Plymouth Industrial REIT (PLYM) 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
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 St,
Entity Address, Address Line Two	11th Floor
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 200,308,467
Entity Common Stock, Shares Outstanding		28,113,917
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, par value $0.01 per share
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Real estate properties	$ 886,681	$ 655,788
Less accumulated depreciation	(98,283)	(63,877)
Real estate properties, net	788,398	591,911
Cash	15,668	10,465
Cash held in escrow	11,939	9,453
Restricted cash	4,447	2,480
Deferred lease intangibles, net	66,116	57,088
Investment in unconsolidated joint venture	6,683
Other assets	27,019	14,084
Total assets	920,270	685,481
Liabilities:
Secured debt, net	328,908	318,558
Unsecured debt, net	99,254
Borrowings under line of credit	90,000	78,900
Accounts payable, accrued expenses and other liabilities	49,335	36,284
Deferred lease intangibles, net	11,350	8,314
Financing lease liability	2,207
Total liabilities	581,054	442,056
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 25,344,161 and 14,141,355 shares issued and outstanding at December 31, 2020 and 2019, respectively	253	141
Additional paid in capital	360,752	256,259
Accumulated deficit	(162,250)	(148,403)
Total stockholders' equity	198,755	107,997
Non-controlling interest	4,767	6,767
Total equity	203,522	114,764
Total liabilities, preferred stock and equity	920,270	685,481
Series A Preferred Stock [Member]
Liabilities:
Preferred stock	48,485	48,868
Series B Preferred Stock [Member]
Liabilities:
Preferred stock	$ 87,209	$ 79,793

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	25,344,161	14,141,355
Common stock, shares outstanding	25,344,161	14,141,355
Series A Preferred Stock [Member]
Preferred stock, shares issued	2,023,999	2,040,000
Preferred stock, shares outstanding	2,023,999	2,040,000
Preferred stock, liquidation preference	$ 50,600	$ 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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Rental revenue	$ 109,836	$ 75,290
Management fee revenue	15
Total revenues	109,851	75,290
Operating expenses:
Property	38,159	27,237
Depreciation and amortization	56,428	37,381
General and administrative	10,362	7,481
Total operating expenses	104,949	72,099
Other income (expense):
Interest expense	(18,931)	(14,948)
Impairment on real estate lease	(311)
Unrealized (appreciation) depreciation of warrants	(103)	(181)
Earnings (loss) in investment of unconsolidated joint venture	(19)
Total other income (expense)	(19,364)	(15,129)
Net loss	(14,462)	(11,938)
Less: loss attributable to non-controlling interest	(649)	(1,518)
Net loss attributable to Plymouth Industrial REIT, Inc.	(13,813)	(10,420)
Less: Preferred stock dividends	6,444	6,263
Less: Series B preferred stock accretion to redemption value	7,416	7,601
Less: Loss on extinguishment of Series A Preferred Stock	34
Less: Amount allocated to participating securities	182	239
Net loss attributable to common stockholders	$ (27,889)	$ (24,523)
Net loss basic and diluted per share attributable to common stockholders	$ (1.52)	$ (2.88)
Weighted-average common shares outstanding basic and diluted	18,381,700	8,503,375

Consolidated Statements of Chan

Consolidated Statements of Changes in Preferred Stock and Equity - USD ($) $ in Thousands	Preferred Stock Series A $0.01 Par Value	Preferred Stock Series B $0.01 Par Value	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 at Dec. 31, 2018	2,040,000	4,411,764	4,821,876
Series B Preferred stock accretion to redemption value		$ 7,601		(7,601)		(7,601)		(7,601)
Net proceeds from common stock			$ 90	153,428		153,518		153,518
Net proceeds from common stock, shares			9,057,251
Stock based compensation				1,205		1,205		1,205
Restricted shares issued			$ 1			1		1
Restricted shares issued, shares			90,075
Dividends and distributions				(21,774)		(21,774)	(1,507)	(23,281)
Redemption of partnership units			$ 1	2,926		2,927	(2,927)
Redemption of partnership units, shares			172,153					172,153
Reallocation of non-controlling interest				1,748		1,748	(1,748)
Net loss					(10,420)	(10,420)	(1,518)	(11,938)
Repurchase and extinguishment of Series A Preferred stock
Ending balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	256,259	(148,403)	107,997	6,767	114,764
Shares, outstanding at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Series B Preferred stock accretion to redemption value		$ 7,416		(7,416)		(7,416)		(7,416)
Net proceeds from common stock			$ 108	135,047		135,155		135,155
Net proceeds from common stock, shares			10,837,905
Stock based compensation				1,439		1,439		1,439
Restricted shares issued
Restricted shares issued, shares			96,237
Dividends and distributions				(25,180)		(25,180)	(744)	(25,924)
Redemption of partnership units			$ 4	4,562		4,566	(4,566)
Redemption of partnership units, shares			268,664					268,664
Reallocation of non-controlling interest				(3,959)		(3,959)	3,959
Net loss					(13,813)	(13,813)	(649)	(14,462)
Repurchase and extinguishment of Series A Preferred stock	$ (383)				(34)	(34)		(34)
Repurchase and extinguishment of Series A Preferred stock, shares	(16,001)
Ending balance, value at Dec. 31, 2020	$ 48,485	$ 87,209	$ 253	$ 360,752	$ (162,250)	$ 198,755	$ 4,767	$ 203,522
Shares, outstanding at Dec. 31, 2020	2,023,999	4,411,764	25,344,161

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (14,462)	$ (11,938)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	56,428	37,381
Straight line rent adjustment	(1,963)	(1,296)
Intangible amortization in rental revenue, net	(2,075)	(1,488)
Amortization of debt related costs	1,467	1,030
Unrealized appreciation/(depreciation) of warrants	103	181
Impairment on real estate lease	311
Stock based compensation	1,439	1,205
(Earnings) loss in investment of unconsolidated joint ventures	19
Changes in operating assets and liabilities:
Other assets	(9,614)	(5,724)
Deferred leasing costs	(2,238)	(2,005)
Accounts payable, accrued expenses and other liabilities	12,330	10,371
Net cash provided by operating activities	41,745	27,717
Investing activities
Acquisition of real estate properties	(246,353)	(195,141)
Real estate improvements	(6,063)	(5,326)
Contribution to and investments in joint venture	(6,702)
Net cash used in investing activities	(259,118)	(200,467)
Financing activities
Proceeds from issuance of common stock, net	135,155	153,518
Proceeds from issuance of secured debt	96,000	63,115
Repayment of secured debt	(86,166)	(64,630)
Proceeds from issuance of unsecured debt	100,000
Proceeds from line of credit facility	131,500	141,097
Repayment of line of credit facility	(120,400)	(90,750)
Repurchase of Series A Preferred Stock	(416)
Debt issuance costs	(2,935)	(2,233)
Dividends and distributions paid	(25,709)	(19,930)
Net cash provided by financing activities	227,029	180,187
Net increase in cash, cash held in escrow, and restricted cash	9,656	7,437
Cash, cash held in escrow, and restricted cash at beginning of period	22,398	14,961
Cash, cash held in escrow, and restricted cash at end of period	32,054	22,398
Supplemental Cash Flow Disclosures:
Cash paid for interest	17,316	13,652
Supplemental Non-Cash Investing and Financing Activities:
Dividends declared included in dividends payable	5,725	5,303
Distribution payable to non-controlling interest holder	121	328
Series B accretion to redemption value	7,416	7,601
Fixed asset acquisitions included in accounts payables, accrued expenses and other liabilities	685	161
Deferred leasing costs included in accounts payables, accrued expenses and other liabilities	342	463
New financing lease	2,207
Assumption of mortgage notes		$ 30,582

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2020, and 2019, the Company owned an 97.7 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 industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets, as well as select sub-markets, with access to large pools of skilled labor in the main industrial, distribution and logistics corridors of the United States. As of December 31, 2020, the Company, through its subsidiaries, owned 107 141 23.3

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. As the Company's only significant asset is its investment in the Operating Partnership and, consequently, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership. 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. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. 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 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 with 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 with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2020 and 2019. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 7, cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2020, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our consolidated balance sheet to amounts reported within our consolidated statement of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2020 2019 Cash $ 15,668 $ 10,465 Cash held in escrow 11,939 9,453 Restricted cash 4,447 2,480 Cash, cash held in escrow, and restricted cash $ 32,054 $ 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 Consolidated Financial Statements ( 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 $ 396 293 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities are considered Level 1 in fair value hierarchy. 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 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 interest 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 indebtedness and the corresponding estimate of fair value as of December 31, 2020 and December 31, 2019: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments December 31, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 332,011 $ 351,744 $ 322,177 $ 319,376 Unsecured debt 100,000 100,000 — — Borrowings under line of credit, net 90,000 90,000 78,900 77,571 Total 522,011 $ 541,744 401,077 $ 396,947 Unamortized debt issuance cost, net (4,507 ) (4,491 ) Unamortized premium/(discount), net 658 872 Total carrying value $ 518,162 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 8,018 6,718 3,511 2,227 2,371 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 earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (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. Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2017 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2019 of approximately $ 35,322 35,322 The Company’s tax basis of real estate assets, net of accumulated depreciation, amounted to $ 874,892 602,848 Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates. Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of real estate properties. Investment in Unconsolidated Joint Venture Investment in unconsolidated joint ventures represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint ventures. We have concluded that we have the ability to exercise significant influence, however, do not have control or kick out rights and accordingly is accounted for under the equity method of accounting. Accordingly, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets will be amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Our net equity investment in the joint venture is reflected within the Consolidated Balance Sheets, and our share of net income or loss from the joint venture is included within the Consolidated Statements of Operations. There were no investments in unconsolidated joint venture during the year ended December 31, 2019. Non-controlling Interests As further discussed in Note 10, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. New Accounting Standards Recently Adopted We adopted ASU 2016-02, Leases, effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, Leases (Topic 842): Targeted Improvements For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our consolidated balance sheets upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $ 2,096 For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the consolidated financial statements. 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 consolidated financial statements. New Accounting Pronouncements Issued but not yet Adopted 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 is in the process of evaluating the impact of the guidance. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at December 31, 2020 and 2019: Real Estate Properties - Schedule of Real Estate Properties December 31, December 31, Land $ 159,681 $ 127,439 Buildings and improvements 652,191 474,492 Site improvements 74,129 52,998 Construction in progress 680 859 886,681 655,788 Less accumulated depreciation (98,283 ) (63,877 ) Real estate properties $ 788,398 $ 591,911 Depreciation expense was $ 34,406 22,633 Acquisition of Properties The Company made the following acquisitions of properties during the year ended December 31, 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 St. Louis, MO September 2, 2020 487,150 1 27,000 St. Louis, MO September 3, 2020 79,258 1 3,712 Jacksonville, FL September 10, 2020 288,750 1 20,400 Mansfield, OH October 23, 2020 314,736 1 10,500 Cleveland, OH November 24, 2020 2,113,623 7 94,000 Year ended December 31, 2020 5,473,596 22 $ 243,568 The Company made the following acquisitions of properties during the year ended December 31, 2019: Location Date Square Properties Purchase Price (1) Chicago, IL January 4, 2019 73,785 1 $ 5,425 Indianapolis, IN June 10, 2019 484,879 1 17,100 St. Louis, MO July 29, 2019 129,000 1 5,400 Memphis, TN August 29, 2019 566,281 1 22,050 (2) Chicago, IL August 29, 2019 1,071,129 7 32,250 Cincinnati/Columbus, OH August 30, 2019 591,695 6 36,200 (3) Atlanta, GA October 30, 2019 295,693 1 19,400 St. Louis, MO November 21, 2019 59,055 1 3,525 Shadeland, IN December 4, 2019 1,747,411 9 49,815 Indianapolis, IN December 4, 2019 353,000 1 12,150 Findlay, OH December 20, 2019 405,000 1 16,800 Year ended December 31, 2019 5,776,928 30 $ 220,115 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $ 22,050 9,577 (3) The purchase price of $ 36,200 21,005 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data The allocation of the aggregate purchase price in accordance with ASC 805 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 Year ended December 31, 2020 Year ended December 31, 2019 Purchase price allocation Purchase (1) Weighted average amortization period (years) of intangibles at acquisition Purchase Weighted average amortization period (years) of intangibles at acquisition Total Purchase Price Purchase price $ 243,568 N/A $ 220,115 N/A Acquisition costs 2,785 N/A 5,608 N/A Total $ 246,353 $ 225,723 Allocation of Purchase Price Land $ 32,241 N/A $ 34,810 N/A Building 170,151 N/A 143,313 N/A Site improvements 21,132 N/A 19,727 N/A Total real estate properties 223,524 197,850 Deferred Lease Intangibles Tenant relationships 3,768 6.0 5,692 5.1 Leasing commissions 4,041 5.5 4,115 5.0 Above market lease value 2,354 6.5 519 4.4 Below market lease value (5,975 ) 6.6 (3,312 ) 6.2 Above market ground lease value (1,279 ) 35.1 — N/A Below market ground lease value 431 35.1 — N/A Lease in place value 19,489 5.0 21,884 5.0 Net deferred lease intangibles 22,829 28,898 Assumed debt – market value (Above)/below assumed market debt value — N/A (1,025 ) 4.8 Totals $ 246,353 $ 225,723 ______________ (1) Totals for the year ended December 31, 2020 include the Ohio Properties’ totals as outlined below. On November 24, 2020, the Company acquired seven ten Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - 7 Industrial Properties Purchase Price Allocation Ohio Properties Weighted average amortization period (years) of intangibles at acquisition Total Purchase Price Purchase price $ 94,000 N/A Acquisition costs 1,267 N/A Total $ 95,267 Allocation of Purchase Price Land $ 7,577 N/A Building 74,113 N/A Site improvements 6,285 N/A Total real estate properties 87,975 Deferred Lease Intangibles Tenant relationships 641 3.6 Leasing commissions 1,364 3.7 Above market lease value 458 1.7 Below market lease value (2,847 ) 6.4 Above market ground lease value (1,279 ) 35.1 Below market ground lease value 431 35.1 Lease in place value 8,524 4.5 Net deferred lease intangibles 7,292 Totals $ 95,267 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data

Deferred Lease Intangibles

Deferred Lease Intangibles	12 Months Ended
	Dec. 31, 2020
Deferred Lease Intangibles
Deferred Lease Intangibles	4. Deferred Lease Intangibles Deferred lease intangible assets consisted of the following at December 31, 2020 and 2019: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets 2020 2019 Above market lease $ 6,006 $ 3,815 Lease in place 71,687 56,005 Tenant relationships 18,825 15,865 Leasing commissions 21,494 16,108 118,012 91,793 Less accumulated amortization (51,896 ) (34,705 ) Deferred lease intangibles $ 66,116 $ 57,088 Deferred lease intangible liabilities consisted of the following at December 31, 2020 and 2019: Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities 2020 2019 Below market leases $ 18,453 $ 12,983 Less accumulated amortization (7,103 ) (4,669 ) Deferred lease intangibles $ 11,350 $ 8,314 Amortization of above and below market leases was recorded as an adjustment to revenues and amounted to $ 2,075 1,488 21,875 14,748 Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2020 is as follows: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense Year Amortization Expense Net Increase to Rental Income Related to 2021 $ 19,646 $ (1,706 ) 2022 $ 13,954 $ (1,567 ) 2023 $ 10,457 $ (1,440 ) 2024 $ 6,965 $ (949 ) 2025 $ 4,059 $ (635 ) Thereafter $ 7,612 $ (1,630 )

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	5. Investment in Unconsolidated Joint Venture On October 23, 2020, a wholly owned subsidiary of the Operating Partnership entered into a $ 150,000 20 The Operating Partnership will be responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement. The MIR JV completed its initial investment of a 28-property portfolio of industrial properties totaling approximately 2.3 million square feet in metropolitan Memphis, Tennessee on December 17, 2020 for $86,000. The initial investment was funded by the MIR JV via $30,000 cash equity contributions to the MIR JV on a 20%/80% pro-rata basis and a 7-year secured mortgage for $56,000. For the year ended December 31, 2020, we recognized fees of $ 15 15

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	6. Leases A s a Lessor We lease our properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the consolidated statements of operations. Some of our tenants’ leases are subject to changes in the Consumer Price Index (“CPI”). Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data As of December 31, 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 2021 $ 87,911 2022 73,799 2023 60,197 2024 47,835 2025 32,933 Thereafter 57,426 Total minimum fixed rental receipts $ 360,101 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 consolidated balance sheet. For the years ended December 31, 2020 and 2019, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Year Ended Year Ended December 31, December 31, 2020 2019 Income from leases $ 80,987 $ 54,603 Straight-line rent adjustments 1,963 1,296 Tenant recoveries 24,811 17,903 Amortization of above market leases (866 ) (668 ) Amortization of below market leases 2,941 2,156 Total $ 109,836 $ 75,290 Tenant recoveries included within rental revenue for the year ending December 31, 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 December 31, 2020, the Company has entered into a limited 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 Operating Leases At December 31, 2020, we have four office space operating leases and a single ground operating sublease 3.7 35.0 7,159 8,545 4.1 10.1 At December 31, 2019, we had three, non-cancelable office space operating leases 4.7 5.3 2,104 2,141 5.3 5.2 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data On September 10, 2020, the Company entered into a sublease agreement related to the space previously occupied as its headquarters. The Company's decision to re-locate its headquarters was identified as a triggering event requiring the reassessment of the recoverability of the associated right of use asset which is recorded in other assets. As the Company would not be utilizing this space in the subsequent period, the right of use asset was de-linked from the previously accrued operating lease liability. Following the Company's analysis, it was determined that a fair value assessment was necessary. The Company utilized a discounted cash flow model using level 3 assumptions such as a discount rate to determine the net present value of the remaining right of use asset related to the Company’s previously occupied headquarters. The Company concluded that the fair market value of the right of use asset was not fully recoverable and recorded an impairment charge of $ 311 The following table summarizes the operating lease expense recognized during the year ended December 31, 2020 and 2019 included in the Company’s consolidated statements of operations. Leases - Schedule of Lease Costs December 31, December 31, 2020 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 984 $ 466 Operating lease expense included in property expense attributable to ground sublease 5 — Non-cash adjustment due to straight-line rent adjustments (340 ) (37 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 649 $ 429 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 December 31, December 31, 2021 $ 1,205 $ 453 2022 1,217 465 2023 1,240 474 2024 1,249 483 2025 894 479 Thereafter 5,110 108 Total minimum operating lease payments $ 10,915 $ 2,462 Less imputed interest (2,370 ) (321 ) Total operating lease liability $ 8,545 $ 2,141 Financing Leases As of December 31, 2020, we have a single finance lease in which we are the sublessee for a ground lease. The Company includes the financing lease right of use asset within real estate properties and the corresponding liability within financing lease liability in the consolidated balance sheet. The ground sublease agreement does not contain a residual value guarantee and includes multiple options to extend the sublease between nineteen and twenty years for each respective option. The lease has a remaining lease term of approximately 35 includes the exercise of a single twenty-year renewal options 7.8 35 The following table summarizes the financing lease expense recognized during the year ended December 31, 2020 included in the Company’s consolidated statements of operations. There were no financing leases for the year ended December 31, 2019. Leases - Schedule of Finance Lease Expense December 31, 2020 Depreciation/amortization of financing lease right-of-use assets $ 2 Interest expense for financing lease liability 15 Total financing lease cost $ 17 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity December 31, 2020 2021 $ 155 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,497 Less imputed interest (5,290 ) Total financing lease liability $ 2,207

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its secured and unsecured line of credit and secured and unsecured term loans as of December 31, 2020 and 2019. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Loan December 31, December 31, Interest rate at Final Maturity Date Secured loans: AIG Loan $ 117,087 $ 119,592 4.08% November 1, 2023 Transamerica Loan 72,960 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,870 21,272 3.78% May 1, 2028 JPMorgan Chase Loan 13,440 13,661 5.23% January 1, 2027 Lincoln Life Mortgage 9,289 9,507 3.41% January 10, 2022 Ohio National Life Mortgage 20,250 20,816 4.14% August 1, 2024 Nationwide Loan 15,000 — 2.97% October 1, 2027 Total secured loans $ 332,011 $ 322,177 Unamortized debt issuance costs, net (3,761 ) (4,491 ) Unamortized premium/(discount), net 658 872 Total secured loans, net $ 328,908 $ 318,558 Unsecured loans: KeyBank unsecured term loan 100,000 — 1.95% (1) October 8, 2025 Total unsecured loans $ 100,000 $ — Unamortized debt issuance costs, net (746 ) — Total unsecured loans, net $ 99,254 $ — Borrowings under line of credit facility: Secured line of credit — 78,900 — August 7, 2023 Unsecured line of credit 90,000 — 1.95% (1) October 8, 2024 Total borrowings under line of credit $ 90,000 $ 78,900 _______________ (1) The 1-month LIBOR rate as of December 31, 2020 was 0.14%. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data 2020 Debt Activity 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. On October 8, 2020, the Company entered into a new $ 300 unsecured credit facility, comprised of $200 million revolving credit facility and $100 million term loan. The new unsecured revolving credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility and term loan up to an aggregate of $500 million, subject to certain conditions. The new credit facility matures in October 2024 and has two, six-month extension options, subject to certain conditions, and the new term loan matures in October 2025. bear interest at LIBOR (at a floor of 0.30%) plus a margin between 145 to 200 basis points On September 2, 2020, a wholly-owned subsidiary of the Operating Partnership entered into a loan agreement (the “Nationwide Loan”) in the amount of $ 15,000 2.97 2019 Debt Activity On March 21, 2019, certain wholly-owned subsidiaries of the Operating Partnership (the “Allianz Borrowers”) entered into a loan agreement with Allianz Life Insurance Company of North America (the “Allianz Loan”), which provided the Company $ 63,115 4.07 April 10, 2026 On August 29, 2019, a wholly-owned subsidiary of the Operating Partnership (the “South Park Borrower”) assumed a mortgage (the “Lincoln Life Mortgage”) in the amount of $ 9,577 3.41 secured by the property On August 30, 2019, a wholly-owned subsidiary of the Operating Partnership (the “Orange Point Borrower”) assumed a mortgage (the “Ohio National Life Mortgage”) in the amount of $ 21,005 4.14 August 1, 2024 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Future Principal Payments of Debt Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2020 are as follows: Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt Year ending December 31: Amount 2021 $ 5,389 2022 15,176 2023 115,716 2024 112,128 2025 103,884 Thereafter 169,718 Total aggregate principal payments $ 522,011 Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured and unsecured debt and revolving line of credit facility as of December 31, 2020.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Common Stock	8. Common Stock Follow-on Offerings During May 2019, the Company completed a follow-on public offering of 3,425,000 425,000 17.50 55,857 During September 2019, the Company completed a follow-on public offering of 3,450,000 450,000 18.00 58,756 On August 28, 2020, the Company completed a follow-on public offering of 8,625,000 1,125,000 12.85 104,420 ATM Program On July 30, 2018, the Company and Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $ 500,000 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 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 50,000 During the year ended December 31, 2020, the Company issued 2,212,905 14.19 30,735 558,900 78,811 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Common Stock Warrants The Company has warrants outstanding to acquire 351,082 16.39 A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2019 $ 112 Unrealized appreciation/(depreciation) 181 Balance at December 31, 2019 293 Unrealized appreciation/(depreciation) 103 Balance at December 31, 2020 $ 396 The warrants in the amount of $ 396 16.39 27.4 0.80 1.45 0.13 293 18.96 18.1 1.50 2.5 1.6 Common Stock Dividends The following table sets forth the common stock distributions that were declared during the years ended December 31, 2020 and 2019. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,545 Second quarter $ 0.2000 $ 3,179 Third quarter $ 0.2000 $ 4,943 Fourth quarter $ 0.2000 $ 5,069 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 Characterization of Common Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2020. Common Stock - Schedule of Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 12/14/2019 12/31/2019 1/31/2020 $ 0.3750 $ 0.264071 $ 0.110929 3/16/2020 3/31/2020 4/30/2020 $ 0.3750 $ 0.264071 $ 0.110929 6/12/2020 6/30/2020 7/31/2020 $ 0.2000 $ 0.140838 $ 0.059162 9/15/2020 9/30/2020 10/30/2020 $ 0.2000 $ 0.140838 $ 0.059162 12/15/2020 12/31/2020 1/29/2021 $ 0.2000 (1) — — (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2021. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Preferred Stock	9. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 240,000 25.00 48,868 The relevant features of the Series A Preferred Stock are as follows: Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders on parity with Series B Preferred as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $ 25.00 Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $ 25.00 The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with the holders of the Series B Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2020 and 2019. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 949 2019 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956 Characterization of Series A Preferred Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2020. Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 2/28/2020 3/13/2020 3/31/2020 $ 0.4688 $ 0.4688 $ — 6/1/2020 6/15/2020 6/30/2020 $ 0.4688 $ 0.4688 $ — 9/1/2020 9/15/2020 9/30/2020 $ 0.4688 $ 0.4688 $ — 12/1/2020 12/15/2020 12/31/2020 $ 0.4688 $ 0.4688 $ — Repurchase and Retirement of Series A Preferred Stock During Q4 2020, the Company’s Board of Directors approved the repurchase and retirement of the Company’s Series A Preferred Stock up to a maximum of $ 5,000 16,001 Series B Preferred Stock On December 14, 2018, the Company in a private placement exempt from registration under the federal securities laws (the “Private Placement”), completed the offering of 4,411,764 17.00 75,000 71,800 The relevant features of the Series B Preferred Stock are as follows: Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity with the shares of the Company’s 7.50% Series A Cumulative Redeemable Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. 7,416 7,601 Redemption Rights The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company’s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity. Conversion Rights The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement, (December 14, 2018) as required by the NYSE rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however , that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: · If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; · If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and · If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Protective Rights The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stock to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. The following table sets forth the Series B preferred stock dividends that were declared during the year ended December 31, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Declared Aggregate per Share Amount 2020 First quarter $ 0.14875 $ 657 Second quarter $ 0.14875 $ 657 Third quarter $ 0.14875 $ 657 Fourth quarter $ 0.14875 $ 656 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	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interests	10. 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 During the year ended December 31, 2020, 268,664 268,664 172,153 172,153 The Company adjusted the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying consolidated statements of changes in preferred stock and equity. OP units outstanding as of December 31, 2020 and 2019, was 606,632 875,296 The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2020 and 2019. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 Third quarter $ 0.200 $ 135 Fourth quarter $ 0.200 $ 121 2019 First quarter $ 0.375 $ 393 Second quarter $ 0.375 $ 393 Third quarter $ 0.375 $ 393 Fourth quarter $ 0.375 $ 328 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data The proportionate share of the loss attributed to the partnership units was $ 649 1,518

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	11. Incentive Award Plan In April 2014, the Company’s Board of Directors adopted, and in June 2014 the Company’s stockholders approved, the 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company’s common stock and/or LTIP units of partnership interest in the Company’s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 375,000 875,000 The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest the earlier of one year from the date of grant, or, the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2020 and 2019: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2019 124,051 Granted 90,075 Forfeited — Vested (51,942 ) Unvested restricted stock at December 31, 2019 162,184 Granted 101,540 Forfeited (5,303 ) Vested (68,196 ) Unvested restricted stock at December 31, 2020 190,225 The Company recorded equity-based compensation in the amount of $ 1,439 1,205 2,405 2,275 3.0 2.8 101,540 1,665 16.40 90,075 1,559 17.31 Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	12. 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 Year Ended December 31, 2020 2019 Numerator Net loss $ (14,462 ) $ (11,938 ) Less: loss attributable to non-controlling interest (649 ) (1,518 ) Net loss attributable to Plymouth Industrial REIT, Inc. (13,813 ) (10,420 ) Less: Preferred stock dividends 6,444 6,263 Less: Series B preferred stock accretion to redemption value 7,416 7,601 Less: Loss on extinguishment of Series A Preferred Stock 34 — Less: amount allocated to participating securities 182 239 Net loss attributable to common stockholders $ (27,889 ) $ (24,523 ) Denominator Weighted-average common shares outstanding basic and diluted 18,381,700 8,503,375 Net loss per share attributable to common stockholders – basic and diluted $ (1.52 ) $ (2.88 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic earnings per share (“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 nonforfeitable 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 as of December 31, 2020 include the 351,082 190,225

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, Chief Financial Officer, and Executive Vice President Asset Management. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred, the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for acquisitions, the agreements contain a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Retirement Plan	14. Retirement Plan The Company in December, 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2020 in the amount of $ 351 240

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events The Company identified the following events subsequent to December 31, 2020 that are not recognized in the financial statements. The Company sold 2,658,756 14.86 39,515

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III	Schedule III Schedule III Plymouth Industrial REIT Inc. Real Estate Properties and Accumulated Depreciation December 31, 2020 ($ in thousands) Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross Accumulated Depreciation Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 11236 Harland Drive - $ 159 $ 909 12 $ 159 $ 921 1,080 178 2017 1988 20 Atlanta, GA 11236 Harland Drive 112 — — 112 — 112 — 2018 — — Atlanta, GA 1665 Dogwood Drive - 494 6,027 6 494 6,033 6,527 991 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - 270 2,879 1 270 2,880 3,150 442 2017 1973 22 Atlanta, GA 265, 338, 430 Industrial Boulevard 2,562 15,116 — 2,562 15,116 17,678 823 2020 1988/1999 18 Atlanta, GA 32 Dart Road - 256 4,454 405 256 4,859 5,115 1,716 2014 1988 18 Atlanta, GA 40 Pinyon Road 794 2,669 — 794 2,669 3,463 122 2020 1997 28 Atlanta, GA 611 Highway 74 S. 3,283 13,560 54 3,283 13,614 16,897 1,016 2019 1979-2013 25 Atlanta, GA 665 Highway 74 South 1,237 6,952 — 1,237 6,952 8,189 224 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 — 2,876 7,599 10,475 523 2020 1981/2017 20 Chicago, IL 11351 W. 183rd Street - 361 1,685 — 361 1,685 2,046 455 2014 2000 34 Chicago, IL 11601 Central Avenue - 3,479 6,545 7 3,479 6,552 10,031 1,228 2017 1970 21 Chicago, IL 11746 Austin Ave 1,062 4,420 25 1,062 4,445 5,507 295 2019 1970 25 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 140 3,520 11,255 14,775 2,659 2017 1976 16 Chicago, IL 1355 Holmes Road - 1,012 2,789 133 1,012 2,922 3,934 1,219 2014 1975/1999 16 Chicago, IL 13970 West Laurel Drive - 1,447 1,377 321 1,447 1,698 3,145 408 2017 1990 14 Chicago, IL 144 Tower Drive 866 4,174 29 866 4,203 5,069 328 2019 1971/1988 & 2015 29 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 554 1,926 5,691 7,617 921 2017 1968 21 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 1,274 2018 1968 23 Chicago, IL 16801 Exchange Ave 1,905 9,454 152 1,905 9,606 11,511 673 2019 1968 24 Chicago, IL 1717 West Harvester Road 3,843 12,848 — 3,843 12,848 16,691 1,012 2020 1970 15 Chicago, IL 1750 South Lincoln Drive - 489 9,270 707 489 9,977 10,466 1,509 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 98 1,542 3,696 5,238 783 2017 1964 19 Chicago, IL 1875 Holmes Road - 1,597 5,199 271 1,597 5,470 7,067 2,198 2014 1989 16 Chicago, IL 189 Seegers Road - 470 1,369 29 470 1,398 1,868 420 2014 1972 21 Chicago, IL 2401 Commerce Drive - 486 4,597 701 486 5,298 5,784 1,363 2014 1994 28 Chicago, IL 28160 North Keith Drive - 1,614 1,643 — 1,614 1,643 3,257 379 2017 1989 16 Chicago, IL 3 West College Drive - 728 1,531 13 728 1,544 2,272 191 2018 1978 26 Chicago, IL 330 Armory Drive 516 1,330 5 516 1,335 1,851 77 2019 1972/2017 35 Chicago, IL 350 Armory Drive 442 835 109 442 944 1,386 77 2019 1972 21 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 117 1,640 2,364 4,004 487 2017 1978 17 Chicago, IL 3940 Stern Avenue - 1,156 5,139 802 1,156 5,941 7,097 2,144 2014 1987 16 Chicago, IL 440 South McLean - 1,332 2,248 280 1,332 2,528 3,860 529 2017 1968/1998 15 Chicago, IL 4915 West 122nd Street 848 3,632 124 848 3,756 4,604 229 2019 1972 26 Chicago, IL 6000 West 73rd Street - 1,891 3,403 — 1,891 3,403 5,294 730 2017 1974 17 Chicago, IL 6510 West 73rd Street - 4,229 4,105 15 4,229 4,120 8,349 967 2017 1974 18 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1 3,444 2,326 5,770 574 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 — 2,891 5,743 8,634 958 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 — 2,519 5,482 8,001 1,052 2017 1974 18 Chicago, IL 7207 Mason Avenue 887 2,608 — 887 2,608 3,495 235 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 104 586 471 1,057 60 2019 1970 20 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 22 847 5,218 6,065 305 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 8 752 5,456 6,208 310 2019 1989 35 Cincinnati, OH 4115 Thunderbird Lane - 275 2,093 56 275 2,149 2,424 771 2014 1991 22 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 351 998 7,632 8,630 463 2019 1976 28 Cincinnati, OH Fisher Industrial Park - 4,147 18,147 195 4,147 18,342 22,489 2,606 2018 1946 20 Cincinnati, OH Mosteller Distribution Center - 1,501 9,424 31 1,501 9,455 10,956 4,413 2014 1959 14 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 — 244 2,020 2,264 90 2019 1990 38 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 — 1,213 6,602 7,815 288 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 — 562 2,689 3,251 137 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 — 809 2,860 3,669 172 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 — 1,069 4,363 5,432 33 2020 1960 13 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 668 2019 1998 25 Cleveland, OH 1755 Enterprise Parkway - 1,411 12,281 959 1,411 13,240 14,651 3,574 2014 1979/2005 27 Cleveland, OH 2100 International Parkway (2) — 14,818 — — 14,818 14,818 47 2020 2000 31 Cleveland, OH 2210 International Parkway — 15,033 — — 15,033 15,033 49 2020 2001 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 69 2,815 22,861 25,676 1,884 2018 2007 34 Cleveland, OH Gilchrist Road I 1,775 6,541 — 1,775 6,541 8,316 39 2020 1961/1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 — 2,671 14,959 17,630 88 2020 1994/1998 22 Cleveland, OH Gilchrist Road III 977 12,416 — 977 12,416 13,393 52 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 — 1,086 12,287 13,373 64 2020 1994 21 Columbus, OH 100 Paragon Parkway 582 9,130 — 582 9,130 9,712 133 2020 1995 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 80 400 3,087 3,487 720 2017 1971 18 Columbus, OH 3100 Creekside Parkway - 1,203 9,603 490 1,203 10,093 11,296 2,693 2014 2004 27 Columbus, OH 3500 Southwest Boulevard - 1,488 16,730 1,955 1,488 18,685 20,173 6,083 2014 1992 22 Columbus, OH 459 Orange Point Drive - 1,256 6,793 64 1,256 6,857 8,113 307 2019 2001 40 Columbus, OH 7001 American Pkwy - 331 1,416 82 331 1,498 1,829 594 2014 1986/2007 & 2012 20 Columbus, OH 7719 Graphics Way - 1,297 2,743 — 1,297 2,743 4,040 150 2019 2000 40 Columbus, OH 8273 Green Meadows Dr. - 341 2,266 393 341 2,659 3,000 708 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. - 1,107 8,413 480 1,107 8,893 10,000 3,668 2014 1988 17 Florence, KY 7585 Empire Drive - 644 2,658 40 644 2,698 3,342 1,584 2014 1973 11 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 342 4,632 14,914 19,546 1,458 2019 1957/1992 15 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 578 1,966 12,318 14,284 2,827 2017 1962/2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (109 ) 148 775 923 248 2017 1979/2014 17 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 — 1,363 6,525 7,888 476 2020 1967 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 56 2,644 12,626 15,270 1,063 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 317 1,881 6,953 8,834 598 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 2 566 1,410 1,976 117 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 60 669 2,276 2,945 175 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 23 535 2,590 3,125 178 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 62 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 2 609 1,860 2,469 162 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 2 709 2,085 2,794 167 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 50 424 1,373 1,797 105 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 15 1,870 8,859 10,729 572 2019 1985/1994 20 Jackson, TN 210 American Dr. - 928 10,442 452 928 10,894 11,822 5,450 2014 1967/1981 & 2012 13 Jacksonville, FL Center Point Business Park - 9,848 26,411 664 9,848 27,075 36,923 2,180 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 202 9,347 27,180 36,527 2,147 2018 1996-1999 38 Jacksonville, FL Salisbury Business Park - 4,354 9,049 16 4,354 9,065 13,419 809 2018 2001-2012 32 Jacksonville, FL 8451 Western Way 4,240 13,983 — 4,240 13,983 18,223 186 2020 1968/1987 32 Marlton, NJ 4 East Stow Road - 1,580 6,954 123 1,580 7,077 8,657 2,722 2014 1986 22 Memphis, TN 3635 Knight Road - 422 2,820 48 422 2,868 3,290 598 2017 1986 18 Memphis, TN 4540-4600 Pleasant Hill Road - 1,375 18,854 6 1,375 18,860 20,235 757 2019 1991/2005 37 Memphis, TN 6005, 6045 & 6075 Shelby Dr. - 488 4,919 1,692 488 6,611 7,099 2,225 2014 1989 19 Memphis, TN Airport Business Park 1,511 4,352 439 1,511 4,791 6,302 1,272 2017 1985-1989 26 Milwaukee, WI 5110 South 6th Street , IL - 689 1,014 129 689 1,143 1,832 296 2017 1972 16 Portland, ME 56 Milliken Road - 1,418 7,482 338 1,418 7,820 9,238 2,995 2014 1966/1995, 2005, 2013 20 South Bend, IN 4491 N Mayflower Road 289 2,422 — 289 2,422 2,711 385 2017 2000 27 South Bend, IN 4955 Ameritech Drive 856 7,251 237 856 7,488 8,344 1,152 2017 2004 27 South Bend, IN 5855 West Carbonmill Road 743 6,269 — 743 6,269 7,012 994 2017 2002 27 South Bend, IN 5861 W Cleveland Road 234 1,966 36 234 2,002 2,236 315 2017 1994 27 South Bend, IN West Brick Road 381 3,209 59 381 3,268 3,649 517 2017 1998 27 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 — 656 2,576 3,232 116 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1 1,133 3,977 5,110 286 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 — 656 2,780 3,436 59 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 — 3,927 20,995 24,922 253 2020 2001 33 Total Real Estate Owned $ 159,681 $ 707,337 $ 16,356 $ 159,681 $ 723,693 $ 883,374 $ 98,084 _______________ Note (1) These properties secure the $332,011 Secured Debt. Note (2) Total does not include corporate office leasehold improvements of $2,382 and the finance lease right of use asset of $925 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $199. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-40 years for buildings and 3-13 years for improvements As of December 31, 2020, the gross aggregate basis for Federal tax purposes of investments in real estate was approximately $927,125. Plymouth Industrial REIT, Inc. Real Estate Properties and Accumulated Depreciation December 31, 2020 and 2019 ($ in thousands) Year Ended December 31, 2020 2019 Real Estate Balance at the beginning of the year $ 655,788 $ 452,610 Additions during the year 231,040 203,213 Disposals during the year (147 ) (35 ) Balance at the end of the year $ 886,681 $ 655,788 Accumulated Depreciation Balance at the beginning of the year $ 63,877 $ 41,279 Depreciation expense 34,484 22,633 Disposals during the year (78 ) (35 ) Balance at the end of the year $ 98,283 $ 63,877

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.
Consolidation	Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. As the Company's only significant asset is its investment in the Operating Partnership and, consequently, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership.
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. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
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	Revenue Recognition 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 with 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 with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2020 and 2019. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 7, cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2020, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our consolidated balance sheet to amounts reported within our consolidated statement of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2020 2019 Cash $ 15,668 $ 10,465 Cash held in escrow 11,939 9,453 Restricted cash 4,447 2,480 Cash, cash held in escrow, and restricted cash $ 32,054 $ 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 Consolidated Financial Statements ( 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 $ 396 293 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities are considered Level 1 in fair value hierarchy. 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 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 interest 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 indebtedness and the corresponding estimate of fair value as of December 31, 2020 and December 31, 2019: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments December 31, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 332,011 $ 351,744 $ 322,177 $ 319,376 Unsecured debt 100,000 100,000 — — Borrowings under line of credit, net 90,000 90,000 78,900 77,571 Total 522,011 $ 541,744 401,077 $ 396,947 Unamortized debt issuance cost, net (4,507 ) (4,491 ) Unamortized premium/(discount), net 658 872 Total carrying value $ 518,162 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 8,018 6,718 3,511 2,227 2,371 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 earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (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.
Income Taxes	Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2017 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2019 of approximately $ 35,322 35,322 The Company’s tax basis of real estate assets, net of accumulated depreciation, amounted to $ 874,892 602,848
Real Estate Property Acquisitions	Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates.
Real Estate and Depreciation	Real Estate and Depreciation Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13
Amortization of Deferred Lease Intangibles - Assets and Liabilities	Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Plymouth Industrial REIT, Inc. Notes to Consolidated Financial Statements ( all dollar amounts in thousands, except share and per share data
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of real estate properties.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture Investment in unconsolidated joint ventures represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint ventures. We have concluded that we have the ability to exercise significant influence, however, do not have control or kick out rights and accordingly is accounted for under the equity method of accounting. Accordingly, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets will be amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Our net equity investment in the joint venture is reflected within the Consolidated Balance Sheets, and our share of net income or loss from the joint venture is included within the Consolidated Statements of Operations. There were no investments in unconsolidated joint venture during the year ended December 31, 2019.
Non-controlling Interests	Non-controlling Interests As further discussed in Note 10, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations.
New Accounting Standards Recently Adopted	New Accounting Standards Recently Adopted We adopted ASU 2016-02, Leases, effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, Leases (Topic 842): Targeted Improvements For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our consolidated balance sheets upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $ 2,096 For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the consolidated financial statements. 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 consolidated financial statements.
New Accounting Pronouncements Issued but not yet Adopted	New Accounting Pronouncements Issued but not yet Adopted 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 is in the process of evaluating the impact of the guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash	Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2020 2019 Cash $ 15,668 $ 10,465 Cash held in escrow 11,939 9,453 Restricted cash 4,447 2,480 Cash, cash held in escrow, and restricted cash $ 32,054 $ 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 indebtedness and the corresponding estimate of fair value as of December 31, 2020 and December 31, 2019: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments December 31, 2020 December 31, 2019 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 332,011 $ 351,744 $ 322,177 $ 319,376 Unsecured debt 100,000 100,000 — — Borrowings under line of credit, net 90,000 90,000 78,900 77,571 Total 522,011 $ 541,744 401,077 $ 396,947 Unamortized debt issuance cost, net (4,507 ) (4,491 ) Unamortized premium/(discount), net 658 872 Total carrying value $ 518,162 $ 397,458

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate Properties	Real estate properties consisted of the following at December 31, 2020 and 2019: Real Estate Properties - Schedule of Real Estate Properties December 31, December 31, Land $ 159,681 $ 127,439 Buildings and improvements 652,191 474,492 Site improvements 74,129 52,998 Construction in progress 680 859 886,681 655,788 Less accumulated depreciation (98,283 ) (63,877 ) Real estate properties $ 788,398 $ 591,911
Real Estate Properties - Schedule of Real Estate Acquisitions	The Company made the following acquisitions of properties during the year ended December 31, 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 St. Louis, MO September 2, 2020 487,150 1 27,000 St. Louis, MO September 3, 2020 79,258 1 3,712 Jacksonville, FL September 10, 2020 288,750 1 20,400 Mansfield, OH October 23, 2020 314,736 1 10,500 Cleveland, OH November 24, 2020 2,113,623 7 94,000 Year ended December 31, 2020 5,473,596 22 $ 243,568 The Company made the following acquisitions of properties during the year ended December 31, 2019: Location Date Square Properties Purchase Price (1) Chicago, IL January 4, 2019 73,785 1 $ 5,425 Indianapolis, IN June 10, 2019 484,879 1 17,100 St. Louis, MO July 29, 2019 129,000 1 5,400 Memphis, TN August 29, 2019 566,281 1 22,050 (2) Chicago, IL August 29, 2019 1,071,129 7 32,250 Cincinnati/Columbus, OH August 30, 2019 591,695 6 36,200 (3) Atlanta, GA October 30, 2019 295,693 1 19,400 St. Louis, MO November 21, 2019 59,055 1 3,525 Shadeland, IN December 4, 2019 1,747,411 9 49,815 Indianapolis, IN December 4, 2019 353,000 1 12,150 Findlay, OH December 20, 2019 405,000 1 16,800 Year ended December 31, 2019 5,776,928 30 $ 220,115 (1) Purchase price does not include capitalized acquisition costs (2) The purchase price of $ 22,050 9,577 (3) The purchase price of $ 36,200 21,005
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the aggregate purchase price in accordance with ASC 805 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 Year ended December 31, 2020 Year ended December 31, 2019 Purchase price allocation Purchase (1) Weighted average amortization period (years) of intangibles at acquisition Purchase Weighted average amortization period (years) of intangibles at acquisition Total Purchase Price Purchase price $ 243,568 N/A $ 220,115 N/A Acquisition costs 2,785 N/A 5,608 N/A Total $ 246,353 $ 225,723 Allocation of Purchase Price Land $ 32,241 N/A $ 34,810 N/A Building 170,151 N/A 143,313 N/A Site improvements 21,132 N/A 19,727 N/A Total real estate properties 223,524 197,850 Deferred Lease Intangibles Tenant relationships 3,768 6.0 5,692 5.1 Leasing commissions 4,041 5.5 4,115 5.0 Above market lease value 2,354 6.5 519 4.4 Below market lease value (5,975 ) 6.6 (3,312 ) 6.2 Above market ground lease value (1,279 ) 35.1 — N/A Below market ground lease value 431 35.1 — N/A Lease in place value 19,489 5.0 21,884 5.0 Net deferred lease intangibles 22,829 28,898 Assumed debt – market value (Above)/below assumed market debt value — N/A (1,025 ) 4.8 Totals $ 246,353 $ 225,723 ______________ (1) Totals for the year ended December 31, 2020 include the Ohio Properties’ totals as outlined below.
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - 7 Industrial Properties	On November 24, 2020, the Company acquired seven ten Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - 7 Industrial Properties Purchase Price Allocation Ohio Properties Weighted average amortization period (years) of intangibles at acquisition Total Purchase Price Purchase price $ 94,000 N/A Acquisition costs 1,267 N/A Total $ 95,267 Allocation of Purchase Price Land $ 7,577 N/A Building 74,113 N/A Site improvements 6,285 N/A Total real estate properties 87,975 Deferred Lease Intangibles Tenant relationships 641 3.6 Leasing commissions 1,364 3.7 Above market lease value 458 1.7 Below market lease value (2,847 ) 6.4 Above market ground lease value (1,279 ) 35.1 Below market ground lease value 431 35.1 Lease in place value 8,524 4.5 Net deferred lease intangibles 7,292 Totals $ 95,267

Deferred Lease Intangibles (Tab

Deferred Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Lease Intangibles
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets	Deferred lease intangible assets consisted of the following at December 31, 2020 and 2019: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets 2020 2019 Above market lease $ 6,006 $ 3,815 Lease in place 71,687 56,005 Tenant relationships 18,825 15,865 Leasing commissions 21,494 16,108 118,012 91,793 Less accumulated amortization (51,896 ) (34,705 ) Deferred lease intangibles $ 66,116 $ 57,088
Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities	Deferred lease intangible liabilities consisted of the following at December 31, 2020 and 2019: Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities 2020 2019 Below market leases $ 18,453 $ 12,983 Less accumulated amortization (7,103 ) (4,669 ) Deferred lease intangibles $ 11,350 $ 8,314
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense	Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2020 is as follows: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense Year Amortization Expense Net Increase to Rental Income Related to 2021 $ 19,646 $ (1,706 ) 2022 $ 13,954 $ (1,567 ) 2023 $ 10,457 $ (1,440 ) 2024 $ 6,965 $ (949 ) 2025 $ 4,059 $ (635 ) Thereafter $ 7,612 $ (1,630 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases	As of December 31, 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 2021 $ 87,911 2022 73,799 2023 60,197 2024 47,835 2025 32,933 Thereafter 57,426 Total minimum fixed rental receipts $ 360,101
Leases - Schedule of Rental Revenue Components	Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Year Ended Year Ended December 31, December 31, 2020 2019 Income from leases $ 80,987 $ 54,603 Straight-line rent adjustments 1,963 1,296 Tenant recoveries 24,811 17,903 Amortization of above market leases (866 ) (668 ) Amortization of below market leases 2,941 2,156 Total $ 109,836 $ 75,290
Leases - Schedule of Lease Costs	The following table summarizes the operating lease expense recognized during the year ended December 31, 2020 and 2019 included in the Company’s consolidated statements of operations. Leases - Schedule of Lease Costs December 31, December 31, 2020 2019 Operating lease expense included in general and administrative expense attributable to office leases $ 984 $ 466 Operating lease expense included in property expense attributable to ground sublease 5 — Non-cash adjustment due to straight-line rent adjustments (340 ) (37 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 649 $ 429
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 December 31, December 31, 2021 $ 1,205 $ 453 2022 1,217 465 2023 1,240 474 2024 1,249 483 2025 894 479 Thereafter 5,110 108 Total minimum operating lease payments $ 10,915 $ 2,462 Less imputed interest (2,370 ) (321 ) Total operating lease liability $ 8,545 $ 2,141
Leases - Schedule of Finance Lease Expense	The following table summarizes the financing lease expense recognized during the year ended December 31, 2020 included in the Company’s consolidated statements of operations. There were no financing leases for the year ended December 31, 2019. Leases - Schedule of Finance Lease Expense December 31, 2020 Depreciation/amortization of financing lease right-of-use assets $ 2 Interest expense for financing lease liability 15 Total financing lease cost $ 17
Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity	The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity December 31, 2020 2021 $ 155 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,497 Less imputed interest (5,290 ) Total financing lease liability $ 2,207

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness - Schedule of Secured and Unsecured Debt Outstanding	The following table sets forth a summary of the Company’s borrowings outstanding under its secured and unsecured line of credit and secured and unsecured term loans as of December 31, 2020 and 2019. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Loan December 31, December 31, Interest rate at Final Maturity Date Secured loans: AIG Loan $ 117,087 $ 119,592 4.08% November 1, 2023 Transamerica Loan 72,960 74,214 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,870 21,272 3.78% May 1, 2028 JPMorgan Chase Loan 13,440 13,661 5.23% January 1, 2027 Lincoln Life Mortgage 9,289 9,507 3.41% January 10, 2022 Ohio National Life Mortgage 20,250 20,816 4.14% August 1, 2024 Nationwide Loan 15,000 — 2.97% October 1, 2027 Total secured loans $ 332,011 $ 322,177 Unamortized debt issuance costs, net (3,761 ) (4,491 ) Unamortized premium/(discount), net 658 872 Total secured loans, net $ 328,908 $ 318,558 Unsecured loans: KeyBank unsecured term loan 100,000 — 1.95% (1) October 8, 2025 Total unsecured loans $ 100,000 $ — Unamortized debt issuance costs, net (746 ) — Total unsecured loans, net $ 99,254 $ — Borrowings under line of credit facility: Secured line of credit — 78,900 — August 7, 2023 Unsecured line of credit 90,000 — 1.95% (1) October 8, 2024 Total borrowings under line of credit $ 90,000 $ 78,900 _______________ (1) The 1-month LIBOR rate as of December 31, 2020 was 0.14%.
Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt	Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2020 are as follows: Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt Year ending December 31: Amount 2021 $ 5,389 2022 15,176 2023 115,716 2024 112,128 2025 103,884 Thereafter 169,718 Total aggregate principal payments $ 522,011

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 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, 2019 $ 112 Unrealized appreciation/(depreciation) 181 Balance at December 31, 2019 293 Unrealized appreciation/(depreciation) 103 Balance at December 31, 2020 $ 396
Common Stock - Schedule of Common Stock Dividends Declared	The following table sets forth the common stock distributions that were declared during the years ended December 31, 2020 and 2019. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.3750 $ 5,545 Second quarter $ 0.2000 $ 3,179 Third quarter $ 0.2000 $ 4,943 Fourth quarter $ 0.2000 $ 5,069 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
Common Stock - Schedule of Dividends Payable	Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2020. Common Stock - Schedule of Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 12/14/2019 12/31/2019 1/31/2020 $ 0.3750 $ 0.264071 $ 0.110929 3/16/2020 3/31/2020 4/30/2020 $ 0.3750 $ 0.264071 $ 0.110929 6/12/2020 6/30/2020 7/31/2020 $ 0.2000 $ 0.140838 $ 0.059162 9/15/2020 9/30/2020 10/30/2020 $ 0.2000 $ 0.140838 $ 0.059162 12/15/2020 12/31/2020 1/29/2021 $ 0.2000 (1) — — (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2021.

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared	The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2020 and 2019. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2020 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 949 2019 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 956
Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable	Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2020. Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 2/28/2020 3/13/2020 3/31/2020 $ 0.4688 $ 0.4688 $ — 6/1/2020 6/15/2020 6/30/2020 $ 0.4688 $ 0.4688 $ — 9/1/2020 9/15/2020 9/30/2020 $ 0.4688 $ 0.4688 $ — 12/1/2020 12/15/2020 12/31/2020 $ 0.4688 $ 0.4688 $ —
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 year ended December 31, 2020 and the year ended December 31, 2019. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Declared Aggregate per Share Amount 2020 First quarter $ 0.14875 $ 657 Second quarter $ 0.14875 $ 657 Third quarter $ 0.14875 $ 657 Fourth quarter $ 0.14875 $ 656 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020 and 2019. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 Third quarter $ 0.200 $ 135 Fourth quarter $ 0.200 $ 121 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)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity	The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest the earlier of one year from the date of grant, or, the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2020 and 2019: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2019 124,051 Granted 90,075 Forfeited — Vested (51,942 ) Unvested restricted stock at December 31, 2019 162,184 Granted 101,540 Forfeited (5,303 ) Vested (68,196 ) Unvested restricted stock at December 31, 2020 190,225

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2020 2019 Numerator Net loss $ (14,462 ) $ (11,938 ) Less: loss attributable to non-controlling interest (649 ) (1,518 ) Net loss attributable to Plymouth Industrial REIT, Inc. (13,813 ) (10,420 ) Less: Preferred stock dividends 6,444 6,263 Less: Series B preferred stock accretion to redemption value 7,416 7,601 Less: Loss on extinguishment of Series A Preferred Stock 34 — Less: amount allocated to participating securities 182 239 Net loss attributable to common stockholders $ (27,889 ) $ (24,523 ) Denominator Weighted-average common shares outstanding basic and diluted 18,381,700 8,503,375 Net loss per share attributable to common stockholders – basic and diluted $ (1.52 ) $ (2.88 )

Schedule III (Tables)

Schedule III (Tables)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate Properties and Accumulated Depreciation	Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross Accumulated Depreciation Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 11236 Harland Drive - $ 159 $ 909 12 $ 159 $ 921 1,080 178 2017 1988 20 Atlanta, GA 11236 Harland Drive 112 — — 112 — 112 — 2018 — — Atlanta, GA 1665 Dogwood Drive - 494 6,027 6 494 6,033 6,527 991 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - 270 2,879 1 270 2,880 3,150 442 2017 1973 22 Atlanta, GA 265, 338, 430 Industrial Boulevard 2,562 15,116 — 2,562 15,116 17,678 823 2020 1988/1999 18 Atlanta, GA 32 Dart Road - 256 4,454 405 256 4,859 5,115 1,716 2014 1988 18 Atlanta, GA 40 Pinyon Road 794 2,669 — 794 2,669 3,463 122 2020 1997 28 Atlanta, GA 611 Highway 74 S. 3,283 13,560 54 3,283 13,614 16,897 1,016 2019 1979-2013 25 Atlanta, GA 665 Highway 74 South 1,237 6,952 — 1,237 6,952 8,189 224 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 — 2,876 7,599 10,475 523 2020 1981/2017 20 Chicago, IL 11351 W. 183rd Street - 361 1,685 — 361 1,685 2,046 455 2014 2000 34 Chicago, IL 11601 Central Avenue - 3,479 6,545 7 3,479 6,552 10,031 1,228 2017 1970 21 Chicago, IL 11746 Austin Ave 1,062 4,420 25 1,062 4,445 5,507 295 2019 1970 25 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 140 3,520 11,255 14,775 2,659 2017 1976 16 Chicago, IL 1355 Holmes Road - 1,012 2,789 133 1,012 2,922 3,934 1,219 2014 1975/1999 16 Chicago, IL 13970 West Laurel Drive - 1,447 1,377 321 1,447 1,698 3,145 408 2017 1990 14 Chicago, IL 144 Tower Drive 866 4,174 29 866 4,203 5,069 328 2019 1971/1988 & 2015 29 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 554 1,926 5,691 7,617 921 2017 1968 21 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 1,274 2018 1968 23 Chicago, IL 16801 Exchange Ave 1,905 9,454 152 1,905 9,606 11,511 673 2019 1968 24 Chicago, IL 1717 West Harvester Road 3,843 12,848 — 3,843 12,848 16,691 1,012 2020 1970 15 Chicago, IL 1750 South Lincoln Drive - 489 9,270 707 489 9,977 10,466 1,509 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 98 1,542 3,696 5,238 783 2017 1964 19 Chicago, IL 1875 Holmes Road - 1,597 5,199 271 1,597 5,470 7,067 2,198 2014 1989 16 Chicago, IL 189 Seegers Road - 470 1,369 29 470 1,398 1,868 420 2014 1972 21 Chicago, IL 2401 Commerce Drive - 486 4,597 701 486 5,298 5,784 1,363 2014 1994 28 Chicago, IL 28160 North Keith Drive - 1,614 1,643 — 1,614 1,643 3,257 379 2017 1989 16 Chicago, IL 3 West College Drive - 728 1,531 13 728 1,544 2,272 191 2018 1978 26 Chicago, IL 330 Armory Drive 516 1,330 5 516 1,335 1,851 77 2019 1972/2017 35 Chicago, IL 350 Armory Drive 442 835 109 442 944 1,386 77 2019 1972 21 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 117 1,640 2,364 4,004 487 2017 1978 17 Chicago, IL 3940 Stern Avenue - 1,156 5,139 802 1,156 5,941 7,097 2,144 2014 1987 16 Chicago, IL 440 South McLean - 1,332 2,248 280 1,332 2,528 3,860 529 2017 1968/1998 15 Chicago, IL 4915 West 122nd Street 848 3,632 124 848 3,756 4,604 229 2019 1972 26 Chicago, IL 6000 West 73rd Street - 1,891 3,403 — 1,891 3,403 5,294 730 2017 1974 17 Chicago, IL 6510 West 73rd Street - 4,229 4,105 15 4,229 4,120 8,349 967 2017 1974 18 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1 3,444 2,326 5,770 574 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 — 2,891 5,743 8,634 958 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 — 2,519 5,482 8,001 1,052 2017 1974 18 Chicago, IL 7207 Mason Avenue 887 2,608 — 887 2,608 3,495 235 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 104 586 471 1,057 60 2019 1970 20 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 22 847 5,218 6,065 305 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 8 752 5,456 6,208 310 2019 1989 35 Cincinnati, OH 4115 Thunderbird Lane - 275 2,093 56 275 2,149 2,424 771 2014 1991 22 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 351 998 7,632 8,630 463 2019 1976 28 Cincinnati, OH Fisher Industrial Park - 4,147 18,147 195 4,147 18,342 22,489 2,606 2018 1946 20 Cincinnati, OH Mosteller Distribution Center - 1,501 9,424 31 1,501 9,455 10,956 4,413 2014 1959 14 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 — 244 2,020 2,264 90 2019 1990 38 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 — 1,213 6,602 7,815 288 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 — 562 2,689 3,251 137 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 — 809 2,860 3,669 172 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 — 1,069 4,363 5,432 33 2020 1960 13 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 668 2019 1998 25 Cleveland, OH 1755 Enterprise Parkway - 1,411 12,281 959 1,411 13,240 14,651 3,574 2014 1979/2005 27 Cleveland, OH 2100 International Parkway (2) — 14,818 — — 14,818 14,818 47 2020 2000 31 Cleveland, OH 2210 International Parkway — 15,033 — — 15,033 15,033 49 2020 2001 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 69 2,815 22,861 25,676 1,884 2018 2007 34 Cleveland, OH Gilchrist Road I 1,775 6,541 — 1,775 6,541 8,316 39 2020 1961/1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 — 2,671 14,959 17,630 88 2020 1994/1998 22 Cleveland, OH Gilchrist Road III 977 12,416 — 977 12,416 13,393 52 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 — 1,086 12,287 13,373 64 2020 1994 21 Columbus, OH 100 Paragon Parkway 582 9,130 — 582 9,130 9,712 133 2020 1995 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 80 400 3,087 3,487 720 2017 1971 18 Columbus, OH 3100 Creekside Parkway - 1,203 9,603 490 1,203 10,093 11,296 2,693 2014 2004 27 Columbus, OH 3500 Southwest Boulevard - 1,488 16,730 1,955 1,488 18,685 20,173 6,083 2014 1992 22 Columbus, OH 459 Orange Point Drive - 1,256 6,793 64 1,256 6,857 8,113 307 2019 2001 40 Columbus, OH 7001 American Pkwy - 331 1,416 82 331 1,498 1,829 594 2014 1986/2007 & 2012 20 Columbus, OH 7719 Graphics Way - 1,297 2,743 — 1,297 2,743 4,040 150 2019 2000 40 Columbus, OH 8273 Green Meadows Dr. - 341 2,266 393 341 2,659 3,000 708 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. - 1,107 8,413 480 1,107 8,893 10,000 3,668 2014 1988 17 Florence, KY 7585 Empire Drive - 644 2,658 40 644 2,698 3,342 1,584 2014 1973 11 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 342 4,632 14,914 19,546 1,458 2019 1957/1992 15 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 578 1,966 12,318 14,284 2,827 2017 1962/2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (109 ) 148 775 923 248 2017 1979/2014 17 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 — 1,363 6,525 7,888 476 2020 1967 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 56 2,644 12,626 15,270 1,063 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 317 1,881 6,953 8,834 598 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 2 566 1,410 1,976 117 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 60 669 2,276 2,945 175 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 23 535 2,590 3,125 178 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 62 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 2 609 1,860 2,469 162 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 2 709 2,085 2,794 167 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 50 424 1,373 1,797 105 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 15 1,870 8,859 10,729 572 2019 1985/1994 20 Jackson, TN 210 American Dr. - 928 10,442 452 928 10,894 11,822 5,450 2014 1967/1981 & 2012 13 Jacksonville, FL Center Point Business Park - 9,848 26,411 664 9,848 27,075 36,923 2,180 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 202 9,347 27,180 36,527 2,147 2018 1996-1999 38 Jacksonville, FL Salisbury Business Park - 4,354 9,049 16 4,354 9,065 13,419 809 2018 2001-2012 32 Jacksonville, FL 8451 Western Way 4,240 13,983 — 4,240 13,983 18,223 186 2020 1968/1987 32 Marlton, NJ 4 East Stow Road - 1,580 6,954 123 1,580 7,077 8,657 2,722 2014 1986 22 Memphis, TN 3635 Knight Road - 422 2,820 48 422 2,868 3,290 598 2017 1986 18 Memphis, TN 4540-4600 Pleasant Hill Road - 1,375 18,854 6 1,375 18,860 20,235 757 2019 1991/2005 37 Memphis, TN 6005, 6045 & 6075 Shelby Dr. - 488 4,919 1,692 488 6,611 7,099 2,225 2014 1989 19 Memphis, TN Airport Business Park 1,511 4,352 439 1,511 4,791 6,302 1,272 2017 1985-1989 26 Milwaukee, WI 5110 South 6th Street , IL - 689 1,014 129 689 1,143 1,832 296 2017 1972 16 Portland, ME 56 Milliken Road - 1,418 7,482 338 1,418 7,820 9,238 2,995 2014 1966/1995, 2005, 2013 20 South Bend, IN 4491 N Mayflower Road 289 2,422 — 289 2,422 2,711 385 2017 2000 27 South Bend, IN 4955 Ameritech Drive 856 7,251 237 856 7,488 8,344 1,152 2017 2004 27 South Bend, IN 5855 West Carbonmill Road 743 6,269 — 743 6,269 7,012 994 2017 2002 27 South Bend, IN 5861 W Cleveland Road 234 1,966 36 234 2,002 2,236 315 2017 1994 27 South Bend, IN West Brick Road 381 3,209 59 381 3,268 3,649 517 2017 1998 27 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 — 656 2,576 3,232 116 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1 1,133 3,977 5,110 286 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 — 656 2,780 3,436 59 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 — 3,927 20,995 24,922 253 2020 2001 33 Total Real Estate Owned $ 159,681 $ 707,337 $ 16,356 $ 159,681 $ 723,693 $ 883,374 $ 98,084
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward	Year Ended December 31, 2020 2019 Real Estate Balance at the beginning of the year $ 655,788 $ 452,610 Additions during the year 231,040 203,213 Disposals during the year (147 ) (35 ) Balance at the end of the year $ 886,681 $ 655,788 Accumulated Depreciation Balance at the beginning of the year $ 63,877 $ 41,279 Depreciation expense 34,484 22,633 Disposals during the year (78 ) (35 ) Balance at the end of the year $ 98,283 $ 63,877

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	12 Months Ended
	Dec. 31, 2020ft²Number	Dec. 31, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of Real Estate Properties	107
Number of Units in Real Estate Property	141
Industrial properties acquired, approximate square feet in millions | ft²	23,300
Plymouth Industrial Operating Partners, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in the operating partnership	97.70%	94.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash	$ 15,668	$ 10,465
Cash held in escrow	11,939	9,453
Restricted cash	4,447	2,480
Cash, cash held in escrow, and restricted cash	$ 32,054	$ 22,398	$ 14,961

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Secured debt	$ 332,011	$ 322,177
Fair value of secured debt	351,744	319,376
Unsecured debt	100,000
Fair value of unsecured debt	100,000
Borrowings under line of credit, net	90,000	78,900
Lines of Credit, Fair Value Disclosure	90,000	77,571
Total	522,011	401,077
Debt Instrument, Fair Value Disclosure	541,744	396,947
Unamortized debt issuance cost, net	(4,507)	(4,491)
Unamortized premium/(discount), net	658	872
Total carrying value	$ 518,162	$ 397,458

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Debt Issuance Costs, Net	$ 8,018	$ 6,718
Accumulated Amortization, Debt Issuance Costs	3,511	2,227
Federal NOL carryforwards	35,322	35,322
Tax basis of real estate assets	874,892	602,848
Right of use asset	$ 7,159	2,104
Accounting Standards Update 2016-02 [Member]
Property, Plant and Equipment [Line Items]
Right of use asset		2,096
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	11
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	40
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	3
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	13
Revolving Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Unamortized Debt Issuance Expense	$ 2,371	1,133
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Property, Plant and Equipment [Line Items]
Fair value of warrants	$ 396	$ 293

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 159,681	$ 127,439
Buildings and improvements	652,191	474,492
Site improvements	74,129	52,998
Construction in progress	680	859
Real Estate Investment Property, at Cost	886,681	655,788
Less accumulated depreciation	(98,283)	(63,877)
Real estate properties	$ 788,398	$ 591,911

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)ft²Number	Dec. 31, 2019USD ($)ft²Number
Square feet | ft²		23,300
Properties | Number		107
Chicago, IL
Date acquired		Jan. 24, 2020	Jan. 4, 2019
Square feet | ft²		465,940	73,785
Properties | Number		1	1
Purchase price	[1]	$ 18,650	$ 5,425
Indianapolis, IN
Date acquired		Jan. 27, 2020	Jun. 10, 2019
Square feet | ft²		276,240	484,879
Properties | Number		1	1
Purchase price	[1]	$ 8,800	$ 17,100
Atlanta/Savannah, GA
Date acquired		Jan. 28, 2020
Square feet | ft²		924,036
Properties | Number		5
Purchase price	[1]	$ 34,700
Avon, OH
Date acquired		Feb. 14, 2020
Square feet | ft²		406,863
Properties | Number		3
Purchase price	[1]	$ 15,750
Atlanta, GA
Date acquired		Mar. 13, 2020	Oct. 30, 2019
Square feet | ft²		117,000	295,693
Properties | Number		1	1
Purchase price	[1]	$ 10,056	$ 19,400
St. Louis, MO
Date acquired		Sep. 2, 2020	Jul. 29, 2019
Square feet | ft²		487,150	129,000
Properties | Number		1	1
Purchase price	[1]	$ 27,000	$ 5,400
St. Louis, MO #2
Date acquired		Sep. 3, 2020	Nov. 21, 2019
Square feet | ft²		79,258	59,055
Properties | Number		1	1
Purchase price	[1]	$ 3,712	$ 3,525
Jacksonville, FL
Date acquired		Sep. 10, 2020
Square feet | ft²		288,750
Properties | Number		1
Purchase price	[1]	$ 20,400
Mansfield Oh [Member]
Date acquired		Oct. 23, 2020
Square feet | ft²		314,736
Properties | Number		1
Purchase price	[1]	$ 10,500
Cleveland, OH
Date acquired		Nov. 24, 2020
Square feet | ft²		2,113,623
Properties | Number		7
Purchase price	[1]	$ 94,000
Real Estate Property Acquired
Square feet | ft²		5,473,596	5,776,928
Properties | Number		22	30
Purchase price	[1]	$ 243,568	$ 220,115
Memphis, TN
Date acquired			Aug. 29, 2019
Square feet | ft²			566,281
Properties | Number			1
Purchase price	[1],[2]		$ 22,050
Assumption of existing mortgage debt			$ 9,577
Chicago, IL #2
Date acquired			Aug. 29, 2019
Square feet | ft²			1,071,129
Properties | Number			7
Purchase price	[1]		$ 32,250
Cincinnati/Columbus, OH
Date acquired			Aug. 30, 2019
Square feet | ft²			591,695
Properties | Number			6
Purchase price	[1],[3]		$ 36,200
Assumption of existing mortgage debt			$ 21,005
Shadeland, IN
Date acquired			Dec. 4, 2019
Square feet | ft²			1,747,411
Properties | Number			9
Purchase price	[1]		$ 49,815
Indianapolis, IN
Date acquired			Dec. 4, 2019
Square feet | ft²			353,000
Properties | Number			1
Purchase price	[1]		$ 12,150
Findlay, OH
Date acquired			Dec. 20, 2019
Square feet | ft²			405,000
Properties | Number			1
Purchase price	[1]		$ 16,800
[1]	Purchase price does not include capitalized acquisition costs
[2]	The purchase price of $ 22,050 9,577
[3]	The purchase price of $ 36,200 21,005

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2019
Total Purchase Price
Purchase price	$ 243,568		$ 220,115
Acquisition costs	2,785		5,608
Total	246,353		225,723
Allocation of Purchase Price
Land	32,241		34,810
Building	170,151		143,313
Site improvements	21,132		19,727
Total real estate properties	223,524		197,850
Deferred Lease Intangibles
Net deferred lease intangibles	22,829		28,898
Net deferred lease intangibles	(22,829)		(28,898)
Assumed debt – market value
(Above)/below assumed market debt value			(1,025)
Totals	246,353		225,723
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 3,768	[1]	$ 5,692
Weighted average amortization period (years) of intangibles at acquisition	6 years		5 years 1 month 6 days
Net deferred lease intangibles	$ (3,768)	[1]	$ (5,692)
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 4,041	[1]	$ 4,115
Weighted average amortization period (years) of intangibles at acquisition	5 years 6 months		5 years
Net deferred lease intangibles	$ (4,041)	[1]	$ (4,115)
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,354	[1]	$ 519
Weighted average amortization period (years) of intangibles at acquisition	6 years 6 months		4 years 4 months 24 days
Net deferred lease intangibles	$ (2,354)	[1]	$ (519)
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 5,975	[1]	$ 3,312
Weighted average amortization period (years) of intangibles at acquisition	6 years 7 months 6 days		6 years 2 months 12 days
Net deferred lease intangibles	$ (5,975)	[1]	$ (3,312)
Above market ground lease value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 1,279	[1]
Weighted average amortization period (years) of intangibles at acquisition	35 years 1 month 6 days
Net deferred lease intangibles	$ (1,279)	[1]
Below market ground lease value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 431	[1]
Weighted average amortization period (years) of intangibles at acquisition	35 years 1 month 6 days
Net deferred lease intangibles	$ (431)	[1]
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 19,489	[1]	$ 21,884
Weighted average amortization period (years) of intangibles at acquisition	5 years		5 years
Net deferred lease intangibles	$ (19,489)	[1]	$ (21,884)
(Above)/Below Assumed Market Debt Value
Deferred Lease Intangibles
Weighted average amortization period (years) of intangibles at acquisition			4 years 9 months 18 days
[1]	Totals for the year ended December 31, 2020 include the Ohio Properties’ totals as outlined below.

Real Estate Properties - Sche_4

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - 7 Industrial Properties (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 24, 2020	Dec. 31, 2020		Dec. 31, 2019
Total Purchase Price
Purchase price		$ 243,568		$ 220,115
Acquisition costs		2,785		5,608
Total		246,353		225,723
Land		32,241		34,810
Building		170,151		143,313
Site improvements		21,132		19,727
Total real estate properties		223,524		197,850
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		22,829		28,898
Net deferred lease intangibles		(22,829)		(28,898)
Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 3,768	[1]	$ 5,692
Weighted average amortization period (years) of intangibles at acquisition		6 years		5 years 1 month 6 days
Net deferred lease intangibles		$ (3,768)	[1]	$ (5,692)
Leasing Commissions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 4,041	[1]	$ 4,115
Weighted average amortization period (years) of intangibles at acquisition		5 years 6 months		5 years
Net deferred lease intangibles		$ (4,041)	[1]	$ (4,115)
Above Market Leases [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 2,354	[1]	$ 519
Weighted average amortization period (years) of intangibles at acquisition		6 years 6 months		4 years 4 months 24 days
Net deferred lease intangibles		$ (2,354)	[1]	$ (519)
Below Market Lease Value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 5,975	[1]	$ 3,312
Weighted average amortization period (years) of intangibles at acquisition		6 years 7 months 6 days		6 years 2 months 12 days
Net deferred lease intangibles		$ (5,975)	[1]	$ (3,312)
Above market ground lease value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 1,279	[1]
Weighted average amortization period (years) of intangibles at acquisition		35 years 1 month 6 days
Net deferred lease intangibles		$ (1,279)	[1]
Below market ground lease value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 431	[1]
Weighted average amortization period (years) of intangibles at acquisition		35 years 1 month 6 days
Net deferred lease intangibles		$ (431)	[1]
Leases, Acquired-in-Place [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles		$ 19,489	[1]	$ 21,884
Weighted average amortization period (years) of intangibles at acquisition		5 years		5 years
Net deferred lease intangibles		$ (19,489)	[1]	$ (21,884)
Ohio Properties Purchase Price
Total Purchase Price
Purchase price	$ 94,000
Acquisition costs	1,267
Total	95,267
Land	7,577
Building	74,113
Site improvements	6,285
Total real estate properties	87,975
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	7,292
Net deferred lease intangibles	(7,292)
Ohio Properties Purchase Price | Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 641
Weighted average amortization period (years) of intangibles at acquisition	3 years 7 months 6 days
Net deferred lease intangibles	$ (641)
Ohio Properties Purchase Price | Leasing Commissions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 1,364
Weighted average amortization period (years) of intangibles at acquisition	3 years 8 months 12 days
Net deferred lease intangibles	$ (1,364)
Ohio Properties Purchase Price | Above Market Leases [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 458
Weighted average amortization period (years) of intangibles at acquisition	1 year 8 months 12 days
Net deferred lease intangibles	$ (458)
Ohio Properties Purchase Price | Below Market Lease Value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 2,847
Weighted average amortization period (years) of intangibles at acquisition	6 years 4 months 24 days
Net deferred lease intangibles	$ (2,847)
Ohio Properties Purchase Price | Above market ground lease value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 1,279
Weighted average amortization period (years) of intangibles at acquisition	35 years 1 month 6 days
Net deferred lease intangibles	$ (1,279)
Ohio Properties Purchase Price | Below market ground lease value
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 431
Weighted average amortization period (years) of intangibles at acquisition	35 years 1 month 6 days
Net deferred lease intangibles	$ (431)
Ohio Properties Purchase Price | Leases, Acquired-in-Place [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Net deferred lease intangibles	$ 8,524
Weighted average amortization period (years) of intangibles at acquisition	4 years 6 months
Net deferred lease intangibles	$ (8,524)
[1]	Totals for the year ended December 31, 2020 include the Ohio Properties’ totals as outlined below.

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Depreciation expense	$ 34,406	$ 22,633

Deferred Lease Intangibles - Sc

Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Lease Intangibles
Above market lease	$ 6,006	$ 3,815
Lease in place	71,687	56,005
Tenant relationships	18,825	15,865
Leasing commissions	21,494	16,108
Finite-Lived Intangible Assets, Gross	118,012	91,793
Less accumulated amortization	(51,896)	(34,705)
Deferred lease intangibles	$ 66,116	$ 57,088

Deferred Lease Intangibles - _2

Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Lease Intangibles
Below market leases	$ 18,453	$ 12,983
Less accumulated amortization	(7,103)	(4,669)
Deferred lease intangibles	$ 11,350	$ 8,314

Deferred Lease Intangibles - _3

Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2020USD ($)
Deferred Lease Intangibles
Amortization Expense - Year 2021	$ 19,646
Net Increase to Rental Income - Year 2021	(1,706)
Amortization Expense - Year 2022	13,954
Net Increase to Rental Income - Year 2022	(1,567)
Amortization Expense - Year 2023	10,457
Net Increase to Rental Income - Year 2023	(1,440)
Amortization Expense - Year 2024	6,965
Net Increase to Rental Income - Year 2024	(949)
Amortization Expense - Year 2025	4,059
Net Increase to Rental Income - Year 2025	(635)
Amortization Expense - Thereafter	7,612
Net Increase to Rental Income - Thereafter	$ (1,630)

Deferred Lease Intangibles (Det

Deferred Lease Intangibles (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Lease Intangibles
Amortization of above and below market leases	$ 2,075	$ 1,488
Amortization of other deferred lease intangibles	$ 21,875	$ 14,748

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 23, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in equity joint venture	$ 150,000
Ownership percentage	20.00%
Description of principal activities	The Operating Partnership will be responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement.
Additional information	The MIR JV completed its initial investment of a 28-property portfolio of industrial properties totaling approximately 2.3 million square feet in metropolitan Memphis, Tennessee on December 17, 2020 for $86,000. The initial investment was funded by the MIR JV via $30,000 cash equity contributions to the MIR JV on a 20%/80% pro-rata basis and a 7-year secured mortgage for $56,000.
Recognized asset management services fees		$ 15
Unpaid asset management fees		$ 15

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
Future minimum rental receipts, 2021	$ 87,911
Future minimum rental receipts, 2022	73,799
Future minimum rental receipts, 2023	60,197
Future minimum rental receipts, 2024	47,835
Future minimum rental receipts, 2025	32,933
Future minimum rental receipts, Thereafter	57,426
Total minimum fixed rental receipts	$ 360,101

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Income from leases	$ 80,987	$ 54,603
Straight-line rent adjustments	1,963	1,296
Tenant recoveries	24,811	17,903
Amortization of above market leases	(866)	(668)
Amortization of below market leases	2,941	2,156
Total	$ 109,836	$ 75,290

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense included in general and administrative expense attributable to office leases	$ 984	$ 466
Operating lease expense included in property expense attributable to ground sublease	5
Non-cash adjustment due to straight-line rent adjustments	(340)	(37)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 649	$ 429

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 1,205	$ 453
2022	1,217	465
2023	1,240	474
2024	1,249	483
2025	894	479
Thereafter	5,110	108
Total minimum operating lease payments	10,915	2,462
Less imputed interest	(2,370)	(321)
Total operating lease liability	$ 8,545	$ 2,141

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Depreciation/amortization of financing lease right-of-use assets	$ 2
Interest expense for financing lease liability	15
Total financing lease cost	$ 17

Leases - Schedule of Finance _2

Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 155
2022	155
2023	155
2024	155
2025	170
Thereafter	6,707
Total minimum financing lease payments	7,497
Less imputed interest	(5,290)
Total financing lease liability	$ 2,207

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Description	four office space operating leases and a single ground operating sublease	three, non-cancelable office space operating leases
Operating Lease, Right-of-Use Asset	$ 7,159	$ 2,104
Operating Lease, Liability	$ 8,545	$ 2,141
Operating Lease, Weighted Average Discount Rate, Percent	4.10%	5.30%
Operating Lease, Weighted Average Remaining Lease Term	10 years 1 month 6 days	5 years 2 months 12 days
Asset impairment charge	$ 311
Lessee, Financing Lease, Remaining Lease Term	35 years
Lessee, Finance Lease, Option to Extend	includes the exercise of a single twenty-year renewal options
Finance Lease, Weighted Average Discount Rate, Percent	7.80%
Finance Lease, Weighted Average Remaining Lease Term	35 years
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	3 years 8 months 12 days	4 years 8 months 12 days
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	35 years	5 years 3 months 18 days

Indebtedness - Schedule of Secu

Indebtedness - Schedule of Secured and Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Mar. 21, 2019	Dec. 31, 2020	Sep. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total secured loans			$ 328,908		$ 318,558
Unamortized debt issuance costs, net			(4,507)		(4,491)
Unamortized premium/(discount), net			658		872
Total unsecured loans, net			99,254
Total borrowings under line of credit			90,000		78,900
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings under line of credit			$ 90,000		78,900
Variable rate basis			1-month LIBOR rate as of December 31, 2020 was 0.14%.
Revolving Credit Facility [Member] | Unsecured Line Of Credit [Member]
Debt Instrument [Line Items]
Maturity date			Oct. 8, 2024
[custom:UnsecuredDebtInterestRateDescription]	[1]		1.95%
Unsecured line of credit			$ 90,000
Revolving Credit Facility [Member] | Secured Line of Credit
Debt Instrument [Line Items]
Maturity date			Aug. 7, 2023
Secured line of credit	[1]				78,900
Secured Debt [Member]
Debt Instrument [Line Items]
Total secured loans			332,011		322,177
Unamortized debt issuance costs, net			(3,761)		(4,491)
Unamortized premium/(discount), net			658		872
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Total secured loans			$ 117,087		119,592
Interest rate			4.08%
Maturity date			Nov. 1, 2023
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured loans			$ 72,960		74,214
Interest rate			4.35%
Maturity date			Aug. 1, 2028
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured loans			$ 63,115		63,115
Interest rate			4.07%
Maturity date		Apr. 10, 2026	Apr. 10, 2026
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured loans			$ 20,870		21,272
Interest rate			3.78%
Maturity date			May 1, 2028
Secured Debt [Member] | JP Morgan Chase Loan
Debt Instrument [Line Items]
Total secured loans			$ 13,440		13,661
Interest rate			5.23%
Maturity date			Jan. 1, 2027
Secured Debt [Member] | Lincoln Life Mortgage
Debt Instrument [Line Items]
Total secured loans			$ 9,289		9,507
Interest rate			3.41%
Maturity date			Jan. 10, 2022
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Total secured loans			$ 20,250		20,816
Interest rate			4.14%
Maturity date			Aug. 1, 2024
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured loans			$ 15,000	$ 15,000
Interest rate			2.97%	2.97%
Maturity date			Oct. 1, 2027
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net			$ (746)
Total unsecured loans, net			$ 100,000
Unsecured Debt [Member] | Key Bank Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Maturity date			Oct. 8, 2025
Total unsecured loans, net			$ 100,000
[custom:UnsecuredDebtInterestRateDescription]	[1]		1.95%
[1]	The 1-month LIBOR rate as of December 31, 2020 was 0.14%.

Indebtedness - Schedule of Futu

Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 5,389
2022	15,176
2023	115,716
2024	112,128
2025	103,884
Thereafter	169,718
Total aggregate principal payments	$ 522,011

Indebtedness (Details Narrative

Indebtedness (Details Narrative) - USD ($) $ in Thousands	Oct. 08, 2020	Jan. 22, 2020	Aug. 30, 2019	Aug. 29, 2019	Mar. 21, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 02, 2020
Line of Credit Facility [Line Items]
Secured debt						$ 328,908	$ 318,558
Secured debt						332,011	322,177
Assumption of mortgage note							30,582
Secured Debt [Member]
Line of Credit Facility [Line Items]
Secured debt						332,011	322,177
Secured Debt [Member] | Nationwide Loan
Line of Credit Facility [Line Items]
Secured debt						$ 15,000		$ 15,000
Debt Instrument, Interest Rate, Effective Percentage						2.97%		2.97%
Maturity date						Oct. 1, 2027
Secured Debt [Member] | Allianz Loan
Line of Credit Facility [Line Items]
Secured debt						$ 63,115	$ 63,115
Debt Instrument, Interest Rate, Effective Percentage						4.07%
Secured debt					$ 63,115
Interest rate					4.07%
Maturity date					Apr. 10, 2026	Apr. 10, 2026
South Park Mortgage
Line of Credit Facility [Line Items]
Interest rate				3.41%
Assumption of mortgage note				$ 9,577
Collateral, description				secured by the property
Orange Point Mortgage
Line of Credit Facility [Line Items]
Interest rate			4.14%
Maturity date			Aug. 1, 2024
Assumption of mortgage note			$ 21,005
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing	$ 300	$ 100,000
Line of credit maturity date		Oct. 22, 2020
Line of credit facility, interest rate description	bear interest at LIBOR (at a floor of 0.30%) plus a margin between 145 to 200 basis points	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.
Unsecured credit facility breakdown, description	unsecured credit facility, comprised of $200 million revolving credit facility and $100 million term loan.
Accordian feature enabling increase of borrowing capacity, description	The new unsecured revolving credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility and term loan up to an aggregate of $500 million, subject to certain conditions.
Credit facility maturity date, description	The new credit facility matures in October 2024 and has two, six-month extension options, subject to certain conditions, and the new term loan matures in October 2025.

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Balance at December 31, 2019	$ 293	$ 112
Unrealized appreciation/(depreciation)	103	181
Balance at December 31, 2020	$ 396	$ 293

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Cash dividends declared per share	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Common stock dividends declared, aggregate amount	$ 5,069	$ 4,943	$ 3,179	$ 5,545	$ 5,303	$ 5,027	$ 3,257	$ 1,923

Common Stock - Schedule of Divi

Common Stock - Schedule of Dividends Payable (Details)	12 Months Ended
	Dec. 31, 2020$ / shares
Dividends #1
Dividends Payable [Line Items]
Declaration Date	Dec. 14, 2019
Date of Record	Dec. 31, 2019
Payable Date	Jan. 31, 2020
Cash Distribution	$ 0.3750
Ordinary Dividend	0.264071
Return of Capital	$ 0.110929
Dividends #2
Dividends Payable [Line Items]
Declaration Date	Mar. 16, 2020
Date of Record	Mar. 31, 2020
Payable Date	Apr. 30, 2020
Cash Distribution	$ 0.3750
Ordinary Dividend	0.264071
Return of Capital	$ 0.110929
Dividends #3
Dividends Payable [Line Items]
Declaration Date	Jun. 12, 2020
Date of Record	Jun. 30, 2020
Payable Date	Jul. 31, 2020
Cash Distribution	$ 0.2000
Ordinary Dividend	0.140838
Return of Capital	$ 0.059162
Dividends #4
Dividends Payable [Line Items]
Declaration Date	Sep. 15, 2020
Date of Record	Sep. 30, 2020
Payable Date	Oct. 30, 2020
Cash Distribution	$ 0.2000
Ordinary Dividend	0.140838
Return of Capital	$ 0.059162
Dividends #5
Dividends Payable [Line Items]
Declaration Date	Dec. 15, 2020
Date of Record	Dec. 31, 2020
Payable Date	Jan. 29, 2021
Cash Distribution	$ 0.2000
Ordinary Dividend
Return of Capital

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Aug. 28, 2020	Feb. 27, 2020	Sep. 30, 2019	May 30, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Aug. 24, 2018	Jul. 30, 2018
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued					25,344,161	25,344,161	14,141,355
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding					351,082	351,082
Exercise price of warrants					$ 16.39	$ 16.39
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants					$ 16.39	$ 16.39	$ 18.96
Warrants Not Settleable in Cash, Fair Value Disclosure					$ 396	$ 396	$ 293
Volatility rate						27.40%	18.10%
Expected annual dividend					$ 0.80	$ 0.80	$ 1.50
Expected term						1 year 5 months 12 days	2 years 6 months
Risk-free interest rate						0.13%	1.60%
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock issued	8,625,000		3,450,000	3,425,000
Common stock, shares issued	1,125,000		450,000	425,000
Sale of stock, price per share	$ 12.85		$ 18	$ 17.50
Net proceeds from IPO	$ 104,420		$ 58,756	$ 55,857
At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Common stock issued					558,900	2,212,905
Available for issue under the ATM program									$ 500,000
Weighted average share price					$ 14.19	$ 14.19
Proceeds from sale of shares, net						$ 30,735
Prior At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program								$ 50,000
Common shares issued, value		$ 50,000
100 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program		$ 100,000			$ 78,811	$ 78,811

Preferred Stock - Schedule of S

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
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Cash Dividends Declared per Share	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688
Aggregate Amount	$ 949	$ 956	$ 956	$ 956	$ 956	$ 956	$ 956	$ 956

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable (Details)	12 Months Ended
	Dec. 31, 2020$ / shares
Dividends #1
Class of Stock [Line Items]
Declaration Date	Dec. 14, 2019
Date of Record	Dec. 31, 2019
Payable Date	Jan. 31, 2020
Return of Capital	$ 0.110929
Dividends #2
Class of Stock [Line Items]
Declaration Date	Mar. 16, 2020
Date of Record	Mar. 31, 2020
Payable Date	Apr. 30, 2020
Return of Capital	$ 0.110929
Dividends #3
Class of Stock [Line Items]
Declaration Date	Jun. 12, 2020
Date of Record	Jun. 30, 2020
Payable Date	Jul. 31, 2020
Return of Capital	$ 0.059162
Dividends #4
Class of Stock [Line Items]
Declaration Date	Sep. 15, 2020
Date of Record	Sep. 30, 2020
Payable Date	Oct. 30, 2020
Return of Capital	$ 0.059162
Series A Preferred Stock [Member] | Dividends #1
Class of Stock [Line Items]
Declaration Date	Feb. 28, 2020
Date of Record	Mar. 13, 2020
Payable Date	Mar. 31, 2020
Cash Distribution	$ 0.4688
Ordinary Dividend	0.4688
Return of Capital
Series A Preferred Stock [Member] | Dividends #2
Class of Stock [Line Items]
Declaration Date	Jun. 1, 2020
Date of Record	Jun. 15, 2020
Payable Date	Jun. 30, 2020
Cash Distribution	$ 0.4688
Ordinary Dividend	0.4688
Return of Capital
Series A Preferred Stock [Member] | Dividends #3
Class of Stock [Line Items]
Declaration Date	Sep. 1, 2020
Date of Record	Sep. 15, 2020
Payable Date	Sep. 30, 2020
Cash Distribution	$ 0.4688
Ordinary Dividend	0.4688
Return of Capital
Series A Preferred Stock [Member] | Dividends #4
Class of Stock [Line Items]
Declaration Date	Dec. 1, 2020
Date of Record	Dec. 15, 2020
Payable Date	Dec. 31, 2020
Cash Distribution	$ 0.4688
Ordinary Dividend	0.4688
Return of Capital

Preferred Stock - Schedule of_3

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
	Dec. 31, 2020	Sep. 30, 2020	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	$ 0.14875	$ 0.14875	$ 0.13813	$ 0.13813	$ 0.13813	$ 0.13813
Preferred stock dividends declared, aggregate amount	$ 656	$ 657	$ 657	$ 657	$ 610	$ 610	$ 610	$ 610

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 14, 2018
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred stock	2,023,999	2,040,000	2,023,999	2,040,000
Price per share		$ 25
Proceeds from issuance of preferred stock		$ 48,868
Liquidation rights per share		$ 25
Redemption rights per share		$ 25
Redemption rights, description		The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends.
Dividend rights, description		When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)).
Dividend payment terms		On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding.
Maximum shares approved to be repurchased and retired, value	$ 5,000
Stock Repurchased and Retired During Period, Shares			16,001
Series A Preferred Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of Preferred stock		240,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred stock	4,411,764		4,411,764	4,411,764
Dividend rights, description			The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day.
Liquidation preference rights, description			The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be.
Accretion expense			$ 7,416	$ 7,601
Redemption rights			At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference.
Preferred stock, terms of conversion			The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted.
Series B Preferred Stock [Member] | Private Placement [Member]
Class of Stock [Line Items]
Issuance of Preferred stock						4,411,764
Price per share						$ 17
Proceeds from issuance of preferred stock					$ 75,000
Proceeds from issuance of preferred stock, net of issuance costs					$ 71,800

Non-Controlling Interest - Sche

Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Cash Distributions Declared per OP Unit	$ 0.200	$ 0.200	$ 0.200	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375
Aggregate amount	$ 121	$ 135	$ 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	Dec. 31, 2020	Dec. 31, 2019
Issuance of partnership units
Partners' Capital Account, Units, Redeemed			268,664	172,153
Stock Issued During Period, Shares, Conversion of Units			268,664	172,153
Operating partnership units outstanding			606,632	875,296
Loss attributed to non-controlling interest			$ 649	$ 1,518
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 Properties
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) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at December 31, 2019	162,184	124,051
Granted	101,540	90,075
Forfeited	(5,303)
Vested	(68,196)	(51,942)
Unvested restricted stock at December 31, 2020	190,225	162,184

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jul. 30, 2020	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,439	$ 1,205
Unrecognized compensation expense	$ 2,405	$ 2,275
Weighted average period for recognition	3 years	2 years 9 months 18 days
Restricted shares granted	101,540	90,075
Weighted average fair value	$ 1,665	$ 1,559
Weighted average fair value, per share	$ 16.40	$ 17.31
2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive award plan, shares available for grant			875,000	375,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net loss	$ (14,462)	$ (11,938)
Less: loss attributable to non-controlling interest	(649)	(1,518)
Net loss attributable to Plymouth Industrial REIT, Inc.	(13,813)	(10,420)
Less: Preferred stock dividends	6,444	6,263
Less: Series B preferred stock accretion to redemption value	7,416	7,601
Less: Loss on extinguishment of Series A Preferred Stock	34
Less: amount allocated to participating securities	182	239
Net loss attributable to common stockholders	$ (27,889)	$ (24,523)
Denominator
Weighted-average common shares outstanding basic and diluted	18,381,700	8,503,375
Net loss per share attributable to common stockholders – basic and diluted	$ (1.52)	$ (2.88)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	12 Months Ended
	Dec. 31, 2020shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	351,082
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	190,225

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Employment agreements	As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

Retirement Plan (Details Narrat

Retirement Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Amount funded to individual SEP IRA retirement accounts	$ 351	$ 240

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - 100 Million ATM Program $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 27, 2021USD ($)$ / sharesshares
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares	2,658,756
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares	$ 14.86
Sale of Stock, Consideration Received Per Transaction | $	$ 39,515

Schedule III Real Estate Proper

Schedule III Real Estate Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Total real estate properties gross		$ 886,681		$ 655,788	$ 452,610
Accumulated Depreciation		98,283		$ 63,877	$ 41,279
Atlanta Ga 11236 Harland Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		159
Initial cost of building and improvements		909
Costs Capitalized Subsequent to Acquisition		12
Gross amounts of land		159
Gross amounts of building and improvements		921
Total real estate properties gross	[2]	1,080
Accumulated Depreciation	[3]	$ 178
Year Acquired		2017
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	20 years
Atlanta, GA - 11236 Harland Drive #2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 112
Initial cost of building and improvements
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		112
Gross amounts of building and improvements
Total real estate properties gross	[2]	112
Accumulated Depreciation	[3]
Year Acquired		2018
Year Built/Renovated	[4]	—
Depreciable Life (in years)	[5]	0 years
Atlanta Ga 1665 Dogwood Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		$ 494
Initial cost of building and improvements		6,027
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		494
Gross amounts of building and improvements		6,033
Total real estate properties gross	[2]	6,527
Accumulated Depreciation	[3]	$ 991
Year Acquired		2017
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	20 years
Atlanta Ga 1715 Dogwood Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		270
Initial cost of building and improvements		2,879
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		270
Gross amounts of building and improvements		2,880
Total real estate properties gross	[2]	3,150
Accumulated Depreciation	[3]	$ 442
Year Acquired		2017
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	22 years
Atlanta, GA - 265, 228, 430 Industrial Blvd.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,562
Initial cost of building and improvements		15,116
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,562
Gross amounts of building and improvements		15,116
Total real estate properties gross	[2]	17,678
Accumulated Depreciation	[3]	$ 823
Year Acquired		2020
Year Built/Renovated	[4]	1988/1999
Depreciable Life (in years)	[5]	18 years
Atlanta Ga 32 Dart Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		256
Initial cost of building and improvements		4,454
Costs Capitalized Subsequent to Acquisition		405
Gross amounts of land		256
Gross amounts of building and improvements		4,859
Total real estate properties gross	[2]	5,115
Accumulated Depreciation	[3]	$ 1,716
Year Acquired		2014
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	18 years
Atlanta, GA - 40 Pinyon Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 794
Initial cost of building and improvements		2,669
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		794
Gross amounts of building and improvements		2,669
Total real estate properties gross	[2]	3,463
Accumulated Depreciation	[3]	$ 122
Year Acquired		2020
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	28 years
Atlanta, GA - 611 Highway 74 S.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 3,283
Initial cost of building and improvements		13,560
Costs Capitalized Subsequent to Acquisition		54
Gross amounts of land		3,283
Gross amounts of building and improvements		13,614
Total real estate properties gross	[2]	16,897
Accumulated Depreciation	[3]	$ 1,016
Year Acquired		2019
Year Built/Renovated	[4]	1979-2013
Depreciable Life (in years)	[5]	25 years
Atlanta, GA - 665 Highway 74 South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,237
Initial cost of building and improvements		6,952
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,237
Gross amounts of building and improvements		6,952
Total real estate properties gross	[2]	8,189
Accumulated Depreciation	[3]	$ 224
Year Acquired		2020
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	36 years
Atlanta, GA - 6739 New Calhoun Highway NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,876
Initial cost of building and improvements		7,599
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,876
Gross amounts of building and improvements		7,599
Total real estate properties gross	[2]	10,475
Accumulated Depreciation	[3]	$ 523
Year Acquired		2020
Year Built/Renovated	[4]	1981/2017
Depreciable Life (in years)	[5]	20 years
Chicago Il 11351 W 183rd Street [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		361
Initial cost of building and improvements		1,685
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		361
Gross amounts of building and improvements		1,685
Total real estate properties gross	[2]	2,046
Accumulated Depreciation	[3]	$ 455
Year Acquired		2014
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	34 years
Chicago Il 11601 Central Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,479
Initial cost of building and improvements		6,545
Costs Capitalized Subsequent to Acquisition		7
Gross amounts of land		3,479
Gross amounts of building and improvements		6,552
Total real estate properties gross	[2]	10,031
Accumulated Depreciation	[3]	$ 1,228
Year Acquired		2017
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	21 years
Chicago, IL - 11746 Austin Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,062
Initial cost of building and improvements		4,420
Costs Capitalized Subsequent to Acquisition		25
Gross amounts of land		1,062
Gross amounts of building and improvements		4,445
Total real estate properties gross	[2]	5,507
Accumulated Depreciation	[3]	$ 295
Year Acquired		2019
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	25 years
Chicago Il 13040 South Pulaski Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,520
Initial cost of building and improvements		11,115
Costs Capitalized Subsequent to Acquisition		140
Gross amounts of land		3,520
Gross amounts of building and improvements		11,255
Total real estate properties gross	[2]	14,775
Accumulated Depreciation	[3]	$ 2,659
Year Acquired		2017
Year Built/Renovated	[4]	1976
Depreciable Life (in years)	[5]	16 years
Chicago Il 1355 Holmes Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,012
Initial cost of building and improvements		2,789
Costs Capitalized Subsequent to Acquisition		133
Gross amounts of land		1,012
Gross amounts of building and improvements		2,922
Total real estate properties gross	[2]	3,934
Accumulated Depreciation	[3]	$ 1,219
Year Acquired		2014
Year Built/Renovated	[4]	1975/1999
Depreciable Life (in years)	[5]	16 years
Chicago Il 13970 West Laurel Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,447
Initial cost of building and improvements		1,377
Costs Capitalized Subsequent to Acquisition		321
Gross amounts of land		1,447
Gross amounts of building and improvements		1,698
Total real estate properties gross	[2]	3,145
Accumulated Depreciation	[3]	$ 408
Year Acquired		2017
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	14 years
Chicago, IL - 144 Tower Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 866
Initial cost of building and improvements		4,174
Costs Capitalized Subsequent to Acquisition		29
Gross amounts of land		866
Gross amounts of building and improvements		4,203
Total real estate properties gross	[2]	5,069
Accumulated Depreciation	[3]	$ 328
Year Acquired		2019
Year Built/Renovated	[4]	1971/1988 & 2015
Depreciable Life (in years)	[5]	29 years
Chicago Il 14551645 Greenleaf Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,926
Initial cost of building and improvements		5,137
Costs Capitalized Subsequent to Acquisition		554
Gross amounts of land		1,926
Gross amounts of building and improvements		5,691
Total real estate properties gross	[2]	7,617
Accumulated Depreciation	[3]	$ 921
Year Acquired		2017
Year Built/Renovated	[4]	1968
Depreciable Life (in years)	[5]	21 years
Chicago Il 1600 Fleetwood Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,699
Initial cost of building and improvements		9,530
Costs Capitalized Subsequent to Acquisition		83
Gross amounts of land		2,699
Gross amounts of building and improvements		9,613
Total real estate properties gross	[2]	12,312
Accumulated Depreciation	[3]	$ 1,274
Year Acquired		2018
Year Built/Renovated	[4]	1968
Depreciable Life (in years)	[5]	23 years
Chicago, IL - 16801 Exchange Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,905
Initial cost of building and improvements		9,454
Costs Capitalized Subsequent to Acquisition		152
Gross amounts of land		1,905
Gross amounts of building and improvements		9,606
Total real estate properties gross	[2]	11,511
Accumulated Depreciation	[3]	$ 673
Year Acquired		2019
Year Built/Renovated	[4]	1968
Depreciable Life (in years)	[5]	24 years
Chicago, IL - 1717 West Harvester Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 3,843
Initial cost of building and improvements		12,848
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,843
Gross amounts of building and improvements		12,848
Total real estate properties gross	[2]	16,691
Accumulated Depreciation	[3]	$ 1,012
Year Acquired		2020
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	15 years
Chicago Il 1750 South Lincoln Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		489
Initial cost of building and improvements		9,270
Costs Capitalized Subsequent to Acquisition		707
Gross amounts of land		489
Gross amounts of building and improvements		9,977
Total real estate properties gross	[2]	10,466
Accumulated Depreciation	[3]	$ 1,509
Year Acquired		2017
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	24 years
Chicago Il 1796 Sherwin Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,542
Initial cost of building and improvements		3,598
Costs Capitalized Subsequent to Acquisition		98
Gross amounts of land		1,542
Gross amounts of building and improvements		3,696
Total real estate properties gross	[2]	5,238
Accumulated Depreciation	[3]	$ 783
Year Acquired		2017
Year Built/Renovated	[4]	1964
Depreciable Life (in years)	[5]	19 years
Chicago Il 1875 Holmes Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,597
Initial cost of building and improvements		5,199
Costs Capitalized Subsequent to Acquisition		271
Gross amounts of land		1,597
Gross amounts of building and improvements		5,470
Total real estate properties gross	[2]	7,067
Accumulated Depreciation	[3]	$ 2,198
Year Acquired		2014
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	16 years
Chicago Il 189 Seegers Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		470
Initial cost of building and improvements		1,369
Costs Capitalized Subsequent to Acquisition		29
Gross amounts of land		470
Gross amounts of building and improvements		1,398
Total real estate properties gross	[2]	1,868
Accumulated Depreciation	[3]	$ 420
Year Acquired		2014
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	21 years
Chicago Il 2401 Commerce Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		486
Initial cost of building and improvements		4,597
Costs Capitalized Subsequent to Acquisition		701
Gross amounts of land		486
Gross amounts of building and improvements		5,298
Total real estate properties gross	[2]	5,784
Accumulated Depreciation	[3]	$ 1,363
Year Acquired		2014
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	28 years
Chicago Il 28160 North Keith Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,614
Initial cost of building and improvements		1,643
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,614
Gross amounts of building and improvements		1,643
Total real estate properties gross	[2]	3,257
Accumulated Depreciation	[3]	$ 379
Year Acquired		2017
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	16 years
Chicago Il 3 West College Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		728
Initial cost of building and improvements		1,531
Costs Capitalized Subsequent to Acquisition		13
Gross amounts of land		728
Gross amounts of building and improvements		1,544
Total real estate properties gross	[2]	2,272
Accumulated Depreciation	[3]	$ 191
Year Acquired		2018
Year Built/Renovated	[4]	1978
Depreciable Life (in years)	[5]	26 years
Chicago, IL - 330 Armory Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 516
Initial cost of building and improvements		1,330
Costs Capitalized Subsequent to Acquisition		5
Gross amounts of land		516
Gross amounts of building and improvements		1,335
Total real estate properties gross	[2]	1,851
Accumulated Depreciation	[3]	$ 77
Year Acquired		2019
Year Built/Renovated	[4]	1972/2017
Depreciable Life (in years)	[5]	35 years
Chicago, IL - 350 Armory Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 442
Initial cost of building and improvements		835
Costs Capitalized Subsequent to Acquisition		109
Gross amounts of land		442
Gross amounts of building and improvements		944
Total real estate properties gross	[2]	1,386
Accumulated Depreciation	[3]	$ 77
Year Acquired		2019
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	21 years
Chicago Il 38413865 Swanson Court [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,640
Initial cost of building and improvements		2,247
Costs Capitalized Subsequent to Acquisition		117
Gross amounts of land		1,640
Gross amounts of building and improvements		2,364
Total real estate properties gross	[2]	4,004
Accumulated Depreciation	[3]	$ 487
Year Acquired		2017
Year Built/Renovated	[4]	1978
Depreciable Life (in years)	[5]	17 years
Chicago Il 3940 Stern Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,156
Initial cost of building and improvements		5,139
Costs Capitalized Subsequent to Acquisition		802
Gross amounts of land		1,156
Gross amounts of building and improvements		5,941
Total real estate properties gross	[2]	7,097
Accumulated Depreciation	[3]	$ 2,144
Year Acquired		2014
Year Built/Renovated	[4]	1987
Depreciable Life (in years)	[5]	16 years
Chicago Il 440 South Mc Lean [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,332
Initial cost of building and improvements		2,248
Costs Capitalized Subsequent to Acquisition		280
Gross amounts of land		1,332
Gross amounts of building and improvements		2,528
Total real estate properties gross	[2]	3,860
Accumulated Depreciation	[3]	$ 529
Year Acquired		2017
Year Built/Renovated	[4]	1968/1998
Depreciable Life (in years)	[5]	15 years
Chicago, IL - 4915 West 122nd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 848
Initial cost of building and improvements		3,632
Costs Capitalized Subsequent to Acquisition		124
Gross amounts of land		848
Gross amounts of building and improvements		3,756
Total real estate properties gross	[2]	4,604
Accumulated Depreciation	[3]	$ 229
Year Acquired		2019
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	26 years
Chicago Il 6000 West 73rd Street [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,891
Initial cost of building and improvements		3,403
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,891
Gross amounts of building and improvements		3,403
Total real estate properties gross	[2]	5,294
Accumulated Depreciation	[3]	$ 730
Year Acquired		2017
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	17 years
Chicago Il 6510 West 73rd Street [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		4,229
Initial cost of building and improvements		4,105
Costs Capitalized Subsequent to Acquisition		15
Gross amounts of land		4,229
Gross amounts of building and improvements		4,120
Total real estate properties gross	[2]	8,349
Accumulated Depreciation	[3]	$ 967
Year Acquired		2017
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	18 years
Chicago Il 6558 West 73rd Street [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,444
Initial cost of building and improvements		2,325
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		3,444
Gross amounts of building and improvements		2,326
Total real estate properties gross	[2]	5,770
Accumulated Depreciation	[3]	$ 574
Year Acquired		2017
Year Built/Renovated	[4]	1975
Depreciable Life (in years)	[5]	16 years
Chicago Il 6751 Sayre Avenue [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,891
Initial cost of building and improvements		5,743
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,891
Gross amounts of building and improvements		5,743
Total real estate properties gross	[2]	8,634
Accumulated Depreciation	[3]	$ 958
Year Acquired		2017
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	22 years
Chicago Il 7200 Mason Ave [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,519
Initial cost of building and improvements		5,482
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,519
Gross amounts of building and improvements		5,482
Total real estate properties gross	[2]	8,001
Accumulated Depreciation	[3]	$ 1,052
Year Acquired		2017
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	18 years
Chicago, IL - 7207 Mason Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 887
Initial cost of building and improvements		2,608
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		887
Gross amounts of building and improvements		2,608
Total real estate properties gross	[2]	3,495
Accumulated Depreciation	[3]	$ 235
Year Acquired		2019
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	20 years
Chicago, IL - 7420 Meade Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 586
Initial cost of building and improvements		367
Costs Capitalized Subsequent to Acquisition		104
Gross amounts of land		586
Gross amounts of building and improvements		471
Total real estate properties gross	[2]	1,057
Accumulated Depreciation	[3]	$ 60
Year Acquired		2019
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	20 years
Cincinnati Oh 27002758e Kemper Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		847
Initial cost of building and improvements		5,196
Costs Capitalized Subsequent to Acquisition		22
Gross amounts of land		847
Gross amounts of building and improvements		5,218
Total real estate properties gross	[2]	6,065
Accumulated Depreciation	[3]	$ 305
Year Acquired		2019
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	35 years
Cincinnati Oh 28002888e Kemper Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		752
Initial cost of building and improvements		5,448
Costs Capitalized Subsequent to Acquisition		8
Gross amounts of land		752
Gross amounts of building and improvements		5,456
Total real estate properties gross	[2]	6,208
Accumulated Depreciation	[3]	$ 310
Year Acquired		2019
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	35 years
Cincinnati Oh 4115 Thunderbird Lane [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		275
Initial cost of building and improvements		2,093
Costs Capitalized Subsequent to Acquisition		56
Gross amounts of land		275
Gross amounts of building and improvements		2,149
Total real estate properties gross	[2]	2,424
Accumulated Depreciation	[3]	$ 771
Year Acquired		2014
Year Built/Renovated	[4]	1991
Depreciable Life (in years)	[5]	22 years
Cincinnati Oh 45144548 Cornell Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		998
Initial cost of building and improvements		7,281
Costs Capitalized Subsequent to Acquisition		351
Gross amounts of land		998
Gross amounts of building and improvements		7,632
Total real estate properties gross	[2]	8,630
Accumulated Depreciation	[3]	$ 463
Year Acquired		2019
Year Built/Renovated	[4]	1976
Depreciable Life (in years)	[5]	28 years
Cincinnati Oh Fisher Industrial Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		4,147
Initial cost of building and improvements		18,147
Costs Capitalized Subsequent to Acquisition		195
Gross amounts of land		4,147
Gross amounts of building and improvements		18,342
Total real estate properties gross	[2]	22,489
Accumulated Depreciation	[3]	$ 2,606
Year Acquired		2018
Year Built/Renovated	[4]	1946
Depreciable Life (in years)	[5]	20 years
Cincinnati Oh Mosteller Distribution Center [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,501
Initial cost of building and improvements		9,424
Costs Capitalized Subsequent to Acquisition		31
Gross amounts of land		1,501
Gross amounts of building and improvements		9,455
Total real estate properties gross	[2]	10,956
Accumulated Depreciation	[3]	$ 4,413
Year Acquired		2014
Year Built/Renovated	[4]	1959
Depreciable Life (in years)	[5]	14 years
Cincinnati Oh 69006918 Fairfield Business Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		244
Initial cost of building and improvements		2,020
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		244
Gross amounts of building and improvements		2,020
Total real estate properties gross	[2]	2,264
Accumulated Depreciation	[3]	$ 90
Year Acquired		2019
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	38 years
Cleveland, OH - 1200 Chester Industrial Parkway North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,213
Initial cost of building and improvements		6,602
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,213
Gross amounts of building and improvements		6,602
Total real estate properties gross	[2]	7,815
Accumulated Depreciation	[3]	$ 288
Year Acquired		2020
Year Built/Renovated	[4]	2007/2009
Depreciable Life (in years)	[5]	27 years
Cleveland, OH - 1200 Chester Industrial Parkway South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 562
Initial cost of building and improvements		2,689
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		562
Gross amounts of building and improvements		2,689
Total real estate properties gross	[2]	3,251
Accumulated Depreciation	[3]	$ 137
Year Acquired		2020
Year Built/Renovated	[4]	1991
Depreciable Life (in years)	[5]	23 years
Cleveland, OH - 1350 Moore Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 809
Initial cost of building and improvements		2,860
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		809
Gross amounts of building and improvements		2,860
Total real estate properties gross	[2]	3,669
Accumulated Depreciation	[3]	$ 172
Year Acquired		2020
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	20 years
Cleveland, OH - 1366 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,069
Initial cost of building and improvements		4,363
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,069
Gross amounts of building and improvements		4,363
Total real estate properties gross	[2]	5,432
Accumulated Depreciation	[3]	$ 33
Year Acquired		2020
Year Built/Renovated	[4]	1960
Depreciable Life (in years)	[5]	13 years
Cleveland, OH - 14801 Country Rd 212
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 985
Initial cost of building and improvements		13,062
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		985
Gross amounts of building and improvements		13,063
Total real estate properties gross	[2]	14,048
Accumulated Depreciation	[3]	$ 668
Year Acquired		2019
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	25 years
Cleveland Oh 1755 Enterprise Parkway [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,411
Initial cost of building and improvements		12,281
Costs Capitalized Subsequent to Acquisition		959
Gross amounts of land		1,411
Gross amounts of building and improvements		13,240
Total real estate properties gross	[2]	14,651
Accumulated Depreciation	[3]	$ 3,574
Year Acquired		2014
Year Built/Renovated	[4]	1979/2005
Depreciable Life (in years)	[5]	27 years
Cleveland, OH - 2100 International Parkway (2)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		14,818
Costs Capitalized Subsequent to Acquisition
Gross amounts of land
Gross amounts of building and improvements		14,818
Total real estate properties gross	[2]	14,818
Accumulated Depreciation	[3]	$ 47
Year Acquired		2020
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	31 years
Cleveland, OH - 2210 International Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		15,033
Costs Capitalized Subsequent to Acquisition
Gross amounts of land
Gross amounts of building and improvements		15,033
Total real estate properties gross	[2]	15,033
Accumulated Depreciation	[3]	$ 49
Year Acquired		2020
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	27 years
Cleveland, OH - 30339 Diamond Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,815
Initial cost of building and improvements		22,792
Costs Capitalized Subsequent to Acquisition		69
Gross amounts of land		2,815
Gross amounts of building and improvements		22,861
Total real estate properties gross	[2]	25,676
Accumulated Depreciation	[3]	$ 1,884
Year Acquired		2018
Year Built/Renovated	[4]	2007
Depreciable Life (in years)	[5]	34 years
Cleveland, OH - Gilchrist Road I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,775
Initial cost of building and improvements		6,541
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,775
Gross amounts of building and improvements		6,541
Total real estate properties gross	[2]	8,316
Accumulated Depreciation	[3]	$ 39
Year Acquired		2020
Year Built/Renovated	[4]	1961/1978
Depreciable Life (in years)	[5]	17 years
Cleveland, OH - Gilchrist Road II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,671
Initial cost of building and improvements		14,959
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,671
Gross amounts of building and improvements		14,959
Total real estate properties gross	[2]	17,630
Accumulated Depreciation	[3]	$ 88
Year Acquired		2020
Year Built/Renovated	[4]	1994/1998
Depreciable Life (in years)	[5]	22 years
Cleveland, OH - Gilchrist Road III
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 977
Initial cost of building and improvements		12,416
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		977
Gross amounts of building and improvements		12,416
Total real estate properties gross	[2]	13,393
Accumulated Depreciation	[3]	$ 52
Year Acquired		2020
Year Built/Renovated	[4]	1994/1998
Depreciable Life (in years)	[5]	22 years
Cleveland, OH - 4211 Shuffel Street NW
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,086
Initial cost of building and improvements		12,287
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,086
Gross amounts of building and improvements		12,287
Total real estate properties gross	[2]	13,373
Accumulated Depreciation	[3]	$ 64
Year Acquired		2020
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	21 years
Columbus, OH - 100 Paragon Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 582
Initial cost of building and improvements		9,130
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		582
Gross amounts of building and improvements		9,130
Total real estate properties gross	[2]	9,712
Accumulated Depreciation	[3]	$ 133
Year Acquired		2020
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	17 years
Columbus Oh 21202138 New World Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		400
Initial cost of building and improvements		3,007
Costs Capitalized Subsequent to Acquisition		80
Gross amounts of land		400
Gross amounts of building and improvements		3,087
Total real estate properties gross	[2]	3,487
Accumulated Depreciation	[3]	$ 720
Year Acquired		2017
Year Built/Renovated	[4]	1971
Depreciable Life (in years)	[5]	18 years
Columbus Oh 3100 Creekside Parkway [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,203
Initial cost of building and improvements		9,603
Costs Capitalized Subsequent to Acquisition		490
Gross amounts of land		1,203
Gross amounts of building and improvements		10,093
Total real estate properties gross	[2]	11,296
Accumulated Depreciation	[3]	$ 2,693
Year Acquired		2014
Year Built/Renovated	[4]	2004
Depreciable Life (in years)	[5]	27 years
Columbus Oh 3500 Southwest Boulevard [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,488
Initial cost of building and improvements		16,730
Costs Capitalized Subsequent to Acquisition		1,955
Gross amounts of land		1,488
Gross amounts of building and improvements		18,685
Total real estate properties gross	[2]	20,173
Accumulated Depreciation	[3]	$ 6,083
Year Acquired		2014
Year Built/Renovated	[4]	1992
Depreciable Life (in years)	[5]	22 years
Columbus Oh 459 Orange Point Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,256
Initial cost of building and improvements		6,793
Costs Capitalized Subsequent to Acquisition		64
Gross amounts of land		1,256
Gross amounts of building and improvements		6,857
Total real estate properties gross	[2]	8,113
Accumulated Depreciation	[3]	$ 307
Year Acquired		2019
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	40 years
Columbus Oh 7001 American Pkwy [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		331
Initial cost of building and improvements		1,416
Costs Capitalized Subsequent to Acquisition		82
Gross amounts of land		331
Gross amounts of building and improvements		1,498
Total real estate properties gross	[2]	1,829
Accumulated Depreciation	[3]	$ 594
Year Acquired		2014
Year Built/Renovated	[4]	1986/2007 & 2012
Depreciable Life (in years)	[5]	20 years
Columbus Oh 7719 Graphics Way [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,297
Initial cost of building and improvements		2,743
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,297
Gross amounts of building and improvements		2,743
Total real estate properties gross	[2]	4,040
Accumulated Depreciation	[3]	$ 150
Year Acquired		2019
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	40 years
Columbus Oh 8273 Green Meadows Dr [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		341
Initial cost of building and improvements		2,266
Costs Capitalized Subsequent to Acquisition		393
Gross amounts of land		341
Gross amounts of building and improvements		2,659
Total real estate properties gross	[2]	3,000
Accumulated Depreciation	[3]	$ 708
Year Acquired		2014
Year Built/Renovated	[4]	1996/2007
Depreciable Life (in years)	[5]	27 years
Columbus Oh 8288 Green Meadows Dr [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,107
Initial cost of building and improvements		8,413
Costs Capitalized Subsequent to Acquisition		480
Gross amounts of land		1,107
Gross amounts of building and improvements		8,893
Total real estate properties gross	[2]	10,000
Accumulated Depreciation	[3]	$ 3,668
Year Acquired		2014
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	17 years
Florence Ky 7585 Empire Drive [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		644
Initial cost of building and improvements		2,658
Costs Capitalized Subsequent to Acquisition		40
Gross amounts of land		644
Gross amounts of building and improvements		2,698
Total real estate properties gross	[2]	3,342
Accumulated Depreciation	[3]	$ 1,584
Year Acquired		2014
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	11 years
Indianapolis, IN - 2900 N. Shadeland Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,632
Initial cost of building and improvements		14,572
Costs Capitalized Subsequent to Acquisition		342
Gross amounts of land		4,632
Gross amounts of building and improvements		14,914
Total real estate properties gross	[2]	19,546
Accumulated Depreciation	[3]	$ 1,458
Year Acquired		2019
Year Built/Renovated	[4]	1957/1992
Depreciable Life (in years)	[5]	15 years
Indianapolis In 3035 North Shadeland Ave [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,966
Initial cost of building and improvements		11,740
Costs Capitalized Subsequent to Acquisition		578
Gross amounts of land		1,966
Gross amounts of building and improvements		12,318
Total real estate properties gross	[2]	14,284
Accumulated Depreciation	[3]	$ 2,827
Year Acquired		2017
Year Built/Renovated	[4]	1962/2004
Depreciable Life (in years)	[5]	17 years
Indianapolis In 3169 North Shadeland Ave [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		148
Initial cost of building and improvements		884
Costs Capitalized Subsequent to Acquisition		(109)
Gross amounts of land		148
Gross amounts of building and improvements		775
Total real estate properties gross	[2]	923
Accumulated Depreciation	[3]	$ 248
Year Acquired		2017
Year Built/Renovated	[4]	1979/2014
Depreciable Life (in years)	[5]	17 years
Indianapolis, IN - 3333 N. Franklin Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,363
Initial cost of building and improvements		6,525
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,363
Gross amounts of building and improvements		6,525
Total real estate properties gross	[2]	7,888
Accumulated Depreciation	[3]	$ 476
Year Acquired		2020
Year Built/Renovated	[4]	1967
Depreciable Life (in years)	[5]	15 years
Indianapolis, IN - 4430 Sam Jones Expressway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,644
Initial cost of building and improvements		12,570
Costs Capitalized Subsequent to Acquisition		56
Gross amounts of land		2,644
Gross amounts of building and improvements		12,626
Total real estate properties gross	[2]	15,270
Accumulated Depreciation	[3]	$ 1,063
Year Acquired		2019
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	22 years
Indianapolis, IN - 6555 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,881
Initial cost of building and improvements		6,636
Costs Capitalized Subsequent to Acquisition		317
Gross amounts of land		1,881
Gross amounts of building and improvements		6,953
Total real estate properties gross	[2]	8,834
Accumulated Depreciation	[3]	$ 598
Year Acquired		2019
Year Built/Renovated	[4]	1969/1997
Depreciable Life (in years)	[5]	17 years
Indianapolis, IN - 6575 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 566
Initial cost of building and improvements		1,408
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		566
Gross amounts of building and improvements		1,410
Total real estate properties gross	[2]	1,976
Accumulated Depreciation	[3]	$ 117
Year Acquired		2019
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Indianapolis, IN - 6585 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 669
Initial cost of building and improvements		2,216
Costs Capitalized Subsequent to Acquisition		60
Gross amounts of land		669
Gross amounts of building and improvements		2,276
Total real estate properties gross	[2]	2,945
Accumulated Depreciation	[3]	$ 175
Year Acquired		2019
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Indianapolis, IN - 6635 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 535
Initial cost of building and improvements		2,567
Costs Capitalized Subsequent to Acquisition		23
Gross amounts of land		535
Gross amounts of building and improvements		2,590
Total real estate properties gross	[2]	3,125
Accumulated Depreciation	[3]	$ 178
Year Acquired		2019
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Indianapolis, IN - 6701 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 334
Initial cost of building and improvements		428
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		334
Gross amounts of building and improvements		430
Total real estate properties gross	[2]	764
Accumulated Depreciation	[3]	$ 62
Year Acquired		2019
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	17 years
Indianapolis, IN - 6737 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 609
Initial cost of building and improvements		1,858
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		609
Gross amounts of building and improvements		1,860
Total real estate properties gross	[2]	2,469
Accumulated Depreciation	[3]	$ 162
Year Acquired		2019
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	17 years
Indianapolis, IN - 6751 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 709
Initial cost of building and improvements		2,083
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		709
Gross amounts of building and improvements		2,085
Total real estate properties gross	[2]	2,794
Accumulated Depreciation	[3]	$ 167
Year Acquired		2019
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	18 years
Indianapolis, IN - 6951 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 424
Initial cost of building and improvements		1,323
Costs Capitalized Subsequent to Acquisition		50
Gross amounts of land		424
Gross amounts of building and improvements		1,373
Total real estate properties gross	[2]	1,797
Accumulated Depreciation	[3]	$ 105
Year Acquired		2019
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	21 years
Indianapolis, IN - 7901 W. 21st Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,870
Initial cost of building and improvements		8,844
Costs Capitalized Subsequent to Acquisition		15
Gross amounts of land		1,870
Gross amounts of building and improvements		8,859
Total real estate properties gross	[2]	10,729
Accumulated Depreciation	[3]	$ 572
Year Acquired		2019
Year Built/Renovated	[4]	1985/1994
Depreciable Life (in years)	[5]	20 years
Jackson Tn 210 American Dr [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		928
Initial cost of building and improvements		10,442
Costs Capitalized Subsequent to Acquisition		452
Gross amounts of land		928
Gross amounts of building and improvements		10,894
Total real estate properties gross	[2]	11,822
Accumulated Depreciation	[3]	$ 5,450
Year Acquired		2014
Year Built/Renovated	[4]	1967/1981 & 2012
Depreciable Life (in years)	[5]	13 years
Jacksonville Fl Center Point Business Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		9,848
Initial cost of building and improvements		26,411
Costs Capitalized Subsequent to Acquisition		664
Gross amounts of land		9,848
Gross amounts of building and improvements		27,075
Total real estate properties gross	[2]	36,923
Accumulated Depreciation	[3]	$ 2,180
Year Acquired		2018
Year Built/Renovated	[4]	1990-1997
Depreciable Life (in years)	[5]	35 years
Jacksonville Fl Liberty Business Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		9,347
Initial cost of building and improvements		26,978
Costs Capitalized Subsequent to Acquisition		202
Gross amounts of land		9,347
Gross amounts of building and improvements		27,180
Total real estate properties gross	[2]	36,527
Accumulated Depreciation	[3]	$ 2,147
Year Acquired		2018
Year Built/Renovated	[4]	1996-1999
Depreciable Life (in years)	[5]	38 years
Jacksonville Fl Salisbury Business Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		4,354
Initial cost of building and improvements		9,049
Costs Capitalized Subsequent to Acquisition		16
Gross amounts of land		4,354
Gross amounts of building and improvements		9,065
Total real estate properties gross	[2]	13,419
Accumulated Depreciation	[3]	$ 809
Year Acquired		2018
Year Built/Renovated	[4]	2001-2012
Depreciable Life (in years)	[5]	32 years
Jacksonville, FL - 8451 Western Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,240
Initial cost of building and improvements		13,983
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		4,240
Gross amounts of building and improvements		13,983
Total real estate properties gross	[2]	18,223
Accumulated Depreciation	[3]	$ 186
Year Acquired		2020
Year Built/Renovated	[4]	1968/1987
Depreciable Life (in years)	[5]	32 years
Marlton Nj 4 East Stow Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,580
Initial cost of building and improvements		6,954
Costs Capitalized Subsequent to Acquisition		123
Gross amounts of land		1,580
Gross amounts of building and improvements		7,077
Total real estate properties gross	[2]	8,657
Accumulated Depreciation	[3]	$ 2,722
Year Acquired		2014
Year Built/Renovated	[4]	1986
Depreciable Life (in years)	[5]	22 years
Memphis Tn 3635 Knight Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		422
Initial cost of building and improvements		2,820
Costs Capitalized Subsequent to Acquisition		48
Gross amounts of land		422
Gross amounts of building and improvements		2,868
Total real estate properties gross	[2]	3,290
Accumulated Depreciation	[3]	$ 598
Year Acquired		2017
Year Built/Renovated	[4]	1986
Depreciable Life (in years)	[5]	18 years
Memphis Tn 45404600 Pleasant Hill Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,375
Initial cost of building and improvements		18,854
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		1,375
Gross amounts of building and improvements		18,860
Total real estate properties gross	[2]	20,235
Accumulated Depreciation	[3]	$ 757
Year Acquired		2019
Year Built/Renovated	[4]	1991/2005
Depreciable Life (in years)	[5]	37 years
Memphis Tn 600560456075 Shelby Dr [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		488
Initial cost of building and improvements		4,919
Costs Capitalized Subsequent to Acquisition		1,692
Gross amounts of land		488
Gross amounts of building and improvements		6,611
Total real estate properties gross	[2]	7,099
Accumulated Depreciation	[3]	$ 2,225
Year Acquired		2014
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	19 years
Memphis, TN - Airport Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,511
Initial cost of building and improvements		4,352
Costs Capitalized Subsequent to Acquisition		439
Gross amounts of land		1,511
Gross amounts of building and improvements		4,791
Total real estate properties gross	[2]	6,302
Accumulated Depreciation	[3]	$ 1,272
Year Acquired		2017
Year Built/Renovated	[4]	1985-1989
Depreciable Life (in years)	[5]	26 years
Milwaukee Wi 5110 South 6th Street Il [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		689
Initial cost of building and improvements		1,014
Costs Capitalized Subsequent to Acquisition		129
Gross amounts of land		689
Gross amounts of building and improvements		1,143
Total real estate properties gross	[2]	1,832
Accumulated Depreciation	[3]	$ 296
Year Acquired		2017
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	16 years
Portland Me 56 Milliken Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,418
Initial cost of building and improvements		7,482
Costs Capitalized Subsequent to Acquisition		338
Gross amounts of land		1,418
Gross amounts of building and improvements		7,820
Total real estate properties gross	[2]	9,238
Accumulated Depreciation	[3]	$ 2,995
Year Acquired		2014
Year Built/Renovated	[4]	1966/1995, 2005, 2013
Depreciable Life (in years)	[5]	20 years
South Bend, IN - 4491 N. Mayflower Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 289
Initial cost of building and improvements		2,422
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		289
Gross amounts of building and improvements		2,422
Total real estate properties gross	[2]	2,711
Accumulated Depreciation	[3]	$ 385
Year Acquired		2017
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	27 years
South Bend, IN - 4955 Ameritech Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 856
Initial cost of building and improvements		7,251
Costs Capitalized Subsequent to Acquisition		237
Gross amounts of land		856
Gross amounts of building and improvements		7,488
Total real estate properties gross	[2]	8,344
Accumulated Depreciation	[3]	$ 1,152
Year Acquired		2017
Year Built/Renovated	[4]	2004
Depreciable Life (in years)	[5]	27 years
South Bend, IN - 5855 West Carbonmill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 743
Initial cost of building and improvements		6,269
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		743
Gross amounts of building and improvements		6,269
Total real estate properties gross	[2]	7,012
Accumulated Depreciation	[3]	$ 994
Year Acquired		2017
Year Built/Renovated	[4]	2002
Depreciable Life (in years)	[5]	27 years
South Bend, IN - 5861 W. Cleveland Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 234
Initial cost of building and improvements		1,966
Costs Capitalized Subsequent to Acquisition		36
Gross amounts of land		234
Gross amounts of building and improvements		2,002
Total real estate properties gross	[2]	2,236
Accumulated Depreciation	[3]	$ 315
Year Acquired		2017
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	27 years
South Bend, IN - West Brick Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 381
Initial cost of building and improvements		3,209
Costs Capitalized Subsequent to Acquisition		59
Gross amounts of land		381
Gross amounts of building and improvements		3,268
Total real estate properties gross	[2]	3,649
Accumulated Depreciation	[3]	$ 517
Year Acquired		2017
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	27 years
St. Louis, MO - 2635-2645 Metro Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,576
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		656
Gross amounts of building and improvements		2,576
Total real estate properties gross	[2]	3,232
Accumulated Depreciation	[3]	$ 116
Year Acquired		2019
Year Built/Renovated	[4]	1979
Depreciable Life (in years)	[5]	30 years
St. Louis, MO - 5531-5555 Phantom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,133
Initial cost of building and improvements		3,976
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		1,133
Gross amounts of building and improvements		3,977
Total real estate properties gross	[2]	5,110
Accumulated Depreciation	[3]	$ 286
Year Acquired		2019
Year Built/Renovated	[4]	1971
Depreciable Life (in years)	[5]	22 years
St. Louis, MO - Grissom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,780
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		656
Gross amounts of building and improvements		2,780
Total real estate properties gross	[2]	3,436
Accumulated Depreciation	[3]	$ 59
Year Acquired		2020
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	19 years
St Louis Mo St Louis Commerce Center [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,927
Initial cost of building and improvements		20,995
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,927
Gross amounts of building and improvements		20,995
Total real estate properties gross	[2]	24,922
Accumulated Depreciation	[3]	$ 253
Year Acquired		2020
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	33 years
Total Real Estate Owned
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 159,681
Initial cost of building and improvements		707,337
Costs Capitalized Subsequent to Acquisition		16,356
Gross amounts of land		159,681
Gross amounts of building and improvements		723,693
Total real estate properties gross	[2]	883,374
Accumulated Depreciation	[3]	$ 98,084
[1]	These properties secure the $332,011 Secured Debt.
[2]	Total does not include corporate office leasehold improvements of $2,382 and the finance lease right of use asset of $925 related to the ground sublease at 2100 International Parkway.
[3]	Total does not include accumulated depreciation related to corporate office leasehold improvements of $199.
[4]	Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems.
[5]	Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-40 years for buildings and 3-13 years for improvements

Schedule III Real Estate Prop_2

Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate
Balance at the beginning of the year	$ 655,788	$ 452,610
Additions during the year	231,040	203,213
Disposals during the year	(147)	(35)
Balance at the end of the year	886,681	655,788
Accumulated Depreciation
Balance at the beginning of the year	63,877	41,279
Depreciation expense	34,484	22,633
Disposals during the year	(78)	(35)
Balance at the end of the year	$ 98,283	$ 63,877