Plymouth Industrial REIT (PLYM) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Affiliate, Collateralized Security [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-38106
Entity Registrant Name	PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key	0001515816
Entity Tax Identification Number	27-5466153
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	20 Custom House Street
Entity Address, 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 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 Common Stock, Shares Outstanding		31,885,392
Common Stock, par value $0.01 per share
Affiliate, Collateralized Security [Line Items]
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
Affiliate, Collateralized Security [Line Items]
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	PLYM-PrA
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Real estate properties	$ 960,620	$ 886,681
Less accumulated depreciation	(118,523)	(98,283)
Real estate properties, net	842,097	788,398
Cash	13,229	15,668
Cash held in escrow	11,666	11,939
Restricted cash	4,419	4,447
Deferred lease intangibles, net	64,510	66,116
Investment in unconsolidated joint venture	6,186	6,683
Other assets	27,721	27,019
Total assets	969,828	920,270
Liabilities:
Secured debt, net	326,585	328,908
Unsecured debt, net	99,333	99,254
Borrowings under line of credit	68,000	90,000
Accounts payable, accrued expenses and other liabilities	55,284	49,335
Deferred lease intangibles, net	9,925	11,350
Financing lease liability	2,216	2,207
Total liabilities	561,343	581,054
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 31,088,927 and 25,344,161 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	310	253
Additional paid in capital	434,161	360,752
Accumulated deficit	(169,079)	(162,250)
Total stockholders' equity	265,392	198,755
Non-controlling interest	3,797	4,767
Total equity	269,189	203,522
Total liabilities, preferred stock and equity	969,828	920,270
Series A Preferred Stock [Member]
Liabilities:
Preferred stock	48,473	48,485
Series B Preferred Stock [Member]
Liabilities:
Preferred stock	$ 90,823	$ 87,209

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares outstanding	4,411,764	4,411,764
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	31,088,927	25,344,161
Common stock, shares outstanding	31,088,927	25,344,161
Series A Preferred Stock [Member]
Preferred stock, shares outstanding	2,023,551	2,023,999
Preferred stock, shares issued	2,023,551	2,023,999
Preferred stock, liquidation preference	$ 50,589	$ 50,600
Series B Preferred Stock [Member]
Preferred stock, shares issued	4,411,764	4,411,764
Preferred stock, liquidation preference	$ 97,277	$ 97,230

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Rental revenue	$ 32,758	$ 26,137	$ 64,591	$ 52,366
Management fee revenue and other income	97		180
Total revenues	32,855	26,137	64,771	52,366
Operating expenses:
Property	10,940	9,026	22,366	18,037
Depreciation and amortization	16,902	13,520	32,679	27,617
General and administrative	3,309	2,576	6,318	5,098
Total operating expenses	31,151	25,122	61,363	50,752
Other income (expense):
Interest expense	(4,825)	(4,900)	(9,583)	(9,771)
Earnings (loss) in investment of unconsolidated joint venture	(224)		(497)
Gain on sale of real estate			590
Unrealized (appreciation) depreciation of warrants	(636)		(883)
Total other income (expense)	(5,685)	(4,900)	(10,373)	(9,771)
Net loss	(3,981)	(3,885)	(6,965)	(8,157)
Less: Loss attributable to non-controlling interest	(71)	(209)	(136)	(454)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,910)	(3,676)	(6,829)	(7,703)
Less: Preferred stock dividends	1,652	1,613	3,304	3,226
Less: Series B preferred stock accretion to redemption value	1,807	1,854	3,614	3,708
Less: Amount allocated to participating securities	48	30	105	106
Net loss attributable to common stockholders	$ (7,417)	$ (7,173)	$ (13,852)	$ (14,743)
Net loss basic and diluted per share attributable to common stockholders	$ (0.25)	$ (0.49)	$ (0.49)	$ (1.02)
Weighted-average common shares outstanding basic and diluted	29,348,561	14,649,290	28,282,565	14,514,233

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock Series A [Member]	Preferred Stock Series B	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	$ 256,259	$ (148,403)	$ 107,997	$ 6,767	$ 114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock			$ 6	10,808		10,814		10,814
Stock Issued During Period, Shares, Other			593,705
Stock based compensation				349		349		349
Restricted shares issued
Stock Issued During Period, Shares, Restricted Stock Award, Gross			44,900
Dividends and distributions				(7,159)		(7,159)	(324)	(7,483)
Net loss					(4,027)	(4,027)	(245)	(4,272)
Redemption of partnership units			1	194		195	(195)
Reallocation of non-controlling interest				(193)		(193)	193
Ending balance, value at Mar. 31, 2020	$ 48,868	$ 81,647	$ 148	258,404	(152,430)	106,122	6,196	112,318
Shares, Outstanding, Ending Balance at Mar. 31, 2020	2,040,000	4,411,764	14,791,437
Beginning balance, value at Dec. 31, 2019	$ 48,868	$ 79,793	$ 141	256,259	(148,403)	107,997	6,767	114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	2,040,000	4,411,764	14,141,355
Series B Preferred stock accretion to redemption value								(3,708)
Net proceeds from common stock								23,351
Net loss								(8,157)
Ending balance, value at Jun. 30, 2020	$ 48,868	$ 83,501	$ 159	265,774	(156,106)	109,827	4,715	114,542
Shares, Outstanding, Ending Balance at Jun. 30, 2020	2,040,000	4,411,764	15,897,644
Beginning balance, value at Mar. 31, 2020	$ 48,868	$ 81,647	$ 148	258,404	(152,430)	106,122	6,196	112,318
Shares, Outstanding, Beginning Balance at Mar. 31, 2020	2,040,000	4,411,764	14,791,437
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock			$ 11	12,525		12,536		12,536
Stock Issued During Period, Shares, Other			1,060,300
Stock based compensation				383		383		383
Dividends and distributions				(4,792)		(4,792)	(164)	(4,956)
Net loss					(3,676)	(3,676)	(209)	(3,885)
Redemption of partnership units				780		780	(780)
Stock Issued During Period, Shares, Conversion of Units			45,907,000
Reallocation of non-controlling interest				328		328	(328)
Ending balance, value at Jun. 30, 2020	$ 48,868	$ 83,501	$ 159	265,774	(156,106)	109,827	4,715	114,542
Shares, Outstanding, Ending Balance at Jun. 30, 2020	2,040,000	4,411,764	15,897,644
Beginning balance, value at Dec. 31, 2020	$ 48,485	$ 87,209	$ 253	360,752	(162,250)	198,755	4,767	203,522
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	2,023,999	4,411,764	25,344,161
Repurchase and extinguishment of Series A Preferred stock	$ (12)
Stock Repurchased and Retired During Period, Shares	(448)
Series B Preferred stock accretion to redemption value		1,807		(1,807)		(1,807)		(1,807)
Net proceeds from common stock			$ 30	42,480		42,510		42,510
Stock Issued During Period, Shares, Other			2,883,794
Stock based compensation				418		418		418
Restricted shares issued
Stock Issued During Period, Shares, Restricted Stock Award, Gross			110,000
Dividends and distributions				(7,320)		(7,320)	(121)	(7,441)
Net loss					(2,919)	(2,919)	(65)	(2,984)
Stock Issued During Period, Shares, Conversion of Units			11,477,000
Ending balance, value at Mar. 31, 2021	$ 48,473	$ 89,016	$ 283	394,523	(165,169)	229,637	4,581	234,218
Shares, Outstanding, Ending Balance at Mar. 31, 2021	2,023,551	4,411,764	28,337,955
Beginning balance, value at Dec. 31, 2020	$ 48,485	$ 87,209	$ 253	360,752	(162,250)	198,755	4,767	203,522
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	2,023,999	4,411,764	25,344,161
Series B Preferred stock accretion to redemption value								(3,614)
Net proceeds from common stock								91,094
Net loss								(6,965)
Ending balance, value at Jun. 30, 2021	$ 48,473	$ 90,823	$ 310	434,161	(169,079)	265,392	3,797	269,189
Shares, Outstanding, Ending Balance at Jun. 30, 2021	2,023,551	4,411,764	31,088,927
Beginning balance, value at Mar. 31, 2021	$ 48,473	$ 89,016	$ 283	394,523	(165,169)	229,637	4,581	234,218
Shares, Outstanding, Beginning Balance at Mar. 31, 2021	2,023,551	4,411,764	28,337,955
Series B Preferred stock accretion to redemption value		$ 1,807		(1,807)		(1,807)		(1,807)
Net proceeds from common stock			$ 26	48,558		48,584		48,584
Stock Issued During Period, Shares, Other			2,646,854
Stock based compensation				461		461		461
Restricted shares issued
Stock Issued During Period, Shares, Restricted Stock Award, Gross			5,000
Dividends and distributions				(8,180)		(8,180)	(106)	(8,286)
Net loss					(3,910)	(3,910)	(71)	(3,981)
Redemption of partnership units			$ 1	1,684		1,685	(1,685)
Stock Issued During Period, Shares, Conversion of Units			99,118,000
Reallocation of non-controlling interest				(1,078)		(1,078)	1,078
Ending balance, value at Jun. 30, 2021	$ 48,473	$ 90,823	$ 310	$ 434,161	$ (169,079)	$ 265,392	$ 3,797	$ 269,189
Shares, Outstanding, Ending Balance at Jun. 30, 2021	2,023,551	4,411,764	31,088,927

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (6,965)	$ (8,157)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	32,679	27,617
Straight line rent adjustment	(1,760)	(961)
Intangible amortization in rental revenue, net	(1,109)	(986)
Amortization of debt related costs	739	665
Unrealized (appreciation) depreciation of warrants	883
Stock based compensation	879	732
(Earnings) loss in investment of unconsolidated joint venture	497
Gain on sale of real estate	(590)
Changes in operating assets and liabilities:
Other assets	706	(5,618)
Deferred leasing costs	(2,103)	(456)
Accounts payable, accrued expenses and other liabilities	2,761	7,715
Net cash provided by operating activities	26,617	20,551
Investing activities
Acquisition of real estate properties	(76,023)	(89,053)
Real estate improvements	(7,718)	(3,219)
Proceeds from sale of real estate, net	2,204
Net cash used in investing activities	(81,537)	(92,272)
Financing activities
Proceeds from issuance of common stock, net	91,094	23,351
Proceeds from issuance of secured debt		81,000
Repayment of secured debt	(2,667)	(2,556)
Proceeds from line of credit facility	42,000	41,500
Repayment of line of credit facility	(64,000)	(50,300)
Repurchase of Series A Preferred Stock	(12)
Debt issuance costs		(355)
Dividends and distributions paid	(14,235)	(14,071)
Net cash provided by financing activities	52,180	78,569
Net (decrease) increase in cash, cash held in escrow, and restricted cash	(2,740)	6,848
Cash, cash held in escrow, and restricted cash at beginning of period	32,054	22,398
Cash, cash held in escrow, and restricted cash at end of period	29,314	29,246
Supplemental Cash Flow Disclosures:
Cash paid for interest	8,916	9,016
Supplemental Non-Cash Investing and Financing Activities:
Dividends declared included in dividends payable	7,232	3,836
Distribution payable to non-controlling interest holder	106	164
Series B accretion to redemption value	3,614	3,708
Real estate improvements included in accounts payable, accrued expenses and other liabilities	1,960	98
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 248	$ 757

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of June 30, 2021, and December 31, 2020, the Company owned a 98.4 97.7 The Company is a real estate investment trust focused 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 within the main industrial, distribution and logistics corridors of the United States. As of June 30, 2021, the Company, through its subsidiaries, owned 113 147 24.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, 2020 and 2019. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows: Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. These interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2020 and 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission on February 26, 2021. 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 condensed 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. The Company's only significant asset is its investment in the Operating Partnership, therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership. Risks and Uncertainties The COVID-19 pandemic continues to be a potential significant risk facing the Company and its tenants. While the Company did not incur any significant disruptions during the three and six months ended June 30, 2021, it will continue to monitor rent collections and evaluate any tenant rent relief requests on an individual basis. Given the continued uncertainty surrounding the COVID-19 pandemic and the emergence of variants of the virus, the Company is unable to predict the future impacts from the COVID-19 pandemic. As such, our future operating results may be adversely impacted by future developments that impact our tenants’ ability to generate revenue and pay their rent as due. The state of the overall economy beyond the current impacts of the COVID-19 pandemic can also significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets of 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 to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. Management fee revenue related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. 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 The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2021 2020 Cash $ 13,229 $ 15,668 Cash held in escrow 11,666 11,939 Restricted cash 4,419 4,447 Cash, cash held in escrow, and restricted cash $ 29,314 $ 32,054 Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $ 1,279 396 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities, which are considered Level 1 in the 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 June 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 329,344 $ 348,101 $ 332,011 $ 351,744 Unsecured debt 100,000 101,527 100,000 100,000 Borrowings under line of credit, net 68,000 68,649 90,000 90,000 Total 497,344 $ 518,277 522,011 $ 541,744 Unamortized debt issuance cost, net (3,978 ) (4,507 ) Unamortized premium/(discount), net 552 658 Total carrying value $ 493,918 $ 518,162 Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 8,018 8,018 4,040 3,511 2,055 2,371 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. Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture 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, we do not have control or kick out rights and therefore the investment in the unconsolidated joint venture 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 condensed consolidated balance sheets, and our share of net income or loss from the joint venture is included within the condensed consolidated statements of operations. New Accounting Standards Recently Adopted 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. 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.

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at June 30, 2021 and December 31, 2020: Real Estate Properties - Schedule of Real Estate Properties June 30, December 31, 2021 2020 Land $ 170,245 $ 159,681 Buildings and improvements 703,317 652,191 Site improvements 79,849 74,129 Construction in progress 7,209 680 960,620 886,681 Less: accumulated depreciation (118,523 ) (98,283 ) Real estate properties, net $ 842,097 $ 788,398 Depreciation expense was $ 10,760 8,489 20,902 16,575 Acquisition of Properties The Company made the following acquisitions of properties during the six months ended June 30, 2021: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Kansas City, MO February 12, 2021 221,911 1 $ 8,600 St. Louis, MO March 23, 2021 142,364 1 7,800 Chicago, IL March 25, 2021 149,474 1 7,900 Cleveland, OH March 29, 2021 100,150 1 7,700 Columbus, OH March 29, 2021 772,450 1 29,000 Memphis, TN June 29, 2021 74,665 1 5,250 St. Louis, MO June 30, 2021 155,434 1 8,800 Total 1,616,448 7 $ 75,050 _______________ (1) Purchase price does not include capitalized acquisition costs. The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Six Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 75,050 N/A Acquisition costs 973 N/A Total $ 76,023 Allocation of Purchase Price Land $ 11,248 N/A Building 50,344 N/A Site improvements 5,953 N/A Total real estate properties 67,545 Deferred Lease Intangibles Tenant relationships 1,620 4.0 Leasing commissions 1,144 3.9 Above market lease value 12 2.3 Below market lease value ( 271 ) 4.1 Lease in place value 5,973 4.2 Net deferred lease intangibles 8,478 Totals $ 76,023 All acquisitions completed during the six months ended June 30, 2021 were considered asset acquisitions under ASC 805. Sale of Real Estate During the six months ended June 30, 2021, the Company sold a single, 98,340 2,037 590 167

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	4. 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 is responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and is 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 six months ended June 30, 2021, we recognized fees of $ 165 83

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases
Leases	5. Leases As a Lessor We lease our properties to tenants under agreements classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the condensed consolidated statements of operations. Some of our tenant leases are subject to changes in the Consumer Price Index (“CPI”). The Company includes accounts receivable and straight-line rent receivables within other assets in the condensed consolidated balance sheets. For the six months ended June 30, 2021 and 2020, 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 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income from leases $ 23,865 $ 19,483 $ 47,312 $ 38,778 Straight-line rent adjustments 1,146 443 1,760 961 Tenant recoveries 7,131 5,773 14,410 11,641 Amortization of above market leases (288 ) (199 ) (587 ) (402 ) Amortization of below market leases 904 637 1,696 1,388 Total $ 32,758 $ 26,137 $ 64,591 $ 52,366 Tenant recoveries included within rental revenue for the six months ended June 30, 2021 and 2020 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. For the three months ended June 30, 2021, the Company did not enter into any COVID-19 related concessions. For the six months ended June 30, 2021, the Company entered into a single COVID-19 related rent deferral concession and concluded that such concession was not a modification of the respective lease. As a Lessee Operating Leases At June 30, 2021, we have five office space operating leases and a single ground operating sublease 2.9 34.5 6,967 8,297 4.1 9.5 The following table summarizes the operating lease expense recognized during the three and six months ended June 30, 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 188 $ 275 $ 370 $ 507 Operating lease expense included in property expense attributable to ground sublease 9 — 29 — Non-cash adjustment due to straight-line rent adjustments 17 (154 ) 104 (262 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 214 $ 121 $ 503 $ 245 The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in Accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases July 1, 2021 – December 31, 2021 $ 633 2022 1,286 2023 1,311 2024 1,280 2025 894 Thereafter 5,110 Total minimum operating lease payments $ 10,514 Less imputed interest (2,217 ) Total operating lease liability $ 8,297 Financing Leases As of June 30, 2021, 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 condensed 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 34.5 includes the exercise of a single twenty-year renewal options 7.8 34.5 The following table summarizes the financing lease expense recognized during the three and six months ended June 30, 2021 included in the Company’s condensed consolidated statements of operations. There were no financing leases for the three and six months ended June 30, 2020. Leases - Schedule of Finance Lease Expense Three Months Six Months June 30, 2021 June 30, 2021 Depreciation/amortization of financing lease right-of-use assets $ 6 $ 13 Interest expense for financing lease liability 43 87 Total financing lease cost $ 49 $ 100 The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity July 1, 2021 – December 31, 2021 $ 77 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,419 Less imputed interest (5,203 ) Total financing lease liability $ 2,216

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Indebtedness	6. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its secured and unsecured term loans and unsecured line of credit as of June 30, 2021 and December 31, 2020. Indebtedness - Schedule of Borrowings Outstanding Outstanding Balance at Loan June 30, December 31, Interest rate at Final Maturity Date Secured loans: AIG Loan $ 115,795 $ 117,087 4.08% November 1, 2023 Transamerica Loan 72,312 72,960 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,663 20,870 3.78% May 1, 2028 JPMorgan Chase Loan 13,323 13,440 5.23% January 1, 2027 Lincoln Life Mortgage 9,178 9,289 3.41% January 10, 2022 Ohio National Life Mortgage 19,958 20,250 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Total secured loans $ 329,344 $ 332,011 Unamortized debt issuance costs, net (3,311 ) (3,761 ) Unamortized premium/(discount), net 552 658 Total secured loans, net $ 326,585 $ 328,908 Unsecured loans: KeyBank unsecured term loan 100,000 100,000 1.95 (1) October 8, 2025 Total unsecured loans $ 100,000 $ 100,000 Unamortized debt issuance costs, net (667 ) (746 ) Total unsecured loans, net $ 99,333 $ 99,254 Borrowings under line of credit facility: Unsecured line of credit 68,000 90,000 1.95 (1) October 8, 2024 Total borrowings under line of credit $ 68,000 $ 90,000 _______________ (1) The 1-month LIBOR rate as of June 30, 2021 was 0.10% 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 June 30, 2021.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	7. Common Stock ATM Program On February 27, 2020, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Barclays Capital Inc., J.P. Morgan Securities, LLC, Capital One Securities, Inc., Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., D.A. Davidson & Co. and National Securities Corporation pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $ 100,000 On May 26, 2021, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities Inc., JMP Securities LLC, J.P. Morgan Securities, LLC, National Securities Corporation and Wedbush Securities Inc 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 $ 125,000 During the six months ended June 30, 2021, the Company issued 5,530,648 16.85 91,094 98,823 Common Stock Warrants The Company has warrants outstanding to acquire 354,230 16.24 A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2021 $ 396 Unrealized appreciation (depreciation) 883 Balance at June 30, 2021 $ 1,279 The warrants in the amount of $ 1,279 16.24 18.7 0.84 0.96 0.07 396 16.39 27.4 $0.80 1.45 0.13 Common Stock Dividends The following table sets forth the common stock distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.2000 $ 5,668 Second quarter $ 0.2100 $ 6,528 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

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Preferred Stock	8. Preferred Stock Series A Preferred Stock The table below sets forth the Company’s outstanding Series A Preferred Stock as of June 30, 2021: Preferred Stock - Schedule of Series A Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Dividend 7.5% Series A Preferred Stock 10/25/2017 2,023,551 $ 25.00 7.5% The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.4688 $ 949 Second quarter $ 0.4688 $ 949 2020 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 949 Series B Preferred Stock The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock as of June 30, 2021. Preferred Stock - Schedule of Series B Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.75% The following table sets forth the Series B preferred stock dividends for the six months ended June 30, 2021 and the year ended December 31, 2020. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.159375 $ 703 Second quarter $ 0.159375 $ 703 2020 First quarter $ 0.148750 $ 657 Second quarter $ 0.148750 $ 657 Third quarter $ 0.148750 $ 657 Fourth quarter $ 0.148750 $ 656

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Non-Controlling Interests	9. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued Operating Partnership Units (“OP Units”) to the former owners as part of the acquisition price. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The holders of the OP Units can also convert their respective OP Units for the Company’s common stock on a 1-to-1 basis. Upon conversion, the Company adjusts the carrying value of noncontrolling interest to reflect its modified share of the book value of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of noncontrolling interest on the accompanying condensed consolidated statements of changes in preferred stock and equity. OP Units outstanding as of June 30, 2021 and December 31, 2020, were 507,514 and 606,632, respectively. The following table sets forth the OP Unit distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2021 First quarter $ 0.200 $ 121 Second quarter $ 0.210 $ 106 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 Third quarter $ 0.200 $ 135 Fourth quarter $ 0.200 $ 121 The proportionate share of the loss attributed to the partnership units was $71 and $209 for the three months ended June 30, 2021 and 2020, respectively, and $136 and $454 for the six months ended June 30, 2021 and 2020, respectively.

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	10. Incentive Award Plan The following table is a summary of the total restricted shares granted, forfeited and vested for the six months ended June 30, 2021: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 116,000 Forfeited (1,000 ) Vested (75,251 ) Unvested restricted stock at June 30, 2021 229,974 The Company recorded equity-based compensation expense in the amount of $ 879 732 3,298 3.3 116,000 1,788 15.41

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	11. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net loss $ (3,981 ) $ (3,885 ) $ (6,965 ) $ (8,157 ) Less: Loss attributable to non-controlling interest (71 ) (209 ) (136 ) (454 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,910 ) (3,676 ) (6,829 ) (7,703 ) Less: Preferred stock dividends 1,652 1,613 3,304 3,226 Less: Series B Preferred stock accretion to redemption value 1,807 1,854 3,614 3,708 Less: Amount allocated to participating securities 48 30 105 106 Net loss attributable to common stockholders $ (7,417 ) $ (7,173 ) $ (13,852 ) $ (14,743 ) Denominator Weighted-average common shares outstanding basic and diluted 29,348,561 14,649,290 28,282,565 14,514,233 Net loss per share attributable to common stockholders – basic and diluted $ (0.25 ) $ (0.49 ) $ (0.49 ) $ (1.02 ) 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 at June 30, 2021 include the 354,230 229,974

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, 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 significant legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred, the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for acquisitions, the agreements contain a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On July 9, 2021, the Company acquired a single-building multi-tenant industrial property, consisting of approximately 232,375 9,200 On July 30, 2021, the Company acquired a two-building, multi-tenant industrial property, consisting of approximately 316,935 6,277

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. These interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2020 and 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission on February 26, 2021.
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 condensed 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. The Company's only significant asset is its investment in the Operating Partnership, therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership.
Risks and Uncertainties	Risks and Uncertainties The COVID-19 pandemic continues to be a potential significant risk facing the Company and its tenants. While the Company did not incur any significant disruptions during the three and six months ended June 30, 2021, it will continue to monitor rent collections and evaluate any tenant rent relief requests on an individual basis. Given the continued uncertainty surrounding the COVID-19 pandemic and the emergence of variants of the virus, the Company is unable to predict the future impacts from the COVID-19 pandemic. As such, our future operating results may be adversely impacted by future developments that impact our tenants’ ability to generate revenue and pay their rent as due. The state of the overall economy beyond the current impacts of the COVID-19 pandemic can also significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets of 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 to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. Management fee revenue related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.
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 The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2021 2020 Cash $ 13,229 $ 15,668 Cash held in escrow 11,666 11,939 Restricted cash 4,419 4,447 Cash, cash held in escrow, and restricted cash $ 29,314 $ 32,054
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $ 1,279 396 Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities, which are considered Level 1 in the 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 June 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 329,344 $ 348,101 $ 332,011 $ 351,744 Unsecured debt 100,000 101,527 100,000 100,000 Borrowings under line of credit, net 68,000 68,649 90,000 90,000 Total 497,344 $ 518,277 522,011 $ 541,744 Unamortized debt issuance cost, net (3,978 ) (4,507 ) Unamortized premium/(discount), net 552 658 Total carrying value $ 493,918 $ 518,162
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 8,018 8,018 4,040 3,511 2,055 2,371
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.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture 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, we do not have control or kick out rights and therefore the investment in the unconsolidated joint venture 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 condensed consolidated balance sheets, and our share of net income or loss from the joint venture is included within the condensed consolidated statements of operations.
New Accounting Standards Recently Adopted	New Accounting Standards Recently Adopted 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.
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)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash June 30, December 31, 2021 2020 Cash $ 13,229 $ 15,668 Cash held in escrow 11,666 11,939 Restricted cash 4,419 4,447 Cash, cash held in escrow, and restricted cash $ 29,314 $ 32,054
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 June 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments June 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 329,344 $ 348,101 $ 332,011 $ 351,744 Unsecured debt 100,000 101,527 100,000 100,000 Borrowings under line of credit, net 68,000 68,649 90,000 90,000 Total 497,344 $ 518,277 522,011 $ 541,744 Unamortized debt issuance cost, net (3,978 ) (4,507 ) Unamortized premium/(discount), net 552 658 Total carrying value $ 493,918 $ 518,162

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate Properties	Real estate properties consisted of the following at June 30, 2021 and December 31, 2020: Real Estate Properties - Schedule of Real Estate Properties June 30, December 31, 2021 2020 Land $ 170,245 $ 159,681 Buildings and improvements 703,317 652,191 Site improvements 79,849 74,129 Construction in progress 7,209 680 960,620 886,681 Less: accumulated depreciation (118,523 ) (98,283 ) Real estate properties, net $ 842,097 $ 788,398
Real Estate Properties - Schedule of Real Estate Acquisitions	The Company made the following acquisitions of properties during the six months ended June 30, 2021: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Kansas City, MO February 12, 2021 221,911 1 $ 8,600 St. Louis, MO March 23, 2021 142,364 1 7,800 Chicago, IL March 25, 2021 149,474 1 7,900 Cleveland, OH March 29, 2021 100,150 1 7,700 Columbus, OH March 29, 2021 772,450 1 29,000 Memphis, TN June 29, 2021 74,665 1 5,250 St. Louis, MO June 30, 2021 155,434 1 8,800 Total 1,616,448 7 $ 75,050 _______________ (1) Purchase price does not include capitalized acquisition costs.
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Six Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 75,050 N/A Acquisition costs 973 N/A Total $ 76,023 Allocation of Purchase Price Land $ 11,248 N/A Building 50,344 N/A Site improvements 5,953 N/A Total real estate properties 67,545 Deferred Lease Intangibles Tenant relationships 1,620 4.0 Leasing commissions 1,144 3.9 Above market lease value 12 2.3 Below market lease value ( 271 ) 4.1 Lease in place value 5,973 4.2 Net deferred lease intangibles 8,478 Totals $ 76,023

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Leases - Schedule of Rental Revenue Components	Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income from leases $ 23,865 $ 19,483 $ 47,312 $ 38,778 Straight-line rent adjustments 1,146 443 1,760 961 Tenant recoveries 7,131 5,773 14,410 11,641 Amortization of above market leases (288 ) (199 ) (587 ) (402 ) Amortization of below market leases 904 637 1,696 1,388 Total $ 32,758 $ 26,137 $ 64,591 $ 52,366
Leases - Schedule of Lease Costs	The following table summarizes the operating lease expense recognized during the three and six months ended June 30, 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 188 $ 275 $ 370 $ 507 Operating lease expense included in property expense attributable to ground sublease 9 — 29 — Non-cash adjustment due to straight-line rent adjustments 17 (154 ) 104 (262 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 214 $ 121 $ 503 $ 245
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases	The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in Accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases July 1, 2021 – December 31, 2021 $ 633 2022 1,286 2023 1,311 2024 1,280 2025 894 Thereafter 5,110 Total minimum operating lease payments $ 10,514 Less imputed interest (2,217 ) Total operating lease liability $ 8,297
Leases - Schedule of Finance Lease Expense	The following table summarizes the financing lease expense recognized during the three and six months ended June 30, 2021 included in the Company’s condensed consolidated statements of operations. There were no financing leases for the three and six months ended June 30, 2020. Leases - Schedule of Finance Lease Expense Three Months Six Months June 30, 2021 June 30, 2021 Depreciation/amortization of financing lease right-of-use assets $ 6 $ 13 Interest expense for financing lease liability 43 87 Total financing lease cost $ 49 $ 100
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 July 1, 2021 – December 31, 2021 $ 77 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,419 Less imputed interest (5,203 ) Total financing lease liability $ 2,216

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Indebtedness - Schedule of Borrowings Outstanding	The following table sets forth a summary of the Company’s borrowings outstanding under its secured and unsecured term loans and unsecured line of credit as of June 30, 2021 and December 31, 2020. Indebtedness - Schedule of Borrowings Outstanding Outstanding Balance at Loan June 30, December 31, Interest rate at Final Maturity Date Secured loans: AIG Loan $ 115,795 $ 117,087 4.08% November 1, 2023 Transamerica Loan 72,312 72,960 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,663 20,870 3.78% May 1, 2028 JPMorgan Chase Loan 13,323 13,440 5.23% January 1, 2027 Lincoln Life Mortgage 9,178 9,289 3.41% January 10, 2022 Ohio National Life Mortgage 19,958 20,250 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Total secured loans $ 329,344 $ 332,011 Unamortized debt issuance costs, net (3,311 ) (3,761 ) Unamortized premium/(discount), net 552 658 Total secured loans, net $ 326,585 $ 328,908 Unsecured loans: KeyBank unsecured term loan 100,000 100,000 1.95 (1) October 8, 2025 Total unsecured loans $ 100,000 $ 100,000 Unamortized debt issuance costs, net (667 ) (746 ) Total unsecured loans, net $ 99,333 $ 99,254 Borrowings under line of credit facility: Unsecured line of credit 68,000 90,000 1.95 (1) October 8, 2024 Total borrowings under line of credit $ 68,000 $ 90,000 _______________ (1) The 1-month LIBOR rate as of June 30, 2021 was 0.10%

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 $ 396 Unrealized appreciation (depreciation) 883 Balance at June 30, 2021 $ 1,279
Common Stock - Schedule of Common Stock Dividends Declared	The following table sets forth the common stock distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.2000 $ 5,668 Second quarter $ 0.2100 $ 6,528 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

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Preferred Stock - Schedule of Series A Preferred Stock Outstanding	The table below sets forth the Company’s outstanding Series A Preferred Stock as of June 30, 2021: Preferred Stock - Schedule of Series A Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Dividend 7.5% Series A Preferred Stock 10/25/2017 2,023,551 $ 25.00 7.5%
Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared	The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.4688 $ 949 Second quarter $ 0.4688 $ 949 2020 First quarter $ 0.4688 $ 956 Second quarter $ 0.4688 $ 956 Third quarter $ 0.4688 $ 956 Fourth quarter $ 0.4688 $ 949
Preferred Stock - Schedule of Series B Preferred Stock Outstanding	The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock as of June 30, 2021. Preferred Stock - Schedule of Series B Preferred Stock Outstanding Preferred Stock Issuance Issuance Number Liquidation Value Current Series B Convertible 12/14/2018 4,411,764 $ 22.04 3.75%
Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared	The following table sets forth the Series B preferred stock dividends for the six months ended June 30, 2021 and the year ended December 31, 2020. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2021 First quarter $ 0.159375 $ 703 Second quarter $ 0.159375 $ 703 2020 First quarter $ 0.148750 $ 657 Second quarter $ 0.148750 $ 657 Third quarter $ 0.148750 $ 657 Fourth quarter $ 0.148750 $ 656

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest	The following table sets forth the OP Unit distributions that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2021 First quarter $ 0.200 $ 121 Second quarter $ 0.210 $ 106 2020 First quarter $ 0.375 $ 324 Second quarter $ 0.200 $ 164 Third quarter $ 0.200 $ 135 Fourth quarter $ 0.200 $ 121

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity	The following table is a summary of the total restricted shares granted, forfeited and vested for the six months ended June 30, 2021: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 116,000 Forfeited (1,000 ) Vested (75,251 ) Unvested restricted stock at June 30, 2021 229,974

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share - Schedule of Earnings per Share	Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net loss $ (3,981 ) $ (3,885 ) $ (6,965 ) $ (8,157 ) Less: Loss attributable to non-controlling interest (71 ) (209 ) (136 ) (454 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,910 ) (3,676 ) (6,829 ) (7,703 ) Less: Preferred stock dividends 1,652 1,613 3,304 3,226 Less: Series B Preferred stock accretion to redemption value 1,807 1,854 3,614 3,708 Less: Amount allocated to participating securities 48 30 105 106 Net loss attributable to common stockholders $ (7,417 ) $ (7,173 ) $ (13,852 ) $ (14,743 ) Denominator Weighted-average common shares outstanding basic and diluted 29,348,561 14,649,290 28,282,565 14,514,233 Net loss per share attributable to common stockholders – basic and diluted $ (0.25 ) $ (0.49 ) $ (0.49 ) $ (1.02 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	6 Months Ended	12 Months Ended
	Jun. 30, 2021ft²Number	Dec. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of industrial properties owned	113
Buildings comprising all properties	147
Industrial properties acquired, approximate square feet | ft²	24,800
Plymouth Industrial Operating Partnership LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in Operating Partnership	98.40%	97.70%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash	$ 13,229	$ 15,668
Cash held in escrow	11,666	11,939
Restricted cash	4,419	4,447
Cash, cash held in escrow, and restricted cash	$ 29,314	$ 32,054	$ 29,246	$ 22,398

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Secured debt	$ 329,344	$ 332,011
Fair value of secured debt	348,101	351,744
Unsecured debt	100,000	100,000
Fair value of unsecured debt	101,527	100,000
Borrowings under line of credit, net	68,000	90,000
Lines of Credit, Fair Value Disclosure			$ 68,649
Total	497,344	522,011
Debt Instrument, Fair Value Disclosure				$ 541,744
Unamortized debt issuance cost, net	(3,978)	(4,507)
Unamortized premium/(discount), net	552	658
Total carrying value	$ 493,918	$ 518,162

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Cash equivalents	$ 0	$ 0
Debt issuance costs	8,018	8,018
Accumulated Amortization, Debt Issuance Costs	4,040	3,511
Revolving Credit Facility [Member]
Class of Warrant or Right [Line Items]
Unamortized debt issuance costs	2,055	2,371
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Class of Warrant or Right [Line Items]
Fair value of warrants	$ 1,279	$ 396

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 170,245	$ 159,681
Buildings and improvements	703,317	652,191
Site improvements	79,849	74,129
Construction in progress	7,209	680
Real estate properties at cost	960,620	886,681
Less: accumulated depreciation	(118,523)	(98,283)
Real estate properties, net	$ 842,097	$ 788,398

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²Number
Square Feet | ft²	24,800
Properties | Number	113
Kansas City Missouri [Member]
Date Acquired	Feb. 12, 2021
Square Feet | ft²	221,911
Properties | Number	1
Purchase Price | $	$ 8,600	[1]
St Louis Missouri [Member]
Date Acquired	Mar. 23, 2021
Square Feet | ft²	142,364
Properties | Number	1
Purchase Price | $	$ 7,800	[1]
Chicago, IL
Date Acquired	Mar. 25, 2021
Square Feet | ft²	149,474
Properties | Number	1
Purchase Price | $	$ 7,900	[1]
Cleveland Ohio [Member]
Date Acquired	Mar. 29, 2021
Square Feet | ft²	100,150
Properties | Number	1
Purchase Price | $	$ 7,700	[1]
Columbus Ohio [Member]
Date Acquired	Mar. 29, 2021
Square Feet | ft²	772,450
Properties | Number	1
Purchase Price | $	$ 29,000	[1]
Memphis Tennessee [Member]
Date Acquired	Jun. 29, 2021
Square Feet | ft²	74,665
Properties | Number	1
Purchase Price | $	$ 5,250	[1]
St Louis Missouri Two [Member]
Date Acquired	Jun. 30, 2021
Square Feet | ft²	155,434
Properties | Number	1
Purchase Price | $	$ 8,800	[1]
Real Estate Property Acquired
Square Feet | ft²	1,616,448
Properties | Number	7
Purchase Price | $	$ 75,050	[1]
[1]	Purchase price does not include capitalized acquisition costs.

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Total Purchase Price
Purchase price	$ 75,050
Acquisition costs	973
Total	76,023
Allocation of Purchase Price
Land	11,248
Building	50,344
Site improvements	5,953
Total real estate properties	67,545
Deferred Lease Intangibles
Net deferred lease intangibles	8,478
Totals	76,023
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 1,620
Weighted average amortization period of intangibles at acquisition, years	4 years
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 1,144
Weighted average amortization period of intangibles at acquisition, years	3 years 10 months 24 days
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 12
Weighted average amortization period of intangibles at acquisition, years	2 years 3 months 18 days
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 271
Weighted average amortization period of intangibles at acquisition, years	4 years 1 month 6 days
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 5,973
Weighted average amortization period of intangibles at acquisition, years	4 years 2 months 12 days

Real Estate Properties (Details

Real Estate Properties (Details Narrative) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)ft²	Jun. 30, 2020USD ($)
Depreciation	$ 10,760	$ 8,489	$ 20,902	$ 16,575
Gain on sale of real estate			$ 590
Sale of Real Estate, Chicago, IL
Sale of real estate, square feet | ft²			98,340
Proceeds from sale of real estate			$ 2,037
Gain on sale of real estate			590
Sale of Real Estate, Memphis, TN
Proceeds from sale of real estate			$ 167

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Oct. 23, 2020	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Asset management fees, receivable		$ 83
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Investment in equity joint venture	$ 150,000
Ownership percentage	2000.00%
Description of principal activities	The Operating Partnership is responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and is 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		$ 165

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Income from leases	$ 23,865	$ 19,483	$ 47,312	$ 38,778
Straight-line rent adjustments	1,146	443	1,760	961
Tenant recoveries	7,131	5,773	14,410	11,641
Amortization of above market leases	(288)	(199)	(587)	(402)
Amortization of below market leases	904	637	1,696	1,388
Total	$ 32,758	$ 26,137	$ 64,591	$ 52,366

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Operating lease expense included in general and administrative expense attributable to office leases	$ 188	$ 275	$ 370	$ 507
Operating lease expense included in property expense attributable to ground sublease	9		29
Non-cash adjustment due to straight-line rent adjustments	17	(154)	104	(262)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 214	$ 121	$ 503	$ 245

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases
July 1, 2021 – December 31, 2021	$ 633
2022	1,286
2023	1,311
2024	1,280
2025	894
Thereafter	5,110
Total minimum operating lease payments	10,514
Less imputed interest	(2,217)
Total operating lease liability	$ 8,297

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 6	$ 13
Interest expense for financing lease liability	43	87
Total financing lease cost	$ 49	$ 100

Leases - Schedule of Finance _2

Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases
July 1, 2021 – December 31, 2021	$ 77
2022	155
2023	155
2024	155
2025	170
Thereafter	6,707
Total minimum financing lease payments	7,419
Less imputed interest	(5,203)
Total financing lease liability	$ 2,216

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Operating lease, description	five office space operating leases and a single ground operating sublease
Operating lease, right of use assets	$ 6,967
Operating lease, liability	$ 8,297
Operating lease, weighted average incremental borrowing rate	4.10%
Operating lease, weighted average remaining lease term	9 years 6 months
Finance lease, remaining least term	34 years 6 months
Finance lease, option to extend	includes the exercise of a single twenty-year renewal options
Finance lease, weighted average incremental borrowing rate	7.80%
Finance lease, weighted average remaining lease term	34 years 6 months
Minimum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Operating lease, remaining lease term	2 years 10 months 24 days
Maximum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Operating lease, remaining lease term	34 years 6 months

Indebtedness - Schedule of Borr

Indebtedness - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Secured loans		$ 326,585	$ 328,908
Unamortized debt issuance costs, net		(3,978)	(4,507)
Unamortized debt issuance costs, net		552	658
Unsecured loans		99,333	99,254
Line of credit		$ 68,000	90,000
Interest rate, description		1-month LIBOR rate as of June 30, 2021 was 0.10%
Line of Credit [Member]
Debt Instrument [Line Items]
Interest rate	[1]	1.95%
Line of credit		$ 68,000	90,000
Secured Debt [Member]
Debt Instrument [Line Items]
Secured loans		329,344	332,011
Unamortized debt issuance costs, net		(3,311)	(3,761)
Unamortized debt issuance costs, net		552	658
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Secured loans		$ 115,795	117,087
Interest rate		4.08%
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Secured loans		$ 72,312	72,960
Interest rate		4.35%
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Secured loans		$ 63,115	63,115
Interest rate		4.07%
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Secured loans		$ 20,663	20,870
Interest rate		3.78%
Secured Debt [Member] | JP Morgan Chase Loan
Debt Instrument [Line Items]
Secured loans		$ 13,323	13,440
Interest rate		5.23%
Secured Debt [Member] | Lincoln Life Mortgage
Debt Instrument [Line Items]
Secured loans		$ 9,178	9,289
Interest rate		3.41%
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Secured loans		$ 19,958	20,250
Interest rate		4.14%
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Secured loans		$ 15,000	15,000
Interest rate		2.97%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		$ (667)	(746)
Unsecured loans		$ 100,000	100,000
Unsecured Debt [Member] | KeyBank Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate	[1]	1.95%
Unsecured loans		$ 100,000	$ 100,000
[1]	The 1-month LIBOR rate as of June 30, 2021 was 0.10%

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Equity [Abstract]
Cash dividends declared, per share	$ 0.2100	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.3750
Common stock dividends declared, aggregate amount	$ 6,528	$ 5,668	$ 5,069	$ 4,943	$ 3,179	$ 5,545

Preferred Stock - Schedule of S

Preferred Stock - Schedule of Series A Preferred Stock Outstanding (Details) - Series A Preferred Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock issued, issuance date	10/25/2017
Preferred stock, shares issued	2,023,551	2,023,999
Liquidation value per share	$ 25
Dividend rate	7.50%

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688
Preferred stock dividends declared, aggregate amount	$ 949	$ 949	$ 949	$ 956	$ 956	$ 956

Preferred Stock - Schedule of_3

Preferred Stock - Schedule of Series B Preferred Stock Outstanding (Details) - Series B Preferred Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock issued, issuance date	12/14/2018
Preferred stock, shares issued	4,411,764	4,411,764
Liquidation value per share	$ 22.04
Dividend rate	3.75%

Preferred Stock - Schedule of_4

Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.159375	$ 0.159375	$ 0.148750	$ 0.148750	$ 0.148750	$ 0.148750
Preferred stock dividends declared, aggregate amount	$ 703	$ 703	$ 656	$ 657	$ 657	$ 657

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	May 26, 2021	Feb. 27, 2020
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding	354,230
Warrants, exercise price	$ 16.24	$ 16.39
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Fair value of warrants	$ 1,279	$ 396
Volatility rate	18.70%	27.40%
Expected annual dividend	$ 0.84	$ 0.80
Expected term	11 months 15 days	1 year 5 months 12 days
Risk-free interest rate	0.07%	0.13%
$100 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program				$ 100,000
One Hundred Twenty Five Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program	$ 98,823		$ 125,000
One Hundred Million Atm Program And One Hundred Twenty Five Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock issued	5,530,648
Weighted average share price of shares issued	$ 16.85
Proceeds received from shares issued	$ 91,094

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity (Details)	6 Months Ended
	Jun. 30, 2021shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at January 1, 2021	190,225
Granted	116,000
Forfeited	(1,000)
Vested	(75,251)
Unvested restricted stock at June 30, 2021	229,974

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 879	$ 732
Unrecognized compensation expense	$ 3,298
Weighted average period for recognition	3 years 3 months 18 days
Restricted shares granted	116,000
Fair value of restricted shares granted	$ 1,788
Weighted average fair value of restricted shares granted, per share	$ 15.41

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net loss	$ (3,981)	$ (2,984)	$ (3,885)	$ (4,272)	$ (6,965)	$ (8,157)
Less: Loss attributable to non-controlling interest	(71)		(209)		(136)	(454)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,910)		(3,676)		(6,829)	(7,703)
Less: Preferred stock dividends	1,652		1,613		3,304	3,226
Less: Series B Preferred stock accretion to redemption value	1,807	$ 1,807	1,854	$ 1,854	3,614	3,708
Less: Amount allocated to participating securities	48		30		105	106
Net loss attributable to common stockholders	$ (7,417)		$ (7,173)		$ (13,852)	$ (14,743)
Denominator
Weighted-average common shares outstanding basic and diluted	29,348,561		14,649,290		28,282,565	14,514,233
Net loss per share attributable to common stockholders – basic and diluted	$ (0.25)		$ (0.49)		$ (0.49)	$ (1.02)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	6 Months Ended
	Jun. 30, 2021shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	354,230
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	229,974

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Other Commitments, Description	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.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands		Jul. 09, 2021USD ($)ft²	Jul. 30, 2021USD ($)ft²	Jun. 30, 2021USD ($)ft²
Subsequent Event [Line Items]
Square feet				24,800
Memphis Tennessee [Member]
Subsequent Event [Line Items]
Square feet				74,665
Purchase price | $	[1]			$ 5,250
Subsequent Event [Member] | Memphis Tennessee [Member]
Subsequent Event [Line Items]
Square feet		232,375	316,935
Purchase price | $		$ 9,200	$ 6,277
[1]	Purchase price does not include capitalized acquisition costs.