Plymouth Industrial REIT (PLYM) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
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
Common stock, shares outstanding		34,605,459
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	PLYM-PrA
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets Unaudited - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Real estate properties	$ 1,062,748	$ 886,681
Less accumulated depreciation	(129,910)	(98,283)
Real estate properties, net	932,838	788,398
Cash	63,712	15,668
Cash held in escrow	10,488	11,939
Restricted cash	4,743	4,447
Deferred lease intangibles, net	68,703	66,116
Investment in unconsolidated joint venture	6,008	6,683
Other assets	35,948	27,019
Total assets	1,122,440	920,270
Liabilities:
Secured debt, net	336,225	328,908
Unsecured debt, net	247,729	99,254
Borrowings under line of credit		90,000
Accounts payable, accrued expenses and other liabilities	61,074	49,335
Deferred lease intangibles, net	9,679	11,350
Financing lease liability	2,221	2,207
Total liabilities	656,928	581,054
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 34,273,244 and 25,344,161 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	343	253
Additional paid in capital	492,003	360,752
Accumulated deficit	(172,671)	(162,250)
Total stockholders' equity	319,675	198,755
Non-controlling interest	4,734	4,767
Total equity	324,409	203,522
Total liabilities, preferred stock and equity	$ 1,122,440	$ 920,270

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Unaudited (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	34,273,244	25,344,161
Common stock, shares outstanding	34,273,244	25,344,161
Common Stock, Value, Outstanding	$ 343	$ 253
Series A Preferred Stock [Member]
Preferred stock, shares issued	2,023,551	2,023,999
Preferred stock, shares outstanding	2,023,551	2,023,999
Preferred stock, liquidation preference	$ 50,589	$ 50,600
Preferred stock	$ 48,473	$ 48,485
Series B Preferred Stock [Member]
Preferred stock, shares issued	4,411,764	4,411,764
Preferred stock, shares outstanding	4,411,764	4,411,764
Preferred stock, liquidation preference	$ 97,277	$ 97,230
Preferred stock	$ 92,630	$ 87,209

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations Unaudited - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Rental revenue	$ 35,877	$ 27,518	$ 100,468	$ 79,884
Management fee revenue and other income	85		265
Total revenues	35,962	27,518	100,733	79,884
Operating expenses:
Property	12,032	10,064	34,398	28,101
Depreciation and amortization	18,305	13,985	50,984	41,602
General and administrative	3,264	2,280	9,582	7,378
Total operating expenses	33,601	26,329	94,964	77,081
Other income (expense):
Interest expense	(4,906)	(4,538)	(14,489)	(14,309)
Impairment on real estate lease		(311)		(311)
Earnings (loss) in investment of unconsolidated joint venture	(178)		(675)
Gain on sale of real estate			590
Unrealized (appreciation) depreciation of warrants	(926)	(103)	(1,809)	(103)
Total other income (expense)	(6,010)	(4,952)	(16,383)	(14,723)
Net loss	(3,649)	(3,763)	(10,614)	(11,920)
Less: Loss attributable to non-controlling interest	(57)	(130)	(193)	(584)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,592)	(3,633)	(10,421)	(11,336)
Less: Preferred stock dividends	1,652	1,613	4,956	4,839
Less: Series B preferred stock accretion to redemption value	1,807	1,854	5,421	5,562
Less: Amount allocated to participating securities	48	38	153	144
Net loss attributable to common stockholders	$ (7,099)	$ (7,138)	$ (20,951)	$ (21,881)
Net loss basic and diluted per share attributable to common stockholders	$ (0.22)	$ (0.36)	$ (0.71)	$ (1.35)
Weighted-average common shares outstanding basic and diluted	32,301,693	19,631,443	29,636,996	16,232,420

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Preferred Stock and Equity Unaudited - USD ($) $ in Thousands	Preferred Stock [Member]Series A Preferred Stock [Member]	Preferred Stock [Member]Series B Preferred Stock [Member]	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)
Stock Issued During Period, Shares, Conversion of Units			11,477
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		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								(5,562)
Net proceeds from common stock								127,839
Net loss								(11,920)
Ending balance, value at Sep. 30, 2020	$ 48,868	$ 85,355	$ 247	364,560	(159,739)	205,068	1,979	207,047
Shares, Outstanding, Ending Balance at Sep. 30, 2020	2,040,000	4,411,764	24,714,833
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		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
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
Series B Preferred stock accretion to redemption value		$ 1,854		(1,854)		(1,854)		(1,854)
Net proceeds from common stock			$ 86	104,402		104,488		104,488
Stock Issued During Period, Shares, Other			8,625,000
Stock based compensation				324		324		324
Restricted shares issued
Stock Issued During Period, Shares, Restricted Stock Award, Gross			51,337
Dividends and distributions				(6,555)		(6,555)	(135)	(6,690)
Net loss					(3,633)	(3,633)	(130)	(3,763)
Redemption of partnership units			$ 2	2,392		2,394	(2,394)
Stock Issued During Period, Shares, Conversion of Units			140,852
Reallocation of non-controlling interest				77		77	(77)
Ending balance, value at Sep. 30, 2020	$ 48,868	$ 85,355	$ 247	364,560	(159,739)	205,068	1,979	207,047
Shares, Outstanding, Ending Balance at Sep. 30, 2020	2,040,000	4,411,764	24,714,833
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)
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								(5,421)
Net proceeds from common stock								160,386
Net loss								(10,614)
Ending balance, value at Sep. 30, 2021	$ 48,473	$ 92,630	$ 343	492,003	(172,671)	319,675	4,734	324,409
Shares, Outstanding, Ending Balance at Sep. 30, 2021	2,023,551	4,411,764	34,273,244
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
Series B Preferred stock accretion to redemption value		$ 1,807		(1,807)		(1,807)		(1,807)
Net proceeds from common stock			$ 32	69,258		69,290		69,290
Stock Issued During Period, Shares, Other			3,173,883
Stock based compensation				340		340		340
Restricted shares issued			$ 1			1		1
Stock Issued During Period, Shares, Restricted Stock Award, Gross			10,434
Dividends and distributions				(8,849)		(8,849)	(106)	(8,955)
Net loss					(3,592)	(3,592)	(57)	(3,649)
Redemption of partnership units
Reallocation of non-controlling interest				(1,100)		(1,100)	1,100
Ending balance, value at Sep. 30, 2021	$ 48,473	$ 92,630	$ 343	$ 492,003	$ (172,671)	$ 319,675	$ 4,734	$ 324,409
Shares, Outstanding, Ending Balance at Sep. 30, 2021	2,023,551	4,411,764	34,273,244

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net loss	$ (10,614)	$ (11,920)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	50,984	41,602
Straight line rent adjustment	(2,726)	(1,453)
Intangible amortization in rental revenue, net	(1,589)	(1,435)
Amortization of debt related costs	1,163	1,051
Unrealized (appreciation) depreciation of warrants	1,809	103
Impairment on real estate lease		311
Stock based compensation	1,219	1,056
(Earnings) loss in investment of unconsolidated joint venture	675
Gain on sale of real estate	(590)
Changes in operating assets and liabilities:
Other assets	(6,720)	(6,138)
Deferred leasing costs	(3,363)	(1,424)
Accounts payable, accrued expenses and other liabilities	4,299	9,020
Net cash provided by operating activities	34,547	30,773
Investing activities
Acquisition of real estate properties	(166,374)	(140,498)
Real estate improvements	(15,630)	(4,578)
Proceeds from sale of real estate, net	2,204
Net cash used in investing activities	(179,800)	(145,076)
Financing activities
Proceeds from issuance of common stock, net	160,386	127,839
Proceeds from issuance of secured debt		96,000
Proceeds from issuance of unsecured debt	150,000
Repayment of secured debt	(4,019)	(3,854)
Proceeds from line of credit facility	51,000	41,500
Repayment of line of credit facility	(141,000)	(120,400)
Repurchase of Series A Preferred Stock	(12)
Debt issuance costs	(1,691)	(510)
Dividends and distributions paid	(22,522)	(19,027)
Net cash provided by financing activities	192,142	121,548
Net (decrease) increase in cash, cash held in escrow, and restricted cash	46,889	7,245
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	78,943	29,643
Supplemental Cash Flow Disclosures:
Cash paid for interest	13,357	13,337
Supplemental Non-Cash Investing and Financing Activities:
Dividends declared included in dividends payable	7,900	5,586
Distribution payable to non-controlling interest holder	106	135
Series B accretion to redemption value	5,421	5,562
Real estate improvements included in accounts payable, accrued expenses and other liabilities	3,497	423
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	1,373	182
Assumption of secured debt	$ 10,820

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Sep. 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 September 30, 2021, and December 31, 2020, the Company owned a 98.5 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 September 30, 2021, the Company, through its subsidiaries, owned 117 152 26.6

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 cash equivalents at September 30, 2021 and December 31, 2020. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance, tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of September 30, 2021, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our 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 September 30, December 31, 2021 2020 Cash $ 63,712 $ 15,668 Cash held in escrow 10,488 11,939 Restricted cash 4,743 4,447 Cash, cash held in escrow, and restricted cash $ 78,943 $ 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 $ 2,205 396 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 September 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments September 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 338,812 $ 357,047 $ 332,011 $ 351,744 Unsecured debt 250,000 250,000 100,000 100,000 Borrowings under line of credit, net — — 90,000 90,000 Total 588,812 $ 607,047 522,011 $ 541,744 Unamortized debt issuance cost, net (5,357 ) (4,507 ) Unamortized premium/(discount), net 499 658 Total carrying value $ 583,954 $ 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 $ 9,709 8,018 4,352 3,511 2,573 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. 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	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at September 30, 2021 and December 31, 2020: Real Estate Properties - Schedule of Real Estate Properties September 30, December 31, 2021 2020 Land $ 183,852 $ 159,681 Buildings and improvements 778,103 652,191 Site improvements 87,606 74,129 Construction in progress 13,187 680 1,062,748 886,681 Less: accumulated depreciation (129,910 ) (98,283 ) Real estate properties, net $ 932,838 $ 788,398 Depreciation expense was $ 11,466 8,607 32,368 25,182 Acquisition of Properties The Company made the following acquisitions of properties during the nine months ended September 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 Memphis, TN July 9, 2021 232,375 1 9,200 Memphis, TN July 30, 2021 316,935 1 6,277 Chicago, IL August 12, 2021 513,512 1 30,100 St. Louis, MO August 24, 2021 769,500 1 55,200 (2) Total 3,448,770 11 $ 175,827 _______________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 55,200 10,820 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 Nine Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 175,827 N/A Acquisition costs 1,367 N/A Total $ 177,194 Allocation of Purchase Price Land $ 24,855 N/A Building 121,741 N/A Site improvements 13,708 N/A Total real estate properties 160,304 Deferred Lease Intangibles Tenant relationships 3,002 3.7 Leasing commissions 2,585 3.6 Above market lease value 160 11.0 Below market lease value ( 742 ) 7.3 Lease in place value 11,885 4.2 Net deferred lease intangibles 16,890 Totals $ 177,194 All acquisitions completed during the nine months ended September 30, 2021 were considered asset acquisitions under ASC 805. Sale of Real Estate During the nine months ended September 30, 2021, the Company sold a single, 98,340 2,037 590 167

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	9 Months Ended
	Sep. 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 nine months ended September 30, 2021, we recognized fees of $ 248 85

Leases

Leases	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income from leases $ 26,008 $ 20,191 $ 73,320 $ 58,968 Straight-line rent adjustments 966 492 2,726 1,453 Tenant recoveries 8,423 6,387 22,833 18,028 Amortization of above market leases (237 ) (204 ) (824 ) (605 ) Amortization of below market leases 717 652 2,413 2,040 Total $ 35,877 $ 27,518 $ 100,468 $ 79,884 Tenant recoveries included within rental revenue for the nine months ended September 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 September 30, 2021, the Company did not enter into any COVID-19 related concessions. For the nine months ended September 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 September 30, 2021, we have five office space operating leases and a single ground operating sublease 2.7 34.3 6,761 8,066 4.1 9.4 The following table summarizes the operating lease expense recognized during the three and nine months ended September 30, 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 216 $ 283 $ 586 $ 791 Operating lease expense included in property expense attributable to ground sublease 9 — 38 — Non-cash adjustment due to straight-line rent adjustments 18 (154 ) 122 (416 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 243 $ 129 $ 746 $ 375 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 October 1, 2021 – December 31, 2021 $ 317 2022 1,286 2023 1,311 2024 1,280 2025 894 Thereafter 5,111 Total minimum operating lease payments $ 10,199 Less imputed interest (2,133 ) Total operating lease liability $ 8,066 Financing Leases As of September 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 34.3 includes the exercise of a single twenty-year renewal options 7.8 34.3 The following table summarizes the financing lease expense recognized during the three and nine months ended September 30, 2021 included in the Company’s condensed consolidated statements of operations. There were no financing leases for the three and nine months ended September 30, 2020. Leases - Schedule of Finance Lease Expense Three Months Nine Months September 30, 2021 September 30, 2021 Depreciation/amortization of financing lease right-of-use assets $ 6 $ 19 Interest expense for financing lease liability 43 130 Total financing lease cost $ 49 $ 149 The following table summarizes the maturity analysis of our financing lease (in thousands): Borrowing Arrangements - Schedule of Secured Debt Outstanding October 1, 2021 – December 31, 2021 $ 39 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,381 Less imputed interest (5,160 ) Total financing lease liability $ 2,221

Indebtedness

Indebtedness	9 Months Ended
	Sep. 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 loans and unsecured line of credit as of September 30, 2021 and December 31, 2020. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Loan September 30, December 31, Interest rate at Final Secured loans: AIG Loan $ 115,139 $ 117,087 4.08% November 1, 2023 Transamerica Loan 71,983 72,960 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,558 20,870 3.78% May 1, 2028 JPMorgan Chase Loan 13,266 13,440 5.23% January 1, 2027 Lincoln Life Mortgage 9,121 9,289 3.41% January 10, 2022 Ohio National Life Mortgage 19,810 20,250 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Midland National Life Insurance Mortgage (3) 10,820 — 3.50% March 10, 2028 Total secured loans $ 338,812 $ 332,011 Unamortized debt issuance costs, net (3,086 ) (3,761 ) Unamortized premium/(discount), net 499 658 Total secured loans, net $ 336,225 $ 328,908 Unsecured loans: $100m KeyBank unsecured term loan (1) 100,000 100,000 1.58% (2) August 11, 2026 $200m KeyBank unsecured term loan (1) 150,000 — 1.58% (2) February 11, 2027 Total unsecured loans $ 250,000 $ 100,000 Unamortized debt issuance costs, net (2,271 ) (746 ) Total unsecured loans, net $ 247,729 $ 99,254 Borrowings under line of credit facility: KeyBank unsecured line of credit (1) — 90,000 1.63% (2) August 11, 2025 Total borrowings under line of credit $ — $ 90,000 _______________ (1) On August 11, 2021, the Company entered into a combined $500 million unsecured credit facility, which is comprised of an amended $200 million revolving credit facility (the “KeyBank unsecured line of credit”), an amended $100 million term loan (the “$100m KeyBank unsecured term loan”), and a new $200 million term loan (the “$200m KeyBank unsecured term loan”). The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. Amounts outstanding under the KeyBank unsecured line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points, in either case depending on the Company’s leverage. (2) The 1-month LIBOR rate as of September 30, 2021 was 0.08% (3) On August 12, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Midland Mortgage”) with a balance of $10,820 as part of our acquisition of the property in Chicago, Illinois. The Midland Mortgage, held by Midland National Life Insurance Company, matures on March 10, 2028, bears interest at 3.5% and is secured by the property. The Midland Mortgage requires monthly installments of interest only through March 10, 2023 and afterwards, monthly installments of principal plus accrued interest through March 10, 2028, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity. 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 September 30, 2021.

Common Stock

Common Stock	9 Months Ended
	Sep. 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 On August 10, 2021, the Company entered into an amendment to the 2021 $125 Million ATM Program (the “2021 Amended ATM Program”) to reference the Company’s shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on June 11, 2021. The Company, under the 2021 Amended ATM Program, may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $ 82,288 During the nine months ended September 30, 2021, the Company issued 8,704,531 160,386 27,976 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) 1,809 Balance at September 30, 2021 $ 2,205 The warrants in the amount of $ 2,205 16.24 15.7 0.84 0.71 0.05 396 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 nine months ended September 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 Third quarter $ 0.2100 $ 7,197 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	9 Months Ended
	Sep. 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 September 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 nine months ended September 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 Third 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 September 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 $ 22.05 3.75% The following table sets forth the Series B preferred stock dividends for the nine months ended September 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 Third 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, were 507,514 606,632 The following table sets forth the OP Unit distributions that were declared during the nine months ended September 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 Third 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 $ 57 130 193 584

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 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 nine months ended September 30, 2021: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 126,434 Forfeited (1,000 ) Vested (87,251 ) Unvested restricted stock at September 30, 2021 228,408 The Company recorded equity-based compensation expense in the amount of $ 1,219 1,056 3,168 3.0 126,434 1,982 15.80

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss $ (3,649 ) $ (3,763 ) $ (10,614 ) $ (11,920 ) Less: Loss attributable to non-controlling interest (57 ) (130 ) (193 ) (584 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,592 ) (3,633 ) (10,421 ) (11,336 ) Less: Preferred stock dividends 1,652 1,613 4,956 4,839 Less: Series B Preferred stock accretion to redemption value 1,807 1,854 5,421 5,562 Less: Amount allocated to participating securities 48 38 153 144 Net loss attributable to common stockholders $ (7,099 ) $ (7,138 ) $ (20,951 ) $ (21,881 ) Denominator Weighted-average common shares outstanding basic and diluted 32,301,693 19,631,443 29,636,996 16,232,420 Net loss per share attributable to common stockholders – basic and diluted $ (0.22 ) $ (0.36 ) $ (0.71 ) $ (1.35 ) 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 September 30, 2021 include the 354,230 228,408

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On October 5, 2021, the Company acquired a single-building, single-tenant industrial property, consisting of approximately 100,021 11,100 76,042 7,700 On October 7, 2021, the Company acquired a multi-building, multi-tenant industrial property, consisting of approximately 1,145,330 75,100 28,800 On October 12, 2021, the Company repaid in full, the outstanding principal and interest balance of approximately $ 9,149 On October 26, 2021, the Company acquired a single-building, multi-tenant industrial property, consisting of approximately 294,730 square feet, located in Indianapolis, Indiana for an aggregate purchase price of $23,100.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 cash equivalents at September 30, 2021 and December 31, 2020. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance, tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of September 30, 2021, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our 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 September 30, December 31, 2021 2020 Cash $ 63,712 $ 15,668 Cash held in escrow 10,488 11,939 Restricted cash 4,743 4,447 Cash, cash held in escrow, and restricted cash $ 78,943 $ 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 $ 2,205 396 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 September 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments September 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 338,812 $ 357,047 $ 332,011 $ 351,744 Unsecured debt 250,000 250,000 100,000 100,000 Borrowings under line of credit, net — — 90,000 90,000 Total 588,812 $ 607,047 522,011 $ 541,744 Unamortized debt issuance cost, net (5,357 ) (4,507 ) Unamortized premium/(discount), net 499 658 Total carrying value $ 583,954 $ 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 $ 9,709 8,018 4,352 3,511 2,573 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.
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)	9 Months Ended
	Sep. 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 September 30, December 31, 2021 2020 Cash $ 63,712 $ 15,668 Cash held in escrow 10,488 11,939 Restricted cash 4,743 4,447 Cash, cash held in escrow, and restricted cash $ 78,943 $ 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 September 30, 2021 and December 31, 2020: Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments September 30, 2021 December 31, 2020 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 338,812 $ 357,047 $ 332,011 $ 351,744 Unsecured debt 250,000 250,000 100,000 100,000 Borrowings under line of credit, net — — 90,000 90,000 Total 588,812 $ 607,047 522,011 $ 541,744 Unamortized debt issuance cost, net (5,357 ) (4,507 ) Unamortized premium/(discount), net 499 658 Total carrying value $ 583,954 $ 518,162

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate Properties	Real estate properties consisted of the following at September 30, 2021 and December 31, 2020: Real Estate Properties - Schedule of Real Estate Properties September 30, December 31, 2021 2020 Land $ 183,852 $ 159,681 Buildings and improvements 778,103 652,191 Site improvements 87,606 74,129 Construction in progress 13,187 680 1,062,748 886,681 Less: accumulated depreciation (129,910 ) (98,283 ) Real estate properties, net $ 932,838 $ 788,398
Real Estate Properties - Schedule of Real Estate Acquisitions	The Company made the following acquisitions of properties during the nine months ended September 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 Memphis, TN July 9, 2021 232,375 1 9,200 Memphis, TN July 30, 2021 316,935 1 6,277 Chicago, IL August 12, 2021 513,512 1 30,100 St. Louis, MO August 24, 2021 769,500 1 55,200 (2) Total 3,448,770 11 $ 175,827 _______________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 55,200 10,820
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 Nine Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 175,827 N/A Acquisition costs 1,367 N/A Total $ 177,194 Allocation of Purchase Price Land $ 24,855 N/A Building 121,741 N/A Site improvements 13,708 N/A Total real estate properties 160,304 Deferred Lease Intangibles Tenant relationships 3,002 3.7 Leasing commissions 2,585 3.6 Above market lease value 160 11.0 Below market lease value ( 742 ) 7.3 Lease in place value 11,885 4.2 Net deferred lease intangibles 16,890 Totals $ 177,194

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income from leases $ 26,008 $ 20,191 $ 73,320 $ 58,968 Straight-line rent adjustments 966 492 2,726 1,453 Tenant recoveries 8,423 6,387 22,833 18,028 Amortization of above market leases (237 ) (204 ) (824 ) (605 ) Amortization of below market leases 717 652 2,413 2,040 Total $ 35,877 $ 27,518 $ 100,468 $ 79,884
Leases - Schedule of Lease Costs	The following table summarizes the operating lease expense recognized during the three and nine months ended September 30, 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 216 $ 283 $ 586 $ 791 Operating lease expense included in property expense attributable to ground sublease 9 — 38 — Non-cash adjustment due to straight-line rent adjustments 18 (154 ) 122 (416 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 243 $ 129 $ 746 $ 375
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 October 1, 2021 – December 31, 2021 $ 317 2022 1,286 2023 1,311 2024 1,280 2025 894 Thereafter 5,111 Total minimum operating lease payments $ 10,199 Less imputed interest (2,133 ) Total operating lease liability $ 8,066
Leases - Schedule of Finance Lease Expense	The following table summarizes the financing lease expense recognized during the three and nine months ended September 30, 2021 included in the Company’s condensed consolidated statements of operations. There were no financing leases for the three and nine months ended September 30, 2020. Leases - Schedule of Finance Lease Expense Three Months Nine Months September 30, 2021 September 30, 2021 Depreciation/amortization of financing lease right-of-use assets $ 6 $ 19 Interest expense for financing lease liability 43 130 Total financing lease cost $ 49 $ 149
Borrowing Arrangements - Schedule of Secured Debt Outstanding	The following table summarizes the maturity analysis of our financing lease (in thousands): Borrowing Arrangements - Schedule of Secured Debt Outstanding October 1, 2021 – December 31, 2021 $ 39 2022 155 2023 155 2024 155 2025 170 Thereafter 6,707 Total minimum financing lease payments $ 7,381 Less imputed interest (5,160 ) Total financing lease liability $ 2,221

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Indebtedness - Schedule of Secured and Unsecured Debt Outstanding	The following table sets forth a summary of the Company’s borrowings outstanding under its secured and unsecured loans and unsecured line of credit as of September 30, 2021 and December 31, 2020. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Loan September 30, December 31, Interest rate at Final Secured loans: AIG Loan $ 115,139 $ 117,087 4.08% November 1, 2023 Transamerica Loan 71,983 72,960 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,558 20,870 3.78% May 1, 2028 JPMorgan Chase Loan 13,266 13,440 5.23% January 1, 2027 Lincoln Life Mortgage 9,121 9,289 3.41% January 10, 2022 Ohio National Life Mortgage 19,810 20,250 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Midland National Life Insurance Mortgage (3) 10,820 — 3.50% March 10, 2028 Total secured loans $ 338,812 $ 332,011 Unamortized debt issuance costs, net (3,086 ) (3,761 ) Unamortized premium/(discount), net 499 658 Total secured loans, net $ 336,225 $ 328,908 Unsecured loans: $100m KeyBank unsecured term loan (1) 100,000 100,000 1.58% (2) August 11, 2026 $200m KeyBank unsecured term loan (1) 150,000 — 1.58% (2) February 11, 2027 Total unsecured loans $ 250,000 $ 100,000 Unamortized debt issuance costs, net (2,271 ) (746 ) Total unsecured loans, net $ 247,729 $ 99,254 Borrowings under line of credit facility: KeyBank unsecured line of credit (1) — 90,000 1.63% (2) August 11, 2025 Total borrowings under line of credit $ — $ 90,000 _______________ (1) On August 11, 2021, the Company entered into a combined $500 million unsecured credit facility, which is comprised of an amended $200 million revolving credit facility (the “KeyBank unsecured line of credit”), an amended $100 million term loan (the “$100m KeyBank unsecured term loan”), and a new $200 million term loan (the “$200m KeyBank unsecured term loan”). The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. Amounts outstanding under the KeyBank unsecured line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points, in either case depending on the Company’s leverage. (2) The 1-month LIBOR rate as of September 30, 2021 was 0.08% (3) On August 12, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Midland Mortgage”) with a balance of $10,820 as part of our acquisition of the property in Chicago, Illinois. The Midland Mortgage, held by Midland National Life Insurance Company, matures on March 10, 2028, bears interest at 3.5% and is secured by the property. The Midland Mortgage requires monthly installments of interest only through March 10, 2023 and afterwards, monthly installments of principal plus accrued interest through March 10, 2028, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 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) 1,809 Balance at September 30, 2021 $ 2,205
Common Stock - Schedule of Common Stock Dividends Declared	The following table sets forth the common stock distributions that were declared during the nine months ended September 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 Third quarter $ 0.2100 $ 7,197 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)	9 Months Ended
	Sep. 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 September 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 nine months ended September 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 Third 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 September 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 $ 22.05 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 nine months ended September 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 Third 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)	9 Months Ended
	Sep. 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 nine months ended September 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 Third 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 126,434 Forfeited (1,000 ) Vested (87,251 ) Unvested restricted stock at September 30, 2021 228,408

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss $ (3,649 ) $ (3,763 ) $ (10,614 ) $ (11,920 ) Less: Loss attributable to non-controlling interest (57 ) (130 ) (193 ) (584 ) Net loss attributable to Plymouth Industrial REIT, Inc. (3,592 ) (3,633 ) (10,421 ) (11,336 ) Less: Preferred stock dividends 1,652 1,613 4,956 4,839 Less: Series B Preferred stock accretion to redemption value 1,807 1,854 5,421 5,562 Less: Amount allocated to participating securities 48 38 153 144 Net loss attributable to common stockholders $ (7,099 ) $ (7,138 ) $ (20,951 ) $ (21,881 ) Denominator Weighted-average common shares outstanding basic and diluted 32,301,693 19,631,443 29,636,996 16,232,420 Net loss per share attributable to common stockholders – basic and diluted $ (0.22 ) $ (0.36 ) $ (0.71 ) $ (1.35 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	9 Months Ended	12 Months Ended
	Sep. 30, 2021ft²Number	Dec. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of Real Estate Properties	117
Number of Units in Real Estate Property	152
Industrial properties acquired, approximate square feet | ft²	26.6
Plymouth Industrial Operating Partners, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in the operating partnership	98.50%	97.70%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash	$ 63,712	$ 15,668
Cash held in escrow	10,488	11,939
Restricted cash	4,743	4,447
Cash, cash held in escrow, and restricted cash	$ 78,943	$ 32,054	$ 29,643	$ 22,398

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Secured debt	$ 338,812	$ 332,011
Fair value of secured debt	357,047	351,744
Unsecured debt	250,000	100,000
Fair value of unsecured debt	250,000	100,000
Borrowings under line of credit, net		90,000	$ 90,000
Borrowings under line of credit, net		90,000
Total	588,812	522,011
Fair value of debt	607,047	541,744
Unamortized debt issuance cost, net	(5,357)	(4,507)
Unamortized premium/(discount), net	499	658
Total carrying value	$ 583,954	$ 518,162

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Debt issuance costs, net	$ 9,709	$ 8,018
Accumulated amortization, debt issuance costs	4,352	3,511
Revolving Credit Facility [Member]
Class of Warrant or Right [Line Items]
Unamortized debt issuance costs, net	2,573	2,371
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Class of Warrant or Right [Line Items]
Fair value of warrants	$ 2,205	$ 396

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 183,852	$ 159,681
Buildings and improvements	778,103	652,191
Site improvements	87,606	74,129
Construction in progress	13,187	680
Real estate properties at cost	1,062,748	886,681
Less: accumulated depreciation	(129,910)	(98,283)
Real estate properties, net	$ 932,838	$ 788,398

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2021USD ($)ft²Number	Sep. 30, 2020
Square feet | ft²		26.6
Properties | Number		117
Kansas City Missouri [Member]
Date acquired		Feb. 12, 2021
Square feet | ft²		221,911
Properties | Number		1
Purchase price | $	[1]	$ 8,600
St. Louis, MO
Date acquired		Mar. 23, 2021
Square feet | ft²		142,364
Properties | Number		1
Purchase price | $	[1]	$ 7,800
Chicago, IL
Date acquired		Mar. 25, 2021
Square feet | ft²		149,474
Properties | Number		1
Purchase price | $	[1]	$ 7,900
Cleveland Ohio [Member]
Date acquired		Mar. 29, 2021
Square feet | ft²		100,150
Properties | Number		1
Purchase price | $	[1]	$ 7,700
Columbus Ohio [Member]
Date acquired		Mar. 29, 2021
Square feet | ft²		772,450
Properties | Number		1
Purchase price | $	[1]	$ 29,000
Memphis Tennessee [Member]
Date acquired		Jun. 29, 2021
Square feet | ft²		74,665
Properties | Number		1
Purchase price | $	[1]	$ 5,250
St Louis Missouri Two [Member]
Date acquired			Jun. 30, 2021
Square feet | ft²		155,434
Properties | Number		1
Purchase price | $	[1]	$ 8,800
Memphis Tennessee Two [Member]
Date acquired		Jul. 9, 2021
Square feet | ft²		232,375
Properties | Number		1
Purchase price | $	[1]	$ 9,200
Memphis Tennessee Three [Member]
Date acquired		Jul. 30, 2021
Square feet | ft²		316,935
Properties | Number		1
Purchase price | $	[1]	$ 6,277
Chicago Illinois Two [Member]
Date acquired		Aug. 12, 2021
Square feet | ft²		513,512
Properties | Number		1
Purchase price | $	[1]	$ 30,100
St Louis Missouri Three [Member]
Date acquired		Aug. 24, 2021
Square feet | ft²		769,500
Properties | Number		1
Purchase price | $	[1],[2]	$ 55,200
Assumption of existing mortgage debt | $		$ 10,820
Real Estate Property Acquired
Square feet | ft²		3,448,770
Properties | Number		11
Purchase price | $	[1]	$ 175,827
[1]	Purchase price does not include capitalized acquisition costs.
[2]	The purchase price of $ 55,200 10,820

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Allocation of Purchase Price
Purchase price	$ 175,827
Acquisition costs	1,367
Total	177,194
Land	24,855
Building	121,741
Site improvements	13,708
Total real estate properties	160,304
Deferred Lease Intangibles
Net deferred lease intangibles	16,890
Totals	177,194
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 3,002
Weighted average amortization period (years) of intangibles at acquisition	3 years 8 months 12 days
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,585
Weighted average amortization period (years) of intangibles at acquisition	3 years 7 months 6 days
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 160
Weighted average amortization period (years) of intangibles at acquisition	11 years
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 742
Weighted average amortization period (years) of intangibles at acquisition	7 years 3 months 18 days
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 11,885
Weighted average amortization period (years) of intangibles at acquisition	4 years 2 months 12 days

Real Estate Properties (Details

Real Estate Properties (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)ft²	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ft²	Sep. 30, 2020USD ($)
Real Estate Properties [Line Items]
Depreciation	$ 11,466	$ 8,607	$ 32,368	$ 25,182
Area of property | ft²	26.6		26.6
Gain on sale of real estate			$ 590
Single Unit [Member] | Chicago, IL
Real Estate Properties [Line Items]
Area of property | ft²	98,340		98,340
Revenue from sale of real estate			$ 2,037
Gain on sale of real estate			590
Land [Member] | Memphis Tennessee [Member]
Real Estate Properties [Line Items]
Revenue from sale of land			$ 167

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 23, 2020	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Investment in equity joint venture	$ 150,000
Ownership percentage	2000.00%
Additional information	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		$ 248
Cost recoveries		$ 85

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases
Income from leases	$ 26,008	$ 20,191	$ 73,320	$ 58,968
Straight-line rent adjustments	966	492	2,726	1,453
Tenant recoveries	8,423	6,387	22,833	18,028
Amortization of above market leases	(237)	(204)	(824)	(605)
Amortization of below market leases	717	652	2,413	2,040
Total	$ 35,877	$ 27,518	$ 100,468	$ 79,884

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases
Operating lease expense included in general and administrative expense attributable to office leases	$ 216	$ 283	$ 586	$ 791
Operating lease expense included in property expense attributable to ground sublease	9		38
Non-cash adjustment due to straight-line rent adjustments	18	(154)	122	(416)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 243	$ 129	$ 746	$ 375

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases
October 1, 2021 – December 31, 2021	$ 317
2022	1,286
2023	1,311
2024	1,280
2025	894
Thereafter	5,111
Total minimum operating lease payments	10,199
Less imputed interest	(2,133)
Total operating lease liability	$ 8,066

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 6	$ 19
Interest expense for financing lease liability	43	130
Total financing lease cost	$ 49	$ 149

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Secured Debt Outstanding (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases
October 1, 2021 – December 31, 2021	$ 39
2022	155
2023	155
2024	155
2025	170
Thereafter	6,707
Total minimum financing lease payments	7,381
Less imputed interest	(5,160)
Total financing lease liability	$ 2,221

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
Operating lease, description	five office space operating leases and a single ground operating sublease
Operating lease, right of use assets		$ 6,761
Operating lease, liabilities		$ 8,066
Operating lease, weighted average incremental borrowing rate		4.10%
Operating lease, weighted average remaining lease term		9 years 4 months 24 days
Finance lease, remaining least term		34 years 3 months 18 days
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 3 months 18 days
Minimum [Member]
Operating lease, remaining lease term		2 years 8 months 12 days
Maximum [Member]
Operating lease, remaining lease term		34 years 3 months 18 days

Indebtedness - Schedule of Secu

Indebtedness - Schedule of Secured and Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Secured loans		$ 336,225		$ 328,908
Unamortized debt issuance costs, net		(5,357)		(4,507)
Unamortized debt issuance costs, net		499		658
Unsecured loans		247,729		99,254
Line of credit				90,000		$ 90,000
Interest rate, description		1-month LIBOR rate as of September 30, 2021 was 0.08%
Key Bank [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Interest rate	[1],[2]	1.63%
Line of credit	[1]			90,000
Secured Debt [Member]
Debt Instrument [Line Items]
Secured loans			$ 338,812	332,011
Unamortized debt issuance costs, net		(3,086)		(3,761)
Unamortized debt issuance costs, net		499		658
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Secured loans		$ 115,139		117,087
Interest rate		4.08%
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Secured loans		$ 71,983		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		$ 20,558		20,870
Interest rate		3.78%
Secured Debt [Member] | JP Morgan Chase Loan
Debt Instrument [Line Items]
Secured loans		$ 13,266			$ 13,440
Interest rate		5.23%
Secured Debt [Member] | Lincoln Life Mortgage
Debt Instrument [Line Items]
Secured loans		$ 9,121		9,289
Interest rate		3.41%
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Secured loans		$ 19,810		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%
Secured Debt [Member] | Midland National Life Insurance Mortgage [Member]
Debt Instrument [Line Items]
Secured loans	[3]	$ 10,820
Interest rate	[3]	3.50%
Secured Debt Net [Member]
Debt Instrument [Line Items]
Secured loans		$ 336,225		328,908
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		(2,271)		(746)
Unsecured loans		$ 250,000
Unsecured Debt [Member] | Keybank Unsecured Term Loan 100m [Member]
Debt Instrument [Line Items]
Interest rate	[1],[2]	1.58%
Unsecured loans	[1]	$ 100,000		100,000
Unsecured Debt [Member] | Keybank Unsecured Term Loan 200m [Member]
Debt Instrument [Line Items]
Interest rate	[1],[2]	1.58%
Unsecured loans	[1]	$ 150,000
Unsecured Debt [Member] | KeyBank Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured loans				100,000
Unsecured Debt Net [Member]
Debt Instrument [Line Items]
Unsecured loans		$ 247,729		$ 99,254
[1]	On August 11, 2021, the Company entered into a combined $500 million unsecured credit facility, which is comprised of an amended $200 million revolving credit facility (the “KeyBank unsecured line of credit”), an amended $100 million term loan (the “$100m KeyBank unsecured term loan”), and a new $200 million term loan (the “$200m KeyBank unsecured term loan”). The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. Amounts outstanding under the KeyBank unsecured line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points, in either case depending on the Company’s leverage.
[2]	The 1-month LIBOR rate as of September 30, 2021 was 0.08%
[3]	On August 12, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Midland Mortgage”) with a balance of $10,820 as part of our acquisition of the property in Chicago, Illinois. The Midland Mortgage, held by Midland National Life Insurance Company, matures on March 10, 2028, bears interest at 3.5% and is secured by the property. The Midland Mortgage requires monthly installments of interest only through March 10, 2023 and afterwards, monthly installments of principal plus accrued interest through March 10, 2028, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Balance at January 1, 2021			396
Unrealized appreciation (depreciation)	$ 926	$ 103	$ 1,809	$ 103
Balance at September 30, 2021	2,205		2,205

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	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	$ 0.2100	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.3750
Common stock dividends declared, aggregate amount	$ 7,197	$ 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 $ / shares in Thousands	9 Months Ended
	Sep. 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
	Sep. 30, 2021	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	$ 0.4688
Preferred stock dividends declared, aggregate amount	$ 949	$ 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	9 Months Ended
	Sep. 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	$ 22.05
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
	Sep. 30, 2021	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	$ 0.159375	$ 0.148750	$ 0.148750	$ 0.148750	$ 0.148750
Preferred stock dividends declared, aggregate amount	$ 703	$ 703	$ 703	$ 656	$ 657	$ 657	$ 657

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 29, 2021	Aug. 10, 2021	May 26, 2021	Feb. 27, 2020
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding		2,205,000	396,000
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		$ 2,205	$ 396
Volatility rate		15.70%	27.40%
Expected annual dividend			$ 0.80	$ 0.84
Expected term		8 months 15 days	1 year 5 months 12 days
Risk-free interest rate		0.05%	0.13%
The 2020 One Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program							$ 100,000
The 2001 One Hundred Twenty Five Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program						$ 125,000
The 2021 Amended Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program		$ 27,976			$ 82,288
The 2020 One Hundred Million Atm Program Member And The 2001 One Hundred Twenty Five Million Atm Program Member And The 2021 Amended Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock issued	8,704,531
Proceeds received from shares issued		$ 160,386

Non-Controlling Interest - Sche

Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2001	Jun. 30, 2001	Mar. 31, 2001
Noncontrolling Interest [Abstract]
Cash distribution declared per OP unit	$ 0.210	$ 0.210	$ 0.200		$ 0.200	$ 0.200	$ 0.200	$ 0.375
Aggregate amount				$ 121		$ 135	$ 164	$ 324	$ 106	$ 106	$ 121

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Operating partnership units outstanding	507,514		507,514		606,632
Loss attributed to non-controlling interest	$ 57	$ 130	$ 193	$ 584

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity (Details)	9 Months Ended
	Sep. 30, 2021shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at January 1, 2021	190,225
Granted	126,434
Forfeited	(1,000)
Vested	(87,251)
Unvested restricted stock at September 30, 2021	228,408

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 1,219	$ 1,056
Unrecognized compensation expense	$ 3,168
Weighted average period for recognition	3 years
Restricted shares granted	126,434
Fair value of restricted shares granted	$ 1,982
Weighted average fair value per share	$ 15.80

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net loss	$ (3,649)	$ (3,981)	$ (2,984)	$ (3,763)	$ (3,885)	$ (4,272)	$ (10,614)	$ (11,920)
Less: Loss attributable to non-controlling interest	(57)			(130)			(193)	(584)
Net loss attributable to Plymouth Industrial REIT, Inc.	(3,592)			(3,633)			(10,421)	(11,336)
Less: Preferred stock dividends	1,652			1,613			4,956	4,839
Less: Series B Preferred stock accretion to redemption value	1,807	$ 1,807	$ 1,807	1,854	$ 1,854	$ 1,854	5,421	5,562
Less: Amount allocated to participating securities	48			38			153	144
Net loss attributable to common stockholders	$ (7,099)			$ (7,138)			$ (20,951)	$ (21,881)
Denominator
Weighted-average common shares outstanding basic and diluted	32,301,693			19,631,443			29,636,996	16,232,420
Net loss per share attributable to common stockholders – basic and diluted	$ (0.22)			$ (0.36)			$ (0.71)	$ (1.35)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	9 Months Ended
	Sep. 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	228,408

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Employment agreements	As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands		Oct. 07, 2021USD ($)ft²	Oct. 05, 2021USD ($)ft²	Sep. 30, 2021USD ($)ft²
Subsequent Event [Line Items]
Square feet | ft²				26.6
St. Louis, MO
Subsequent Event [Line Items]
Square feet | ft²				142,364
Aggregate purchase price	[1]			$ 7,800
Memphis Tennessee [Member]
Subsequent Event [Line Items]
Square feet | ft²				74,665
Aggregate purchase price	[1]			$ 5,250
St Louis Missouri Six [Member]
Subsequent Event [Line Items]
Assumption of existing mortgage debt		$ 28,800
Subsequent Event [Member] | Secured Debt [Member] | Lincoln Life Mortgage
Subsequent Event [Line Items]
Repayment of long term debt				$ 9,149
Subsequent Event [Member] | St. Louis, MO
Subsequent Event [Line Items]
Square feet | ft²			100,021
Subsequent Event [Member] | St Louis Missouri Four [Member]
Subsequent Event [Line Items]
Aggregate purchase price			$ 11,100
Subsequent Event [Member] | St Louis Missouri Five [Member]
Subsequent Event [Line Items]
Square feet | ft²			76,042
Subsequent Event [Member] | Memphis Tennessee [Member]
Subsequent Event [Line Items]
Aggregate purchase price			$ 7,700
Subsequent Event [Member] | St Louis Missouri Six [Member]
Subsequent Event [Line Items]
Square feet | ft²		1,145,330
Aggregate purchase price		$ 75,100
[1]	Purchase price does not include capitalized acquisition costs.