Plymouth Industrial REIT (PLYM) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-38106
Entity Registrant Name	PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key	0001515816
Entity Tax Identification Number	27-5466153
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	20 Custom House Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	(617)
Local Phone Number	340-3814
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,974,407
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
7.50% Series A Cumulative Redeemable Preferred Stock,
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	PLYM-PrA
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Real estate properties	$ 738,024	$ 655,788
Less accumulated depreciation	(80,452)	(63,877)
Real estate properties, net	657,572	591,911
Cash	13,975	10,465
Cash held in escrow	11,444	9,453
Restricted cash	3,827	2,480
Deferred lease intangibles, net	57,328	57,088
Other assets	20,501	14,084
Total assets	764,647	685,481
Liabilities:
Secured debt, net	397,150	318,558
Borrowings under line of credit	70,100	78,900
Accounts payable, accrued expenses and other liabilities	42,598	36,284
Deferred lease intangibles, net	7,888	8,314
Total liabilities	517,736	442,056
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 15,897,644 and 14,141,355 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	159	141
Additional paid in capital	265,774	256,259
Accumulated deficit	(156,106)	(148,403)
Total stockholders' equity	109,827	107,997
Non-controlling interest	4,715	6,767
Total equity	114,542	114,764
Total liabilities, preferred stock and equity	764,647	685,481
Series A Preferred Stock [Member]
Liabilities:
Preferred stock	48,868	48,868
Series B Preferred Stock [Member]
Liabilities:
Preferred stock	$ 83,501	$ 79,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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	15,897,644	14,141,355
Common stock, shares outstanding	15,897,644	14,141,355
Series A Preferred Stock [Member]
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 [Member]
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Rental revenue	$ 26,137	$ 17,022	$ 52,366	$ 33,684
Total revenues	26,137	17,022	52,366	33,684
Operating expenses:
Property	9,026	6,034	18,037	12,296
Depreciation and amortization	13,520	8,476	27,617	16,908
General and administrative	2,576	1,691	5,098	3,337
Total operating expenses	25,122	16,201	50,752	32,541
Other income (expense):
Interest expense	(4,900)	(3,576)	(9,771)	(7,418)
Change in fair value of warrant derivative		(102)		(181)
Total other expense, net	(4,900)	(3,678)	(9,771)	(7,599)
Net loss	(3,885)	(2,857)	(8,157)	(6,456)
Less: loss attributable to non-controlling interest	(209)	(380)	(454)	(1,033)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,676)	(2,477)	(7,703)	(5,423)
Less: Preferred stock dividends	1,613	1,566	3,226	3,132
Less: Series B preferred stock accretion to redemption value	1,854	1,901	3,708	3,801
Less: amount allocated to participating securities	30	58	106	115
Net loss attributable to common stockholders	$ (7,173)	$ (6,002)	$ (14,743)	$ (12,471)
Net loss basic and diluted per share attributable to common stockholders	$ (0.49)	$ (0.88)	$ (1.02)	$ (2.15)
Weighted-average common shares outstanding basic and diluted	14,649,290	6,835,878	14,514,233	5,787,600

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 [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit	Stockholders’ Equity (Deficit)	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	$ 126,327	$ (137,983)	$ (11,607)	$ 14,467	$ 2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Series B Preferred stock accretion to redemption value		$ 1,900		(1,900)		(1,900)		(1,900)
Net proceeds from common stock			$ 2	4,513		4,515		4,515
Net proceeds from common stock, shares			278,302
Stock based compensation				288		288		288
Restricted shares issued
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, value at Mar. 31, 2019	$ 48,868	$ 74,092	$ 51	125,739	(140,929)	(15,139)	13,421	(1,718)
Shares, Outstanding, Ending Balance at Mar. 31, 2019	2,040,000	4,411,764	5,129,370
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	126,327	(137,983)	(11,607)	14,467	2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Series B Preferred stock accretion to redemption value								(3,801)
Net proceeds from common stock								62,788
Net loss								(6,456)
Ending balance, value at Jun. 30, 2019	$ 48,868	$ 75,993	$ 88	177,557	(143,406)	34,239	12,648	46,887
Shares, Outstanding, Ending Balance at Jun. 30, 2019	2,040,000	4,411,764	8,754,782
Beginning balance, value at Dec. 31, 2018	$ 48,868	$ 72,192	$ 49	126,327	(137,983)	(11,607)	14,467	$ 2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Redemption of partnership units, shares								172,153
Ending balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	256,259	(148,403)	107,997	6,767	$ 114,764
Shares, Outstanding, Ending Balance at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Beginning balance, value at Mar. 31, 2019	$ 48,868	$ 74,092	$ 51	125,739	(140,929)	(15,139)	13,421	(1,718)
Shares, Outstanding, Beginning Balance at Mar. 31, 2019	2,040,000	4,411,764	5,129,370
Series B Preferred stock accretion to redemption value		$ 1,901		(1,901)		(1,901)		(1,901)
Net proceeds from common stock			$ 36	58,237		58,273		58,273
Net proceeds from common stock, shares			3,572,017
Stock based compensation				305		305		305
Restricted shares issued			$ 1			1		1
Restricted shares issued			53,395
Dividends and distributions				(4,823)		(4,823)	(393)	(5,216)
Net loss					(2,477)	(2,477)	(380)	(2,857)
Ending balance, value at Jun. 30, 2019	$ 48,868	$ 75,993	$ 88	177,557	(143,406)	34,239	12,648	46,887
Shares, Outstanding, Ending Balance at Jun. 30, 2019	2,040,000	4,411,764	8,754,782
Beginning balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	256,259	(148,403)	107,997	6,767	114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock			$ 6	10,808		10,814		10,814
Net proceeds from common stock, shares			593,705
Stock based compensation				349		349		349
Restricted shares issued
Restricted shares issued			44,900
Redemption of partnership units			$ 1	194		195	(195)
Redemption of partnership units, shares			11,477
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, value at Mar. 31, 2020	$ 48,868	$ 81,647	$ 148	258,404	(152,430)	106,122	6,196	112,318
Shares, Outstanding, Ending Balance at Mar. 31, 2020	2,040,000	4,411,764	14,791,437
Beginning balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	256,259	(148,403)	107,997	6,767	114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Series B Preferred stock accretion to redemption value								(3,708)
Net proceeds from common stock								$ 23,351
Redemption of partnership units, shares								57,384
Net loss								$ (8,157)
Ending balance, value at Jun. 30, 2020	$ 48,868	$ 83,501	$ 159	265,774	(156,106)	109,827	4,715	114,542
Shares, Outstanding, Ending Balance at Jun. 30, 2020	2,040,000	4,411,764	15,897,644
Beginning balance, value at Mar. 31, 2020	$ 48,868	$ 81,647	$ 148	258,404	(152,430)	106,122	6,196	112,318
Shares, Outstanding, Beginning Balance at Mar. 31, 2020	2,040,000	4,411,764	14,791,437
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock			$ 11	12,525		12,536		12,536
Net proceeds from common stock, shares			1,060,300
Stock based compensation				383		383		383
Restricted shares issued
Redemption of partnership units				780		780	(780)
Redemption of partnership units, shares			45,907
Rebalancing of non-controlling interest				328		328	(328)
Dividends and distributions				(4,792)		(4,792)	(164)	(4,956)
Net loss					(3,676)	(3,676)	(209)	(3,885)
Ending balance, value at Jun. 30, 2020	$ 48,868	$ 83,501	$ 159	$ 265,774	$ (156,106)	$ 109,827	$ 4,715	$ 114,542
Shares, Outstanding, Ending Balance at Jun. 30, 2020	2,040,000	4,411,764	15,897,644

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (8,157)	$ (6,456)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27,617	16,908
Straight line rent adjustment	(961)	(481)
Intangible amortization in rental revenue, net	(986)	(685)
Amortization of debt related costs	665	508
Change in fair value of warrant derivative		181
Stock based compensation	732	593
Changes in operating assets and liabilities:
Other assets	(5,618)	(3,856)
Deferred leasing costs	(456)	(995)
Accounts payable, accrued expenses and other liabilities	7,715	1,304
Net cash provided by operating activities	20,551	7,021
Investing activities
Acquisition of properties	(89,053)	(22,686)
Real estate improvements	(3,219)	(1,802)
Net cash used in investing activities	(92,272)	(24,488)
Financing activities
Proceeds from common stock, net	23,351	62,788
Proceeds from issuance of secured debt	81,000	63,115
Repayment of secured debt	(2,556)	(63,304)
Proceeds from line of credit facility	41,500	6,697
Repayment of line of credit facility	(50,300)	(35,250)
Debt issuance costs	(355)	(1,208)
Dividends paid	(14,071)	(6,138)
Net cash provided by financing activities	78,569	26,700
Net increase (decrease) in cash and cash held in escrow and restricted cash	6,848	9,233
Cash and cash held in escrow and restricted cash at beginning of period	22,398	14,961
Cash and cash held in escrow and restricted cash at end of period	29,246	24,194
Supplemental Cash Flow Disclosures:
Cash paid for interest	9,016	7,003
Supplemental Non-Cash Investing and Financing Activities:
Dividends declared included in dividends payable	3,836	4,847
Distribution payable to non-controlling interest holder	164	393
Series B accretion to redemption value	3,708	3,801
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	98	316
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 757	$ 59

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019, the Company owned a 95.1 94.2 The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company focuses on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the U.S. As of June 30, 2020, the Company, through its subsidiaries, owns 96 125 20 million

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data 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. Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at June 30, 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 June 30, 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: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2020 2019 Cash as presented on balance sheet $ 13,975 $ 10,465 Cash held in escrow as presented on balance sheet 11,444 9,453 Restricted cash as presented on balance sheet 3,827 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,246 $ 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data 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 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities. The amounts reported on the balance sheet for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. The fair value of our secured debt and borrowings under line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity. The following table summarizes the aggregate principal outstanding under the Company’s secured debt and borrowings under line of credit and the corresponding estimate of fair value as of June 30, 2020 and December 31, 2019. Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 400,621 $ 419,205 $ 322,177 $ 319,376 Borrowings under line of credit 70,100 69,372 78,900 77,571 Total 470,721 $ 488,577 401,077 $ 396,947 Unamortized premium/(discount), net (4,236 ) (4,491 ) Unamortized debt issuance cost, net 765 872 Total carrying value $ 467,250 $ 397,458 Debt Issuance Costs Debt issuance costs other than those associated with the Revolving Line of Credit Facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 7,076 6,718 2,840 2,227 972 1,133 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 (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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data Consolidation The Company’s condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. Interests in the Operating Partnership held by unrelated 3rd parties are identified as the “Non-controlling interest”. All intercompany accounts and transactions have been eliminated in consolidation for all periods presented. New Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 was effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has not elected any of the practical expedients provided by ASU 2020-04 and will continue to evaluate the impact of the guidance and may apply certain elections as applicable as additional changes in the market occur. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at June 30, 2020 and December 31, 2019: Real Estate Properties - Schedule of Real Estate Properties June 30, December 31, 2020 2019 Land $ 141,972 $ 127,439 Buildings, building improvements and tenant improvements 530,667 474,492 Site improvements 63,402 52,998 Construction in progress 1,983 859 738,024 655,788 Less accumulated depreciation (80,452 ) (63,877 ) Real estate properties $ 657,572 $ 591,911 Depreciation expense was $ 8,489 5,238 16,575 10,397 Acquisition of Properties The Company made the following acquisitions of properties during the six months ended June 30, 2020: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data 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: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Purchase Price Total Purchase Price Purchase price $ 87,956 Acquisition costs 1,097 Total $ 89,053 Allocation of Purchase Price Land $ 14,532 Building 54,144 Site improvements 10,404 Total real estate properties 79,080 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 $ 89,053

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 2020, undiscounted future minimum fixed rental receipts due under non-cancellable operating leases for each of the next five years and total thereafter were as follows (in thousands): Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases Future Minimum 2020 $ 39,359 2021 71,250 2022 60,211 2023 48,431 2024 37,731 Thereafter 63,514 Total minimum rental receipts $ 320,496 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. The Company includes accounts receivable and straight-line rent receivables within Other assets in the condensed consolidated balance sheet. For the six months ended June 30, 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income from leases $ 19,483 $ 12,339 $ 38,778 $ 24,469 Straight-line rent adjustments 443 223 961 481 Tenant recoveries 5,773 4,116 11,641 8,049 Amortization of above market leases (199 ) (159 ) (402 ) (319 ) Amortization of below market leases 637 503 1,388 1,004 Total $ 26,137 $ 17,022 $ 52,366 $ 33,684 Tenant recoveries included within rental revenue for the three and six months ending June 30, 2020 and 2019 are variable in nature. 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 substantially greater. As of June 30, 2020, the Company has entered into a small number of such COVID-19 related rent deferral concessions and has elected not to treat such concessions as a modification of the respective lease. As a Lessee At June 30, 2020, we have four, non-cancelable office space operating leases 4.2 10.0 6,806 8,149 3.9 8.7 The following table summarizes the operating lease expense recognized during the three and six months ended June 30, 2020 included in the Company’s condensed consolidated statements of operations. Three months ended Six months ended June 30, June 30, 2020 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 275 $ 507 Non-cash adjustment due to straight-line rent adjustments (154 ) (262 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 121 $ 245 The following table summarizes the maturity analysis of our operating 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): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases June 30, December 31, 2020 2019 2020 $ 401 $ 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 $ 9,612 $ 2,462 Present value adjustment using incremental borrowing rate 1,463 321 Total lease liability $ 8,149 $ 2,141 As of June 30, 2020, and December 31, 2019, the Company had no finance leases. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Secured Debt Outstanding Outstanding Balance at June 30, December 31, Interest rate at Final Maturity Date AIG Loan $ 118,352 $ 119,592 4.08% November 1, 2023 Transamerica Loan 73,593 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 21,074 21,272 3.78% May 1, 2028 Fisher Park Mortgage 13,552 13,661 5.23% January 1, 2027 South Park Mortgage 9,399 9,507 3.41% January 10, 2022 Orange Point Mortgage 20,536 20,816 4.14% August 1, 2024 KeyBank Term Loan (1) 81,000 — 2.43 (2) October 22, 2020 $ 400,621 $ 322,177 Unamortized debt issuance costs, net (4,236 ) (4,491 ) Unamortized premium/(discount), net 765 872 Secured debt, net $ 397,150 $ 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 October 22, 2020 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners. (2) The 1-month LIBOR rate as of June 30, 2020 was 0.16% Revolving Line of Credit Facility The following table sets forth a summary of the Company’s borrowings outstanding under its line of credit at June 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding Outstanding Balance at June 30, December 31, Interest rate at Final Maturity Date Borrowings under line of credit $ 70,100 $ 78,900 2.43 (1) August 7, 2023 _______________ (1) The 1-month LIBOR rate as of June 30, 2020 was 0.16% 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 June 30, 2020 and December 31, 2019. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Common Stock	6. Common Stock ATM Program On July 30, 2018, the Company and the 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 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 six months ended June 30, 2020, the Company issued 1,654,005 14.40 23,350 Common Stock Warrants The Company has warrants outstanding to acquire 311,661 18.46 A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2020 $ 293 Change in fair value — Balance at June 30, 2020 $ 293 The warrants in the amount of $ 293 18.46 41.0 0.80 2.0 0.16 293 18.96 18.1 1.50 2.5 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 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 and six months ended June 30, 2020 and 2019. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data Common Stock Dividends The following table sets forth the common stock distributions that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,546 Second quarter $ 0.2000 $ 3,179 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	6 Months Ended
	Jun. 30, 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 June 30, 2020: Preferred Stock - Schedule of Series A Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Dividend 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 six months ended June 30, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.46875 $ 956 Second 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 June 30, 2020. Preferred Stock - Schedule of Series B Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.50% Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data The following table sets forth the Series B preferred stock dividends that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.14875 $ 657 Second 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	6 Months Ended
	Jun. 30, 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 19.00 8,007 626,011 17.00 10,642 57,384 57,384 172,153 172,153 The following table sets forth the OP Unit distributions that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 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 $ 209 380 454 1,033 Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2020 162,184 Granted 44,900 Forfeited — Vested (58,902 ) Unvested restricted stock at June 30, 2020 148,182 The Company recorded equity-based compensation in the amount of $ 732 593 2,478 3

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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: Earnings per Share - Schedule of Earnings per Share Three months Ended June 30, Six months Ended June 30, 2020 2019 2020 2019 Numerator Net loss $ (3,885 ) $ (2,857 ) $ (8,157 ) $ (6,456 ) Less: loss attributable to non-controlling interest (209 ) (380 ) (454 ) (1,033 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,676 ) (2,477 ) (7,703 ) (5,423 ) Less: Preferred stock dividends 1,613 1,566 3,226 3,132 Less: Series B Preferred stock accretion to redemption value 1,854 1,901 3,708 3,801 Less: amount allocated to participating securities 30 58 106 115 Net loss attributable to common stockholders $ (7,173 ) $ (6,002 ) $ (14,743 ) $ (12,471 ) Denominator Weighted-average common shares outstanding basic and diluted 14,649,290 6,835,878 14,514,233 5,787,600 Net loss per share attributable to common stockholders – basic and diluted $ (0.49 ) $ (0.88 ) $ (1.02 ) $ (2.15 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic EPS calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities at June 30, 2020 include the 311,661 148,182 Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 significant 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Subsequent to June 30, 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” and “phased-reopening” orders and continued restrictions on certain business activities. Through the date of this filing we have not provided any additional rent deferrals or other rent concessions for rents due during Q3 2020. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data
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.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at June 30, 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 June 30, 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: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2020 2019 Cash as presented on balance sheet $ 13,975 $ 10,465 Cash held in escrow as presented on balance sheet 11,444 9,453 Restricted cash as presented on balance sheet 3,827 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,246 $ 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data 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 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities. The amounts reported on the balance sheet for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. The fair value of our secured debt and borrowings under line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity. The following table summarizes the aggregate principal outstanding under the Company’s secured debt and borrowings under line of credit and the corresponding estimate of fair value as of June 30, 2020 and December 31, 2019. Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 400,621 $ 419,205 $ 322,177 $ 319,376 Borrowings under line of credit 70,100 69,372 78,900 77,571 Total 470,721 $ 488,577 401,077 $ 396,947 Unamortized premium/(discount), net (4,236 ) (4,491 ) Unamortized debt issuance cost, net 765 872 Total carrying value $ 467,250 $ 397,458
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs other than those associated with the Revolving Line of Credit Facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 7,076 6,718 2,840 2,227 972 1,133
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 (Loss) per Share	Earnings (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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share and per share data
Consolidation	Consolidation The Company’s condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. Interests in the Operating Partnership held by unrelated 3rd parties are identified as the “Non-controlling interest”. All intercompany accounts and transactions have been eliminated in consolidation for all periods presented.
New Accounting Pronouncements	New Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 was effective for the Company for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has not elected any of the practical expedients provided by ASU 2020-04 and will continue to evaluate the impact of the guidance and may apply certain elections as applicable as additional changes in the market occur. 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_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash	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: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2020 2019 Cash as presented on balance sheet $ 13,975 $ 10,465 Cash held in escrow as presented on balance sheet 11,444 9,453 Restricted cash as presented on balance sheet 3,827 2,480 Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,246 $ 22,398
Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments	The following table summarizes the aggregate principal outstanding under the Company’s secured debt and borrowings under line of credit and the corresponding estimate of fair value as of June 30, 2020 and December 31, 2019. Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 400,621 $ 419,205 $ 322,177 $ 319,376 Borrowings under line of credit 70,100 69,372 78,900 77,571 Total 470,721 $ 488,577 401,077 $ 396,947 Unamortized premium/(discount), net (4,236 ) (4,491 ) Unamortized debt issuance cost, net 765 872 Total carrying value $ 467,250 $ 397,458

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate Properties	Real estate properties consisted of the following at June 30, 2020 and December 31, 2019: Real Estate Properties - Schedule of Real Estate Properties June 30, December 31, 2020 2019 Land $ 141,972 $ 127,439 Buildings, building improvements and tenant improvements 530,667 474,492 Site improvements 63,402 52,998 Construction in progress 1,983 859 738,024 655,788 Less accumulated depreciation (80,452 ) (63,877 ) Real estate properties $ 657,572 $ 591,911
Real Estate Properties - Schedule of Real Estate Acquisitions	The Company made the following acquisitions of properties during the six months ended June 30, 2020: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (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.
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	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: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Purchase Price Total Purchase Price Purchase price $ 87,956 Acquisition costs 1,097 Total $ 89,053 Allocation of Purchase Price Land $ 14,532 Building 54,144 Site improvements 10,404 Total real estate properties 79,080 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 $ 89,053

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases	As of June 30, 2020, undiscounted future minimum fixed rental receipts due under non-cancellable operating leases for each of the next five years and total thereafter were as follows (in thousands): Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases Future Minimum 2020 $ 39,359 2021 71,250 2022 60,211 2023 48,431 2024 37,731 Thereafter 63,514 Total minimum rental receipts $ 320,496
Leases - Schedule of Rental Revenue Components	Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income from leases $ 19,483 $ 12,339 $ 38,778 $ 24,469 Straight-line rent adjustments 443 223 961 481 Tenant recoveries 5,773 4,116 11,641 8,049 Amortization of above market leases (199 ) (159 ) (402 ) (319 ) Amortization of below market leases 637 503 1,388 1,004 Total $ 26,137 $ 17,022 $ 52,366 $ 33,684
Leases - Summary of Operating Lease Expense	Three months ended Six months ended June 30, June 30, 2020 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 275 $ 507 Non-cash adjustment due to straight-line rent adjustments (154 ) (262 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 121 $ 245
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases	The following table summarizes the maturity analysis of our operating 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): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases June 30, December 31, 2020 2019 2020 $ 401 $ 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 $ 9,612 $ 2,462 Present value adjustment using incremental borrowing rate 1,463 321 Total lease liability $ 8,149 $ 2,141

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements - Schedule of Secured Debt Outstanding	The following table sets forth a summary of the Company’s secured debt outstanding at June 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Secured Debt Outstanding Outstanding Balance at June 30, December 31, Interest rate at Final Maturity Date AIG Loan $ 118,352 $ 119,592 4.08% November 1, 2023 Transamerica Loan 73,593 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 21,074 21,272 3.78% May 1, 2028 Fisher Park Mortgage 13,552 13,661 5.23% January 1, 2027 South Park Mortgage 9,399 9,507 3.41% January 10, 2022 Orange Point Mortgage 20,536 20,816 4.14% August 1, 2024 KeyBank Term Loan (1) 81,000 — 2.43 (2) October 22, 2020 $ 400,621 $ 322,177 Unamortized debt issuance costs, net (4,236 ) (4,491 ) Unamortized premium/(discount), net 765 872 Secured debt, net $ 397,150 $ 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 October 22, 2020 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners. (2) The 1-month LIBOR rate as of June 30, 2020 was 0.16%
Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding	The following table sets forth a summary of the Company’s borrowings outstanding under its line of credit at June 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding Outstanding Balance at June 30, December 31, Interest rate at Final Maturity Date Borrowings under line of credit $ 70,100 $ 78,900 2.43 (1) August 7, 2023 _______________ (1) The 1-month LIBOR rate as of June 30, 2020 was 0.16%

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Common Stock - Schedule of Stockholders' Equity Note, Warrants	A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2020 $ 293 Change in fair value — Balance at June 30, 2020 $ 293
Common Stock - Schedule of Common Stock Dividends Declared	The following table sets forth the common stock distributions that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,546 Second quarter $ 0.2000 $ 3,179 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)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Preferred Stock - Schedule of Series A Preferred Stock Outstanding	The table below sets forth the Company’s outstanding Series A Preferred Stock issuance as of June 30, 2020: Preferred Stock - Schedule of Series A Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Dividend 7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25.00 7.5%
Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared	The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.46875 $ 956 Second 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
Preferred Stock - Schedule of Series B Preferred Stock Outstanding	The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock issuance as of June 30, 2020. Preferred Stock - Schedule of Series B Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.50%
Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared	The following table sets forth the Series B preferred stock dividends that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.14875 $ 657 Second 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)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest	The following table sets forth the OP Unit distributions that were declared during the six months ended June 30, 2020 and the year ended December 31, 2019. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 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)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity	The following table is a summary of the total restricted shares granted, forfeited and vested for the six months ended June 30, 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2020 162,184 Granted 44,900 Forfeited — Vested (58,902 ) Unvested restricted stock at June 30, 2020 148,182

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share - Schedule of Earnings per Share	Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Three months Ended June 30, Six months Ended June 30, 2020 2019 2020 2019 Numerator Net loss $ (3,885 ) $ (2,857 ) $ (8,157 ) $ (6,456 ) Less: loss attributable to non-controlling interest (209 ) (380 ) (454 ) (1,033 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,676 ) (2,477 ) (7,703 ) (5,423 ) Less: Preferred stock dividends 1,613 1,566 3,226 3,132 Less: Series B Preferred stock accretion to redemption value 1,854 1,901 3,708 3,801 Less: amount allocated to participating securities 30 58 106 115 Net loss attributable to common stockholders $ (7,173 ) $ (6,002 ) $ (14,743 ) $ (12,471 ) Denominator Weighted-average common shares outstanding basic and diluted 14,649,290 6,835,878 14,514,233 5,787,600 Net loss per share attributable to common stockholders – basic and diluted $ (0.49 ) $ (0.88 ) $ (1.02 ) $ (2.15 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	6 Months Ended	12 Months Ended
	Jun. 30, 2020ft²Number	Dec. 31, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of industrial properties owned	96
Buildings comprising all properties	125
Industrial properties acquired, approximate square feet | ft²	20,000,000
Plymouth Industrial Operating Partnership LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in Operating Partnership	95.10%	94.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash as presented on balance sheet	$ 13,975	$ 10,465
Cash held in escrow as presented on balance sheet	11,444	9,453
Restricted cash as presented on balance sheet	3,827	2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement	$ 29,246	$ 22,398	$ 24,194	$ 14,961

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Secured debt	$ 400,621	$ 322,177
Fair value of secured debt	419,205	319,376
Borrowings under line of credit	70,100	78,900
Fair value of borrowings under line of credit	69,372	77,571
Total	470,721	401,077
Fair value of debt	488,577	396,947
Unamortized premium/(discount), net	(4,236)	(4,491)
Unamortized debt issuance cost, net	765	872
Total carrying value	$ 467,250	$ 397,458

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Debt Issuance Costs, Net	$ 7,076	$ 6,718
Accumulated Amortization, Debt Issuance Costs	2,840	2,227
Revolving Credit Facility [Member]
Class of Warrant or Right [Line Items]
Unamortized Debt Issuance Expense	972	1,133
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Class of Warrant or Right [Line Items]
Fair value of warrants	$ 293	$ 293

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 141,972	$ 127,439
Buildings, building improvements and tenant improvements	530,667	474,492
Site improvements	63,402	52,998
Construction in progress	1,983	859
Real estate properties at cost	738,024	655,788
Less accumulated depreciation	(80,452)	(63,877)
Real estate properties	$ 657,572	$ 591,911

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)ft²Number
Square feet | ft²	20,000,000
Properties | Number	96
Chicago, IL
Date acquired	Jan. 24, 2020
Square feet | ft²	465,940
Properties | Number	1
Purchase price | $	$ 18,650	[1]
Indianapolis, IN
Date acquired	Jan. 27, 2020
Square feet | ft²	276,240
Properties | Number	1
Purchase price | $	$ 8,800	[1]
Atlanta/Savannah, GA
Date acquired	Jan. 28, 2020
Square feet | ft²	924,036
Properties | Number	5
Purchase price | $	$ 34,700	[1]
Avon, OH
Date acquired	Feb. 14, 2020
Square feet | ft²	406,863
Properties | Number	3
Purchase price | $	$ 15,750	[1]
Atlanta, GA
Date acquired	Mar. 13, 2020
Square feet | ft²	117,000
Properties | Number	1
Purchase price | $	$ 10,056	[1]
Real Estate Property Acquired
Square feet | ft²	2,190,079
Properties | Number	11
Purchase price | $	$ 87,956	[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	Jun. 30, 2020USD ($)
Total Purchase Price
Purchase price	$ 87,956
Acquisition costs	1,097
Total	89,053
Allocation of Purchase Price
Land	14,532
Building	54,144
Site improvements	10,404
Total real estate properties	79,080
Deferred lease intangibles
Net deferred lease intangibles	9,973
Total	89,053
Customer Relationships [Member]
Deferred lease intangibles
Net deferred lease intangibles	2,225
Leasing Commissions
Deferred lease intangibles
Net deferred lease intangibles	1,914
Above Market Leases [Member]
Deferred lease intangibles
Net deferred lease intangibles	246
Below Market Lease Value
Deferred lease intangibles
Net deferred lease intangibles	(960)
Leases, Acquired-in-Place [Member]
Deferred lease intangibles
Net deferred lease intangibles	$ 6,548

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Depreciation	$ 8,489	$ 5,238	$ 16,575	$ 10,397

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020	$ 39,359
2021	71,250
2022	60,211
2023	48,431
2024	37,731
Thereafter	63,514
Total minimum rental receipts	$ 320,496

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Income from leases	$ 19,483	$ 12,339	$ 38,778	$ 24,469
Straight-line rent adjustments	443	223	961	481
Tenant recoveries	5,773	4,116	11,641	8,049
Amortization of above market leases	(199)	(159)	(402)	(319)
Amortization of below market leases	637	503	1,388	1,004
Total	$ 26,137	$ 17,022	$ 52,366	$ 33,684

Leases - Summary of Operating L

Leases - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Operating lease expense included in general and administrative expense attributable to office leases	$ 275	$ 507
Non-cash adjustment due to straight-line rent adjustments	(154)	(262)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 121	$ 245

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 401	$ 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	9,612	2,462
Present value adjustment using incremental borrowing rate	1,463	321
Total lease liability	$ 8,149	$ 2,141

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Lessee, Operating Lease, Description	four, non-cancelable office space operating leases
Operating Lease, Right-of-Use Asset	$ 6,806
Operating Lease, Liability	$ 8,149	$ 2,141
Operating Lease, Weighted Average Discount Rate, Percent	3.90%
Operating Lease, Weighted Average Remaining Lease Term	8 years 8 months 12 days
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	4 years 2 months 12 days
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	10 years

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Secured Debt Outstanding (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
		Jan. 22, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Secured debt			$ 397,150	$ 318,558
Unamortized debt issuance costs, net			(765)	(872)
Unamortized premium/(discount), net			$ (4,236)	(4,491)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing		$ 100,000
Line of credit maturity date		Oct. 22, 2020	Aug. 7, 2023
Line of credit facility, interest rate description		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.
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 as of June 30, 2020 was 0.16%
Secured Debt [Member]
Debt Instrument [Line Items]
Secured debt			$ 400,621	322,177
Unamortized debt issuance costs, net			(4,236)	(4,491)
Unamortized premium/(discount), net			765	872
Secured Debt [Member] | KeyBank Term Loan
Debt Instrument [Line Items]
Secured debt	[1]		$ 81,000	0
Interest rate	[1],[2]		2.43%
Maturity date	[1]		Oct. 22, 2020
Secured Debt [Member] | Orange Point Mortgage
Debt Instrument [Line Items]
Secured debt			$ 20,536	20,816
Interest rate			4.14%
Maturity date			Aug. 1, 2024
Secured Debt [Member] | South Park Mortgage
Debt Instrument [Line Items]
Secured debt			$ 9,399	9,507
Interest rate			3.41%
Maturity date			Jan. 10, 2022
Secured Debt [Member] | Fisher Park Mortgage
Debt Instrument [Line Items]
Secured debt			$ 13,552	13,661
Interest rate			5.23%
Maturity date			Jan. 1, 2027
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Secured debt			$ 21,074	21,272
Interest rate			3.78%
Maturity date			May 1, 2028
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Secured debt			$ 63,115	63,115
Interest rate			4.07%
Maturity date			Apr. 10, 2026
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Secured debt			$ 73,593	74,214
Interest rate			4.35%
Maturity date			Aug. 1, 2028
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Secured debt			$ 118,352	$ 119,592
Interest rate			4.08%
Maturity date			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 October 22, 2020 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners.
[2]	The 1-month LIBOR rate as of June 30, 2020 was 0.16%

Borrowing Arrangements - Sche_2

Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
		Jan. 22, 2020	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowings under line of credit			$ 70,100	$ 78,900
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowings under line of credit			$ 70,100	$ 78,900
Interest rate	[1]		2.43%
Maturity date		Oct. 22, 2020	Aug. 7, 2023
Variable rate basis			1-month LIBOR rate as of June 30, 2020 was 0.16%
[1]	The 1-month LIBOR rate as of June 30, 2020 was 0.16%

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Equity [Abstract]
Balance at January 1, 2020	$ 293
Change in fair value
Balance at June 30, 2020	$ 293

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Common stock dividends declared, per share	$ 0.2000	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 3,179	$ 5,546	$ 5,303	$ 5,027	$ 3,257	$ 1,923

Preferred Stock - Schedule of S

Preferred Stock - Schedule of Series A Preferred Stock Outstanding (Details) - Series A Preferred Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock issued, issuance date	10/25/2017
Preferred stock, shares issued	2,040,000	2,040,000
Liquidation value per share	$ 25
Dividend rate	7.50%

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875
Preferred stock dividends declared, aggregate amount	$ 956	$ 956	$ 956	$ 956	$ 956	$ 956

Preferred Stock - Schedule of_3

Preferred Stock - Schedule of Series B Preferred Stock Outstanding (Details) - Series B Preferred Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock issued, issuance date	12/14/2018
Preferred stock, shares issued	4,411,764	4,411,764
Liquidation value per share	$ 22.04
Dividend rate	3.50%

Preferred Stock - Schedule of_4

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

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 27, 2020	Aug. 24, 2018	Jun. 30, 2020	Dec. 31, 2019	Jul. 30, 2018
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding			311,661
Exercise price of warrants issued			$ 18.46
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants issued			$ 18.46	$ 18.96
Warrants Not Settleable in Cash, Fair Value Disclosure			$ 293	$ 293
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			41.00%	18.10%
Dividends Payable, Amount Per Share			$ 0.80	$ 1.50
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			2 years	2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.16%	1.60%
At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program					$ 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 a “at-the-market equity offering program” (the “Prior ATM Program”).
Common stock issued			1,654,005
Weighted average share price			$ 14.40
Proceeds from sale of shares, net			$ 23,350
$100 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
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.

Non-Controlling Interest - Sche

Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Cash distribution declared per OP unit	$ 0.200	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375
Aggregate amount	$ 164	$ 324	$ 328	$ 393	$ 393	$ 393

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2018	Aug. 11, 2017	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Issuance of partnership units
Redemption of partnership units, shares						57,384		172,153
Common stock issued as a result of redemption of partnership units						57,384		172,153
Loss attributed to non-controlling interest			$ 209		$ 380	$ 454	$ 1,033
Shadeland Portfolio
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 Shares Activity (Details)	6 Months Ended
	Jun. 30, 2020shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at January 1, 2020	162,184
Granted	44,900
Forfeited
Vested	(58,902)
Unvested restricted stock at June 30, 2020	148,182

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 732	$ 593
Unrecognized compensation expense	$ 2,478
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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator
Net loss	$ (3,885)	$ (4,272)	$ (2,857)	$ (3,599)	$ (8,157)	$ (6,456)
Less: loss attributable to non-controlling interest	(209)		(380)		(454)	(1,033)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,676)		(2,477)		(7,703)	(5,423)
Less: Preferred stock dividends	1,613		1,566		3,226	3,132
Less: Series B Preferred stock accretion to redemption value	1,854	$ 1,854	1,901	$ 1,900	3,708	3,801
Less: amount allocated to participating securities	30		58		106	115
Net loss attributable to common stockholders	$ (7,173)		$ (6,002)		$ (14,743)	$ (12,471)
Denominator
Weighted-average common shares outstanding basic and diluted	14,649,290		6,835,878		14,514,233	5,787,600
Net loss per share attributable to common stockholders – basic and diluted	$ (0.49)		$ (0.88)		$ (1.02)	$ (2.15)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	6 Months Ended
	Jun. 30, 2020shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	311,661
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	148,182

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	6 Months Ended
	Jun. 30, 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.