Plymouth Industrial REIT (PLYM) 10-Q 4 May 22 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,119,341
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 - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Real estate properties	$ 1,442,651	$ 1,254,007
Less accumulated depreciation	(156,585)	(142,192)
Real estate properties, net	1,286,066	1,111,815
Cash	25,610	26,232
Cash held in escrow	10,522	11,893
Restricted cash	6,137	5,249
Deferred lease intangibles, net	84,978	75,864
Investment in unconsolidated joint venture		5,833
Interest rate swaps	10,068
Other assets	34,850	33,919
Total assets	1,458,231	1,270,805
Liabilities:
Secured debt, net	393,580	352,075
Unsecured debt, net	297,850	297,840
Borrowings under line of credit	169,000	38,000
Accounts payable, accrued expenses and other liabilities	64,154	66,880
Deferred lease intangibles, net	10,927	10,273
Financing lease liability	2,232	2,227
Total liabilities	937,743	767,295
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 36,985,559 and 36,110,659 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	370	361
Additional paid in capital	542,523	532,666
Accumulated deficit	(181,668)	(177,258)
Accumulated other comprehensive income	9,933
Total stockholders' equity	371,158	355,769
Non-controlling interest	4,920	4,831
Total equity	376,078	360,600
Total liabilities, preferred stock and equity	$ 1,458,231	$ 1,270,805

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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	36,985,559	36,110,659
Common stock, shares outstanding	36,985,559	36,110,659
Series A Preferred Stock [Member]
Preferred stock, shares issued	2,023,551	2,023,551
Preferred stock, shares outstanding	2,023,551	2,023,551
Preferred stock, liquidation preference	$ 50,589	$ 50,589
Preferred stock	$ 48,473	$ 48,473
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	$ 99,463	$ 97,277
Preferred stock	$ 95,937	$ 94,437

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Rental revenue	$ 42,720	$ 31,833
Management fee revenue and other income	86	83
Total revenues	42,806	31,916
Operating expenses:
Property	14,075	11,426
Depreciation and amortization	22,691	15,777
General and administrative	3,552	3,009
Total operating expenses	40,318	30,212
Other income (expense):
Interest expense	(6,395)	(4,758)
Earnings (loss) in investment of unconsolidated joint venture	(147)	(273)
Loss on extinguishment of debt	(2,176)
Gain on sale of real estate		590
Unrealized (appreciation) depreciation of warrants	1,760	(247)
Total other income (expense)	(6,958)	(4,688)
Net loss	(4,470)	(2,984)
Less: Loss attributable to non-controlling interest	(60)	(65)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,410)	(2,919)
Less: Preferred stock dividends	1,699	1,652
Less: Series B preferred stock accretion to redemption value	1,500	1,807
Less: Amount allocated to participating securities	67	57
Net loss attributable to common stockholders	$ (7,676)	$ (6,435)
Net loss basic and diluted per share attributable to common stockholders	$ (0.21)	$ (0.24)
Weighted-average common shares outstanding basic and diluted	36,227,582	27,204,724

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net loss	$ (4,470)	$ (2,984)
Other comprehensive income:
Unrealized gain (loss) on interest rate swaps	10,068
Other comprehensive income	10,068
Comprehensive income (loss)	5,598	(2,984)
Less: Loss attributable to non-controlling interest	(60)	(65)
Less: Other comprehensive income attributable to non-controlling interest	135
Comprehensive income attributable to Plymouth Industrial REIT, Inc.	$ 5,523	$ (2,919)

Condensed Consolidated Statem_3

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]	Accumulated Other Comprehensive Loss	Parent [Member]	Noncontrolling Interest [Member]	Total
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		$ 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)
Other comprehensive income
Conversion of common stock warrants
Net loss					(2,919)		(2,919)	(65)	(2,984)
Repurchase and extinguishment of Series A Preferred stock	$ (12)
Stock Repurchased and Retired During Period, Shares	(448)
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, 2021	$ 48,473	$ 94,437	$ 361	532,666	(177,258)		355,769	4,831	360,600
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	2,023,551	4,411,764	36,110,659
Series B Preferred stock accretion to redemption value		$ 1,500		(1,500)			(1,500)		(1,500)
Net proceeds from common stock			$ 7	17,116			17,123		17,123
Stock Issued During Period, Shares, Other			614,800
Stock based compensation				442			442		442
Restricted shares issued
Stock Issued During Period, Shares, Restricted Stock Award, Gross			120,160
Dividends and distributions				(9,835)			(9,835)	(108)	(9,943)
Reallocation of non-controlling interest				(122)			(122)	122
Other comprehensive income						9,933	9,933	135	10,068
Conversion of common stock warrants			$ 2	3,756			3,758		3,758
Conversion of common stock warrants, shares			139,940
Net loss					(4,410)		(4,410)	(60)	(4,470)
Ending balance, value at Mar. 31, 2022	$ 48,473	$ 95,937	$ 370	$ 542,523	$ (181,668)	$ 9,933	$ 371,158	$ 4,920	$ 376,078
Shares, Outstanding, Ending Balance at Mar. 31, 2022	2,023,551	4,411,764	36,985,559

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (4,470)	$ (2,984)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	22,691	15,777
Straight line rent adjustment	(822)	(614)
Intangible amortization in rental revenue, net	(1,546)	(494)
Loss on extinguishment of debt	2,176
Amortization of debt related costs	505	369
Unrealized appreciation (depreciation) of warrants	(1,760)	247
Stock based compensation	442	418
(Earnings) loss in investment of unconsolidated joint venture	147	273
Gain on sale of real estate		(590)
Changes in operating assets and liabilities:
Other assets	(362)	(1,520)
Deferred leasing costs	(648)	40
Accounts payable, accrued expenses and other liabilities	(2,789)	843
Net cash provided by operating activities	14,288	14,805
Investing activities
Acquisition of real estate properties	(131,131)	(61,472)
Real estate improvements	(6,316)	(1,803)
Proceeds from sale of real estate, net		2,204
Net cash used in investing activities	(137,447)	(61,071)
Financing activities
Proceeds from issuance of common stock, net	17,123	42,510
Repayment of secured debt	(16,630)	(1,328)
Proceeds from line of credit facility	141,000	42,000
Repayment of line of credit facility	(10,000)	(34,000)
Repurchase of Series A Preferred Stock		(12)
Debt issuance costs	(101)
Dividends and distributions paid	(9,338)	(6,795)
Net cash provided by financing activities	122,054	42,375
Net (decrease) increase in cash, cash held in escrow, and restricted cash	(1,105)	(3,891)
Cash, cash held in escrow, and restricted cash at beginning of period	43,374	32,054
Cash, cash held in escrow, and restricted cash at end of period	42,269	28,163
Supplemental Cash Flow Disclosures:
Cash paid for interest	5,310	4,432
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture	2,895
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in dividends payable	8,887	6,371
Distribution payable to non-controlling interest holder	108	121
Series B accretion to redemption value	1,500	1,807
Real estate improvements included in accounts payable, accrued expenses and other liabilities	3,321	703
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	1,172	1,654
Conversion of common stock warrants	3,758
Consolidation of net book value of investment in joint venture	5,686
Assumption of other assets upon consolidation of investment in joint venture	638
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture	1,955
Assumption of secured debt upon consolidation of investment in joint venture	$ 56,000

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of March 31, 2022 and December 31, 2021, the Company owned a 98.7 98.7 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 March 31, 2022, the Company, through its subsidiaries, owned 151 201 33.1 17,260

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 and 2020. 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, 2021 and 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the United States Securities and Exchange Commission on February 23, 2022. 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 state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data 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 a nd 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. For the three months ended March 31, 2022, we recognized fees of $ 82 Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2022 and December 31, 2021. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, and 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 March 31, 2022, 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 sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash March 31, December 31, 2022 2021 Cash $ 25,610 $ 26,232 Cash held in escrow 10,522 11,893 Restricted cash 6,137 5,249 Cash, cash held in escrow, and restricted cash $ 42,269 $ 43,374 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. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data 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 our debt, interest rate swaps and warrants to purchase common stock, discussed in Notes 6, 7 and 8, respectively. Financial instruments including cash, restricted cash, cash held in escrow, accounts receivable, accounts payable, accrued expenses and other current liabilities, are considered Level 1 in fair value hierarchy. The amounts reported on the condensed consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 7. Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying condensed consolidated balance sheets. 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 $ 9,810 9,710 5,025 4,689 2,237 2,405 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 common stock warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data 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 venture. 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 recorded 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 condensed consolidated balance sheets and the underlying equity in net assets will be amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture 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. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 4. 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	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Properties	3. Real Estate Properties Real estate properties consisted of the following at March 31, 2022 and December 31, 2021: Real Estate Properties - Schedule of Real Estate Properties March 31, December 31, 2022 2021 Land $ 218,978 $ 201,164 Buildings and improvements 1,078,190 930,678 Site improvements 125,465 108,756 Construction in progress 20,018 13,409 1,442,651 1,254,007 Less: accumulated depreciation (156,585 ) (142,192 ) Real estate properties, net $ 1,286,066 $ 1,111,815 Depreciation expense was $ 14,393 10,142 Acquisition of Properties The Company made the following acquisitions of properties during the three months ended March 31, 2022: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 Total 3,502,995 23 $ 192,458 _______________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 106,508 56,000 5,686 3,533 1,955 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Three Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 192,458 N/A Acquisition costs 1,676 N/A Total $ 194,134 Allocation of Purchase Price Land $ 17,814 N/A Building 145,863 N/A Site improvements 16,708 N/A Total real estate properties 180,385 Deferred Lease Intangibles Tenant relationships 2,683 3.5 Leasing commissions 1,877 3.5 Above market lease value 410 3.8 Below market lease value (2,366 ) 7.6 Lease in place value 10,878 3.5 Net deferred lease intangibles 13,482 Assumed debt – market value 267 5.8 Totals $ 194,134 All acquisitions completed during the three months ended March 31, 2022 were considered asset acquisitions under ASC 805.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2022
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-building portfolio of industrial buildings 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. On March 11, 2022, the Company acquired the remaining 80 46,401 56,000 Assets consolidated included the 28-building portfolio of industrial buildings and financial assets of approximately $3,533, comprised of cash, cash held in escrow, other assets and the net book value of our 20% investment in the former MIR JV of $5,686. Liabilities consolidated included the 7-year secured mortgage of $56,000 and approximately $1,955 accounts payable, accrued expenses and other current liabilities. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	5. Leases As a Lessor We lease our properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the condensed consolidated statements of operations. Some of our tenants’ 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 three months ended March 31, 2022 and 2021, 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 March 31, 2022 2021 Income from leases $ 30,584 $ 23,446 Straight-line rent adjustments 822 614 Tenant recoveries 9,768 7,279 Amortization of above market leases (166 ) (299 ) Amortization of below market leases 1,712 793 Total $ 42,720 $ 31,833 Tenant recoveries included within rental revenue for the three months ended March 31, 2022 and 2021 are variable in nature. As a Lessee Operating Leases As of March 31, 2022, we have five office space operating leases and a single ground operating sublease. The office lease agreements do not contain residual value guarantees or an option to renew. The ground sublease agreement does not contain residual value guarantees and includes multiple options to extend the sublease between nineteen and twenty years for each respective option 2.2 33.8 6,342 7,589 4.1 9.0 The following table summarizes the operating lease expense recognized during the three months ended March 31, 2022 and 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended March 31, 2022 2021 Operating lease expense included in general and administrative expense attributable to office leases $ 215 $ 182 Operating lease expense included in property expense attributable to ground sublease 9 20 Non-cash adjustment due to straight-line rent adjustments 25 87 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 249 $ 289 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data 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 April 1, 2022 – December 31, 2022 $ 966 2023 1,311 2024 1,280 2025 894 2026 801 Thereafter 4,311 Total minimum operating lease payments $ 9,563 Less imputed interest (1,974 ) Total operating lease liability $ 7,589 Financing Leases As of March 31, 2022, 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 sheets. 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 33.8 includes the exercise of a single twenty-year renewal option 7.8 33.8 The following table summarizes the financing lease expense recognized during the three months ended March 31, 2022 and 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Finance Lease Expense Three Months Ended March 31, 2022 2021 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 Interest expense for financing lease liability 44 44 Total financing lease cost $ 51 $ 51 The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity April 1, 2022 – December 31, 2022 $ 116 2023 155 2024 155 2025 170 2026 170 Thereafter 6,537 Total minimum financing lease payments $ 7,303 Less imputed interest (5,071 ) Total financing lease liability $ 2,232 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	6. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of March 31, 2022 and December 31, 2021. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Debt March 31, December 31, Interest rate at Final Secured debt: AIG Loan $ 113,807 $ 114,477 4.08% November 1, 2023 Transamerica Loan 68,387 68,709 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,346 20,453 3.78% May 1, 2028 Minnesota Life Memphis Industrial Loan (1) 56,000 — 3.15% January 1, 2028 JPMorgan Chase Loan (2) — 13,205 5.23% January 1, 2027 Ohio National Life Mortgage 19,508 19,660 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,820 10,820 3.50% March 10, 2028 Total secured debt $ 395,783 $ 354,239 Unamortized debt issuance costs, net (2,635 ) (2,861 ) Unamortized premium/(discount), net 432 697 Total secured debt, net $ 393,580 $ 352,075 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.09 (3)(4) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.11 (3)(4) February 11, 2027 Total unsecured debt $ 300,000 $ 300,000 Unamortized debt issuance costs, net (2,150 ) (2,160 ) Total unsecured debt, net $ 297,850 $ 297,840 Borrowings under line of credit: KeyBank unsecured line of credit 169,000 38,000 2.00 (3) August 11, 2025 Total borrowings under line of credit $ 169,000 $ 38,000 _______________ (1) On March 11, 2022, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Minnesota Life Memphis Industrial Loan”) with a balance of $56,000 in conjunction with our acquisition of all outstanding interests in the entity owning the portfolio in Memphis, Tennessee. The Minnesota Life Memphis Industrial Loan, held by Minnesota Life Insurance Company, matures on January 1, 2028, bears interest at 3.15% and is secured by the property. The Minnesota Life Memphis Industrial Loan requires monthly installments of interest only through January 1, 2023, and afterwards, monthly installments of principal plus accrued interest through January 1, 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. (2) On February 1, 2022, the Company repaid in full, the outstanding principal and interest balance of approximately $13,245 on the JPMorgan Chase Loan. The Company recognized a $2,176 loss on extinguishment of debt resulting from prepayment penalty and fees incurred as a result of the repayment. (3) The 1-month LIBOR rate as of March 31, 2022 was 0.452%. The spread over the applicable rate for the $100m and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio. (4) As of March 31, 2022, the 1-month LIBOR for the $100m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.591% and 1.609%, respectively. Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured and unsecured debt and unsecured line of credit as of March 31, 2022. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data Fair Value of Debt 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 March 31, 2022 and December 31, 2021: Indebtedness - Schedule of Fair Value of Debt Instruments March 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 395,783 $ 406,780 $ 354,239 $ 369,459 Unsecured debt 300,000 300,000 300,000 300,000 Borrowings under line of credit, net 169,000 169,000 38,000 38,000 Total 864,783 $ 875,780 692,239 $ 707,459 Unamortized debt issuance cost, net (4,785 ) (5,021 ) Unamortized premium/(discount), net 432 697 Total carrying value $ 860,430 $ 687,915

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	7. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. There were no such derivatives during 2021. The following table sets forth a summary of our interest rate swaps as of March 31, 2022 and December 31, 2021. Derivative Financial Instruments - Schedule of Interest Rate Derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity LIBOR Interest March 31, December 31, March 31, December 31, Capital One, N.A. January 28, 2022 February 1, 2022 February 11, 2027 1.609 $ 200,000 $ — $ 6,780 $ — JPMorgan Chase Bank, N.A. January 28, 2022 February 1, 2022 August 8, 2026 1.591 $ 100,000 $ — $ 3,288 $ — _______________ (1) Represents the notional value of interest rate swaps effective as of March 31, 2022. (2) As of March 31, 2022, all our interest rate swaps were in an asset position. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data The following table sets forth the impact of our interest rate swaps on our condensed consolidated financial statements for the three months ended March 31, 2022 and 2021. Derivative Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2022 2021 Amount of unrealized gain recognized in AOCI on derivatives $ 10,068 $ — Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 704 $ — Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of March 31, 2022. Derivative Financial Instruments - Schedule of Derivative Assets at Fair Value Level 2 Fair Value Measurements as of March 31, 2022 Using Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 10,068 $ — $ 10,068 $ — There were no interest rate swaps outstanding as of December 31, 2021. Non-designated Hedges The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. Changes in the fair value of derivatives not designated in hedging relationships would be recorded directly in earnings. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of March 31, 2022, the Company does not have any derivatives in a net liability position. As of March 31, 2022, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at their termination value.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock	8. 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 On November 9, 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, Wedbush Securities Inc and Wells Fargo Securities, LLC 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 $ 200,000 For the three months ended March 31, 2022, the Company has issued 614,800 17,123 137,225 Common Stock Warrants On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 3,757 354,230 16.24 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2022 $ 5,517 Unrealized appreciation (depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at March 31, 2022 $ — The warrants in the amount of $ 5,517 16.24 17.5 0.84 0.45 0.19 Common Stock Dividends The following table sets forth the common stock distributions that were declared during the three months ended March 31, 2022 and the year ended December 31, 2021. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.2200 $ 8,137 2021 First quarter $ 0.2000 $ 5,668 Second quarter $ 0.2100 $ 6,528 Third quarter $ 0.2100 $ 7,197 Fourth quarter $ 0.2100 $ 7,583

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Preferred Stock	9. Preferred Stock Series A Preferred Stock The table below sets forth the Company’s outstanding Series A Preferred Stock as of March 31, 2022: 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 three months ended March 31, 2022 and the year ended December 31, 2021. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.4688 $ 949 2021 First quarter $ 0.4688 $ 949 Second quarter $ 0.4688 $ 949 Third quarter $ 0.4688 $ 949 Fourth quarter $ 0.4688 $ 949 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data Series B Preferred Stock The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock as of March 31, 2022. 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 $ 22.55 4.00% The following table sets forth the Series B preferred stock dividends for the three months ended March 31, 2022 and the year ended December 31, 2021. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.170000 $ 750 2021 First quarter $ 0.159375 $ 703 Second quarter $ 0.159375 $ 703 Third quarter $ 0.159375 $ 703 Fourth quarter $ 0.159375 $ 703

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Non-Controlling Interests	10. 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 non-controlling 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 non-controlling interest on the accompanying condensed consolidated statements of changes in preferred stock and equity. OP Units outstanding as of March 31, 2022 and December 31, 2021, were 490,299 490,299 The following table sets forth the OP Unit distributions that were declared during the three months ended March 31, 2022 and the year ended December 31, 2021. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2022 First quarter $ 0.2200 $ 108 2021 First quarter $ 0.2000 $ 121 Second quarter $ 0.2100 $ 106 Third quarter $ 0.2100 $ 106 Fourth quarter $ 0.2100 $ 103 The proportionate share of the loss attributed to the OP Units was $ 60 65 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	11. Incentive Award Plan The following table is a summary of the total restricted shares granted, forfeited and vested for the three months ended March 31, 2022: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2022 227,356 Granted 120,160 Forfeited — Vested (42,500 ) Unvested restricted stock at March 31, 2022 305,016 The Company recorded equity-based compensation expense in the amount of $ 442 418 5,720 3.3 120,160 3,334 27.75

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	12. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Three Months Ended March 31, 2022 2021 Numerator Net loss $ (4,470 ) $ (2,984 ) Less: Loss attributable to non-controlling interest (60 ) (65 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,410 ) (2,919 ) Less: Preferred stock dividends 1,699 1,652 Less: Series B Preferred stock accretion to redemption value 1,500 1,807 Less: Amount allocated to participating securities 67 57 Net loss attributable to common stockholders $ (7,676 ) $ (6,435 ) Denominator Weighted-average common shares outstanding basic and diluted 36,227,582 27,204,724 Net loss per share attributable to common stockholders – basic and diluted $ (0.21 ) $ (0.24 ) 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 March 31, 2022 include the 305,016 Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, Chief Financial Officer, and Executive Vice President Asset Management. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses, as incurred, the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for acquisitions, the agreements contain a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On April 6, 2022, the Company acquired a single-building, multi-tenant industrial property, consisting of approximately 76,485 8,450 On April 14, 2022, the Company acquired a single-building, multi-tenant industrial property, consisting of approximately 78,743 7,300 On April 29, 2022, 2,205,882 shares of the Company’s Series B Convertible Redeemable Preferred Stock were converted to our common stock on a one-to-one basis. On May 2, 2022, the Company entered into an amendment to the KeyBank unsecured facility, expanding the availability on the KeyBank unsecured line of credit up to $ 350 million, and entered into a new $ 150 million unsecured term loan (“$150m KeyBank Term Loan”). The maturity date for the $150m KeyBank Term Loan is May 2027 . The maturity date for the KeyBank unsecured line of credit remains unchanged. The amendment also provided for the transition of the reference rate for the KeyBank unsecured line of credit and the $100m, $200m and $150m KeyBank Term Loans from 1-month LIBOR to the Secured Overnight Financing Rate (“SOFR”). Subsequent Events

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 and 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the United States Securities and Exchange Commission on February 23, 2022.
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 state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data
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 a nd 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. For the three months ended March 31, 2022, we recognized fees of $ 82
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at March 31, 2022 and December 31, 2021. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, and 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 March 31, 2022, 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 sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash March 31, December 31, 2022 2021 Cash $ 25,610 $ 26,232 Cash held in escrow 10,522 11,893 Restricted cash 6,137 5,249 Cash, cash held in escrow, and restricted cash $ 42,269 $ 43,374
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. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data 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 our debt, interest rate swaps and warrants to purchase common stock, discussed in Notes 6, 7 and 8, respectively. Financial instruments including cash, restricted cash, cash held in escrow, accounts receivable, accounts payable, accrued expenses and other current liabilities, are considered Level 1 in fair value hierarchy. The amounts reported on the condensed consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 7.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying condensed consolidated balance sheets.
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 $ 9,810 9,710 5,025 4,689 2,237 2,405
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 common stock warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Plymouth Industrial REIT, Inc. all dollar amounts in thousands, except share and per share data
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 venture. 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 recorded 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 condensed consolidated balance sheets and the underlying equity in net assets will be amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture 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. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 4.
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)	3 Months Ended
	Mar. 31, 2022
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 sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash March 31, December 31, 2022 2021 Cash $ 25,610 $ 26,232 Cash held in escrow 10,522 11,893 Restricted cash 6,137 5,249 Cash, cash held in escrow, and restricted cash $ 42,269 $ 43,374

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate Properties	Real estate properties consisted of the following at March 31, 2022 and December 31, 2021: Real Estate Properties - Schedule of Real Estate Properties March 31, December 31, 2022 2021 Land $ 218,978 $ 201,164 Buildings and improvements 1,078,190 930,678 Site improvements 125,465 108,756 Construction in progress 20,018 13,409 1,442,651 1,254,007 Less: accumulated depreciation (156,585 ) (142,192 ) Real estate properties, net $ 1,286,066 $ 1,111,815
Real Estate Properties - Schedule of Real Estate Acquisitions	The Company made the following acquisitions of properties during the three months ended March 31, 2022: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 Total 3,502,995 23 $ 192,458 _______________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 106,508 56,000 5,686 3,533 1,955
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 Three Months Ended Purchase price allocation Purchase Weighted Average Total Purchase Price Purchase price $ 192,458 N/A Acquisition costs 1,676 N/A Total $ 194,134 Allocation of Purchase Price Land $ 17,814 N/A Building 145,863 N/A Site improvements 16,708 N/A Total real estate properties 180,385 Deferred Lease Intangibles Tenant relationships 2,683 3.5 Leasing commissions 1,877 3.5 Above market lease value 410 3.8 Below market lease value (2,366 ) 7.6 Lease in place value 10,878 3.5 Net deferred lease intangibles 13,482 Assumed debt – market value 267 5.8 Totals $ 194,134

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Leases - Schedule of Rental Revenue Components	Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Three Months Ended March 31, 2022 2021 Income from leases $ 30,584 $ 23,446 Straight-line rent adjustments 822 614 Tenant recoveries 9,768 7,279 Amortization of above market leases (166 ) (299 ) Amortization of below market leases 1,712 793 Total $ 42,720 $ 31,833
Leases - Schedule of Lease Costs	The following table summarizes the operating lease expense recognized during the three months ended March 31, 2022 and 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Lease Costs Three Months Ended March 31, 2022 2021 Operating lease expense included in general and administrative expense attributable to office leases $ 215 $ 182 Operating lease expense included in property expense attributable to ground sublease 9 20 Non-cash adjustment due to straight-line rent adjustments 25 87 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 249 $ 289
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 April 1, 2022 – December 31, 2022 $ 966 2023 1,311 2024 1,280 2025 894 2026 801 Thereafter 4,311 Total minimum operating lease payments $ 9,563 Less imputed interest (1,974 ) Total operating lease liability $ 7,589
Leases - Schedule of Finance Lease Expense	The following table summarizes the financing lease expense recognized during the three months ended March 31, 2022 and 2021 included in the Company’s condensed consolidated statements of operations. Leases - Schedule of Finance Lease Expense Three Months Ended March 31, 2022 2021 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 Interest expense for financing lease liability 44 44 Total financing lease cost $ 51 $ 51
Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity	The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity April 1, 2022 – December 31, 2022 $ 116 2023 155 2024 155 2025 170 2026 170 Thereafter 6,537 Total minimum financing lease payments $ 7,303 Less imputed interest (5,071 ) Total financing lease liability $ 2,232

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2022
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 respective secured debt, unsecured line of credit and unsecured debt as of March 31, 2022 and December 31, 2021. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Debt March 31, December 31, Interest rate at Final Secured debt: AIG Loan $ 113,807 $ 114,477 4.08% November 1, 2023 Transamerica Loan 68,387 68,709 4.35% August 1, 2028 Allianz Loan 63,115 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,346 20,453 3.78% May 1, 2028 Minnesota Life Memphis Industrial Loan (1) 56,000 — 3.15% January 1, 2028 JPMorgan Chase Loan (2) — 13,205 5.23% January 1, 2027 Ohio National Life Mortgage 19,508 19,660 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,820 10,820 3.50% March 10, 2028 Total secured debt $ 395,783 $ 354,239 Unamortized debt issuance costs, net (2,635 ) (2,861 ) Unamortized premium/(discount), net 432 697 Total secured debt, net $ 393,580 $ 352,075 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.09 (3)(4) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.11 (3)(4) February 11, 2027 Total unsecured debt $ 300,000 $ 300,000 Unamortized debt issuance costs, net (2,150 ) (2,160 ) Total unsecured debt, net $ 297,850 $ 297,840 Borrowings under line of credit: KeyBank unsecured line of credit 169,000 38,000 2.00 (3) August 11, 2025 Total borrowings under line of credit $ 169,000 $ 38,000 _______________ (1) On March 11, 2022, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Minnesota Life Memphis Industrial Loan”) with a balance of $56,000 in conjunction with our acquisition of all outstanding interests in the entity owning the portfolio in Memphis, Tennessee. The Minnesota Life Memphis Industrial Loan, held by Minnesota Life Insurance Company, matures on January 1, 2028, bears interest at 3.15% and is secured by the property. The Minnesota Life Memphis Industrial Loan requires monthly installments of interest only through January 1, 2023, and afterwards, monthly installments of principal plus accrued interest through January 1, 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. (2) On February 1, 2022, the Company repaid in full, the outstanding principal and interest balance of approximately $13,245 on the JPMorgan Chase Loan. The Company recognized a $2,176 loss on extinguishment of debt resulting from prepayment penalty and fees incurred as a result of the repayment. (3) The 1-month LIBOR rate as of March 31, 2022 was 0.452%. The spread over the applicable rate for the $100m and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio. (4) As of March 31, 2022, the 1-month LIBOR for the $100m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.591% and 1.609%, respectively.
Indebtedness - 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 March 31, 2022 and December 31, 2021: Indebtedness - Schedule of Fair Value of Debt Instruments March 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 395,783 $ 406,780 $ 354,239 $ 369,459 Unsecured debt 300,000 300,000 300,000 300,000 Borrowings under line of credit, net 169,000 169,000 38,000 38,000 Total 864,783 $ 875,780 692,239 $ 707,459 Unamortized debt issuance cost, net (4,785 ) (5,021 ) Unamortized premium/(discount), net 432 697 Total carrying value $ 860,430 $ 687,915

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments - Schedule of Interest Rate Derivatives	The following table sets forth a summary of our interest rate swaps as of March 31, 2022 and December 31, 2021. Derivative Financial Instruments - Schedule of Interest Rate Derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity LIBOR Interest March 31, December 31, March 31, December 31, Capital One, N.A. January 28, 2022 February 1, 2022 February 11, 2027 1.609 $ 200,000 $ — $ 6,780 $ — JPMorgan Chase Bank, N.A. January 28, 2022 February 1, 2022 August 8, 2026 1.591 $ 100,000 $ — $ 3,288 $ — _______________ (1) Represents the notional value of interest rate swaps effective as of March 31, 2022. (2) As of March 31, 2022, all our interest rate swaps were in an asset position.
Derivative Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table sets forth the impact of our interest rate swaps on our condensed consolidated financial statements for the three months ended March 31, 2022 and 2021. Derivative Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2022 2021 Amount of unrealized gain recognized in AOCI on derivatives $ 10,068 $ — Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 704 $ —
Derivative Financial Instruments - Schedule of Derivative Assets at Fair Value	The following table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of March 31, 2022. Derivative Financial Instruments - Schedule of Derivative Assets at Fair Value Level 2 Fair Value Measurements as of March 31, 2022 Using Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 10,068 $ — $ 10,068 $ —

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 $ 5,517 Unrealized appreciation (depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at March 31, 2022 $ —
Common Stock - Schedule of Common Stock Dividends Declared	The following table sets forth the common stock distributions that were declared during the three months ended March 31, 2022 and the year ended December 31, 2021. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.2200 $ 8,137 2021 First quarter $ 0.2000 $ 5,668 Second quarter $ 0.2100 $ 6,528 Third quarter $ 0.2100 $ 7,197 Fourth quarter $ 0.2100 $ 7,583

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022: 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 three months ended March 31, 2022 and the year ended December 31, 2021. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.4688 $ 949 2021 First quarter $ 0.4688 $ 949 Second quarter $ 0.4688 $ 949 Third quarter $ 0.4688 $ 949 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 March 31, 2022. 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 $ 22.55 4.00%
Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared	The following table sets forth the Series B preferred stock dividends for the three months ended March 31, 2022 and the year ended December 31, 2021. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.170000 $ 750 2021 First quarter $ 0.159375 $ 703 Second quarter $ 0.159375 $ 703 Third quarter $ 0.159375 $ 703 Fourth quarter $ 0.159375 $ 703

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and the year ended December 31, 2021. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2022 First quarter $ 0.2200 $ 108 2021 First quarter $ 0.2000 $ 121 Second quarter $ 0.2100 $ 106 Third quarter $ 0.2100 $ 106 Fourth quarter $ 0.2100 $ 103

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2022 227,356 Granted 120,160 Forfeited — Vested (42,500 ) Unvested restricted stock at March 31, 2022 305,016

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator Net loss $ (4,470 ) $ (2,984 ) Less: Loss attributable to non-controlling interest (60 ) (65 ) Net loss attributable to Plymouth Industrial REIT, Inc. (4,410 ) (2,919 ) Less: Preferred stock dividends 1,699 1,652 Less: Series B Preferred stock accretion to redemption value 1,500 1,807 Less: Amount allocated to participating securities 67 57 Net loss attributable to common stockholders $ (7,676 ) $ (6,435 ) Denominator Weighted-average common shares outstanding basic and diluted 36,227,582 27,204,724 Net loss per share attributable to common stockholders – basic and diluted $ (0.21 ) $ (0.24 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	3 Months Ended	12 Months Ended
	Mar. 31, 2022ft²Number	Dec. 31, 2021
Industrial Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of Real Estate Properties | Number	151
Number of Units in Real Estate Property | Number	201
Real estate properites, approximate square feet | ft²	33,100,000
Property Management Office - Columbus, OH
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Real estate properites, approximate square feet | ft²	17,260
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	98.70%	98.70%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 25,610	$ 26,232
Cash held in escrow	10,522	11,893
Restricted cash	6,137	5,249
Cash, cash held in escrow, and restricted cash	$ 42,269	$ 43,374	$ 28,163	$ 32,054

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue recognized for management services	$ 86	$ 83
Debt issuance costs	9,810		$ 9,710
Accumulated amortization	5,025		4,689
Revolving Credit Facility [Member]
Schedule of Equity Method Investments [Line Items]
Unamortized debt issuance expense	2,237		$ 2,405
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Revenue recognized for management services	$ 82

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 218,978	$ 201,164
Buildings and improvements	1,078,190	930,678
Site improvements	125,465	108,756
Construction in progress	20,018	13,409
Real estate properties at cost	1,442,651	1,254,007
Less: accumulated depreciation	(156,585)	(142,192)
Real estate properties, net	$ 1,286,066	$ 1,111,815

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2022USD ($)ft²Number	Mar. 31, 2021USD ($)
Consolidation of net book value of investment in joint venture		$ 5,686
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture		2,895
Consolidation of liabilities		$ 1,955
Atlanta, GA
Date acquired		Jan. 20, 2022
Square feet | ft²		150,000
Properties | Number		1
Purchase price	[1]	$ 9,750
Jacksonville, FL
Date acquired		Feb. 7, 2022
Square feet | ft²		85,920
Properties | Number		1
Purchase price	[1]	$ 12,300
Cincinnati, OH; Columbus, OH; Indianapolis, IN
Date acquired		Feb. 24, 2022
Square feet | ft²		678,745
Properties | Number		3
Purchase price	[1]	$ 43,250
Memphis, TN
Date acquired		Mar. 11, 2022
Square feet | ft²		2,320,773
Properties | Number		16
Purchase price	[1],[2]	$ 106,508
Assumption of existing debt secured by properties		56,000
Consolidation of net book value of investment in joint venture		5,686
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture		3,533
Consolidation of liabilities		$ 1,955
Memphis, TN #2
Date acquired		Mar. 11, 2022
Square feet | ft²		67,557
Properties | Number		1
Purchase price	[1]	$ 8,150
Atlanta, GA #2
Date acquired		Mar. 15, 2022
Square feet | ft²		200,000
Properties | Number		1
Purchase price	[1]	$ 12,500
Real Estate Property Acquired
Square feet | ft²		3,502,995
Properties | Number		23
Purchase price	[1]	$ 192,458
[1]	Purchase price does not include capitalized acquisition costs.
[2]	The purchase price of $ 106,508 56,000 5,686 3,533 1,955

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Total Purchase Price
Purchase price	$ 192,458
Acquisition costs	1,676
Total	194,134
Allocation of Purchase Price
Land	17,814
Building	145,863
Site improvements	16,708
Total real estate properties	180,385
Deferred Lease Intangibles
Net deferred lease intangibles	13,482
Net deferred lease intangibles	(13,482)
Assumed debt – market value (Above)/below assumed market debt value	267
Totals	194,134
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,683	[1]
Weighted average amortization period (years) of intangibles at acquisition	3 years 6 months
Net deferred lease intangibles	$ (2,683)	[1]
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 1,877	[1]
Weighted average amortization period (years) of intangibles at acquisition	3 years 6 months
Net deferred lease intangibles	$ (1,877)	[1]
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 410	[1]
Weighted average amortization period (years) of intangibles at acquisition	3 years 9 months 18 days
Net deferred lease intangibles	$ (410)	[1]
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,366	[1]
Weighted average amortization period (years) of intangibles at acquisition	7 years 7 months 6 days
Net deferred lease intangibles	$ (2,366)	[1]
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 10,878	[1]
Weighted average amortization period (years) of intangibles at acquisition	3 years 6 months
Net deferred lease intangibles	$ (10,878)	[1]
(Above)/Below Assumed Market Debt Value
Deferred Lease Intangibles
Weighted average amortization period (years) of intangibles at acquisition	5 years 9 months 18 days
[1]	On March 11, 2022, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Minnesota Life Memphis Industrial Loan”) with a balance of $56,000 in conjunction with our acquisition of all outstanding interests in the entity owning the portfolio in Memphis, Tennessee. The Minnesota Life Memphis Industrial Loan, held by Minnesota Life Insurance Company, matures on January 1, 2028, bears interest at 3.15% and is secured by the property. The Minnesota Life Memphis Industrial Loan requires monthly installments of interest only through January 1, 2023, and afterwards, monthly installments of principal plus accrued interest through January 1, 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.

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Depreciation expense	$ 14,393	$ 10,142

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] - USD ($) $ in Thousands	Mar. 11, 2022	Oct. 23, 2020
Schedule of Equity Method Investments [Line Items]
Investment in equity joint venture		$ 150,000
Ownership percentage	80.00%	20.00%
Description of principal activities		The Operating Partnership is responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and is entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement.
Additional information	Assets consolidated included the 28-building portfolio of industrial buildings and financial assets of approximately $3,533, comprised of cash, cash held in escrow, other assets and the net book value of our 20% investment in the former MIR JV of $5,686. Liabilities consolidated included the 7-year secured mortgage of $56,000 and approximately $1,955 accounts payable, accrued expenses and other current liabilities.	The MIR JV completed its initial investment of a 28-building portfolio of industrial buildings 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.
Equity Method Investment, Aggregate Cost	$ 46,401
Assumption of existing mortgage debt	$ 56,000

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Income from leases	$ 30,584	$ 23,446
Straight-line rent adjustments	822	614
Tenant recoveries	9,768	7,279
Amortization of above market leases	(166)	(299)
Amortization of below market leases	1,712	793
Total	$ 42,720	$ 31,833

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Operating lease expense included in general and administrative expense attributable to office leases	$ 215	$ 182
Operating lease expense included in property expense attributable to ground sublease	9	20
Non-cash adjustment due to straight-line rent adjustments	25	87
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 249	$ 289

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
April 1, 2022 – December 31, 2022	$ 966
2023	1,311
2024	1,280
2025	894
2026	801
Thereafter	4,311
Total minimum operating lease payments	9,563
Less imputed interest	(1,974)
Other Liabilities [Member]
Total operating lease liability	$ 7,589

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 7	$ 7
Interest expense for financing lease liability	44	44
Total financing lease cost	$ 51	$ 51

Leases - Schedule of Finance _2

Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases
April 1, 2022 – December 31, 2022	$ 116
2023	155
2024	155
2025	170
2026	170
Thereafter	6,537
Total minimum financing lease payments	7,303
Less imputed interest	(5,071)
Total financing lease liability	$ 2,232

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Lessee, Operating Lease, Description	five office space operating leases and a single ground operating sublease. The office lease agreements do not contain residual value guarantees or an option to renew. The ground sublease agreement does not contain residual value guarantees and includes multiple options to extend the sublease between nineteen and twenty years for each respective option
Operating Lease, Right-of-Use Asset	$ 6,342
Operating Lease, Weighted Average Discount Rate, Percent	4.10%
Operating Lease, Weighted Average Remaining Lease Term	9 years
Lessee, Financing Lease, Remaining Lease Term	33 years 9 months 18 days
Lessee, Finance Lease, Option to Extend	includes the exercise of a single twenty-year renewal option
Finance Lease, Weighted Average Discount Rate, Percent	7.80%
Finance Lease, Weighted Average Remaining Lease Term	33 years 9 months 18 days
Other Liabilities [Member]
Operating Lease, Liability	$ 7,589
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	2 years 2 months 12 days
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	33 years 9 months 18 days

Indebtedness - Schedule of Secu

Indebtedness - Schedule of Secured and Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total secured debt, net		$ 393,580	$ 352,075
Unamortized debt issuance costs, net		(4,785)	(5,021)
Unamortized premium/(discount), net		432	697
Total unsecured debt, net		297,850	297,840
Total borrowings under line of credit		169,000	38,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings under line of credit		$ 169,000	38,000
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit
Debt Instrument [Line Items]
Maturity date		Aug. 11, 2025
Interest rate	[1]	2.00
Unsecured line of credit		$ 169,000	38,000
Secured Debt [Member]
Debt Instrument [Line Items]
Total secured debt, net		395,783	354,239
Unamortized debt issuance costs, net		(2,635)	(2,861)
Unamortized premium/(discount), net		432	697
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Total secured debt, net		$ 113,807	114,477
Interest rate		4.08%
Maturity date		Nov. 1, 2023
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured debt, net		$ 68,387	68,709
Interest rate		4.35%
Maturity date		Aug. 1, 2028
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured debt, net		$ 63,115	63,115
Interest rate		4.07%
Maturity date		Apr. 10, 2026
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured debt, net		$ 20,346	20,453
Interest rate		3.78%
Maturity date		May 1, 2028
Secured Debt [Member] | Minnesota Life Memphis Industrial Loan
Debt Instrument [Line Items]
Total secured debt, net	[2]	$ 56,000
Interest rate	[2]	3.15%
Maturity date	[2]	Jan. 1, 2028
Secured Debt [Member] | JP Morgan Chase Loan
Debt Instrument [Line Items]
Total secured debt, net	[3]		13,205
Interest rate	[3]	5.23%
Maturity date	[3]	Jan. 1, 2027
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Total secured debt, net		$ 19,508	19,660
Interest rate		4.14%
Maturity date		Aug. 1, 2024
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured debt, net		$ 15,000	15,000
Interest rate		2.97%
Maturity date		Oct. 1, 2027
Secured Debt [Member] | Lincoln Life Gateway Mortgage
Debt Instrument [Line Items]
Total secured debt, net		$ 28,800	28,800
Interest rate		3.43%
Maturity date		Jan. 1, 2028
Secured Debt [Member] | Midland National Life Insurance Mortgage
Debt Instrument [Line Items]
Total secured debt, net		$ 10,820	10,820
Interest rate		3.50%
Maturity date		Mar. 10, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		$ (2,150)	(2,160)
Total unsecured debt, net		$ 300,000	300,000
Unsecured Debt [Member] | $100m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date		Aug. 11, 2026
Total unsecured debt, net		$ 100,000	100,000
Interest rate	[1],[4]	3.09
Unsecured Debt [Member] | $200m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date		Feb. 11, 2027
Total unsecured debt, net		$ 200,000	$ 200,000
Interest rate	[1],[4]	3.11
[1]	The 1-month LIBOR rate as of March 31, 2022 was 0.452%. The spread over the applicable rate for the $100m and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio.
[2]	On March 11, 2022, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Minnesota Life Memphis Industrial Loan”) with a balance of $56,000 in conjunction with our acquisition of all outstanding interests in the entity owning the portfolio in Memphis, Tennessee. The Minnesota Life Memphis Industrial Loan, held by Minnesota Life Insurance Company, matures on January 1, 2028, bears interest at 3.15% and is secured by the property. The Minnesota Life Memphis Industrial Loan requires monthly installments of interest only through January 1, 2023, and afterwards, monthly installments of principal plus accrued interest through January 1, 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.
[3]	On February 1, 2022, the Company repaid in full, the outstanding principal and interest balance of approximately $13,245 on the JPMorgan Chase Loan. The Company recognized a $2,176 loss on extinguishment of debt resulting from prepayment penalty and fees incurred as a result of the repayment.
[4]	As of March 31, 2022, the 1-month LIBOR for the $100m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.591% and 1.609%, respectively.

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured debt	$ 395,783	$ 354,239
Secured debt, fair value	406,780	369,459
Unsecured debt	300,000	300,000
Unsecured debt, fair value	300,000	300,000
Borrowings under line of credit, net	169,000	38,000
Borrowings under line of credit, net, fair value	169,000	38,000
Total	864,783	692,239
Total, fair value	875,780	707,459
Unamortized debt issuance cost, net	(4,785)	(5,021)
Unamortized premium/(discount), net	432	697
Total carrying value	$ 860,430	$ 687,915

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Capital One, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade Date		January 28, 2022
Effective Date		Feb. 1, 2022
Maturity Date		Feb. 11, 2027
LIBOR Interest Strike Rate		1.609%
Notional value	[1]	$ 200,000
Fair value	[2]	$ 6,780
JPMorgan Chase Bank, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade Date		January 28, 2022
Effective Date		Feb. 1, 2022
Maturity Date		Aug. 8, 2026
LIBOR Interest Strike Rate		1.591%
Notional value	[1]	$ 100,000
Fair value	[2]	$ 3,288
[1]	Represents the notional value of interest rate swaps effective as of March 31, 2022.
[2]	As of March 31, 2022, all our interest rate swaps were in an asset position.

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of unrealized gain recognized in AOCI on derivatives	$ 10,068
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 704

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivative Assets at Fair Value (Details) $ in Thousands	Mar. 31, 2022USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fair value	$ 10,068
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value	$ 10,068

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2022	Mar. 22, 2022
Equity [Abstract]
Balance at March 23, 2022 (exercise date)	$ 3,757	$ 5,517	$ 5,517
Unrealized appreciation (depreciation)			(1,760)
Conversion of common stock warrants	(3,757)
Balance at March 31, 2022			$ 3,757

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Cash dividends declared, per share	$ 0.2200	$ 0.2100	$ 0.2100	$ 0.2100	$ 0.2000
Common stock dividends declared, aggregate amount	$ 8,137	$ 7,583	$ 7,197	$ 6,528	$ 5,668

Preferred Stock - Schedule of S

Preferred Stock - Schedule of Series A Preferred Stock Outstanding (Details) - Series A Preferred Stock [Member] - $ / shares $ / shares in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock issued, issuance date	10/25/2017
Preferred stock, shares issued	2,023,551	2,023,551
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
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688	$ 0.4688
Preferred stock dividends declared, aggregate amount	$ 949	$ 949	$ 949	$ 949	$ 949

Preferred Stock - Schedule of_3

Preferred Stock - Schedule of Series B Preferred Stock Outstanding (Details) - Series B Preferred Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	$ 22.55
Dividend rate	4.00%

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
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.170000	$ 0.159375	$ 0.159375	$ 0.159375	$ 0.159375
Preferred stock dividends declared, aggregate amount	$ 750	$ 703	$ 703	$ 703	$ 703

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 09, 2021	Aug. 10, 2021	May 26, 2021	Feb. 27, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock		$ 17,123,000	$ 42,510,000
Fair value of warrants exercised	$ 3,757,000
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Common stock transfered as a result of warrant exercises		139,940
Fair value of warrants exercised		$ 3,757
Warrants outstanding				354,230
Exercise price of warrants issued				$ 16.24
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants issued				$ 16.24
Warrants Not Settleable in Cash, Fair Value Disclosure				$ 5,517,000
Volatility				17.50%
Expected annual dividend				$ 0.84
Expected term				5 months 12 days
Risk-free interest rate				0.19%
The 2020 $100 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program								$ 100,000,000
The 2021 $125 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program							$ 125,000,000
The 2021 Amended ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program						$ 82,288,000
The 2021 $200 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program	$ 137,225,000	$ 137,225,000			$ 200,000,000
Shares issued	614,800	614,800
Proceeds from issuance of common stock		$ 17,123,000

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Operating partnership units, outstanding	490,299		490,299
Loss attributed to non-controlling interest	$ 60	$ 65

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity (Details)	3 Months Ended
	Mar. 31, 2022shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at January 1, 2022	227,356
Granted	120,160
Forfeited
Vested	(42,500)
Unvested restricted stock at March 31, 2022	305,016

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 442	$ 418
Unrecognized compensation expense	$ 5,720
Weighted average period for recognition	3 years 3 months 18 days
Restricted shares granted	120,160
Weighted average fair value	$ 3,334
Weighted average fair value, per share	$ 27.75

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net loss	$ (4,470)	$ (2,984)
Less: Loss attributable to non-controlling interest	(60)	(65)
Net loss attributable to Plymouth Industrial REIT, Inc.	(4,410)	(2,919)
Less: Preferred stock dividends	1,699	1,652
Less: Series B Preferred stock accretion to redemption value	1,500	1,807
Less: Amount allocated to participating securities	67	57
Net loss attributable to common stockholders	$ (7,676)	$ (6,435)
Denominator
Weighted-average common shares outstanding basic and diluted	36,227,582	27,204,724
Net loss per share attributable to common stockholders – basic and diluted	$ (0.21)	$ (0.24)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Mar. 31, 2022shares
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	305,016

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	3 Months Ended
	Mar. 31, 2022
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	May 02, 2022USD ($)	Apr. 06, 2022USD ($)ft²	Apr. 30, 2022USD ($)	Apr. 29, 2022shares	Apr. 14, 2022ft²	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Subsequent Event [Line Items]
Unsecured Long-term Debt, Noncurrent						$ 297,850	$ 297,840
Unsecured Debt [Member]
Subsequent Event [Line Items]
Unsecured Long-term Debt, Noncurrent						$ 300,000	$ 300,000
Subsequent Events | Unsecured Debt [Member] | the ("$150m KeyBank Term Loan)
Subsequent Event [Line Items]
Unsecured Long-term Debt, Noncurrent	$ 150,000
Debt Instrument, Maturity Date, Description	The maturity date for the $150m KeyBank Term Loan is May 2027
Subsequent Events | Revolving Credit Facility [Member] | Amended KeyBank Unsecured Line of Credit
Subsequent Event [Line Items]
Line of Credit Facility, Increase (Decrease), Net	$ 350,000
Subsequent Events | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion | shares				2,205,882
Subsequent Events | St. Louis, MS
Subsequent Event [Line Items]
Real estate property acquired, square feet | ft²		76,485
Purchase price		$ 8,450
Subsequent Events | Chicago, IL
Subsequent Event [Line Items]
Real estate property acquired, square feet | ft²					78,743
Purchase price			$ 7,300