Plymouth Industrial REIT (PLYM) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	0001515816
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Interactive Data Current	Yes
Entity Incorporation Code	MD
Entity File Number	27-5466153
Is Entity's Reporting Status Current	Yes
Is Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,837,344
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Real estate properties	$ 737,150	$ 655,788
Less Accumulated depreciation	(71,963)	(63,877)
Real estate properties, net	665,187	591,911
Cash	30,371	10,465
Cash held in escrow	8,902	9,453
Restricted cash	2,465	2,480
Deferred lease intangibles, net	62,253	57,088
Other assets	22,091	14,084
Total assets	791,269	685,481
Liabilities
Secured debt, net	398,272	318,558
Borrowings under line of credit, net	99,100	78,900
Accounts payable, accrued expenses and other liabilities	42,541	36,284
Deferred lease intangibles, net	8,523	8,314
Total liabilities	548,436	442,056
Equity:
Common stock	148	141
Additional paid-in capital	258,404	256,259
Accumulated deficit	(152,430)	(148,403)
Total stockholders' equity	106,122	107,997
Non-controlling interest	6,196	6,767
Total equity	112,318	114,764
Total liabilities, preferred stock and equity	791,269	685,481
Series A Preferred Stock
Liabilities
Preferred stock	48,868	48,868
Series B Preferred Stock
Liabilities
Preferred stock	$ 81,647	$ 79,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
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	14,791,437	14,141,355
Common stock, shares outstanding	14,791,437	14,141,355
Series A Preferred Stock
Preferred stock, shares issued	2,040,000	2,040,000
Preferred stock, shares outstanding	2,040,000	2,040,000
Preferred stock, liquidation preference	$ 51,000	$ 51,000
Series B Preferred Stock
Preferred stock, shares issued	4,411,764	4,411,764
Preferred stock, shares outstanding	4,411,764	4,411,764
Preferred stock, liquidation preference	$ 97,230	$ 96,574

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Rental revenue	$ 26,229	$ 16,662
Total revenues	26,229	16,662
Operating expenses
Property	9,011	6,262
Depreciation and amortization	14,097	8,432
General and administrative	2,522	1,646
Total operating expenses	25,630	16,340
Other (expense):
Interest expense	(4,871)	(3,842)
Change in fair value of warrant derivative		(79)
Total other expense, net	(4,871)	(3,921)
Net loss	(4,272)	(3,599)
Less: loss attributable to non-controlling interest	(245)	(653)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,027)	(2,946)
Less: Preferred stock dividends	1,613	1,566
Less: Series B Preferred stock accretion to redemption value	1,854	1,900
Less: amount allocated to participating securities	76	57
Net loss attributable to common stockholders	$ (7,570)	$ (6,469)
Net loss per share attributable to common stockholders	$ (0.53)	$ (1.37)
Weighted-average common shares outstanding basic and diluted	14,393,192	4,727,675

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock Series A	Preferred Stock Series B	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Stockholders' Equity	Non-controlling Interest	Total
Beginning balance, shares at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	$ 126,327	$ (137,983)	$ (11,607)	$ 14,467	$ 2,860
Series B Preferred stock accretion to redemption value		$ 1,900		(1,900)		(1,900)		(1,900)
Net proceeds from common stock, shares			278,302
Net proceeds from common stock, value			$ 2	4,513		4,515		4,515
Stock based compensation				288		288		288
Restricted shares issued			29,192
Dividends and distributions				(3,489)		(3,489)	(393)	(3,882)
Net loss					(2,946)	(2,946)	(653)	(3,599)
Ending balance, shares at Mar. 31, 2019	2,040,000	4,411,764	5,129,370
Ending balance, value at Mar. 31, 2019	$ 48,868	$ 74,092	$ 51	125,739	(140,929)	(15,139)	13,421	(1,718)
Beginning balance, shares at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	126,327	(137,983)	(11,607)	14,467	$ 2,860
Redemption of partnership units, shares								172,153
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	$ 74,092	$ 141	256,259	(148,403)	107,997	6,767	$ 114,764
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock, shares			593,705
Net proceeds from common stock, value			$ 6	10,808		10,814		10,814
Stock based compensation				349		349		$ 349
Restricted shares issued			44,900
Redemption of partnership units, shares			11,477					11,477
Redemption of partnership units, value			$ 1	194		195	(195)
Rebalancing of non-controlling interest				(193)		(193)	193
Dividends and distributions				(7,159)		(7,159)	(324)	$ (7,483)
Net loss					(4,027)	(4,027)	(245)	(4,272)
Ending balance, shares at Mar. 31, 2020	2,040,000	4,411,764	14,741,437
Ending balance, value at Mar. 31, 2020	$ 48,868	$ 81,647	$ 148	$ 258,404	$ (152,430)	$ 106,122	$ 6,196	$ 112,318

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (4,272)	$ (3,599)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,097	8,432
Straight line rent adjustment	(518)	(258)
Intangible amortization in rental revenue, net	(548)	(341)
Amortization of debt issuance cost	299	235
Change in fair value of warrant derivative		79
Stock based compensation	349	288
Changes in operating assets and liabilities:
Other assets	(7,570)	(5,362)
Deferred leasing costs	(517)	(367)
Accounts payable, accrued expenses and other liabilities	4,966	1,300
Net cash provided by operating activities	6,286	407
Investing activities
Acquisition of properties	(88,996)	(5,516)
Real estate improvements	(1,873)	(1,353)
Net cash used in investing activities	(90,869)	(6,869)
Financing activities
Proceeds from common stock, net	10,814	4,515
Proceeds from issuance of secured debt	81,000	63,115
Repayment of secured debt	(1,270)	(63,169)
Proceeds from line of credit facility	41,500	6,697
Repayment of line of credit facility	(21,300)	(2,175)
Debt issuance costs	(234)	(1,081)
Dividends paid	(6,587)	(2,280)
Net cash provided by financing activities	103,923	5,622
Net decrease in cash and cash held in escrow and restricted cash	19,340	(840)
Cash and cash held in escrow and restricted cash at beginning of year	22,398	14,961
Cash and cash held in escrow and restricted cash at end of year	41,738	14,121
Supplemental Cash Flow Disclosures:
Interest paid	4,308	3,638
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in dividends payable	6,203	3,489
Distribution payable to non-controlling interest holder	324	393
Series B accretion to redemption value	1,854	1,900
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	628	122
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 391	$ 9

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of March 31, 2020 and December 31, 2019, the Company owned a 94.5% and 94.2%, respectively, equity interest in the Operating Partnership. The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company focuses on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the U.S. As of March 31, 2020, the Company, through its subsidiaries, owns 96 industrial properties comprising 125 buildings with an aggregate of approximately 20 million square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, 2019 and 2018. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows: Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. It is suggested that these interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the United States Securities and Exchange Commission on February 27, 2020. Risks and Uncertainties As a result of the ongoing COVID-19 pandemic, public health officials have recommended and mandated precautions to mitigate the spread of COVID-19, including prohibitions on congregating in heavily populated areas and shelter-in-place orders or similar measures. A number of our tenants have been impacted by such measures as they either temporarily closed down their operations or are scaling back activity in order to comply, causing a strain on their ability to generate revenue. As such, our future operating results may be adversely impacted by our tenants’ inability to generate revenue and pay their rent due as a result of the shut-downs and other actions taken to contain or treat the impact of COVID-19. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted. The state of the overall economy beyond the current impacts of the COVID-19 pandemic can also 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. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets for real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Reclassifications Tenant recoveries totaling $3,933 on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2019, respectively, were reclassified into rental revenue in order to be in conformity with ASU 2016-02, Leases (“ASU 2016-02”). The change in the fair market value of our common stock warrants totaling $79 for the three months ending March 31, 2019, respectively, was reclassified to Other expense - Change in fair value of warrant derivative from Operating expenses - General and administrative on the Company’s condensed consolidated statements of operations. Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. In accordance to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance to ASC 842. The Company includes accounts receivable and straight-line rent receivables within Other assets in the condensed consolidated balance sheet. For the three months ended March 31, 2020 and 2019, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Period Ended Period Ended March 31, March 31, 2020 2019 Income from leases $ 19,295 $ 12,130 Straight-line rent adjustments 518 258 Tenant recoveries 5,868 3,933 Amortization of above market leases (203 ) (160 ) Amortization of below market leases 751 501 Total $ 26,229 $ 16,662 Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2020 and December 31, 2019. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, cash held in escrow for real estate tax, insurance and tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2020, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: March 31, December 31, 2020 2019 Cash as presented on balance sheet $ 30,371 $ 10,465 Cash held in escrow as presented on balance sheet 8,902 9,453 Restricted cash as presented on balance sheet 2,465 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 41,738 $ 22,398 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 at March 31, 2020 and December 31, 2019, as discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $6,953 and $6,718 at March 31, 2020 and December 31, 2019, respectively, and related accumulated amortization amounted to $2,502 and $2,227 at March 31, 2020 and December 31, 2019, respectively. Unamortized debt issuance costs amounted to $4,451 and $4,491 at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 and December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,052 and $1,133, respectively, related to the Revolving Line of Credit Facility from Borrowings under line of credit, net to Other assets in the condensed consolidated balance sheets. 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 condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. 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 New Accounting Pronouncements Issued but Not Yet Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Land $ 141,972 $ 127,439 Buildings, building improvements and tenant improvements 529,572 474,492 Site improvements 63,402 52,998 Construction in progress 2,204 859 737,150 655,788 Less accumulated depreciation (71,963 ) (63,877 ) Real estate properties $ 665,187 $ 591,911 Depreciation expense was $8,086 and $5,159 for the three months ended March 31, 2020 and 2019, respectively. Acquisition of Properties The Company made the following acquisitions of properties during the quarter ended March 31, 2020: Location Date Acquired Square Feet Properties Purchase Price (in thousands) (1) Chicago, IL January 24, 2020 465,940 1 $ 18,650 Indianapolis, IN January 27, 2020 276,240 1 8,800 Atlanta/Savannah, GA January 28, 2020 924,036 5 34,700 Avon, OH February 14, 2020 406,863 3 15,750 Atlanta, GA March 13, 2020 117,000 1 10,056 Total 2,190,079 11 $ 87,956 _______________ (1) Purchase price does not include capitalized acquisition costs. The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Purchase Price (in thousands) Total Purchase Price Purchase price $ 87,956 Acquisition costs 1,040 Total $ 88,996 Allocation of Purchase Price Land $ 14,532 Building 54,087 Site improvements 10,404 Total real estate properties 79,023 Deferred lease intangibles Tenant relationships 2,225 Leasing commissions 1,914 Above market lease value 246 Below market lease value (960 ) Lease in place value 6,548 Net deferred lease intangibles 9,973 Total $ 88,996

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	4. Leases As a Lessor We lease our properties to tenants under agreements 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 March 31, 2020, undiscounted future minimum rental receipts due under non-cancellable operating leases for each of the next five years and total thereafter were as follows (in thousands): Future Minimum 2020 $ 58,465 2021 68,765 2022 56,397 2023 44,894 2024 34,274 Thereafter 59,734 Total minimum rental receipts $ 322,529 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. On April 8, 2020, the FASB provided feedback on technical inquires received from stakeholders regarding certain accounting topics affected by the COVID-19 pandemic, including guidance as to whether any concessions granted by a landlord to tenants results in a modification of a lease in accordance to ASC 842. The FASB concluded that a company can, as a policy election, treat any COVID-19 related rent concessions as a provision included within the pre-concession lease arrangement, and therefore, not be classified as a lease modification per ASC 842. In order to be considered a COVID-19 related concession, cash flows may be less than or equal to those prior to the concession, but not greater, and the lease had to be entered into prior to the respective company’s Q1 2020 10-Q issuance date. As of March 31, 2020, the Company has not entered into any such concessions. As a Lessee At March 31, 2020, we have four, non-cancelable office space operating leases. These leases have remaining lease terms ranging from 4.4 years to 10.3 years. The lease agreements do not contain residual value guarantees or an option to renew. As of March 31, 2020, total right of use assets and lease liabilities were approximately $6,995 and $8,184, respectively. In arriving at the lease liability as of March 31, 2020, we applied a weighted-average incremental borrowing rate of 3.9% over the weighted-average remaining lease term of 8.9 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 three months ended March 31, 2020 included in the Company’s condensed consolidated statements of operations. Three months ended March 31, 2020 Operating lease cost included in general and administrative expense attributable to office lease $ 232 The following table summarizes supplemental cash flow information related to operating leases recognized during the three months ended March 31, 2020 in the Company’s condensed consolidated statements of cash flows. Three months March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 125 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): March 31, December 31, 2020 2019 2020 $ 515 $ 453 2021 1,161 465 2022 1,184 474 2023 1,208 483 2024 1,217 479 Thereafter 4,441 108 Total undiscounted rental commitments 9,726 $ 2,462 Present value adjustment using incremental borrowing rate 1,542 Total lease liability $ 8,184 As of March 31, 2020, and December 31, 2019, the Company had no finance leases.

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements	5. Borrowing Arrangements Secured Debt The following table sets forth a summary of the Company’s secured debt outstanding at March 31, 2020 and December 31, 2019: Outstanding Balance at March 31, December 31, Interest rate at Final Maturity Date AIG Loan $ 118,976 $ 119,592 4.08% November 1, 2023 Transamerica Loan 73,905 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 21,173 21,272 3.78% May 1, 2028 Fisher Park Mortgage 13,606 13,661 5.23% January 1, 2027 South Park Mortgage 9,453 9,507 3.41% January 10,2022 Orange Point Mortgage 20,677 20,816 4.14% August 1, 2024 KeyBank Term Loan (1) 81,000 — L+2.25% (2) October 22, 2020 $ 401,905 $ 322,177 Unamortized debt issuance costs, net (4,451 ) (4,491 ) Unamortized premium/(discount), net 818 872 Secured debt, net $ 398,272 $ 318,558 _______________ (1) On January 22, 2020, the Operating Partnership (the “KeyBank Term Loan Borrower”) entered into a credit agreement (the “KeyBank Term Loan”) with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a term loan with a total commitment of $100,000, subject to certain conditions. The KeyBank Term Loan matures on October 22, 2020. 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 the KeyBank Term Loan Borrower’s total leverage ratio. The credit agreement is secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners. The credit agreement contains financial covenants as defined within the KeyBank Term Loan agreement. (2) The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the KeyBank Term Loan is based on the Company’s total leverage ratio. Revolving Line of Credit Facility The following table sets forth a summary of the Company’s borrowings outstanding under its line of credit at March 31, 2020 and December 31, 2019: Outstanding Balance at March 31, December 31, Interest rate at Final Maturity Date Borrowings under line of credit, net $ 99,100 $ 78,900 L+2.25% (1) August 7, 2023 _______________ (1) The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the revolving line of credit with KeyBank is based on the Company’s total leverage ratio. Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured debt and revolving line of credit facility as of March 31, 2020 and December 31, 2019.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Common Stock	6. Common Stock Follow-on Offerings 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 a “at-the-market equity offering program” (the “Prior ATM Program”). On February 27, 2020, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Barclays Capital Inc., J.P. Morgan Securities, LLC, Capital One Securities, Inc., Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., D.A. Davidson & Co. and National Securities Corporation pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $100,000, through an “at-the-market” equity offering program. (the “$100 Million ATM Program”). All $50,000 of common shares available under the Prior ATM Program were issued prior to establishing the $100 Million ATM Program. During the three months ended March 31, 2020, the Company issued 593,705 shares of its common stock under all ATM programs at a weighted average share price of $18.62, resulting in net proceeds of approximately $10,814. Common Stock Warrants The Company has warrants outstanding to acquire 303,699 shares of the Company’s common stock at an exercise price of $18.94 per share, which expire in 2022. The warrants are accounted for as a liability on the accompanying condensed consolidated balance sheet as they contain provisions that are considered outside of the Company’s control, such as the holders’ option to receive cash in lieu and other securities in the event of a reorganization of the Company’s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. A roll-forward of the warrants is as follows: Balance at January 1, 2020 $ 293 Change in fair value — Balance at March 31, 2020 $ 293 The warrants in the amount of $293 at March 31, 2020 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 $18.94, volatility of 43.7%, an expected annual dividend of $1.50, a term of 2.25 years and an annual risk-free interest rate of 0.25%. 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 fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying condensed consolidated statements of operations. The warrants have an expiration date of June 13, 2022. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented since the Company recorded a net loss during the three months ended March 31, 2020 and 2019. Common Stock Dividends The following table sets forth the common stock distributions that were declared during the three months ended March 31, 2020 and the year ended December 31, 2019. Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,546 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

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Preferred Stock	7. Preferred Stock Series A Preferred Stock The table below sets forth the Company’s outstanding Series A Preferred Stock issuance as of March 31, 2020: Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Dividend Rate 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25.00 7.5% The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the three months ended March 31, 2020 and the year ended December 31, 2019. Cash Dividends Declared per Share Aggregate Amount 2020 First quarter $ 0.46875 $ 956 2019 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 Third quarter $ 0.46875 $ 956 Fourth quarter $ 0.46875 $ 956 Series B Preferred Stock The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock issuance as of March 31, 2020. Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Current Dividend Rate Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.50% The following table sets forth the Series B preferred stock dividends that were declared during the three months ended March 31, 2020 and the year ended December 31, 2019. Cash Dividends Declared per Share Aggregate Amount 2020 First quarter $ 0.14875 $ 657 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 Third quarter $ 0.13813 $ 610 Fourth quarter $ 0.13813 $ 610

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interests	8. Non-Controlling Interests Operating Partnership Units Acquisitions In connection with the acquisition of the Shadeland Portfolio on August 11, 2017, the Company, through its Operating Partnership issued 421,438 Operating Partnership Units (“OP Units”) at $19.00 per OP Unit for a total of approximately $8,007. In connection with the Cincinnati, Ohio acquisition on October 15, 2018, the Company, through its Operating Partnership issued 626,011 OP Units at $17.00 per OP Unit for a total of approximately $10,642. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. OP Units can be converted to common stock on a 1:1 conversion rate after one year. During the three months ended March 31, 2020, 11,477 OP units were redeemed for 11,477 shares of our common stock. During the year ended December 31, 2019, 172,153 OP units were redeemed for 172,153 shares of our common stock. The following table sets forth the OP Unit distributions that were declared during the three months ended March 31, 2020 and the year ended December 31, 2019. Cash Distributions Declared per OP Unit Aggregate Amount 2020 First quarter $ 0.375 $ 324 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 Third quarter $ 0.375 $ 393 Fourth quarter $ 0.375 $ 328 The proportionate share of the loss attributed to the partnership units was $245 and $653 for the three months ended March 31, 2020 and 2019, respectively.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	9. Incentive Award Plan The following table is a summary of the total restricted shares granted, forfeited and vested for the three months ended March 31, 2020: Shares Unvested restricted stock at January 1, 2020 162,184 Granted 44,900 Forfeited — Vested (5,025 ) Unvested restricted stock at March 31, 2020 202,059 The Company recorded equity-based compensation in the amount of $349 and $288 for the three months ended March 31, 2020 and 2019, respectively, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Equity-based compensation expense for shares issued to employees and directors is based on the grant-date fair value of the award and recognized on a straight-line basis over the requisite period of the award. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2020 was approximately $2,862 and is expected to be recognized over a weighted average period of approximately 3 years.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	10. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended March 31, 2020 2019 Numerator Net loss $ (4,272 ) $ (3,599 ) Less: loss attributable to non-controlling interest (245 ) (653 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,027 ) (2,946 ) Less: Preferred stock dividends 1,613 1,566 Less: Series B Preferred stock accretion to redemption value 1,854 1,900 Less: amount allocated to participating securities 76 57 Net loss attributable to common stockholders $ (7,570 ) $ (6,469 ) Denominator Weighted-average common shares outstanding basic and diluted 14,393,192 4,727,675 Net loss per share attributable to common stockholders – basic and diluted $ (0.53 ) $ (1.37 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic EPS calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities at March 31, 2020 include the 303,699 shares of common stock warrants and 202,059 shares of restricted common stock. The stock warrants and restricted common stock have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, and Executive Vice President and Chief Financial Officer. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Subsequent to March 31, 2020, the United States continues to be severely impacted by the COVID-19 pandemic and by the economic effects of government responses, such as “stay-at-home” orders and various restrictions on certain business activities. While the impact in the first quarter was minimal, we have received some rent relief requests from tenants at our properties, most often in the form of rent deferral requests, including some from tenants that we believe have the ability to pay rent. We have not yet granted any rent relief requests, but we are evaluating each request individually on a number of factors. We expect that some relief requests will be granted over the next several months but we do not anticipate foregoing our contractual rights under our lease agreements in connection with any such requests. The extent that the pandemic impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted including the scope, severity and duration of the pandemic, the actions taken to contain the virus and to mitigate the personal and financial impacts.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. It is suggested that these interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the United States Securities and Exchange Commission on February 27, 2020.
Risks and Uncertainties	Risks and Uncertainties As a result of the ongoing COVID-19 pandemic, public health officials have recommended and mandated precautions to mitigate the spread of COVID-19, including prohibitions on congregating in heavily populated areas and shelter-in-place orders or similar measures. A number of our tenants have been impacted by such measures as they either temporarily closed down their operations or are scaling back activity in order to comply, causing a strain on their ability to generate revenue. As such, our future operating results may be adversely impacted by our tenants’ inability to generate revenue and pay their rent due as a result of the shut-downs and other actions taken to contain or treat the impact of COVID-19. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted. The state of the overall economy beyond the current impacts of the COVID-19 pandemic can also 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.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets for real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
Reclassification	Reclassifications Tenant recoveries totaling $3,933 on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2019, respectively, were reclassified into rental revenue in order to be in conformity with ASU 2016-02, Leases (“ASU 2016-02”). The change in the fair market value of our common stock warrants totaling $79 for the three months ending March 31, 2019, respectively, was reclassified to Other expense - Change in fair value of warrant derivative from Operating expenses - General and administrative on the Company’s condensed consolidated statements of operations.
Segments	Segments The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment.
Revenue Recognition and Tenant Receivables and Rental Revenue Components	Revenue Recognition and Tenant Receivables and Rental Revenue Components Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. In accordance to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance to ASC 842. The Company includes accounts receivable and straight-line rent receivables within Other assets in the condensed consolidated balance sheet. For the three months ended March 31, 2020 and 2019, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Period Ended Period Ended March 31, March 31, 2020 2019 Income from leases $ 19,295 $ 12,130 Straight-line rent adjustments 518 258 Tenant recoveries 5,868 3,933 Amortization of above market leases (203 ) (160 ) Amortization of below market leases 751 501 Total $ 26,229 $ 16,662
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2020 and December 31, 2019. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, cash held in escrow for real estate tax, insurance and tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2020, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: March 31, December 31, 2020 2019 Cash as presented on balance sheet $ 30,371 $ 10,465 Cash held in escrow as presented on balance sheet 8,902 9,453 Restricted cash as presented on balance sheet 2,465 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 41,738 $ 22,398
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 at March 31, 2020 and December 31, 2019, as discussed in Note 6. Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, senior secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $6,953 and $6,718 at March 31, 2020 and December 31, 2019, respectively, and related accumulated amortization amounted to $2,502 and $2,227 at March 31, 2020 and December 31, 2019, respectively. Unamortized debt issuance costs amounted to $4,451 and $4,491 at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 and December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,052 and $1,133, respectively, related to the Revolving Line of Credit Facility from Borrowings under line of credit, net to Other assets in the condensed consolidated balance sheets.
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 condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. 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
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 FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Rental Revenue Components	Period Ended Period Ended March 31, March 31, 2020 2019 Income from leases $ 19,295 $ 12,130 Straight-line rent adjustments 518 258 Tenant recoveries 5,868 3,933 Amortization of above market leases (203 ) (160 ) Amortization of below market leases 751 501 Total $ 26,229 $ 35,054
Schedule of Cash, Cash Equivalents and Restricted Cash	March 31, December 31, 2020 2019 Cash as presented on balance sheet $ 30,371 $ 10,465 Cash held in escrow as presented on balance sheet 8,902 9,453 Restricted cash as presented on balance sheet 2,465 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 41,738 $ 22,398

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	March 31, December 31, 2020 2019 Land $ 141,972 $ 127,439 Buildings, building improvements and tenant improvements 529,572 474,492 Site improvements 63,402 52,998 Construction in progress 2,204 859 737,150 655,788 Less accumulated depreciation (71,963 ) (63,877 ) Real estate properties $ 665,187 $ 591,911
Schedule of Real Estate Acquisitions	Location Date Acquired Square Feet Properties Purchase Price (in thousands) (1) Chicago, IL January 24, 2020 465,940 1 $ 18,650 Indianapolis, IN January 27, 2020 276,240 1 8,800 Atlanta/Savannah, GA January 28, 2020 924,036 5 34,700 Avon, OH February 14, 2020 406,863 3 15,750 Atlanta, GA March 13, 2020 117,000 1 10,056 Total 2,190,079 11 $ 87,956 _______________ (1) Purchase price does not include capitalized acquisition costs.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Purchase Price (in thousands) Total Purchase Price Purchase price $ 87,956 Acquisition costs 1,040 Total $ 88,996 Allocation of Purchase Price Land $ 14,532 Building 54,087 Site improvements 10,404 Total real estate properties 79,023 Deferred lease intangibles Tenant relationships 2,225 Leasing commissions 1,914 Above market lease value 246 Below market lease value (960 ) Lease in place value 6,548 Net deferred lease intangibles 9,973 Total $ 88,996

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases	Future Minimum 2020 $ 58,465 2021 68,765 2022 56,397 2023 44,894 2024 34,274 Thereafter 59,734 Total minimum rental receipts $ 322,529
Summary of Operating Lease Expense	Three months ended March 31, 2020 Operating lease cost included in general and administrative expense attributable to office lease $ 232
Summary of Supplemental Cash Flow Information Related to Operating Leases	Three months March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 125
Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases	March 31, December 31, 2020 2019 2020 $ 515 $ 453 2021 1,161 465 2022 1,184 474 2023 1,208 483 2024 1,217 479 Thereafter 4,441 108 Total undiscounted rental commitments 9,726 $ 2,462 Present value adjustment using incremental borrowing rate 1,542 Total lease liability $ 8,184

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Secured Debt Outstanding	Outstanding Balance at March 31, December 31, Interest rate at Final Maturity Date AIG Loan $ 118,976 $ 119,592 4.08% November 1, 2023 Transamerica Loan 73,905 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 21,173 21,272 3.78% May 1, 2028 Fisher Park Mortgage 13,606 13,661 5.23% January 1, 2027 South Park Mortgage 9,453 9,507 3.41% January 10,2022 Orange Point Mortgage 20,677 20,816 4.14% August 1, 2024 KeyBank Term Loan (1) 81,000 — L+2.25% (2) October 22, 2020 $ 401,905 $ 322,177 Unamortized debt issuance costs, net (4,451 ) (4,491 ) Unamortized premium/(discount), net 818 872 Secured debt, net $ 398,272 $ 318,558 _______________ (1) On January 22, 2020, the Operating Partnership (the “KeyBank Term Loan Borrower”) entered into a credit agreement (the “KeyBank Term Loan”) with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a term loan with a total commitment of $100,000, subject to certain conditions. The KeyBank Term Loan matures on October 22, 2020. 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 the KeyBank Term Loan Borrower’s total leverage ratio. The credit agreement is secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners. The credit agreement contains financial covenants as defined within the KeyBank Term Loan agreement. (2) The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the KeyBank Term Loan is based on the Company’s total leverage ratio.
Schedule of Line of Credit Borrowings Outstanding	Outstanding Balance at March 31, December 31, Interest rate at Final Maturity Date Borrowings under line of credit, net $ 99,100 $ 78,900 L+2.25% (1) August 7, 2023 _______________ (1) The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the revolving line of credit with KeyBank is based on the Company’s total leverage ratio.

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants	Balance at January 1, 2020 $ 293 Change in fair value — Balance at March 31, 2020 $ 293
Schedule of Common Stock Dividends Declared	Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,546 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

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Preferred Stock Outstanding	Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Dividend Rate 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25.00 7.5% Preferred Stock Issuance Issuance Date Number of Shares Liquidation Value per Share Current Dividend Rate Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.50%
Schedule of Preferred Stock Dividends Declared	Series A Preferred Stock Cash Dividends Declared per Share Aggregate Amount 2020 First quarter $ 0.46875 $ 956 2019 First quarter $ 0.46875 $ 956 Second quarter $ 0.46875 $ 956 Third quarter $ 0.46875 $ 956 Fourth quarter $ 0.46875 $ 956 Series B Preferred Stock Cash Dividends Declared per Share Aggregate Amount 2020 First quarter $ 0.14875 $ 657 2019 First quarter $ 0.13813 $ 610 Second quarter $ 0.13813 $ 610 Third quarter $ 0.13813 $ 610 Fourth quarter $ 0.13813 $ 610

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Redeemable Non-Controlling Interest	Cash Distributions Declared per OP Unit Aggregate Amount 2020 First quarter $ 0.375 $ 324 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 Third quarter $ 0.375 $ 393 Fourth quarter $ 0.375 $ 328

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Shares Activity	Shares Unvested restricted stock at January 1, 2020 162,184 Granted 44,900 Forfeited — Vested (5,025 ) Unvested restricted stock at March 31, 2020 202,059

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings per Share	Three Months Ended March 31, 2020 2019 Numerator Net loss $ (4,272 ) $ (3,599 ) Less: loss attributable to non-controlling interest (245 ) (653 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,027 ) (2,946 ) Less: Preferred stock dividends 1,613 1,566 Less: Series B Preferred stock accretion to redemption value 1,854 1,900 Less: amount allocated to participating securities 76 57 Net loss attributable to common stockholders $ (7,570 ) $ (6,469 ) Denominator Weighted-average common shares outstanding basic and diluted 14,393,192 4,727,675 Net loss per share attributable to common stockholders – basic and diluted $ (0.53 ) $ (1.37 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	3 Months Ended	12 Months Ended
	Mar. 31, 2020ft²Integer	Dec. 31, 2019
Number of industrial properties owned	96
Industrial properties acquired, approximate square feet | ft²	20,000,000
Buildings comprising all properties	125
Plymouth Industrial Operating Partnership, L.P.
Ownership equity interest in Operating Partnership	94.50%	94.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Income from leases	$ 19,295	$ 12,130
Straight-line rent adjustment	518	258
Tenant recoveries	5,868	3,933
Amortization of above market leases	(203)	(160)
Amortization of below market leases	751	501
Total	$ 26,229	$ 16,662

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash as presented on balance sheet	$ 30,371	$ 10,465
Cash held in escrow as presented on balance sheet	8,902	9,453
Restricted cash as presented on balance sheet	2,465	2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement	$ 41,738	$ 22,398	$ 14,121	$ 14,961

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Reclassifications
Change in fair value of warrant derivative		$ (79)
Debt Issuance Costs
Debt issuance costs	6,953		$ 6,718
Accumulated amortization	2,502		2,227
Unamortized debt issuance costs	4,451		4,491
Revolving Line of Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs	1,052		1,133
Common Stock Warrants | Fair Value, Inputs, Level 3
Equity, Fair Value Disclosure
Fair value of warrants	$ 293		$ 293
ASU 2016-02
Reclassifications
Tenant recoveries reclassed to rental revenue		$ 3,933

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 141,972	$ 127,439
Buildings, building improvements and tenant improvements	529,572	474,492
Site improvements	63,402	52,998
Construction in process	2,204	859
Real estate properties at cost	737,150	655,788
Less accumulated depreciation	(71,963)	(63,877)
Real estate properties	$ 665,187	$ 591,911

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²Integer
Square feet | ft²	20,000,000
Properties | Integer	96
Business Acquisition
Square feet | ft²	2,190,079
Properties | Integer	11
Purchase price | $	$ 87,956	[1]
Business Acquisition | Chicago, IL
Date acquired	Jan. 24, 2020
Square feet | ft²	465,940
Properties | Integer	1
Purchase price | $	$ 18,650	[1]
Business Acquisition | Indianapolis, IN
Date acquired	Jan. 27, 2020
Square feet | ft²	276,240
Properties | Integer	1
Purchase price | $	$ 8,800	[1]
Business Acquisition | Atlanta/Savannah, GA
Date acquired	Jan. 28, 2020
Square feet | ft²	924,036
Properties | Integer	5
Purchase price | $	$ 34,700	[1]
Business Acquisition | Avon, OH
Date acquired	Feb. 14, 2020
Square feet | ft²	406,863
Properties | Integer	3
Purchase price | $	$ 15,750	[1]
Business Acquisition | Atlanta, GA
Date acquired	Mar. 13, 2020
Square feet | ft²	117,000
Properties | Integer	1
Purchase price | $	$ 10,056	[1]
[1]	Purchase price does not include capitalized acquisition costs.

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Mar. 31, 2020USD ($)
Total Purchase Price
Purchase Price	$ 87,956
Acquisition Costs	1,040
Total	88,996
Allocation of Purchase Price
Land	14,532
Building	54,087
Site Improvements	10,404
Total real estate properties	79,023
Deferred Lease Intangibles
Net deferred lease intangibles	9,973
Totals	88,996
Tenant Relationships
Deferred Lease Intangibles
Net deferred lease intangibles	2,225
Leasing Commission
Deferred Lease Intangibles
Net deferred lease intangibles	1,914
Above Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	246
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	960
Lease in Place Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 6,548

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Depreciation expense	$ 8,086	$ 5,159

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Future minimum rental receipts, 2020	$ 58,465
Future minimum rental receipts, 2021	68,765
Future minimum rental receipts, 2022	56,397
Future minimum rental receipts, 2023	44,894
Future minimum rental receipts, 2024	34,274
Thereafter	59,734
Total minimum rental receipts	$ 322,529

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease cost included in general and administrative expense attributable to corporate office lease	$ 232

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 125

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Minimum rental commitments, 2020	$ 515	$ 453
Minimum rental commitments, 2021	1,161	465
Minimum rental commitments, 2022	1,184	474
Minimum rental commitments, 2023	1,208	483
Minimum rental commitments, 2024	1,217	479
Minimum rental commitments, Thereafter	4,441	108
Total undiscounted rental commitments	9,726	$ 2,462
Present value adjustment using incremental borrowing rate	1,542
Total lease liability	$ 8,184

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Number of operating leases	Four, non-cancelable office space operating leases
Operating lease remaining terms	8 years 11 months
Right-of-use assets	$ 6,995
Lease liabilities	$ 8,184
Weighted-average incremental borrowing rate	3.90%
Minimum
Operating lease remaining terms	4 years 5 months
Maximum
Operating lease remaining terms	10 years 4 months

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Secured Debt Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2020		Dec. 31, 2019
Debt Instrument [Line Items]
Secured debt		$ 398,272		$ 318,558
Secured Debt
Debt Instrument [Line Items]
Secured debt		401,905		322,177
Unamortized debt issuance costs, net		(4,451)		(4,491)
Unamortized premium/(discount), net		818		872
Secured Debt | KeyBank Term Loan
Debt Instrument [Line Items]
Secured debt		$ 81,000	[1]
Interest rate	[2]	L+2.25%
Maturity date	[1]	Oct. 22, 2020
Secured Debt | Orange Point Mortgage
Debt Instrument [Line Items]
Secured debt		$ 20,677		$ 20,816
Interest rate		4.14%
Maturity date		Aug. 1, 2024		Aug. 1, 2024
Secured Debt | South Park Mortgage
Debt Instrument [Line Items]
Secured debt		$ 9,453		$ 9,507
Interest rate		3.41%
Maturity date		Jan. 10, 2022		Jan. 10, 2022
Secured Debt | Fisher Park Mortgage
Debt Instrument [Line Items]
Secured debt		$ 13,606		$ 13,661
Interest rate		5.23%
Maturity date		Jan. 1, 2027		Jan. 1, 2027
Secured Debt | Minnesota Life Loan
Debt Instrument [Line Items]
Secured debt		$ 21,173		$ 21,272
Interest rate		3.78%
Maturity date		May 1, 2028		May 1, 2028
Secured Debt | Allianz Loan
Debt Instrument [Line Items]
Secured debt		$ 63,115		$ 63,115
Interest rate		4.07%
Maturity date		Apr. 10, 2026		Apr. 10, 2026
Secured Debt | Transamerica Loan
Debt Instrument [Line Items]
Secured debt		$ 73,905		$ 74,214
Interest rate		4.35%
Maturity date		Aug. 1, 2028		Aug. 1, 2028
Secured Debt | AIG Loan
Debt Instrument [Line Items]
Secured debt		$ 118,976		$ 119,592
Interest rate		4.08%
Maturity date		Nov. 1, 2023		Nov. 1, 2023
[1]	On January 22, 2020, the Operating Partnership (the"KeyBank Term Loan Borrower") entered into a credit agreement (the "KeyBank Term Loan") with KeyBank National Association ("KeyBank") to provide the KeyBank Term Loan Borrower with a term loan with a total commitment of $100,000, subject to certain conditions. The KeyBank Term Loan matures on October 22, 2020. Borrowings under the Credit Arrangement 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 LIBRO rate loans, with the amount of such spread depending on the KeyBank Term Loan Borrower's total leverage ratio. The credit agreement is secured by the equity interests of certain of the KeyBank Term Loan Borrower's wholly-owned subsidiary property owners. The credit agreement contains financial covenants as defined within the KeyBank Term Loan agreement.
[2]	The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the KeyBank Term Loan is based on the Company's total leverage ratio.

Borrowing Arrangements - Sche_2

Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowings under line of credit, net		$ 99,100	$ 78,900
Revolving Line of Credit Facility
Line of Credit Facility [Line Items]
Borrowings under line of credit, net		$ 99,100	$ 78,900
Interest rate	[1]	L+2.25%
Maturity date		Aug. 7, 2023
[1]	The 1-month LIBOR rate as of March 31, 2020 was 0.99%. The spread over the applicable rate for the revolving line of credit with KeyBank is based on the Company's total leverage ratio.

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - Line of Credit - KeyBank National Assocation - London Interbank Offered Rate (LIBOR) [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Line of credit, maximum borrowing	$ 100,000
Line of credit maturity date	Oct. 22, 2020
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 KeyBank Term Loan Borrower’s total leverage ratio.
Line of credit facility, collateral	Secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners.
Variable rate basis	1-month LIBOR rate of 0.99%

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Common Stock Warrants
Balance at beginning of period	$ 293
Change in fair value
Balance at end of period	$ 293

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Common stock dividends declared, per share	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 5,546	$ 5,303	$ 5,027	$ 3,257	$ 1,923

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 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Warrants
Warrants outstanding			303,699
Exercise price of warrants issued			$ 18.94
Common Stock Warrants | Fair Value, Inputs, Level 3
Exercise price of warrants issued			$ 18.94	$ 18.96
Fair value of warrants			$ 293	$ 293
Expected volatility rate			43.70%	18.10%
Expected annual dividend, per share			$ 1.50	$ 1.50
Expected term			2 years 3 months	2 years 6 months
Risk free interest rate			0.25%	1.60%
Initial Public Offering
Common stock issued	3,450,000	3,425,000
Price per share	$ 18	$ 17.50
Proceeds from initial public offering, gross	$ 58,756	$ 55,857
Over-Allotment Option
Common stock issued	450,000	425,000
"At-the-Market" Equity Offering Program
Common stock issued			593,705
Proceeds from sale of shares, net			$ 10,814
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 "Prior ATM program").
Weighted average share price			$ 18.62
Available for issue under the ATM program					$ 500,000
$100 Million ATM Program
ATM Distribution agreement			The Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Barclays Capital Inc., J.P. Morgan Securities, LLC, Capital One Securities, Inc., Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., D.A. Davidson & Co. and National Securities Corporation pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $100,000, through an “at-the-market” equity offering program. (the “$100 Million ATM Program”). All $50,000 of common shares available under the Prior ATM Program were issued prior to establishing the $100 Million ATM Program.

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock Outstanding (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Series A Preferred Stock
Preferred stock, shares issued	2,040,000	2,040,000
Preferred stock issued, issuance date	Oct. 25, 2017
Liquidation value per share	$ 25
Dividend rate	7.50%
Series B Preferred Stock
Preferred stock, shares issued	4,411,764	4,411,764
Preferred stock issued, issuance date	Dec. 14, 2018
Liquidation value per share	$ 22.04
Dividend rate	3.50%

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Series A Preferred Stock
Preferred stock cash dividends declared, per share	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875
Preferred stock dividends declared, aggregate amount	$ 956	$ 956	$ 956	$ 956	$ 956
Series B Preferred Stock
Preferred stock cash dividends declared, per share	$ 0.14875	$ 0.13813	$ 0.13813	$ 0.13813	$ 0.13813
Preferred stock dividends declared, aggregate amount	$ 657	$ 610	$ 610	$ 610	$ 610

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Cash distribution declared per OP unit	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375
Aggregate amount	$ 324	$ 328	$ 393	$ 393	$ 393

Non-Controlling Interest (Detai

Non-Controlling Interest (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loss attributed to non-controlling interest	$ (245)	$ (653)
Redemption of partnership units, shares	11,477		172,153
Common stock issued as a result of redemption of partnership units	11,477		172,153
Indianapolis, IN - Shadeland
Issuance of operating partnership units					421,438
Issuance of operating partnership units, price per unit					$ 19
Issuance of partnership units					$ 8,007
Cincinnati, OH - Class B Industrial Property
Issuance of operating partnership units				626,011
Issuance of operating partnership units, price per unit				$ 17
Issuance of partnership units				$ 10,642

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2020shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at beginning of period	162,184
Granted	44,900
Forfeited
Vested	(5,025)
Unvested restricted stock at end of period	202,059

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 349	$ 288
Unrecognized compensation expense	$ 2,862
Weighted average period for recognition	3 years

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net loss	$ (4,272)	$ (3,599)
Net loss attributable to non-controlling interest	(245)	(653)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,027)	(2,946)
Less: Preferred stock dividends	1,613	1,566
Less: Series B Preferred stock accretion to redemption value	1,854	1,900
Less: amount allocated to participating securities	76	57
Net loss attributable to common stockholders	$ (7,570)	$ (6,469)
Denominator
Weighted-average common shares outstanding basic and diluted	14,393,192	4,727,675
Earnings per share - Basic and Diluted:
Net loss per share attributable to common stockholders basic and diluted	$ (0.53)	$ (1.37)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Mar. 31, 2020shares
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	303,699
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	202,059

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	3 Months Ended
	Mar. 31, 2020
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.