lease Intangibles Deferred lease intangible assets consisted of the following at December 31, 2019 and 2018: 2019 2018 Above market lease $ 3,815 $ 3,310 Lease in place 56,005 35,521 Tenant relationships 15,865 10,333 Leasing commission 12,268 8,318 Leasing commission after acquisition 3,840 1,523 91,793 59,005 Less Accumulated amortization (34,705 ) (21,065 ) Deferred lease intangibles $ 57,088 $ 37,940 Deferred lease intangible liabilities consisted of the following at December 31, 2019 and 2018: 2019 2018 Below market leases $ 12,983 $ 9,690 Less accumulated amortization (4,669 ) (2,623 ) Deferred lease intangibles $ 8,314 $ 7,067 Amortization of above and below market leases was recorded as an adjustment to revenues and amounted to $1,488 and $1,304 in 2019 and 2018, respectively. Amortization of all other deferred lease intangibles has been included in depreciation and amortization in the accompanying consolidated statements of operations and amounted to $14,748 and $10,311 in 2019 and 2018, respectively. Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2019 is as follows: Year Amortization Net Increase to 2020 $ 18,285 $ (1,616 ) 2021 $ 12,990 $ (1,211 ) 2022 $ 7,816 $ (915 ) 2023 $ 6,071 $ (706 ) 2024 $ 3,874 $ (518 ) Thereafter $ 6,087 $ (1,383 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 5. 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 December 31, 2019, undiscounted future minimum rental receipts due under non-cancellable operating leases for each of the next five years and thereafter were as follows (in thousands): Future Minimum 2020 $ 69,624 2021 59,447 2022 47,207 2023 37,830 2024 28,268 Thereafter 58,089 Total minimum rental receipts $ 300,465 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 December 31, 2019, we have three, non-cancelable office space operating leases. These leases have remaining lease terms ranging from 4.7 years to 5.3 years. The lease agreements do not contain residual value guarantees or options to renew. As of December 31, 2019, total right of use assets and lease liabilities were approximately $2,104 and $2,141, respectively. In arriving at the lease liability as of December 31, 2019, we applied a weighted-average incremental borrowing rate of 5.3% over the weighted-average remaining lease term of 5.2 years. The incremental borrowing rate is the rate equal to our borrowings under the revolving line of credit facility at the time we enter into the respective lease agreement. The following table summarizes the operating lease expense recognized during the year ended December 31, 2019 included in the Company’s consolidated statements of operations. Year ended Operating lease expense included in general and administrative expense attributable to office leases $ 466 The following table summarizes supplemental cash flow information related to operating leases recognized during the year ended December 31, 2019 in the Company’s consolidated statements of cash flows. Year ended Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 429 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): December 31, 2020 $ 453 2021 465 2022 474 2023 483 2024 479 Thereafter 108 Total undiscounted rental commitments 2,462 Present value adjustment using incremental borrowing rate 321 Total lease liability $ 2,141 As December 31, 2019 and 2018, the Company had no finance leases. |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 6. Borrowing Arrangements Secured Debt The following table sets forth a summary of the Company’s secured debt outstanding at December 31, 2019 and 2018: Outstanding Balance at December 31, December 31, Interest rate at Final Maturity Date AIG Loan $ 119,592 $ 120,000 4.08% November 1, 2023 Transamerica Loan 74,214 74,620 4.35% August 1, 2028 Allianz Loan 63,115 — 4.07% April 10, 2026 Minnesota Life Loan 21,272 21,500 3.78% May 1, 2028 Assumed Mortgage Loans 43,984 13,873 3.41-5.23% January 10, 2022–January 1, 2027 KeyBank Bridge Loan — 63,115 - - $ 322,177 $ 293,108 Unamortized debt issuance costs, net (4,491 ) (4,115 ) Unamortized premium/(discount), net 872 — Secured debt, net $ 318,558 $ 288,993 Significant features of the Company’s secured debt borrowings are as follows: AIG Loan On October 17, 2016, certain indirect subsidiaries of the Operating Partnership entered into a loan agreement with investment entities managed by AIG Asset Management (the “AIG Loan”), which provided the Company $120,000 of commercial mortgage loans. The AIG Loan bears interest at a fixed rate of 4.08% per annum. The Company was required to make monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023. 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 Company has the right to prepay a portion of the AIG Loan subject to a prepayment penalty. The Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. The Company is in compliance with the respective covenants at December 31, 2019. Transamerica Loan On July 10, 2018, certain wholly-owned subsidiaries of the Operating Partnership (the “Transamerica Borrowers”) entered into a loan agreement with Transamerica Life Insurance Company (the “Transamerica Loan”), which provided the Company $78,000 of commercial mortgage loans. The Transamerica Loan bears interest at a fixed rate of 4.35% per annum. The Company was required to make monthly interest-only payments through August 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment on August 1, 2028. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity. Each Transamerica Borrower has guaranteed the payment obligations of all the other Transamerica Borrowers under the Transamerica Loan. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. The Company is in compliance with the respective covenants at December 31, 2019. Allianz Loan On March 21, 2019, certain wholly-owned subsidiaries of the Operating Partnership (the “Allianz Borrowers”) entered into a loan agreement with Allianz Life Insurance Company of North America (the “Allianz Loan”), which provided the Company $63,115 of commercial mortgage loans. The Allianz Loan bears interest at a fixed rate of 4.07% per annum. The Company is required to make interest-only payments through April 2022. Thereafter, the Company will make monthly payments of principal plus accrued interest with a balloon payment on April 10, 2026. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity. Each Allianz Borrower has guaranteed the payment obligations of all the other Allianz Borrowers under the Notes. The Company is required to meet certain 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 Allianz Loan. The Company is in compliance with the respective covenants at December 31, 2019. Minnesota Life Loan On April 30, 2018, certain wholly-owned subsidiaries of the Operating Partnership (the Minnesota Life Borrowers”) entered into a secured loan agreement with Minnesota Life Insurance Company (the “Minnesota Life Loan”), which provided the Company $21,500 of commercial mortgage loans. The Minnesota Life Loan bears interest at 3.78% per annum. The Company was required to make monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity. Each Minnesota Life Borrower has guaranteed the payment obligations of all the other Minnesota Life Borrowers under the Notes. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. The Company is in compliance with the respective covenants at December 31, 2019. Assumed Mortgage Loans The Company has the following assumed mortgage loans outstanding: Fisher Park Mortgage On October 15, 2018, a wholly-owned subsidiary of the Operating Partnership (the “Fisher Park Borrower”) assumed a mortgage (the “Fisher Park Mortgage”) in the amount of $13,907 in connection with the Company’s acquisition of the property in greater Cincinnati. The Fisher Park Mortgage, held by JP Morgan Chase Bank bears interest at 5.23% and is secured by the property. The Fisher Park Mortgage requires monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $13,661 and $13,873 at December 31, 2019 and 2018, respectively. The Company is required to meet 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 per the Fisher Park Mortgage. The Company is in compliance with all the respective covenants at December 31, 2019. South Park Mortgage On August 29, 2019, a wholly-owned subsidiary of the Operating Partnership (the “South Park Borrower”) assumed a mortgage (the “South Park Mortgage”) in the amount of $9,577 in connection with the Company’s acquisition of a property in Memphis. The South Park Mortgage, held by Lincoln National, bears interest at 3.41% and is secured by the property. The South Park Mortgage requires monthly installments of principal plus accrued interest through January 10, 2022, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $9,507 at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the South Park Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. Orange Point Mortgage On August 30, 2019, a wholly-owned subsidiary of the Operating Partnership (the “Orange Point Borrower”) assumed a mortgage (the “Orange Point Mortgage”) in the amount of $21,005 in connection with the Company’s acquisition of the 6-property portfolio in Cincinnati and Columbus. The Orange Point Mortgage, held by Ohio National Life Insurance Company, bears interest at 4.14% and is secured by the properties. The Orange Point Mortgage requires monthly installments of principal plus accrued interest through August 1, 2024, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $20,816 at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Orange Point Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. Revolving Line of Credit Facility The following table sets forth a summary of the Company’s borrowings outstanding under its line of credit at December 31, 2019 and 2018: Outstanding Balance at Interest rate at December 31, 2019 Final Maturity Date December 31, 2019 December 31, 2018 Borrowings under line of credit, net $ 78,900 $ 28,187 3.72% August 7, 2023 The Operating Partnership has a revolving line of credit (the “Revolving Line of Credit”) with a lending syndicate led by KeyBank National Association (“KeyBank”). The Revolving Line of Credit provided up to $45,000 and was amended and restated August 7, 2019 and increased to $100,000. The maximum borrowings available under the Revolving Line of Credit may be increased to $200,000 in the event certain conditions are met by the Operating Partnership. The Revolving Line of Credit matures in August 2023 and includes two six-month renewal options through August 2024 subject to the agreement of the lenders. Borrowings under the New Credit Agreement bear interest at either (1) the base rate (determined as 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on the Borrower’s total leverage ratio. The Revolving Line of Credit 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 Revolving Line of Credit. The Revolving Line of Credit contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. Borrowings under the Revolving Line of Credit amounted to $78,900 and $28,550 at December 31, 2019 and 2018, respectively, offset by unamortized debt issuance costs of $363, at December 31, 2018. Repayments of Debt On March 21, 2019, the Company used proceeds of $63,115 from the Allianz Loan discussed above, to retire secured borrowings of the same amount obtained under a secured Libor-based bridge loan provided by KeyBank on December 14, 2018. The Company did not recognize any gain or loss on extinguishment of the debt. On May 24, 2018, the Company used a portion of the proceeds from a $35,700 senior secured LIBOR-based term loan with KeyBank to repay borrowings and accrued interest under a 15% $30,000 Mezzanine Loan previously obtained in 2016. The Company recognized a $3,601 loss on extinguishment of debt, which included a pre-payment premium penalty of $2,896 and the write-off of unamortized deferred financing fees of $705. On July 10, 2018, the Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay $79,800 under a term loan with Special Situations Investing Group II, LLC (the “MWG Loan”). The Company recognized a loss on extinguishment of debt of $804, which represented the write off of unamortized deferred financing fees. On December 14, 2018, the Company used the proceeds of the Series B Preferred Offering to fully repay borrowings in the amount of $37,500 under a term loan with KeyBank (the “KeyBank Term Loan”). The Company recognized a loss on extinguishment of debt of $593, which represented the write off of unamortized deferred financing fees. Future Principal Payments Of Debt Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2019 are as follows: Year ending December 31: Amount 2020 $ 5,168 2021 5,389 2022 15,176 2023 194,562 2024 21,812 Thereafter 158,970 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock Follow-on Offerings 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. 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. 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. ATM Program On July 30, 2018, the Company and Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $500,000 of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities. On August 24, 2018, the Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the “Agents”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an “at-the-market equity offering program” (the “ATM program”). During the year ended December 31, 2019, the Company sold 2,182,251 securities for a weighted average share price of $18.23 under the ATM program, resulting in net proceeds of approximately $38,905, of which 562,900 shares were sold in the quarter ended December 31, 2019. As of December 31, 2019, the Company had approximately $10,216 available for issuance under the ATM program. The Company did not sell any securities under the ATM Program during the year ended December 31, 2018. Common Stock Warrants The Company has warrants outstanding to acquire 303,382 shares of the Company’s common stock at an exercise price of $18.96 per share, which expire in 2022. The warrants are accounted for as a liability on the accompanying consolidated balance sheet as they contain provisions that are considered outside of the Company’s control, such as the holders’ option to receive cash in lieu and other securities in the event of a reorganization of the Company’s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying consolidated statements of operations. A roll-forward of the warrants is as follows: Balance at January 1, 2018 $ 160 Issuance of common stock warrant — Change in fair value (48 ) Balance at December 31, 2018 112 Issuance of common stock warrant — Change in fair value 181 Balance at December 31, 2019 $ 293 The warrants in the amount of $293 at December 31, 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 $18.96, volatility of 18.1%, an expected annual dividend of $1.50, a term of 2.5 years and an annual risk-free interest rate of 1.6%. 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 consolidated statements of operations. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented since the Company recorded a net loss during the years ended December 31, 2019 and 2018. Common Stock Dividends The following table sets forth the common stock distributions that were declared during the years ended December 31, 2019 and 2018. Cash Dividends Aggregate 2019 First quarter $ 0.3750 $ 1,923 Second quarter $ 0.3750 $ 3,257 Third quarter $ 0.3750 $ 5,027 Fourth quarter $ 0.3750 $ 5,303 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 Characterization of Common Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2019. Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of 3/14/2019 3/29/2019 4/30/2019 $ 0.3750 $ 0171492 $ 0.203508 6/14/2019 6/28/2019 7/31/2019 $ 0.3750 $ 0171492 $ 0.203508 9/13/2019 9/30/2019 10/31/2019 $ 0.3750 $ 0171492 $ 0.203508 12/13/2019 12/31/2019 1/31/2020 $ 0.3750 (1) - - (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2019. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Stock | 8. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 shares of Series A Preferred Stock, including 240,000 shares exercised under the underwriter’s over-allotment, at a per share price of $25.00 for net cash proceeds of $48,868. The offering of the Series A Preferred Stock was registered with the SEC, pursuant to a registration statement on Form S-11 declared effective on October 18, 2017. The relevant features of the Series A Preferred Stock are as follows: Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders on parity with Series B Preferred as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $25.00 per share, plus any accrued and unpaid dividends. The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with the holders of the Series B Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2019 and 2018. Cash Dividends Aggregate 2019 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 2018 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 Characterization of Series A Preferred Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2019. Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of 3/1/2019 3/15/2019 4/1/2019 $ 0.4688 $ 0.4688 $ - 5/31/2019 6/14/2019 7/1/2019 $ 0.4688 $ 0.4688 $ - 8/30/2019 9/13/2019 9/30/2019 $ 0.4688 $ 0.4688 $ - 11/29/2019 12/13/2019 12/31/2019 $ 0.4688 $ 0.4688 $ - Series B Preferred Stock On December 14, 2018, the Company in a private placement exempt from registration under the federal securities laws (the “Private Placement”), completed the offering of 4,411,764 shares of the Company’s Series B Convertible Redeemable Preferred Stock (the “Series B Preferred Stock”) at a purchase price of $17.00 per share for an aggregate consideration of $75,000 (the “Purchase Price”) or $71,800, net of issuance costs. The relevant features of the Series B Preferred Stock are as follows: Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity with the shares of the Company’s 7.50% Series A Cumulative Redeemable Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference,( Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. For the years ended December 31, 2019 and 2018, accretion recorded in relation to the 12% annual internal rate of return and offering costs is $7,601 and $359, respectively. Redemption Rights The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company’s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity. Conversion Rights The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement, (December 14, 2018) as required by the NYSE American rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however , that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: · If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; · If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and · If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Protective Rights The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stoc to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE American with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. The following table sets forth the Series B preferred stock dividends that were declared during the year ended December 31, 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 Declared Aggregate per Share Amount 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 Third quarter $ 0.13813 $ 610 Fourth quarter $ 0.13813 $ 610 2018 Fourth quarter (commencing December 14, 2018 to December 31, 2018) $ 0.02609 $ 115 |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 9. Non-Controlling Interests Operating Partnership Units Acquisitions In connection with the acquisition of the Shadeland Portfolio on August 11, 2017, the Company, through its Operating Partnership issued 421,438 Operating Partnership Units (“OP Units”) at $19.00 per OP Unit for a total of approximately $8,007 to the former owners of the Shadeland Portfolio. In connection with the Cincinnati, Ohio acquisition on October 15, 2018, the Company, through its Operating Partnership issued 626,011 OP Units at $17.00 per OP Unit for a total of approximately $10,642 to the former owners of the property. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2019 and 2018. The Company did not pay any distributions prior to the issuance of the OP Units in connection with the Shadeland Portfolio acquisition on August 11, 2017. Cash Distributions Aggregate 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 Third quarter $ 0.375 $ 393 Fourth quarter $ 0.375 $ 328 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 $1,518 and $2,459 for the year ended December 31, 2019 and 2018, respectively. During December 2019, 172,153 OP units were redeemed for 172,153 shares of our common stock. The Company adjusted the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying consolidated statements of changes in preferred stock and equity. |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan | 10. Incentive Award Plan In April 2014, the Company’s Board of Directors adopted, and in June 2014 the Company’s stockholders approved, the 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company’s common stock and/or LTIP units of partnership interest in the Company’s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 375,000 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires or is settled for cash, any shares/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. However, the following shares/LTIP units may not be used again for grant under the Plan: (1) shares/LTIP units tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award; (2) shares subject to a stock appreciation right, or SAR, that are not issued in connection with the stock settlement of the SAR on its exercise; and (3) shares purchased on the open market with the cash proceeds from the exercise of options. The maximum number of shares that may be issued under the Plan upon the exercise of incentive stock options is 375,000. The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest over the shorter of 1 year from the date of grant, or, the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2019 and 2018: Shares Unvested restricted stock at January 1, 2018 163,157 Granted 3,000 Forfeited — Vested (42,106 ) Unvested restricted stock at December 31, 2018 124,051 Granted 90,075 Forfeited — Vested (51,942 ) Unvested restricted stock at December 31, 2019 162,184 The Company recorded equity-based compensation in the amount of $1,205 and $805 for the years ended December 31, 2019 and 2018, respectively, which is included in general and administrative expenses in the accompanying consolidated statement of operations. Equity-based compensation expense for shares issued to employers and directors is based on the grant-date fair value of the award and recognized on a straight-line basis over the requisite period of the award. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2019 was approximately $2,275 and is expected to be recognized over a weighted average period of approximately 2.8 years. The fair value of the 90,075 restricted shares granted during 2019 was approximately $1,559 with a weighted average fair value of $17.31 per share. The fair value of the 3,000 restricted shares granted during 2018 was approximately $48 with a weighted average fair value of $16.00 per share. The fair value related to the restricted stock was calculated based on the stock price on the date of the grant. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 11. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Year Ended December 31, 2019 2018 Numerator Net loss $ (11,938 ) $ (21,175 ) Less: loss attributable to non-controlling interest (1,518 ) (2,459 ) Net loss attributable to Plymouth Industrial REIT, Inc. (10,420 ) (18,716 ) Less: Preferred stock dividends 6,263 3,940 Less: Series B preferred stock accretion to redemption value 7,601 359 Less: amount allocated to participating securities 239 201 Net loss attributable to common stockholders $ (24,523 ) $ (23,216 ) Denominator Weighted-average common shares outstanding basic and diluted 8,503,375 4,027,329 Net loss per share attributable to common stockholders – basic and diluted $ (2.88 ) $ (5.76 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic EPS calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. Our unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities include the 303,382 shares of common stock warrants and 162,184 shares of restricted common stock. The stock warrants and restricted common shares have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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 $325 to $475 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for 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. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 13. Retirement Plan The Company in December, 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2019 in the amount of $240 and an amount of $190 for 2018, which is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets at December 31, 2019 and 2018, respectively. The Company has no control or administrative responsibility related to the individual accounts and is not obligated to fund them in future years. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On January 22, 2020, the Company (the “borrower”) entered into a Credit Agreement with KeyBank National Association (“KeyBank”) and the other lenders that are parties thereto, with KeyBank, as Agent, and KeyBank Capital Markets, as Sole Lead Arranger and Sole Book Manager (the “Credit Agreement”). The Credit Agreement provides the Borrower with a term loan with a total commitment of $100 million, subject to certain conditions. The Credit Agreement matures on the earlier of (1) October 22, 2020 and (2) the date KeyBank ceases to serve as administrative agent under the Company’s Revolving Line of Credit, dated as of August 7, 2019. Borrowings under the Credit Agreement bear interest at either (1) the base rate (determined as 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on our total leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Credit Agreement also contains financial covenants as defined within the Credit Agreement. On January 24, 2020, the Company acquired a single Class B industrial property, consisting of approximately 465,940 square feet, located in Chicago, Illinois for an aggregate purchase price of $18,650. On January 27, 2020, the Company acquired a single Class B industrial property, consisting of approximately 276,240 square feet, located in Indianapolis, Indiana for an aggregate purchase price of $8,800. On January 28, 2020, the Company acquired a five-property portfolio of Class B industrial properties, consisting of approximately 924,036 square feet, located in Atlanta and Savannah, Georgia for an aggregate purchase price of $34,700. On February 14, 2020, the Company acquired a three-property portfolio of Class B industrial properties, consisting of approximately 408,164 square feet, located in Avon, Ohio for an aggregate purchase price of $15,750. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications For the year ended December 31, 2018, tenant recoveries totaling $12,051 on the Company’s Consolidated Statements of Operations were reclassified into rental revenue due to the adoption of ASU 2016-02, Leases (“ASU 2016-02”). |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. |
Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. |
New Accounting Standards Recently Adopted | New Accounting Standards Recently Adopted We adopted ASU 2016-02, Leases, 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 consolidated balance sheets 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 consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. 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 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 consolidated financial statements. |
New Accounting Pronouncements Issued but not yet Adopted | New Accounting Pronouncements Issued but not yet Adopted Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements. |
Segments | Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. |
Revenue Recognition and Tenant Receivables and Rental Revenue Components | Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Historically, the Company has experienced immaterial write-offs. At December 31, 2019 and 2018 the Company did not recognize an allowance for doubtful accounts. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheet. For the years ended December 31, 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: Year Ended Year Ended December 31, December 31, 2019 2018 Income from lease $ 54,603 $ 34,332 Straight-line rent adjustment 1,296 996 Tenant recoveries 17,903 12,051 Amortization of above market leases (668 ) (519 ) Amortization of below market leases 2,156 1,823 Total $ 75,290 $ 48,683 |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2019 and 2018. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 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 consolidated balance sheet to amounts reported within our consolidated statement of cash flows: December 31, December 31, 2019 2018 Cash as presented on balance sheet $ 10,465 $ 5,394 Cash held in escrow as presented on balance sheet 9,453 7,808 Restricted cash as presented on balance sheet 2,480 1,759 Cash, cash held in escrow and restricted cash as presented on cash flow statement $ 22,398 $ 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 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at December 31, 2019 and 2018, respectively, discussed in Note 7. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, 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 consolidated statements of operations. Debt issuance costs amounted to $6,718 and $6,232 at December 31, 2019 and 2018, respectively, and related accumulated amortization amounted to $2,227 and $1,754 at December 31, 2019 and 2018, respectively. At December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,133 related to the Line of Credit Agreement from Borrowings under line of credit, net to other assets in the 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. |
Earnings Per Share | Loss per Share The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. |
Consolidation | Consolidation The Company’s consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 Property, Plant and Equipment Real Estate, Consolidation |
Income Taxes | Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2016 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2018 of approximately $35,322. The Company will incur no federal taxable income during 2019 after utilizing the dividends paid deduction, resulting in net operating loss carryforwards to 2020 of approximately $35,322. NOLs generated from 2018 and onwards are not limited to 20 years and can be carried forward indefinitely with the exception that they can only offset up to 80% of federal taxable income in future years. The Company’s net tax basis of real estate assets amounted to $602,848 and $487,049 as of December 31, 2019 and 2018, respectively. |
Real Estate Property Acquisitions | Real Estate Property Acquisitions In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 “Business Combinations”, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company implemented ASU 2017-01 as of July 2017 and concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. |
Real Estate and Depreciation | Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. |
Amortization of Deferred Lease Intangibles - Assets and Liabilities | Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets. |
Controlling Interest | Non-controlling Interests As further discussed in Note 9, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Rental Revenue Components | Year Ended Year Ended December 31, December 31, 2019 2018 Income from lease $ 54,603 $ 34,332 Straight-line rent adjustment 1,296 996 Tenant recoveries 17,903 12,051 Amortization of above market leases (668 ) (519 ) Amortization of below market leases 2,156 1,823 Total $ 75,290 $ 48,683 |
Schedule of Cash, Cash Equivalents and Restricted Cash | December 31, December 31, 2019 2018 Cash as presented on balance sheet $ 10,465 $ 5,394 Cash held in escrow as presented on balance sheet 9,453 7,808 Restricted cash as presented on balance sheet 2,480 1,759 Cash, cash held in escrow and restricted cash as presented on cash flow statement $ 22,398 $ 14,961 |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | 2019 2018 Land $ 127,439 $ 92,628 Buildings, building improvements and tenant improvements 474,492 325,933 Site improvements 52,998 33,270 Construction in progress 859 779 655,788 452,610 Less accumulated depreciation (63,877 ) (41,279 ) Real estate properties $ 591,911 $ 411,331 |
Schedule of Real Estate Acquisitions | Location Date Square Properties Purchase Price (1) Chicago, IL January 4, 2019 73,785 1 $ 5,425 Indianapolis, IN June 10, 2019 484,879 1 17,100 St. Louis, MO July 29, 2019 129,000 1 5,400 Memphis, TN August 29, 2019 566,281 1 22,050 (2) Chicago, IL August 29, 2019 1,071,129 7 32,250 Cincinnati/Columbus, OH August 30, 2019 591,695 6 36,200 (3) Atlanta, GA October 30, 2019 295,693 1 19,400 St. Louis, MO November 21, 2019 59,055 1 3,525 Shadeland, IN December 4, 2019 1,747,411 9 49,815 Indianapolis, IN December 4, 2019 353,000 1 12,150 Findlay, OH December 20, 2019 405,000 1 16,800 Year ended December 31, 2019 5,776,928 30 $ 220,115 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $22,050 includes the assumption of approximately $9,577 of existing mortgage debt secured by the property. (3) The purchase price of $36,200 included the assumption of approximately $21,005 of existing mortgage debt secured by the property. Market Date Square Properties Purchase Price (1) Chicago, IL April 9, 2018 269,999 2 $ 15,675 Cleveland, OH September 27, 2018 400,184 1 27,000 Cincinnati, OH October 15, 2018 1,100,000 1 24,800 (2) Jacksonville, FL December 14, 2018 1,133,516 3 97,100 Year ended December 31, 2018 2,903,699 7 $ 164,575 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $24,800 includes the assumption of approximately $13,907 of existing mortgage debt secured by the property and the issuance of 626,011 units of Operating Partnership units valued at approximately $10,642. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Purchase price allocation Year ended Year ended Total Purchase Price Purchase Price $ 220,115 $ 164,575 Acquisition Costs 5,608 2,608 Total $ 225,723 $ 167,183 Allocation of Purchase Price Land $ 34,810 $ 33,938 Building 143,313 103,570 Site Improvements 19,727 11,823 Total real estate properties 197,850 149,331 Deferred lease intangibles Tenant relationships 5,692 4,819 Leasing Commissions 4,115 3,659 Above Market Lease Value 519 1,225 Below Market Lease Value (3,312 ) (2,174 ) Lease in Place Value 21,884 10,231 Net deferred lease intangibles 28,898 17,760 Assumed debt – market value Above market debt (1,025 ) — Below market debt — 92 Net assumed debt – market value (1,025 ) 92 Totals $ 225,723 $ 167,183 |
Schedule of Finite Lived Intangible Assets | 2019 2018 Above market lease $ 3,815 $ 3,310 Lease in place 56,005 35,521 Tenant relationships 15,865 10,333 Leasing commission 12,268 8,318 Leasing commission after acquisition 3,840 1,523 91,793 59,005 Less Accumulated amortization (34,705 ) (21,065 ) Deferred lease intangibles $ 57,088 $ 37,940 2019 2018 Below market leases $ 12,983 $ 9,690 Less accumulated amortization (4,669 ) (2,623 ) Deferred lease intangibles $ 8,314 $ 7,067 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | Year Amortization Expense Net Increase to Rental Income 2020 $ 18,285 $ (1,616 ) 2021 $ 12,990 $ (1,211 ) 2022 $ 7,816 $ (915 ) 2023 $ 6,071 $ (706 ) 2024 $ 3,874 $ (518 ) Thereafter $ 6,087 $ (1,383 ) |
Deferred Lease Intangibles (Tab
Deferred Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite Lived Intangible Assets | 2019 2018 Above market lease $ 3,815 $ 3,310 Lease in place 56,005 35,521 Tenant relationships 15,865 10,333 Leasing commission 12,268 8,318 Leasing commission after acquisition 3,840 1,523 91,793 59,005 Less Accumulated amortization (34,705 ) (21,065 ) Deferred lease intangibles $ 57,088 $ 37,940 2019 2018 Below market leases $ 12,983 $ 9,690 Less accumulated amortization (4,669 ) (2,623 ) Deferred lease intangibles $ 8,314 $ 7,067 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | Year Amortization Expense Net Increase to Rental Income 2020 $ 18,285 $ (1,616 ) 2021 $ 12,990 $ (1,211 ) 2022 $ 7,816 $ (915 ) 2023 $ 6,071 $ (706 ) 2024 $ 3,874 $ (518 ) Thereafter $ 6,087 $ (1,383 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases | Future Minimum 2020 $ 69,624 2021 59,447 2022 47,207 2023 37,830 2024 28,268 Thereafter 58,089 Total minimum rental receipts $ 300,465 |
Summary of Operating Lease Costs | Year ended Operating lease expense included in general and administrative expense attributable to office leases $ 466 |
Summary of Supplemental Cash Flow Information Related to Operating Leases | Year ended Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 429 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Secured Debt Outstanding | Outstanding Balance at December 31, December 31, Interest rate at Final Maturity Date AIG Loan $ 119,592 $ 120,000 4.08% November 1, 2023 Transamerica Loan 74,214 74,620 4.35% August 1, 2028 Allianz Loan 63,115 — 4.07% April 10, 2026 Minnesota Life Loan 21,272 21,500 3.78% May 1, 2028 Assumed Mortgage Loans 43,984 13,873 3.41-5.23% January 10, 2022–January 1, 2027 KeyBank Bridge Loan — 63,115 - - $ 322,177 $ 293,108 Unamortized debt issuance costs, net (4,491 ) (4,115 ) Unamortized premium/(discount), net 872 — Secured debt, net $ 318,558 $ 288,993 |
Schedule of Line of Credit Borrowings Outstanding | Outstanding Balance at Interest rate at December 31, 2019 Final Maturity Date December 31, 2019 December 31, 2018 Borrowings under line of credit, net $ 78,900 $ 28,187 3.72% August 7, 2023 |
Schedule of Future Principal Payments Due on Long-Term Debt | Year ending December 31: Amount 2020 $ 5,168 2021 5,389 2022 15,176 2023 194,562 2024 21,812 Thereafter 158,970 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants | Balance at January 1, 2018 $ 160 Issuance of common stock warrant — Change in fair value (48 ) Balance at December 31, 2018 112 Issuance of common stock warrant — Change in fair value 181 Balance at December 31, 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 Fourth quarter $ 0.3750 $ 5,303 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 |
Schedule of Dividends Payable | Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of 3/14/2019 3/29/2019 4/30/2019 $ 0.3750 $ 0171492 $ 0.203508 6/14/2019 6/28/2019 7/31/2019 $ 0.3750 $ 0171492 $ 0.203508 9/13/2019 9/30/2019 10/31/2019 $ 0.3750 $ 0171492 $ 0.203508 12/13/2019 12/31/2019 1/31/2020 $ 0.3750 (1) - - (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2019. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Series A and Series B Preferred Stock Dividends Declared | Cash Dividends Aggregate Series A 2019 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 2018 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 Series B 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 Third quarter $ 0.13813 $ 610 Fourth quarter $ 0.13813 $ 610 2018 Fourth quarter (commencing December 14, 2018 to December 31, 2018) $ 0.02609 $ 115 |
Schedule of Series A Preferred Stock Dividends Payable | Declaration Date Date of Record Payable Date Cash Distribution Ordinary Dividend Return of 3/1/2019 3/15/2019 4/1/2019 $ 0.4688 $ 0.4688 $ - 5/31/2019 6/14/2019 7/1/2019 $ 0.4688 $ 0.4688 $ - 8/30/2019 9/13/2019 9/30/2019 $ 0.4688 $ 0.4688 $ - 11/29/2019 12/13/2019 12/31/2019 $ 0.4688 $ 0.4688 $ - |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 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 Fourth quarter $ 0.375 $ 328 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. |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Activity | Shares Unvested restricted stock at January 1, 2018 163,157 Granted 3,000 Forfeited — Vested (42,106 ) Unvested restricted stock at December 31, 2018 124,051 Granted 90,075 Forfeited — Vested (51,942 ) Unvested restricted stock at December 31, 2019 162,184 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | Year Ended December 31, 2019 2018 Numerator Net loss $ (11,938 ) $ (21,175 ) Less: loss attributable to non-controlling interest (1,518 ) (2,459 ) Net loss attributable to Plymouth Industrial REIT, Inc. (10,420 ) (18,716 ) Less: Preferred stock dividends 6,263 3,940 Less: Series B preferred stock accretion to redemption value 7,601 359 Less: amount allocated to participating securities 239 201 Net loss attributable to common stockholders $ (24,523 ) $ (23,216 ) Denominator Weighted-average common shares outstanding basic and diluted 8,503,375 4,027,329 Net loss per share attributable to common stockholders – basic and diluted $ (2.88 ) $ (5.76 ) |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details Narrative) | 12 Months Ended | |
Dec. 31, 2019ft²Integer | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership equity interest in Operating Partnership | 94.20% | 82.20% |
Number of industrial properties owned | Integer | 85 | |
Industrial properties acquired, approximate square feet | ft² | 17,800 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Income from leases | $ 54,603 | $ 34,332 |
Straight-line rent adjustment | 1,296 | 996 |
Tenant recoveries | 17,903 | 12,051 |
Amortization of above market leases | (668) | (519) |
Amortization of below market leases | 2,156 | 1,823 |
Total | $ 75,290 | $ 48,683 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | |||
Cash as presented on balance sheet | $ 10,465 | $ 5,394 | |
Cash held in escrow as presented on balance sheet | 9,453 | 7,808 | |
Restricted cash as presented on balance sheet | 2,480 | 1,759 | |
Cash, cash held in escrow and restricted cash as presented on cash flow statement | $ 22,398 | $ 14,961 | $ 19,163 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Integer | Dec. 31, 2018USD ($) | |
Prospective Adoption of New Accounting Pronouncements | ||
Right of use asset | $ 2,104 | |
Segments | ||
Number of Operating Segments | Integer | 1 | |
Fair Value of Financial Instruments | ||
Fair value of warrants | $ 293 | $ 112 |
Debt Issuance Costs | ||
Debt issuance costs | 6,718 | 6,232 |
Accumulated amortization | 2,227 | 1,754 |
Unamortized debt issuance costs | 1,133 | |
Income Taxes | ||
NOL carryforward | 35,322 | 35,322 |
Tax basis of real estate assets | $ 602,848 | $ 487,049 |
Real Estate Property | ||
Depreciation method | Straight-line method | |
Building | Minimum | ||
Real Estate Property | ||
Estimated remaining useful lives | 11 Years | |
Building | Maximum | ||
Real Estate Property | ||
Estimated remaining useful lives | 40 Years | |
Site Improvements | Minimum | ||
Real Estate Property | ||
Estimated remaining useful lives | 3 Years | |
Site Improvements | Maximum | ||
Real Estate Property | ||
Estimated remaining useful lives | 13 Years | |
ASU 2016-02 | ||
Reclassifications | ||
Tenant recoveries reclassed to rental revenue | $ 12,051 | |
Prospective Adoption of New Accounting Pronouncements | ||
Right of use asset | $ 2,096 |
Real Estate Properties - Schedu
Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 127,439 | $ 92,628 |
Buildings, building improvements and tenant improvements | 474,492 | 325,933 |
Site improvements | 52,998 | 33,270 |
Construction in process | 859 | 779 |
Real estate properties at cost | 655,788 | 452,610 |
Less accumulated depreciation | (63,877) | (41,279) |
Real estate properties | $ 591,911 | $ 411,331 |
Real Estate Properties - Sche_2
Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²Integer | Dec. 31, 2018USD ($)ft²Integershares | ||
Square feet | ft² | 17,800 | ||
Properties | Integer | 85 | ||
Issuance of Operating Partnership units, value | $ 10,642 | ||
Business Acquisition | |||
Square feet | ft² | 5,776,928 | 2,903,699 | |
Properties | Integer | 30 | 7 | |
Purchase price | [1] | $ 220,115 | $ 164,575 |
Business Acquisition | Chicago, IL | |||
Date acquired | Jan. 4, 2019 | Apr. 9, 2018 | |
Square feet | ft² | 73,785 | 269,999 | |
Properties | Integer | 1 | 2 | |
Purchase price | [1] | $ 5,425 | $ 15,675 |
Business Acquisition | Indianapolis, IN | |||
Date acquired | Jun. 10, 2019 | ||
Square feet | ft² | 484,879 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 17,100 | |
Business Acquisition | St. Louis, MO | |||
Date acquired | Jul. 29, 2019 | ||
Square feet | ft² | 129,000 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 5,400 | |
Business Acquisition | Memphis, TN | |||
Date acquired | Aug. 29, 2019 | ||
Square feet | ft² | 566,281 | ||
Properties | Integer | 1 | ||
Purchase price | [1],[2] | $ 22,050 | |
Assumption of existing mortgage debt | $ 9,577 | ||
Business Acquisition | Chicago, IL #2 | |||
Date acquired | Aug. 29, 2019 | ||
Square feet | ft² | 1,071,129 | ||
Properties | Integer | 7 | ||
Purchase price | [1] | $ 32,250 | |
Business Acquisition | Cincinnati/Columbus, OH | |||
Date acquired | Aug. 30, 2019 | ||
Square feet | ft² | 591,695 | ||
Properties | Integer | 6 | ||
Purchase price | [1],[3] | $ 36,200 | |
Assumption of existing mortgage debt | $ 21,005 | ||
Business Acquisition | Atlanta, GA | |||
Date acquired | Oct. 30, 2019 | ||
Square feet | ft² | 295,693 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 19,400 | |
Business Acquisition | St. Louis, MO #2 | |||
Date acquired | Nov. 21, 2019 | ||
Square feet | ft² | 59,055 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 3,525 | |
Business Acquisition | Shadeland, IN | |||
Date acquired | Dec. 4, 2019 | ||
Square feet | ft² | 1,747,411 | ||
Properties | Integer | 9 | ||
Purchase price | [1] | $ 49,815 | |
Business Acquisition | Indianapolis, IN #2 | |||
Date acquired | Dec. 4, 2019 | ||
Square feet | ft² | 353,000 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 12,150 | |
Business Acquisition | Findlay, OH | |||
Date acquired | Dec. 20, 2019 | ||
Square feet | ft² | 405,000 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 16,800 | |
Business Acquisition | Cleveland, OH | |||
Date acquired | Sep. 27, 2018 | ||
Square feet | ft² | 400,184 | ||
Properties | Integer | 1 | ||
Purchase price | [1] | $ 27,000 | |
Business Acquisition | Cincinnati, OH | |||
Date acquired | Oct. 15, 2018 | ||
Square feet | ft² | 1,100,000 | ||
Properties | Integer | 1 | ||
Purchase price | [1],[4] | $ 24,800 | |
Assumption of existing mortgage debt | $ 13,907 | ||
Issuance of Operating Partnership units | shares | 626,011 | ||
Issuance of Operating Partnership units, value | $ 10,642 | ||
Business Acquisition | Jacksonville, FL | |||
Date acquired | Dec. 14, 2018 | ||
Square feet | ft² | 1,133,516 | ||
Properties | Integer | 3 | ||
Purchase price | [1] | $ 97,100 | |
[1] | Purchase price does not include capitalized acquisition costs. | ||
[2] | The purchase price of $22,050 includes the assumption of approximately $9,577 of existing mortgage debt secured by the property. | ||
[3] | The purchase price of $36,200 included the assumption of approximately $21,005 of existing mortgage debt secured by the property | ||
[4] | The purchase price of $24,800 includes the assumption of approximately $13,907 of existing mortgage debt secured by the property and the issuance of 626,011 units of Operating Partnership units valued at approximately $10,642. |
Real Estate Properties - Sche_3
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total Purchase Price | ||
Purchase Price | $ 220,115 | $ 164,575 |
Acquisition Costs | 5,608 | 2,608 |
Total | 225,723 | 167,183 |
Allocation of Purchase Price | ||
Land | 34,810 | 33,938 |
Building | 143,313 | 103,570 |
Site Improvements | 19,727 | 11,823 |
Total real estate properties | 197,850 | 149,331 |
Deferred Lease Intangible | ||
Deferred lease intangible | 28,898 | 17,760 |
Above market debt | (1,025) | |
Below Market debt | 92 | |
Net assumed debt, market value | (1,025) | 92 |
Totals | 225,723 | 167,183 |
Tenant Relationships | ||
Deferred Lease Intangible | ||
Deferred lease intangible | 5,692 | 4,819 |
Leasing Commission | ||
Deferred Lease Intangible | ||
Deferred lease intangible | 4,115 | 3,659 |
Above Market Lease Value | ||
Deferred Lease Intangible | ||
Deferred lease intangible | 519 | 1,225 |
Below Market Lease Value | ||
Deferred Lease Intangible | ||
Deferred lease intangible | 3,312 | 2,174 |
Lease in Place | ||
Deferred Lease Intangible | ||
Deferred lease intangible | $ 21,884 | $ 10,231 |
Real Estate Properties (Details
Real Estate Properties (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft² | |
Depreciation expense | $ 22,633 | $ 16,477 |
Milwaukee, WI - Property | ||
Sale of real estate, value | $ 3,953 | |
Sale of real estate, square foot | ft² | 112,144 | |
Proceeds from sale of real estate | $ 4,562 | |
Gain on sale of real estate | $ 1,004 |
Deferred Lease Intangibles - Sc
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Lease Intangible Assets | ||
Above market lease | $ 3,815 | $ 3,310 |
Lease in place | 56,005 | 35,521 |
Tenant relationships | 15,865 | 10,333 |
Leasing commission | 12,268 | 8,318 |
Leasing commission after acquisition | 3,840 | 1,523 |
Deferred lease intangibles, gross | 91,793 | 59,005 |
Less Accumulated amortization | (34,705) | (21,065) |
Deferred lease intangibles | 57,088 | 37,940 |
Deferred Lease Intangibles Liabilities | ||
Below market leases | 12,983 | 9,690 |
Less accumulated amortization | (4,669) | (2,623) |
Deferred lease intangibles | $ 8,314 | $ 7,067 |
Deferred Lease Intangibles - _2
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Amortization Expense | |
2020 | $ 18,285 |
2021 | 12,990 |
2022 | 7,816 |
2023 | 6,071 |
2024 | 3,874 |
Thereafter | 6,087 |
Net Increase to Rental Income | |
2020 | (1,616) |
2021 | (1,211) |
2022 | (915) |
2023 | (706) |
2024 | (518) |
Thereafter | $ (1,383) |
Deferred Lease Intangibles (Det
Deferred Lease Intangibles (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of above and below market leases | $ 1,488 | $ 1,304 |
Amortization of other deferred lease intangibles | $ 14,748 | $ 10,311 |
Leases - Schedule of Lessor Fut
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Future minimum rental receipts, 2020 | $ 69,624 |
Future minimum rental receipts, 2021 | 59,447 |
Future minimum rental receipts, 2022 | 47,207 |
Future minimum rental receipts, 2023 | 37,830 |
Future minimum rental receipts, 2024 | 28,268 |
Thereafter | 58,089 |
Total minimum rental receipts | $ 300,465 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense included in general and administrative expense attributable to office leases | $ 466 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ 429 |
Leases - Schedule of Lessee Fut
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Minimum rental commitments, 2020 | $ 453 |
Minimum rental commitments, 2021 | 465 |
Minimum rental commitments, 2022 | 474 |
Minimum rental commitments, 2023 | 483 |
Minimum rental commitments, 2024 | 479 |
Minimum rental commitments, Thereafter | 108 |
Total undiscounted rental commitments | 2,462 |
Present value adjustment using incremental borrowing rate | 321 |
Total lease liability | $ 2,141 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | Dec. 31, 2019USD ($) |
Operating lease remaining terms | 5 years 2 months |
Right-of-use assets | $ 2,104 |
Lease liabilities | $ 2,141 |
Incremental borrowing rate | 5.30% |
Minimum | |
Operating lease remaining terms | 4 years 8 months |
Maximum | |
Operating lease remaining terms | 5 years 3 months |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Secured Debt Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Secured debt | $ 318,558 | $ 288,993 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Secured debt | 322,177 | 293,108 |
Unamortized debt issuance costs, net | (4,491) | (4,115) |
Unamortized premium/(discount), net | 872 | |
Secured Debt | KeyBank Bridge Loan | ||
Debt Instrument [Line Items] | ||
Secured debt | 63,115 | |
Secured Debt | Assumed Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 43,984 | 13,873 |
Secured Debt | Assumed Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.41% | |
Maturity date | Jan. 10, 2022 | |
Secured Debt | Assumed Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.23% | |
Maturity date | Jan. 1, 2027 | |
Secured Debt | Minnesota Life Loan | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 21,272 | 21,500 |
Interest rate | 3.78% | |
Maturity date | May 1, 2028 | |
Secured Debt | Allianz Loan | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 63,115 | |
Interest rate | 4.07% | |
Maturity date | Apr. 10, 2026 | |
Secured Debt | Transamerica Loan | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 74,214 | 74,620 |
Interest rate | 4.35% | |
Maturity date | Aug. 1, 2028 | |
Secured Debt | AIG Loan | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 119,592 | $ 120,000 |
Interest rate | 4.08% | |
Maturity date | Nov. 1, 2023 |
Borrowing Arrangements - Sche_2
Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Borrowings under line of credit, net | $ 78,900 | $ 28,187 |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Borrowings under line of credit, net | $ 78,900 | $ 28,187 |
Interest rate | 3.72% | |
Maturity date | Aug. 7, 2023 |
Borrowing Arrangements - Sche_3
Borrowing Arrangements - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Year ending December 31: | |
2020 | $ 5,168 |
2021 | 5,389 |
2022 | 15,176 |
2023 | 194,562 |
2024 | 21,812 |
Thereafter | $ 158,970 |
Borrowing Arrangements (Details
Borrowing Arrangements (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Repayment of debt | $ 64,630 | $ 118,914 | |
Loss on extinguishment of debt | (5,393) | ||
Unamortized debt issuance expense | 1,133 | ||
Assumption of mortgage note | $ 30,582 | 13,907 | |
KeyBank Bridge Loan | |||
Repayment of debt, description | The Company used the proceeds from the Allianz Loan to retire secured borrowings of the same amount obtained under the secured Libor-based bridge loan by KeyBank. | ||
Repayment of debt | $ 63,115 | ||
KeyBank National Assocation | |||
Line of credit, maximum borrowing | 45,000 | ||
Line of credit facility, outstanding balance | $ 78,900 | 28,550 | |
Line of credit facility, unamortized debt issuance costs | $ 363 | ||
Line of credit maturity date | Aug. 31, 2023 | Aug. 31, 2023 | |
Line of credit facility, interest rate description | Bears interest at either (1) the base rate (determined as 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on the Borrower’s total leverage ratio. | Bears interest at either (1) the base rate (determined as 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread depending on the Borrower’s total leverage ratio. | |
Increase to the existing line of credit | $ 100,000 | ||
Line of credit facility, collateral | 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 Revolving Line of Credit. | 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 Revolving Line of Credit. | |
Line of credit facility, covenant terms | Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. | Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. | |
Secured Debt | MWG Loan Agreement | |||
Repayment of debt, description | The Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay in full the MWG Loan. | ||
Repayment of debt | $ 79,800 | ||
Loss on extinguishment of debt | $ (804) | ||
Secured Debt | KeyBank Term Loan | |||
Repayment of debt, description | The Company used the proceeds of the Series B Preferred Offering to repay in full the KeyBank Term Loan. | ||
Repayment of debt | $ 37,500 | ||
Loss on extinguishment of debt | (593) | ||
Secured Debt | Minnesota Life Loan | |||
Senior secured loan, outstanding debt | $ 21,500 | $ 21,500 | |
Interest rate | 3.78% | 3.78% | |
Maturity date | May 1, 2028 | ||
Payment terms, description | Monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. | Monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. | |
Covenant, description | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. The Company is in compliance with the respective covenants at December 31, 2019. | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. | |
Secured Debt | Allianz Loan | |||
Senior secured loan, outstanding debt | $ 63,115 | ||
Interest rate | 4.07% | ||
Maturity date | Apr. 10, 2026 | ||
Payment terms, description | Interest-only payments through April 2022. Thereafter, the Company will make monthly payments of principal plus accrued interest with a balloon payment on April 10, 2026. | ||
Covenant, description | The Company is required to meet certain 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 Allianz Loan. The Company is in compliance with the respective covenants at December 31, 2019. | ||
Secured Debt | AIG Asset Management | |||
Senior secured loan, outstanding debt | $ 120,000 | $ 120,000 | |
Interest rate | 4.08% | 4.08% | |
Maturity date | Nov. 1, 2023 | Nov. 1, 2023 | |
Payment terms, description | Monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023. | Monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023. | |
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 Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. The Company is in compliance with the respective covenants at December 31, 2019. | The Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. | |
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 payments of principal plus accrued interest with a balloon payment on August 1, 2028. | Monthly interest-only payments through August 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment on August 1, 2028. | |
Covenant, description | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. The Company is in compliance with the respective covenants at December 31, 2019. | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. | |
Promissory note | $ 78,000 | $ 78,000 | |
Fisher Park Mortgage | |||
Interest rate | 5.23% | 5.23% | |
Maturity date | Jan. 1, 2027 | Jan. 1, 2027 | |
Payment terms, description | Monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. | Monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. | |
Collateral, description | Secured by the property. | Secured by the property. | |
Covenant, description | The Company is required to meet 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 per the Fisher Park Mortgage. The Company is in compliance with all the respective covenants at December 31, 2019. | The Company is required to meet 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 per the Fisher Park Mortgage. | |
Outstanding promissory note borrowings | $ 13,661 | $ 13,873 | |
Assumption of mortgage note | $ 13,907 | $ 13,907 | |
South Park Mortgage | |||
Interest rate | 3.41% | ||
Maturity date | Jan. 10, 2022 | ||
Payment terms, description | Monthly installments of principal plus accrued interest through January 10, 2022, at which time a balloon payment is required. | ||
Collateral, description | Secured by the property. | ||
Covenant, description | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the South Park Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. | ||
Outstanding promissory note borrowings | $ 9,507 | ||
Assumption of mortgage note | $ 9,577 | ||
Orange Point Mortgage | |||
Interest rate | 4.14% | ||
Maturity date | Aug. 1, 2024 | ||
Payment terms, description | Monthly installments of principal plus accrued interest through August 1, 2024, at which time a balloon payment is required. | ||
Collateral, description | Secured by the property. | ||
Covenant, description | The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Orange Point Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. | ||
Outstanding promissory note borrowings | $ 20,816 | ||
Assumption of mortgage note | $ 21,005 | ||
Mezzanine Loan | |||
Repayment of debt, description | The Company used a portion of the proceeds from a senior secured LIBOR-based term loan with KeyBank to repay borrowings and accrued interest under the Mezzanine Loan previously obtained in 2016. | ||
Repayment of debt | $ 30,000 | ||
Loss on extinguishment of debt | (3,601) | ||
Pre-payment penalty | 2,896 | ||
Unamortized debt issuance expense | $ 705 |
Common Stock - Schedule of Stoc
Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Warrants | ||
Balance at beginning of period | $ 112 | $ 160 |
Issuance of common stock warrants | 0 | 0 |
Change in fair value | 181 | (48) |
Balance at end of period | $ 293 | $ 112 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Dividends Declared (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Common stock dividends declared, per share | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 |
Common stock dividends declared, aggregate amount | $ 5,303 | $ 5,027 | $ 3,257 | $ 1,923 | $ 1,808 | $ 1,807 | $ 1,334 | $ 1,334 |
Common Stock - Schedule of Divi
Common Stock - Schedule of Dividends Payable (Details) | 12 Months Ended | |
Dec. 31, 2019$ / shares | ||
Dividends #1 | ||
Declaration Date | Mar. 14, 2019 | |
Date of Record | Mar. 29, 2019 | |
Payable Date | Apr. 30, 2019 | |
Cash Distribution | $ 0.3750 | |
Ordinary Dividends | 0.171492 | |
Return of Capital | $ 0.203508 | |
Dividends #2 | ||
Declaration Date | Jun. 14, 2019 | |
Date of Record | Jun. 28, 2019 | |
Payable Date | Jul. 31, 2019 | |
Cash Distribution | $ 0.3750 | |
Ordinary Dividends | 0.171492 | |
Return of Capital | $ 0.203508 | |
Dividends #3 | ||
Declaration Date | Sep. 13, 2019 | |
Date of Record | Sep. 30, 2019 | |
Payable Date | Oct. 31, 2019 | |
Cash Distribution | $ 0.3750 | |
Ordinary Dividends | 0.171492 | |
Return of Capital | $ 0.203508 | |
Dividends #4 | ||
Declaration Date | Dec. 13, 2019 | |
Date of Record | Dec. 31, 2019 | |
Payable Date | Jan. 31, 2020 | |
Cash Distribution | $ 0.3750 | [1] |
Ordinary Dividends | ||
Return of Capital | ||
[1] | This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2019. |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | May 31, 2019 | Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from initial public offering, gross | $ 153,518 | $ 17,843 | |||||
Warrants outstanding | $ 293 | 293 | 112 | $ 160 | |||
Fair value of warrants | 293 | 293 | $ 112 | ||||
Common Stock Warrants | |||||||
Warrants outstanding | $ 303,382 | $ 303,382 | |||||
Exercise price of warrants | $ 18.96 | $ 18.96 | $ 21.06 | ||||
Term of warrants issued | 3 years | ||||||
Fair value assumptions, methods used | Binomial Valuation Model | Binomial Valuation Model | |||||
Fair value of warrants | $ 293 | $ 293 | $ 112 | ||||
Expected volatility rate | 18.10% | 20.00% | |||||
Expected annual dividend, per share | $ 1.50 | $ 1.50 | $ 1.50 | ||||
Expected term | 2 years 6 months | 3 years 6 months | |||||
Risk free interest rate | 1.60% | 2.47% | |||||
Initial Public Offering | |||||||
Common stock issued | 3,450,000 | 3,425,000 | 1,262,833 | ||||
Proceeds from initial public offering, gross | $ 58,756 | $ 55,857 | $ 17,843 | ||||
Share price | $ 18 | $ 17.50 | |||||
Over-Allotment Option | |||||||
Common stock issued | 450,000 | 425,000 | 160,369 | ||||
ATM Program | |||||||
Sale of stock, shares issued | 562,900 | 2,182,251 | |||||
Share price | $ 18.23 | $ 18.23 | |||||
Sale of stock, proceeds received on transaction | $ 38,905 | ||||||
The value of shares available for issuance under the ATM program | $ 10,216 | $ 10,216 | |||||
Aggregate value of registered securities | $ 500,000 | ||||||
ATM Distribution agreement | The Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the "Agents"), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an "at-the-market equity offering programs (the "ATM program"). |
Preferred Stock - Schedule of S
Preferred Stock - Schedule of Series A and Series B Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2019 | 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 | $ 0.4688 | $ 0.4688 | $ 0.4688 | $ .4688 | $ 0.4688 | $ 0.4688 | $ 0.4688 | $ 0.4688 | |
Preferred stock dividends declared, aggregate amount | $ 956 | $ 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 | $ 0.13813 | ||||
Preferred stock dividends declared, aggregate amount | $ 115 | $ 610 | $ 610 | $ 610 | $ 610 |
Preferred Stock - Schedule of_2
Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends #1 | ||
Declaration Date | Mar. 14, 2019 | |
Date of Record | Mar. 29, 2019 | |
Payable Date | Apr. 30, 2019 | |
Return of Capital | $ 0.203508 | |
Dividends #2 | ||
Declaration Date | Jun. 14, 2019 | |
Date of Record | Jun. 28, 2019 | |
Payable Date | Jul. 31, 2019 | |
Return of Capital | $ 0.203508 | |
Dividends #3 | ||
Declaration Date | Sep. 13, 2019 | |
Date of Record | Sep. 30, 2019 | |
Payable Date | Oct. 31, 2019 | |
Return of Capital | $ 0.203508 | |
Dividends #4 | ||
Declaration Date | Dec. 13, 2019 | |
Date of Record | Dec. 31, 2019 | |
Payable Date | Jan. 31, 2020 | |
Return of Capital | ||
Series A Preferred Stock | Dividends #1 | ||
Declaration Date | Mar. 1, 2019 | |
Date of Record | Mar. 15, 2019 | |
Payable Date | Apr. 1, 2019 | |
Cash Distribution | $ 0.4688 | |
Ordinary Dividends | 0.4688 | |
Return of Capital | ||
Series A Preferred Stock | Dividends #2 | ||
Declaration Date | May 31, 2019 | |
Date of Record | Jun. 14, 2019 | |
Payable Date | Jul. 1, 2019 | |
Cash Distribution | $ 0.4688 | |
Ordinary Dividends | 0.4688 | |
Return of Capital | ||
Series A Preferred Stock | Dividends #3 | ||
Declaration Date | Aug. 30, 2019 | |
Date of Record | Sep. 13, 2019 | |
Payable Date | Sep. 30, 2019 | |
Cash Distribution | $ 0.4688 | |
Ordinary Dividends | 0.4688 | |
Return of Capital | ||
Series A Preferred Stock | Dividends #4 | ||
Declaration Date | Nov. 29, 2019 | |
Date of Record | Dec. 13, 2019 | |
Payable Date | Dec. 31, 2019 | |
Cash Distribution | $ 0.4688 | |
Ordinary Dividends | 0.4688 | |
Return of Capital |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Series A Preferred Stock | |||
Issuance of Preferred stock | 2,040,000 | 2,040,000 | |
Proceeds from issuance of preferred stock | $ 48,868 | ||
Price per share | $ 25 | ||
Liquidation rights per share | $ 25 | ||
Liquidation preference rights, description | In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. | ||
Redemption rights | Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. | ||
Redemption rights per share | $ 25 | ||
Redemption date | Dec. 31, 2022 | ||
Dividend rights, description | When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share ("Initial Rate")). | ||
Dividend payment terms | On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. | ||
Series A Preferred Stock | Over-Allotment Option | |||
Issuance of Preferred stock | 240,000 | ||
Series B Preferred Stock | |||
Issuance of Preferred stock | 4,411,764 | 4,411,764 | |
Liquidation preference rights, description | The shares of Series B Preferred Stock have a Liquidation Preference, which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. | ||
Redemption rights | At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. | ||
Redemption date | Dec. 31, 2022 | ||
Dividend rights, description | The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. | ||
Dividend payment terms | Payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. | ||
Accretion expense | $ 7,601 | $ 359 | |
Preferred stock, terms of conversion | The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. | ||
Series B Preferred Stock | Private Placement | |||
Issuance of Preferred stock | 4,411,764 | ||
Proceeds from issuance of preferred stock | $ 75,000 | ||
Proceeds from issuance of preferred stock, net of issuance costs | $ 71,800 | ||
Price per share | $ 17 | ||
Liquidation rights per share | $ 17 |
Non-Controlling Interests - Sch
Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interest (Details) - Non-Controlling Interest - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | ||
Cash distribution declared per OP unit | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | [1] | $ 0.375 | $ 0.375 | $ 0.375 |
Aggregate amount | $ 328 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Issuance of Operating Partnership units, value | $ 10,642 | ||
Loss attributed to non-controlling interest | $ (1,518) | $ (2,459) | |
Redemption of partnership units, shares | 172,153 | ||
Common stock issued as a result of redemption of partnership units | 172,153 | ||
Cincinnati, OH - Class B Industrial Property | |||
Issuance of Operating Partnership units | 626,011 | ||
Issuance of Operating Partnership units, price per unit | $ 17 | ||
Issuance of Operating Partnership units, value | $ 10,642 | ||
Indianapolis, IN - Shadeland | |||
Issuance of Operating Partnership units | 421,438 | ||
Issuance of Operating Partnership units, price per unit | $ 19 | ||
Issuance of Operating Partnership units, value | $ 8,007 |
Incentive Award Plan - Schedule
Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unvested restricted stock at beginning of year | 124,051 | 163,157 |
Granted | 90,075 | 3,000 |
Forfeited | 0 | 0 |
Vested | (51,942) | (42,106) |
Unvested restricted stock at end of year | 162,184 | 124,051 |
Incentive Award Plan (Details N
Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Incentive award plan, shares authorized | 375,000 | |
Incentive award plan, shares available for grant | 375,000 | |
Equity-based compensation expense | $ 1,205 | $ 805 |
Unrecognized compensation expense | $ 2,275 | |
Weighted average period for vesting | 2 years 10 months | |
Restricted shares granted | 90,075 | 3,000 |
Weighted average fair value | $ 1,559 | $ 48 |
Weighted average fair value, per share | $ 17.31 | $ 16 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | ||
Net loss | $ (11,938) | $ (21,175) |
Net loss attributable to non-controlling interest | (1,518) | (2,459) |
Net loss attributable to Plymouth Industrial REIT, Inc. | (10,420) | (18,716) |
Less: Preferred stock dividends | 6,263 | 3,940 |
Less: Series B accretion to redemption value | 7,601 | 359 |
Less: amount allocated to participating securities | 239 | 201 |
Net loss attributable to common stockholders | $ (24,523) | $ (23,216) |
Denominator | ||
Weighted-average common shares outstanding basic and diluted | 8,503,375 | 4,027,329 |
Earnings per share - Basic and Diluted: | ||
Net loss per share attributable to common stockholders | $ (2.88) | $ (5.76) |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) | 12 Months Ended |
Dec. 31, 2019shares | |
Warrants | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Potentially dilutive securities | 303,382 |
Restricted Stock | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Potentially dilutive securities | 162,184 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 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 $325 to $475 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. |
Retirement Plan (Details Narrat
Retirement Plan (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Amount funded to individual SEP IRA retirement accounts | $ 240 | $ 190 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 14, 2020USD ($)ft² | Jan. 31, 2020USD ($)ft² | Jan. 22, 2020USD ($) | Dec. 31, 2019ft² | Dec. 31, 2018USD ($) | |
Subsequent Event [Line Items] | |||||
Industrial properties acquired, approximate square feet | ft² | 17,800 | ||||
KeyBank National Assocation | |||||
Subsequent Event [Line Items] | |||||
Line of credit | $ 45,000 | ||||
Line of credit, covenant terms | Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. | Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. | |||
Subsequent Event | Chicago, IL - Class B Industrial Property | |||||
Subsequent Event [Line Items] | |||||
Industrial properties acquired, approximate square feet | ft² | 465,940 | ||||
Aggregate purchase price of acquired industrial properties | $ 18,650 | ||||
Subsequent Event | Indianapolis, IN - Class B Industrial Property | |||||
Subsequent Event [Line Items] | |||||
Industrial properties acquired, approximate square feet | ft² | 276,240 | ||||
Aggregate purchase price of acquired industrial properties | $ 8,800 | ||||
Subsequent Event | Atlanta/Savannah, GA - Class B Industrial Properties | |||||
Subsequent Event [Line Items] | |||||
Industrial properties acquired, approximate square feet | ft² | 924,036 | ||||
Aggregate purchase price of acquired industrial properties | $ 34,700 | ||||
Subsequent Event | Avon, OH - Class B Industrial Properties | |||||
Subsequent Event [Line Items] | |||||
Industrial properties acquired, approximate square feet | ft² | 408,164 | ||||
Aggregate purchase price of acquired industrial properties | $ 15,750 | ||||
Subsequent Event | KeyBank National Assocation | |||||
Subsequent Event [Line Items] | |||||
Line of credit | $ 100 | ||||
Line of credit, terms | The Credit Agreement matures on the earlier of (1) October 22, 2020 and (2) the date KeyBank ceases to serve as administrative agent under the Company’s Amended and Restated Credit Agreement, dated as of August 7, 2019. Borrowings under the Credit Agreement bear interest at either (1) the base rate (determined as 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 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount such spread depending on our total leverage ratio. | ||||
Line of credit, covenant terms | The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Credit Agreement also contains financial covenants as defined within the Credit Agreement. |
Schedule III Real Estate Proper
Schedule III Real Estate Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial costs of land | $ 127,439 | |||||
Initial cost of building and improvements | 516,172 | |||||
Costs capitalized subsequent to acquisition | 11,614 | |||||
Gross amounts of land | 127,439 | |||||
Gross amounts of building and improvements | 527,786 | |||||
Total real estate properties, gross | 655,225 | [1] | $ 452,610 | [1] | $ 303,402 | |
Accumulated depreciation | 63,779 | [2] | $ 41,279 | [2] | $ 25,013 | |
Aggregate basis for Federal tax purposes of investments in real estate | 636,154 | |||||
Atlanta, GA 11236 Harland Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 159 | |||||
Initial cost of building and improvements | 909 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 159 | |||||
Gross amounts of building and improvements | 909 | |||||
Total real estate properties, gross | [1] | 1,068 | ||||
Accumulated depreciation | [2] | $ 119 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1988 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Atlanta, GA 11236 Harland Drive #2 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 112 | |||||
Initial cost of building and improvements | ||||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 112 | |||||
Gross amounts of building and improvements | ||||||
Total real estate properties, gross | [1] | 112 | ||||
Accumulated depreciation | ||||||
Year acquired | Dec. 31, 2018 | |||||
Atlanta, GA 1665 Dogwood Drive SW | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 494 | |||||
Initial cost of building and improvements | 6,027 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 494 | |||||
Gross amounts of building and improvements | 6,027 | |||||
Total real estate properties, gross | [1] | 6,521 | ||||
Accumulated depreciation | [2] | $ 661 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1973 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Atlanta, GA 1715 Dogwood Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 270 | |||||
Initial cost of building and improvements | 2,879 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 270 | |||||
Gross amounts of building and improvements | 2,879 | |||||
Total real estate properties, gross | [1] | 3,149 | ||||
Accumulated depreciation | [2] | $ 295 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1973 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Atlanta, GA 32 Dart Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 256 | |||||
Initial cost of building and improvements | 4,454 | |||||
Costs capitalized subsequent to acquisition | 331 | |||||
Gross amounts of land | 256 | |||||
Gross amounts of building and improvements | 4,785 | |||||
Total real estate properties, gross | [1] | 5,041 | ||||
Accumulated depreciation | [2] | $ 1,447 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1988 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Atlanta, GA 611 Highway 74 S. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 3,283 | |||||
Initial cost of building and improvements | 13,560 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 3,283 | |||||
Gross amounts of building and improvements | 13,560 | |||||
Total real estate properties, gross | [1] | 16,843 | ||||
Accumulated depreciation | [2] | $ 145 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1979/2013 | ||||
Depreciable life (in years) | [5] | 25 years | ||||
Chicago, IL 11351 W. 183rd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 361 | |||||
Initial cost of building and improvements | 1,685 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 361 | |||||
Gross amounts of building and improvements | 1,685 | |||||
Total real estate properties, gross | [1] | 2,046 | ||||
Accumulated depreciation | [2] | $ 381 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 2000 | ||||
Depreciable life (in years) | [5] | 34 years | ||||
Chicago, IL 11601 Central Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 3,479 | |||||
Initial cost of building and improvements | 6,545 | |||||
Costs capitalized subsequent to acquisition | 6 | |||||
Gross amounts of land | 3,479 | |||||
Gross amounts of building and improvements | 6,551 | |||||
Total real estate properties, gross | [1] | 10,030 | ||||
Accumulated depreciation | [2] | $ 829 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1970 | ||||
Depreciable life (in years) | [5] | 21 years | ||||
Chicago, IL 11746 Austin Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 1,062 | |||||
Initial cost of building and improvements | 4,420 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,062 | |||||
Gross amounts of building and improvements | 4,420 | |||||
Total real estate properties, gross | [1] | 5,482 | ||||
Accumulated depreciation | [2] | $ 74 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1970 | ||||
Depreciable life (in years) | [5] | 25 years | ||||
Chicago, IL 13040 South Pulaski Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 3,520 | |||||
Initial cost of building and improvements | 11,115 | |||||
Costs capitalized subsequent to acquisition | 122 | |||||
Gross amounts of land | 3,520 | |||||
Gross amounts of building and improvements | 11,237 | |||||
Total real estate properties, gross | [1] | 14,757 | ||||
Accumulated depreciation | [2] | $ 1,792 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1976 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 1355 Holmes Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,012 | |||||
Initial cost of building and improvements | 2,789 | |||||
Costs capitalized subsequent to acquisition | 132 | |||||
Gross amounts of land | 1,012 | |||||
Gross amounts of building and improvements | 2,921 | |||||
Total real estate properties, gross | [1] | 3,933 | ||||
Accumulated depreciation | [2] | $ 1,019 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1975/1999 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 13970 West Laurel Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,447 | |||||
Initial cost of building and improvements | 1,377 | |||||
Costs capitalized subsequent to acquisition | 321 | |||||
Gross amounts of land | 1,447 | |||||
Gross amounts of building and improvements | 1,698 | |||||
Total real estate properties, gross | [1] | 3,145 | ||||
Accumulated depreciation | [2] | $ 269 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1990 | ||||
Depreciable life (in years) | [5] | 14 years | ||||
Chicago, IL 144 Tower Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 866 | |||||
Initial cost of building and improvements | 4,174 | |||||
Costs capitalized subsequent to acquisition | 29 | |||||
Gross amounts of land | 866 | |||||
Gross amounts of building and improvements | 4,203 | |||||
Total real estate properties, gross | [1] | 5,069 | ||||
Accumulated depreciation | [2] | $ 163 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1971/1988 & 2015 | ||||
Depreciable life (in years) | [5] | 29 years | ||||
Chicago, IL 1455-1645 Greenleaf Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,926 | |||||
Initial cost of building and improvements | 5,137 | |||||
Costs capitalized subsequent to acquisition | 400 | |||||
Gross amounts of land | 1,926 | |||||
Gross amounts of building and improvements | 5,537 | |||||
Total real estate properties, gross | [1] | 7,463 | ||||
Accumulated depreciation | [2] | $ 607 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1968 | ||||
Depreciable life (in years) | [5] | 21 years | ||||
Chicago, IL 1600 Fleetwood Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 2,699 | |||||
Initial cost of building and improvements | 9,530 | |||||
Costs capitalized subsequent to acquisition | 46 | |||||
Gross amounts of land | 2,699 | |||||
Gross amounts of building and improvements | 9,576 | |||||
Total real estate properties, gross | [1] | 12,275 | ||||
Accumulated depreciation | [2] | $ 809 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 1968 | ||||
Depreciable life (in years) | [5] | 23 years | ||||
Chicago, IL 16801 Exchange Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 1,905 | |||||
Initial cost of building and improvements | 9,454 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,905 | |||||
Gross amounts of building and improvements | 9,454 | |||||
Total real estate properties, gross | [1] | 11,359 | ||||
Accumulated depreciation | [2] | $ 168 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1968 | ||||
Depreciable life (in years) | 24 years | |||||
Chicago, IL 1750 South Lincoln Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 489 | |||||
Initial cost of building and improvements | 9,270 | |||||
Costs capitalized subsequent to acquisition | 707 | |||||
Gross amounts of land | 489 | |||||
Gross amounts of building and improvements | 9,977 | |||||
Total real estate properties, gross | [1] | 10,466 | ||||
Accumulated depreciation | [2] | $ 1,000 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 2001 | ||||
Depreciable life (in years) | [5] | 24 years | ||||
Chicago, IL 1796 Sherwin Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,542 | |||||
Initial cost of building and improvements | 3,598 | |||||
Costs capitalized subsequent to acquisition | 78 | |||||
Gross amounts of land | 1,542 | |||||
Gross amounts of building and improvements | 3,676 | |||||
Total real estate properties, gross | [1] | 5,218 | ||||
Accumulated depreciation | [2] | $ 521 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1964 | ||||
Depreciable life (in years) | [5] | 19 years | ||||
Chicago, IL 1875 Holmes Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,597 | |||||
Initial cost of building and improvements | 5,199 | |||||
Costs capitalized subsequent to acquisition | 138 | |||||
Gross amounts of land | 1,597 | |||||
Gross amounts of building and improvements | 5,337 | |||||
Total real estate properties, gross | [1] | 6,934 | ||||
Accumulated depreciation | [2] | $ 1,882 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1989 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 189 Seegers Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 470 | |||||
Initial cost of building and improvements | 1,369 | |||||
Costs capitalized subsequent to acquisition | 29 | |||||
Gross amounts of land | 470 | |||||
Gross amounts of building and improvements | 1,398 | |||||
Total real estate properties, gross | [1] | 1,868 | ||||
Accumulated depreciation | [2] | $ 354 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1972 | ||||
Depreciable life (in years) | [5] | 21 years | ||||
Chicago, IL 2401 Commerce Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 486 | |||||
Initial cost of building and improvements | 4,597 | |||||
Costs capitalized subsequent to acquisition | 629 | |||||
Gross amounts of land | 486 | |||||
Gross amounts of building and improvements | 5,226 | |||||
Total real estate properties, gross | [1] | 5,712 | ||||
Accumulated depreciation | [2] | $ 1,127 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1994 | ||||
Depreciable life (in years) | [5] | 28 years | ||||
Chicago, IL 28160 North Keith Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,614 | |||||
Initial cost of building and improvements | 1,643 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,614 | |||||
Gross amounts of building and improvements | 1,643 | |||||
Total real estate properties, gross | [1] | 3,257 | ||||
Accumulated depreciation | [2] | $ 255 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1989 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 3 West College Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 728 | |||||
Initial cost of building and improvements | 1,531 | |||||
Costs capitalized subsequent to acquisition | 13 | |||||
Gross amounts of land | 728 | |||||
Gross amounts of building and improvements | 1,544 | |||||
Total real estate properties, gross | [1] | 2,272 | ||||
Accumulated depreciation | [2] | $ 121 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 1978 | ||||
Depreciable life (in years) | [5] | 26 years | ||||
Chicago, IL 330 Armory Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 516 | |||||
Initial cost of building and improvements | 1,330 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 516 | |||||
Gross amounts of building and improvements | 1,330 | |||||
Total real estate properties, gross | [1] | 1,846 | ||||
Accumulated depreciation | [2] | $ 19 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1972/2017 | ||||
Depreciable life (in years) | [5] | 35 years | ||||
Chicago, IL 350 Armory Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 442 | |||||
Initial cost of building and improvements | 835 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 442 | |||||
Gross amounts of building and improvements | 835 | |||||
Total real estate properties, gross | [1] | 1,277 | ||||
Accumulated depreciation | [2] | $ 19 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1972 | ||||
Depreciable life (in years) | [5] | 21 years | ||||
Chicago, IL 3841-3865 Swanson Court | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,640 | |||||
Initial cost of building and improvements | 2,247 | |||||
Costs capitalized subsequent to acquisition | 142 | |||||
Gross amounts of land | 1,640 | |||||
Gross amounts of building and improvements | 2,389 | |||||
Total real estate properties, gross | [1] | 4,029 | ||||
Accumulated depreciation | [2] | $ 326 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1978 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Chicago, IL 3940 Stern Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,156 | |||||
Initial cost of building and improvements | 5,139 | |||||
Costs capitalized subsequent to acquisition | 513 | |||||
Gross amounts of land | 1,156 | |||||
Gross amounts of building and improvements | 5,652 | |||||
Total real estate properties, gross | [1] | 6,808 | ||||
Accumulated depreciation | [2] | $ 1,769 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1987 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 440 South McLean Boulevard | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,332 | |||||
Initial cost of building and improvements | 2,248 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,332 | |||||
Gross amounts of building and improvements | 2,248 | |||||
Total real estate properties, gross | [1] | 3,580 | ||||
Accumulated depreciation | [2] | $ 352 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1968/1998 | ||||
Depreciable life (in years) | [5] | 15 years | ||||
Chicago, IL 4915 West 122nd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 848 | |||||
Initial cost of building and improvements | 3,632 | |||||
Costs capitalized subsequent to acquisition | 8 | |||||
Gross amounts of land | 848 | |||||
Gross amounts of building and improvements | 3,640 | |||||
Total real estate properties, gross | [1] | 4,488 | ||||
Accumulated depreciation | [2] | $ 56 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1972 | ||||
Depreciable life (in years) | [5] | 26 years | ||||
Chicago, IL 6000 West 73rd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,891 | |||||
Initial cost of building and improvements | 3,403 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,891 | |||||
Gross amounts of building and improvements | 3,403 | |||||
Total real estate properties, gross | [1] | 5,294 | ||||
Accumulated depreciation | [2] | $ 493 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1974 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Chicago, IL 6510 West 73rd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 4,229 | |||||
Initial cost of building and improvements | 4,105 | |||||
Costs capitalized subsequent to acquisition | 16 | |||||
Gross amounts of land | 4,229 | |||||
Gross amounts of building and improvements | 4,121 | |||||
Total real estate properties, gross | [1] | 8,350 | ||||
Accumulated depreciation | [2] | $ 653 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1974 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Chicago, IL 6558 West 73rd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 3,444 | |||||
Initial cost of building and improvements | 2,325 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 3,444 | |||||
Gross amounts of building and improvements | 2,325 | |||||
Total real estate properties, gross | [1] | 5,769 | ||||
Accumulated depreciation | [2] | $ 387 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1975 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Chicago, IL 6751 Sayre Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 2,891 | |||||
Initial cost of building and improvements | 5,743 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 2,891 | |||||
Gross amounts of building and improvements | 5,743 | |||||
Total real estate properties, gross | [1] | 8,634 | ||||
Accumulated depreciation | [2] | $ 646 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1973 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Chicago, IL 7200 Mason Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 2,519 | |||||
Initial cost of building and improvements | 5,482 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 2,519 | |||||
Gross amounts of building and improvements | 5,482 | |||||
Total real estate properties, gross | [1] | 8,001 | ||||
Accumulated depreciation | [2] | $ 711 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1974 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Chicago, IL 7207 Mason Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 887 | |||||
Initial cost of building and improvements | 2,608 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 887 | |||||
Gross amounts of building and improvements | 2,608 | |||||
Total real estate properties, gross | [1] | 3,495 | ||||
Accumulated depreciation | [2] | $ 59 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1970 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Chicago, IL 7420 Meade Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 586 | |||||
Initial cost of building and improvements | 367 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 586 | |||||
Gross amounts of building and improvements | 367 | |||||
Total real estate properties, gross | [1] | 953 | ||||
Accumulated depreciation | [2] | $ 15 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1970 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Cincinnati, OH 2700-2758 E. Kemper Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 847 | |||||
Initial cost of building and improvements | 5,196 | |||||
Costs capitalized subsequent to acquisition | 17 | |||||
Gross amounts of land | 847 | |||||
Gross amounts of building and improvements | 5,213 | |||||
Total real estate properties, gross | [1] | 6,060 | ||||
Accumulated depreciation | [2] | $ 76 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1990 | ||||
Depreciable life (in years) | [5] | 35 years | ||||
Cincinnati, OH 2800-2888 E. Kemper Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 752 | |||||
Initial cost of building and improvements | 5,448 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 752 | |||||
Gross amounts of building and improvements | 5,448 | |||||
Total real estate properties, gross | [1] | 6,200 | ||||
Accumulated depreciation | [2] | $ 77 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1989 | ||||
Depreciable life (in years) | [5] | 35 years | ||||
Cincinnati, OH 4115 Thunderbird Lane | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 275 | |||||
Initial cost of building and improvements | 2,093 | |||||
Costs capitalized subsequent to acquisition | 56 | |||||
Gross amounts of land | 275 | |||||
Gross amounts of building and improvements | 2,149 | |||||
Total real estate properties, gross | [1] | 2,424 | ||||
Accumulated depreciation | [2] | $ 641 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1991 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Cincinnati, OH 4514-4548 Cornell Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 998 | |||||
Initial cost of building and improvements | 7,281 | |||||
Costs capitalized subsequent to acquisition | 22 | |||||
Gross amounts of land | 998 | |||||
Gross amounts of building and improvements | 7,303 | |||||
Total real estate properties, gross | [1] | 8,301 | ||||
Accumulated depreciation | [2] | $ 110 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1976 | ||||
Depreciable life (in years) | [5] | 28 years | ||||
Cincinnati, OH Fisher Industrial Park | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 4,147 | |||||
Initial cost of building and improvements | 18,147 | |||||
Costs capitalized subsequent to acquisition | 98 | |||||
Gross amounts of land | 4,147 | |||||
Gross amounts of building and improvements | 18,245 | |||||
Total real estate properties, gross | [1] | 22,392 | ||||
Accumulated depreciation | [2] | $ 1,398 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 1946 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Cincinnati, OH Mosteller Distribution Center | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,501 | |||||
Initial cost of building and improvements | 9,424 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,501 | |||||
Gross amounts of building and improvements | 9,424 | |||||
Total real estate properties, gross | [1] | 10,925 | ||||
Accumulated depreciation | [2] | $ 3,779 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1959 | ||||
Depreciable life (in years) | [5] | 14 years | ||||
Cleveland, OH 14801 Country Rd 212 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 985 | |||||
Initial cost of building and improvements | 13,062 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 985 | |||||
Gross amounts of building and improvements | 13,062 | |||||
Total real estate properties, gross | [1] | 14,047 | ||||
Accumulated depreciation | [2] | |||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1998 | ||||
Depreciable life (in years) | [5] | 25 years | ||||
Cleveland, OH 1755 Enterprise Parkway | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,411 | |||||
Initial cost of building and improvements | 12,281 | |||||
Costs capitalized subsequent to acquisition | 910 | |||||
Gross amounts of land | 1,411 | |||||
Gross amounts of building and improvements | 13,191 | |||||
Total real estate properties, gross | [1] | 14,602 | ||||
Accumulated depreciation | [2] | $ 2,905 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1979/2005 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
Cleveland, OH 30339 Diamond Parkway | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 2,815 | |||||
Initial cost of building and improvements | 22,792 | |||||
Costs capitalized subsequent to acquisition | 20 | |||||
Gross amounts of land | 2,815 | |||||
Gross amounts of building and improvements | 22,812 | |||||
Total real estate properties, gross | [1] | 25,627 | ||||
Accumulated depreciation | [2] | $ 1,045 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 2007 | ||||
Depreciable life (in years) | [5] | 34 years | ||||
Columbus, OH 2120-2138 New World Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 400 | |||||
Initial cost of building and improvements | 3,007 | |||||
Costs capitalized subsequent to acquisition | 80 | |||||
Gross amounts of land | 400 | |||||
Gross amounts of building and improvements | 3,087 | |||||
Total real estate properties, gross | [1] | 3,487 | ||||
Accumulated depreciation | [2] | $ 496 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1971 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Columbus, OH 3100 Creekside Parkway | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,203 | |||||
Initial cost of building and improvements | 9,603 | |||||
Costs capitalized subsequent to acquisition | 474 | |||||
Gross amounts of land | 1,203 | |||||
Gross amounts of building and improvements | 10,077 | |||||
Total real estate properties, gross | [1] | 11,280 | ||||
Accumulated depreciation | [2] | $ 2,222 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 2004 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
Columbus, OH 3500 Southwest Boulevard | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,488 | |||||
Initial cost of building and improvements | 16,730 | |||||
Costs capitalized subsequent to acquisition | 1,955 | |||||
Gross amounts of land | 1,488 | |||||
Gross amounts of building and improvements | 18,685 | |||||
Total real estate properties, gross | [1] | 20,173 | ||||
Accumulated depreciation | [2] | $ 4,932 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1992 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Columbus, OH 459 Orange Point Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,256 | |||||
Initial cost of building and improvements | 6,793 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,256 | |||||
Gross amounts of building and improvements | 6,793 | |||||
Total real estate properties, gross | [1] | 8,049 | ||||
Accumulated depreciation | [2] | $ 76 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 2001 | ||||
Depreciable life (in years) | [5] | 40 years | ||||
Columbus, OH 6900-6918 Fairfield Business Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 244 | |||||
Initial cost of building and improvements | 2,020 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 244 | |||||
Gross amounts of building and improvements | 2,020 | |||||
Total real estate properties, gross | [1] | 2,264 | ||||
Accumulated depreciation | [2] | $ 23 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1990 | ||||
Depreciable life (in years) | [5] | 38 years | ||||
Columbus, OH 7001 American Pkwy | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 331 | |||||
Initial cost of building and improvements | 1,416 | |||||
Costs capitalized subsequent to acquisition | 82 | |||||
Gross amounts of land | 331 | |||||
Gross amounts of building and improvements | 1,498 | |||||
Total real estate properties, gross | [1] | 1,829 | ||||
Accumulated depreciation | [2] | $ 494 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1986/2007 & 2012 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Columbus, OH 7719 Graphics Way | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,297 | |||||
Initial cost of building and improvements | 2,743 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,297 | |||||
Gross amounts of building and improvements | 2,743 | |||||
Total real estate properties, gross | [1] | 4,040 | ||||
Accumulated depreciation | [2] | $ 37 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 2000 | ||||
Depreciable life (in years) | [5] | 40 years | ||||
Columbus, OH 8273 Green Meadows Dr. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 341 | |||||
Initial cost of building and improvements | 2,266 | |||||
Costs capitalized subsequent to acquisition | 158 | |||||
Gross amounts of land | 341 | |||||
Gross amounts of building and improvements | 2,424 | |||||
Total real estate properties, gross | [1] | 2,765 | ||||
Accumulated depreciation | [2] | $ 647 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1996/2007 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
Columbus, OH 8288 Green Meadows Dr. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,107 | |||||
Initial cost of building and improvements | 8,413 | |||||
Costs capitalized subsequent to acquisition | 382 | |||||
Gross amounts of land | 1,107 | |||||
Gross amounts of building and improvements | 8,795 | |||||
Total real estate properties, gross | [1] | 9,902 | ||||
Accumulated depreciation | [2] | $ 3,043 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1988 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Florence, KY 7585 Empire Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 644 | |||||
Initial cost of building and improvements | 2,658 | |||||
Costs capitalized subsequent to acquisition | 11 | |||||
Gross amounts of land | 644 | |||||
Gross amounts of building and improvements | 2,669 | |||||
Total real estate properties, gross | [1] | 3,313 | ||||
Accumulated depreciation | [2] | $ 1,364 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1973 | ||||
Depreciable life (in years) | [5] | 11 years | ||||
Indianapolis, IN 2900 N. Shadeland Avenue | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 4,632 | |||||
Initial cost of building and improvements | 14,572 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 4,632 | |||||
Gross amounts of building and improvements | 14,572 | |||||
Total real estate properties, gross | [1] | 19,204 | ||||
Accumulated depreciation | [2] | $ 112 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1957/1992 | ||||
Depreciable life (in years) | [5] | 15 years | ||||
Indianapolis, IN 3035 North Shadeland Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,966 | |||||
Initial cost of building and improvements | 11,740 | |||||
Costs capitalized subsequent to acquisition | 429 | |||||
Gross amounts of land | 1,966 | |||||
Gross amounts of building and improvements | 12,169 | |||||
Total real estate properties, gross | [1] | 14,135 | ||||
Accumulated depreciation | [2] | $ 1,962 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1962/2004 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Indianapolis, IN 3169 North Shadeland Ave. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 148 | |||||
Initial cost of building and improvements | 884 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 148 | |||||
Gross amounts of building and improvements | 884 | |||||
Total real estate properties, gross | [1] | 1,032 | ||||
Accumulated depreciation | [2] | $ 190 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1979/2014 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Indianapolis, IN 4430 Sam Jones Expressway | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 2,644 | |||||
Initial cost of building and improvements | 12,570 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 2,644 | |||||
Gross amounts of building and improvements | 12,570 | |||||
Total real estate properties, gross | [1] | 15,214 | ||||
Accumulated depreciation | [2] | $ 390 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1970 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Indianapolis, IN 6535 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 535 | |||||
Initial cost of building and improvements | 2,567 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 535 | |||||
Gross amounts of building and improvements | 2,567 | |||||
Total real estate properties, gross | [1] | 3,102 | ||||
Accumulated depreciation | [2] | $ 14 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1998 | ||||
Depreciable life (in years) | [5] | 19 years | ||||
Indianapolis, IN 6555 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 1,881 | |||||
Initial cost of building and improvements | 6,636 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,881 | |||||
Gross amounts of building and improvements | 6,636 | |||||
Total real estate properties, gross | [1] | 8,517 | ||||
Accumulated depreciation | [2] | $ 45 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1969/1997 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Indianapolis, IN 6575 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 566 | |||||
Initial cost of building and improvements | 1,408 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 566 | |||||
Gross amounts of building and improvements | 1,408 | |||||
Total real estate properties, gross | [1] | 1,974 | ||||
Accumulated depreciation | [2] | $ 9 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1998 | ||||
Depreciable life (in years) | [5] | 19 years | ||||
Indianapolis, IN 6585 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 669 | |||||
Initial cost of building and improvements | 2,216 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 669 | |||||
Gross amounts of building and improvements | 2,216 | |||||
Total real estate properties, gross | [1] | 2,885 | ||||
Accumulated depreciation | [2] | $ 13 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1998 | ||||
Depreciable life (in years) | [5] | 19 years | ||||
Indianapolis, IN 6701 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 334 | |||||
Initial cost of building and improvements | 428 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 334 | |||||
Gross amounts of building and improvements | 428 | |||||
Total real estate properties, gross | [1] | 762 | ||||
Accumulated depreciation | [2] | $ 5 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1990 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Indianapolis, IN 6737 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 609 | |||||
Initial cost of building and improvements | 1,858 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 609 | |||||
Gross amounts of building and improvements | 1,858 | |||||
Total real estate properties, gross | [1] | 2,467 | ||||
Accumulated depreciation | [2] | $ 12 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1995 | ||||
Depreciable life (in years) | [5] | 17 years | ||||
Indianapolis, IN 6751 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 709 | |||||
Initial cost of building and improvements | 2,083 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 709 | |||||
Gross amounts of building and improvements | 2,083 | |||||
Total real estate properties, gross | [1] | 2,792 | ||||
Accumulated depreciation | [2] | $ 13 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1997 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Indianapolis, IN 6951 East 30th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 424 | |||||
Initial cost of building and improvements | 1,323 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 424 | |||||
Gross amounts of building and improvements | 1,323 | |||||
Total real estate properties, gross | [1] | 1,747 | ||||
Accumulated depreciation | [2] | $ 8 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1995 | ||||
Depreciable life (in years) | [5] | 21 years | ||||
Indianapolis, IN 7901 W. 21st Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 1,870 | |||||
Initial cost of building and improvements | 8,844 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,870 | |||||
Gross amounts of building and improvements | 8,844 | |||||
Total real estate properties, gross | [1] | 10,714 | ||||
Accumulated depreciation | [2] | $ 44 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1985/1994 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
Jackson, TN 210 American Dr. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 928 | |||||
Initial cost of building and improvements | 10,442 | |||||
Costs capitalized subsequent to acquisition | 453 | |||||
Gross amounts of land | 928 | |||||
Gross amounts of building and improvements | 10,895 | |||||
Total real estate properties, gross | [1] | 11,823 | ||||
Accumulated depreciation | [2] | $ 4,690 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1967/1981 & 2012 | ||||
Depreciable life (in years) | [5] | 13 years | ||||
Jacksonville, FL Center Point Business Park | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 9,848 | |||||
Initial cost of building and improvements | 26,411 | |||||
Costs capitalized subsequent to acquisition | 217 | |||||
Gross amounts of land | 9,848 | |||||
Gross amounts of building and improvements | 26,628 | |||||
Total real estate properties, gross | [1] | 36,476 | ||||
Accumulated depreciation | [2] | $ 1,104 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 1990-1997 | ||||
Depreciable life (in years) | [5] | 35 years | ||||
Jacksonville, FL Liberty Business Park | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 9,347 | |||||
Initial cost of building and improvements | 26,978 | |||||
Costs capitalized subsequent to acquisition | 84 | |||||
Gross amounts of land | 9,347 | |||||
Gross amounts of building and improvements | 27,062 | |||||
Total real estate properties, gross | [1] | 36,409 | ||||
Accumulated depreciation | [2] | $ 1,104 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 1996-1999 | ||||
Depreciable life (in years) | [5] | 38 years | ||||
Jacksonville, FL Salisbury Business Park | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 4,354 | |||||
Initial cost of building and improvements | 9,049 | |||||
Costs capitalized subsequent to acquisition | 20 | |||||
Gross amounts of land | 4,354 | |||||
Gross amounts of building and improvements | 9,069 | |||||
Total real estate properties, gross | [1] | 13,423 | ||||
Accumulated depreciation | [2] | $ 419 | ||||
Year acquired | Dec. 31, 2018 | |||||
Year built/renovated | [4] | 2001-2012 | ||||
Depreciable life (in years) | [5] | 32 years | ||||
Marlton, NJ 4 East Stow Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,580 | |||||
Initial cost of building and improvements | 6,954 | |||||
Costs capitalized subsequent to acquisition | 74 | |||||
Gross amounts of land | 1,580 | |||||
Gross amounts of building and improvements | 7,028 | |||||
Total real estate properties, gross | [1] | 8,608 | ||||
Accumulated depreciation | [2] | $ 2,282 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1986 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
Memphis, TN 3635 Knight Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 422 | |||||
Initial cost of building and improvements | 2,820 | |||||
Costs capitalized subsequent to acquisition | 32 | |||||
Gross amounts of land | 422 | |||||
Gross amounts of building and improvements | 2,852 | |||||
Total real estate properties, gross | [1] | 3,274 | ||||
Accumulated depreciation | [2] | $ 417 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1986 | ||||
Depreciable life (in years) | [5] | 18 years | ||||
Memphis, TN 4540-4600 Pleasant Hill Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,375 | |||||
Initial cost of building and improvements | 18,854 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,375 | |||||
Gross amounts of building and improvements | 18,854 | |||||
Total real estate properties, gross | [1] | 20,229 | ||||
Accumulated depreciation | [2] | $ 189 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1991/2005 | ||||
Depreciable life (in years) | [5] | 37 years | ||||
Memphis, TN 6005, 6045 & 6075 Shelby Dr. | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 488 | |||||
Initial cost of building and improvements | 4,919 | |||||
Costs capitalized subsequent to acquisition | 1,538 | |||||
Gross amounts of land | 488 | |||||
Gross amounts of building and improvements | 6,457 | |||||
Total real estate properties, gross | [1] | 6,945 | ||||
Accumulated depreciation | [2] | $ 1,805 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1989 | ||||
Depreciable life (in years) | [5] | 19 years | ||||
Memphis, TN Airport Business Park | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 1,511 | |||||
Initial cost of building and improvements | 4,352 | |||||
Costs capitalized subsequent to acquisition | 284 | |||||
Gross amounts of land | 1,511 | |||||
Gross amounts of building and improvements | 4,636 | |||||
Total real estate properties, gross | [1] | 6,147 | ||||
Accumulated depreciation | [2] | $ 873 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1985/1989 | ||||
Depreciable life (in years) | [5] | 26 years | ||||
Milwaukee, WI 5110 South 6th Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 689 | |||||
Initial cost of building and improvements | 1,014 | |||||
Costs capitalized subsequent to acquisition | 129 | |||||
Gross amounts of land | 689 | |||||
Gross amounts of building and improvements | 1,143 | |||||
Total real estate properties, gross | [1] | 1,832 | ||||
Accumulated depreciation | [2] | $ 198 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1972 | ||||
Depreciable life (in years) | [5] | 16 years | ||||
Portland, ME 56 Milliken Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [3] | |||||
Initial costs of land | 1,418 | |||||
Initial cost of building and improvements | 7,482 | |||||
Costs capitalized subsequent to acquisition | 328 | |||||
Gross amounts of land | 1,418 | |||||
Gross amounts of building and improvements | 7,810 | |||||
Total real estate properties, gross | [1] | 9,228 | ||||
Accumulated depreciation | [2] | $ 2,506 | ||||
Year acquired | Dec. 31, 2014 | |||||
Year built/renovated | [4] | 1966/1995, 2005, 2013 | ||||
Depreciable life (in years) | [5] | 20 years | ||||
South Bend, IN 4491 N. Mayflower Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 289 | |||||
Initial cost of building and improvements | 2,422 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 289 | |||||
Gross amounts of building and improvements | 2,422 | |||||
Total real estate properties, gross | [1] | 2,711 | ||||
Accumulated depreciation | [2] | $ 273 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 2000 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
South Bend, IN 4955 Ameritech Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 856 | |||||
Initial cost of building and improvements | 7,251 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 856 | |||||
Gross amounts of building and improvements | 7,251 | |||||
Total real estate properties, gross | [1] | 8,107 | ||||
Accumulated depreciation | [2] | $ 812 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 2004 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
South Bend, IN 5855 West Carbonmill Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 743 | |||||
Initial cost of building and improvements | 6,269 | |||||
Costs capitalized subsequent to acquisition | 35 | |||||
Gross amounts of land | 743 | |||||
Gross amounts of building and improvements | 6,304 | |||||
Total real estate properties, gross | [1] | 7,047 | ||||
Accumulated depreciation | [2] | $ 703 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 2002 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
South Bend, IN 5861 W. Cleveland Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 234 | |||||
Initial cost of building and improvements | 1,966 | |||||
Costs capitalized subsequent to acquisition | 66 | |||||
Gross amounts of land | 234 | |||||
Gross amounts of building and improvements | 2,032 | |||||
Total real estate properties, gross | [1] | 2,266 | ||||
Accumulated depreciation | [2] | $ 223 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1994 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
South Bend, IN West Brick Road | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | |||||
Initial costs of land | 381 | |||||
Initial cost of building and improvements | 3,209 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 381 | |||||
Gross amounts of building and improvements | 3,209 | |||||
Total real estate properties, gross | [1] | 3,590 | ||||
Accumulated depreciation | [2] | $ 364 | ||||
Year acquired | Dec. 31, 2017 | |||||
Year built/renovated | [4] | 1998 | ||||
Depreciable life (in years) | [5] | 27 years | ||||
St. Louis, MO 2635-2645 Metro Boulevard | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 656 | |||||
Initial cost of building and improvements | 2,576 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 656 | |||||
Gross amounts of building and improvements | 2,576 | |||||
Total real estate properties, gross | [1] | 3,232 | ||||
Accumulated depreciation | [2] | $ 9 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1979 | ||||
Depreciable life (in years) | [5] | 30 years | ||||
St. Louis, MO 5531-5555 Phantom Drive | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | ||||||
Initial costs of land | 1,133 | |||||
Initial cost of building and improvements | 3,976 | |||||
Costs capitalized subsequent to acquisition | ||||||
Gross amounts of land | 1,133 | |||||
Gross amounts of building and improvements | 3,976 | |||||
Total real estate properties, gross | [1] | 5,109 | ||||
Accumulated depreciation | [2] | $ 83 | ||||
Year acquired | Dec. 31, 2019 | |||||
Year built/renovated | [4] | 1971 | ||||
Depreciable life (in years) | [5] | 22 years | ||||
[1] | Total does not include corporate office leasehold improvements of $563. | |||||
[2] | Total does not include accumulated depreciation related to corporate office leasehold improvements of $98. | |||||
[3] | These properties secure the $322,177 Secured Debt. | |||||
[4] | Renovations means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. | |||||
[5] | Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-40 years for buildings and 3-13 years for improvements. | |||||
[6] | These properties secure the $78,900 borrowings under the line of credit agreement. |
Schedule III Real Estate Prop_2
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Real Estate | ||||
Balance at the beginning of the year | $ 452,610 | [1] | $ 303,402 | |
Additions during the year | 203,213 | 153,305 | ||
Disposals during the year | (35) | |||
Deductions due to sale of real estate | (4,097) | |||
Balance at the end of the year | [1] | 655,225 | 452,610 | |
Accumulated Depreciation | ||||
Balance at the beginning of the year | 41,279 | [2] | 25,013 | |
Depreciation expense | 22,633 | 16,477 | ||
Disposals during the year | (35) | |||
Deductions due to sale of real estate | (211) | |||
Balance at the end of the year | [2] | $ 63,779 | $ 41,279 | |
[1] | Total does not include corporate office leasehold improvements of $563. | |||
[2] | Total does not include accumulated depreciation related to corporate office leasehold improvements of $98. |