Plymouth Industrial REIT (PLYM) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
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		45,250,184

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Real estate properties	$ 1,570,624	$ 1,555,846
Less accumulated depreciation	(254,402)	(205,629)
Real estate properties, net	1,316,222	1,350,217
Cash	12,034	11,003
Cash held in escrow	11,143	13,376
Restricted cash	7,095	6,834
Deferred lease intangibles, net	56,316	70,718
Interest rate swaps	34,115	30,115
Other assets	39,585	39,055
Total assets	1,476,510	1,521,318
Liabilities:
Secured debt, net	377,714	389,531
Unsecured debt, net	447,823	447,345
Borrowings under line of credit	65,000	77,500
Accounts payable, accrued expenses and other liabilities	75,112	72,551
Deferred lease intangibles, net	6,604	8,918
Financing lease liability	2,265	2,248
Total liabilities	974,518	998,093
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 45,250,184 and 42,849,489 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	452	428
Additional paid in capital	654,346	635,068
Accumulated deficit	(191,882)	(194,243)
Accumulated other comprehensive income	33,695	29,739
Total stockholders' equity	496,611	470,992
Non-controlling interest	5,381	5,389
Total equity	501,992	476,381
Total liabilities, preferred stock and equity	1,476,510	1,521,318
Series A Preferred Stock [Member]
Liabilities:
Preferred stock		$ 46,844

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	45,250,184	42,849,489
Common stock, shares outstanding	45,250,184	42,849,489
Series A Preferred Stock [Member]
Preferred stock, shares issued	0	1,955,513
Preferred stock, shares outstanding	0	1,955,513
Preferred stock, liquidation preference	$ 0	$ 48,888

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Rental revenue	$ 49,736	$ 47,788	$ 149,006	$ 136,120
Management fee revenue and other income	29	2	58	90
Total revenues	49,765	47,790	149,064	136,210
Operating expenses:
Property	15,754	14,495	47,398	42,369
Depreciation and amortization	22,881	24,860	70,098	71,759
General and administrative	3,297	4,078	10,586	11,776
Total operating expenses	41,932	43,433	128,082	125,904
Other income (expense):
Interest expense	(9,473)	(8,983)	(28,592)	(23,303)
Earnings (loss) in investment of unconsolidated joint venture				(147)
Loss on extinguishment of debt	(72)		(72)	(2,176)
Gain on sale of real estate	12,112		12,112
(Appreciation) depreciation of warrants				1,760
Total other income (expense)	2,567	(8,983)	(16,552)	(23,866)
Net income (loss)	10,400	(4,626)	4,430	(13,560)
Less: Net income (loss) attributable to non-controlling interest	114	(55)	46	(170)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.	10,286	(4,571)	4,384	(13,390)
Less: Preferred Stock dividends	677	930	2,509	3,949
Less: Series B Preferred Stock accretion to redemption value		2,371		4,621
Less: Loss on extinguishment/redemption of Series A Preferred Stock	2,021	56	2,023	80
Less: Amount allocated to participating securities	83	62	253	194
Net income (loss) attributable to common stockholders	$ 7,505	$ (7,990)	$ (401)	$ (22,234)
Net income (loss) per share attributable to common stockholders — basic	$ 0.17	$ (0.19)	$ (0.01)	$ (0.57)
Net income (loss) per share attributable to common stockholders — diluted	$ 0.17	$ (0.19)	$ (0.01)	$ (0.57)
Weighted-average common shares outstanding — basic	44,056,855	41,128,421	43,108,039	38,838,811
Weighted-average common shares outstanding — diluted	44,139,603	41,128,421	43,108,039	38,838,811

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net income (loss)	$ 10,400	$ (4,626)	$ 4,430	$ (13,560)
Other comprehensive income:
Unrealized gain (loss) on interest rate swaps	2,935	16,476	4,000	32,404
Other comprehensive income	2,935	16,476	4,000	32,404
Comprehensive income (loss)	13,335	11,850	8,430	18,844
Less: Net income (loss) attributable to non-controlling interest	114	(55)	46	(170)
Less: Other comprehensive income (loss) attributable to non-controlling interest	32	194	44	402
Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc.	$ 13,189	$ 11,711	$ 8,340	$ 18,612

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY UNAUDITED - USD ($) $ in Thousands	Preferred Stock Series A [Member]	Preferred Stock Series B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 48,473	$ 94,437	$ 361	$ 532,666	$ (177,258)		$ 355,769	$ 4,831	$ 360,600
Beginning balance, shares 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
Net proceeds from common stock, shares			614,800
Stock based compensation				442			442		442
Restricted shares issued
Restricted shares issued, shares			120,160
Dividends and distributions				(9,835)			(9,835)	(108)	(9,943)
Conversion of common stock warrants			$ 2	3,756			3,758		3,758
Conversion of common stock warrants, shares			139,940
Other comprehensive income						9,933	9,933	135	10,068
Reallocation of non-controlling interest				(122)			(122)	122
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
Ending balance, shares at Mar. 31, 2022	2,023,551	4,411,764	36,985,559
Series B Preferred Stock accretion to redemption value		$ 750		(750)			(750)		(750)
Repurchase and extinguishment of Series A Preferred Stock	$ (392)				(24)		(24)		(24)
Repurchase and extinguishment of Series A Preferred Stock, shares	(16,381)
Net proceeds from common stock			$ 9	24,375			24,384		24,384
Net proceeds from common stock, shares			927,900
Stock based compensation				538			538		538
Restricted shares issued
Restricted shares issued, shares			13,970
Dividends and distributions				(10,149)			(10,149)	(108)	(10,257)
Other comprehensive income						5,787	5,787	73	5,860
Conversion of Series B Preferred Stock		$ (47,970)	$ 22	47,948			47,970		47,970
Conversion of series B preferred stock, shares		(2,205,882)	2,205,882
Reallocation of non-controlling interest				(472)			(472)	472
Net loss					(4,409)		(4,409)	(55)	(4,464)
Ending balance, value at Jun. 30, 2022	$ 48,081	$ 48,717	$ 401	604,013	(186,101)	15,720	434,033	5,302	439,335
Ending balance, shares at Jun. 30, 2022	2,007,170	2,205,882	40,133,311
Series B Preferred Stock accretion to redemption value		$ 2,371		(2,371)			(2,371)		(2,371)
Repurchase and extinguishment of Series A Preferred Stock	$ (832)				(56)		(56)		(56)
Repurchase and extinguishment of Series A Preferred Stock, shares	(34,743)
Net proceeds from common stock			$ 8	16,804			16,812		16,812
Net proceeds from common stock, shares			802,547
Stock based compensation				518			518		518
Restricted shares issued (forfeited)
Restricted shares issued (forfeited), shares			(1,880)
Dividends and distributions				(10,356)			(10,356)	(108)	(10,464)
Other comprehensive income						16,282	16,282	194	16,476
Conversion of Series B Preferred Stock		$ (51,088)	$ 19	36,069			36,088		36,088
Conversion of series B preferred stock, shares		(2,205,882)	1,915,511
Reallocation of non-controlling interest				(230)			(230)	230
Net loss					(4,571)		(4,571)	(55)	(4,626)
Ending balance, value at Sep. 30, 2022	$ 47,249		$ 428	644,447	(190,728)	32,002	486,149	5,563	491,712
Ending balance, shares at Sep. 30, 2022	1,972,427		42,849,489
Beginning balance, value at Dec. 31, 2022	$ 46,844		$ 428	635,068	(194,243)	29,739	470,992	5,389	476,381
Beginning balance, shares at Dec. 31, 2022	1,955,513		42,849,489
Repurchase and extinguishment of Series A Preferred Stock	$ (41)				(2)		(2)		(2)
Repurchase and extinguishment of Series A Preferred Stock, shares	(1,730)
Net proceeds from common stock				(137)			(137)		(137)
Net proceeds from common stock, shares
Stock based compensation				585			585		585
Restricted shares issued (forfeited)			$ 2	(2)
Restricted shares issued (forfeited), shares			181,375
Dividends and distributions				(10,598)			(10,598)	(110)	(10,708)
Other comprehensive income						(6,989)	(6,989)	(81)	(7,070)
Reallocation of non-controlling interest				26			26	(26)
Net loss					(3,298)		(3,298)	(38)	(3,336)
Ending balance, value at Mar. 31, 2023	$ 46,803		$ 430	624,942	(197,543)	22,750	450,579	5,134	455,713
Ending balance, shares at Mar. 31, 2023	1,953,783		43,030,864
Net proceeds from common stock			$ 1	1,384			1,385		1,385
Net proceeds from common stock, shares			70,000
Stock based compensation				716			716		716
Dividends and distributions				(10,625)			(10,625)	(110)	(10,735)
Other comprehensive income						8,042	8,042	93	8,135
Reallocation of non-controlling interest				(3)			(3)	3
Net loss					(2,604)		(2,604)	(30)	(2,634)
Ending balance, value at Jun. 30, 2023	$ 46,803		$ 431	616,414	(200,147)	30,792	447,490	5,090	452,580
Ending balance, shares at Jun. 30, 2023	1,953,783		43,100,864
Redemption of Series A Preferred Stock	$ (46,803)			(19)	(2,021)		(2,040)		(2,040)
[custom:RedemptionOfSeriesPreferredStockShares]	(1,953,783)
Net proceeds from common stock			$ 21	48,249			48,270		48,270
Net proceeds from common stock, shares			2,130,600
Stock based compensation				827			827		827
Restricted shares issued (forfeited)
Restricted shares issued (forfeited), shares			18,720
Dividends and distributions				(10,870)			(10,870)	(110)	(10,980)
Other comprehensive income						2,903	2,903	32	2,935
Reallocation of non-controlling interest				(255)			(255)	255
Net loss					10,286		10,286	114	10,400
Ending balance, value at Sep. 30, 2023			$ 452	$ 654,346	$ (191,882)	$ 33,695	$ 496,611	$ 5,381	$ 501,992
Ending balance, shares at Sep. 30, 2023			45,250,184

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss)	$ 4,430	$ (13,560)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	70,098	71,759
Straight line rent adjustment	(1,833)	(3,045)
Intangible amortization in rental revenue, net	(1,820)	(2,632)
Loss on extinguishment of debt	72	2,176
Amortization of debt related costs	1,708	1,597
Appreciation (depreciation) of warrants		(1,760)
Stock based compensation	2,128	1,498
(Earnings) loss in investment of unconsolidated joint venture		147
Gain on sale of real estate	(12,112)
Changes in operating assets and liabilities:
Other assets	588	1,160
Deferred leasing costs	(4,400)	(4,316)
Accounts payable, accrued expenses and other liabilities	4,400	5,828
Net cash provided by operating activities	63,259	58,852
Investing activities
Acquisition of real estate properties		(197,085)
Real estate improvements	(26,542)	(39,687)
Proceeds from sale of real estate, net	18,231	222
Net cash used in investing activities	(8,311)	(236,550)
Financing activities
Proceeds from issuance of common stock, net	49,499	58,319
Repayment of secured debt	(12,352)	(19,621)
Proceeds from issuance of unsecured debt		150,000
Proceeds from line of credit facility	27,500	203,000
Repayment of line of credit facility	(40,000)	(173,500)
Repurchase of Series A Preferred Stock	(43)	(1,304)
Redemption of Series A Preferred Stock	(48,824)
Redemption of Series B Preferred Stock		(15,000)
Debt issuance costs	(27)	(1,798)
Dividends and distributions paid	(31,642)	(29,519)
Net cash (used in) provided by financing activities	(55,889)	170,577
Net increase (decrease) in cash, cash held in escrow, and restricted cash	(941)	(7,121)
Cash, cash held in escrow, and restricted cash at beginning of period	31,213	43,374
Cash, cash held in escrow, and restricted cash at end of period	30,272	36,253
Supplemental Cash Flow Disclosures:
Cash paid for interest	27,450	20,645
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	10,205	9,427
Distribution payable to non-controlling interest holder	110	108
Series B accretion to redemption value		4,621
Real estate improvements included in accounts payable, accrued expenses and other liabilities	3,981	5,261
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	1,605	634
Conversion of common stock warrants		3,758
Conversion of Series B Preferred Stock		84,058
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	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of September 30, 2023 and December 31, 2022, the Company owned a 98.9% 98.9% The Company is a real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States. As of September 30, 2023, the Company, through its subsidiaries, owned 156 211 34.1 17,260

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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, 2022 and 2021. 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 state 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, 2022 and 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the United States Securities and Exchange Commission on February 23, 2023. 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 VIE 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 VIE 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. 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 and liabilities for real estate acquisitions, impairments of long-lived assets and stock-based compensation. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. 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. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, 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 September 30, 2023, 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 or within accounts that are below the federally insured limits. 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 September 30, December 31, 2023 2022 Cash $ 12,034 $ 11,003 Cash held in escrow 11,143 13,376 Restricted cash 7,095 6,834 Cash, cash held in escrow, and restricted cash $ 30,272 $ 31,213 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 $ 10,842 10,815 7,357 6,175 1,636 2,306 Derivative Instruments and Hedging Activities We record all derivatives on the accompanying condensed 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 the 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. 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. See Note 11 for details. Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 5, 6 and 10 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 6. Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the condensed consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market-based pricing on longer duration financing instruments. 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. Segments The Company has one reportable segment, industrial properties. These properties have similar economic characteristics and meet the other criteria that permit the properties to be aggregated into one reportable segment. 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 and performance stock units for certain executive officers and key employees. 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.

Real Estate Properties, Net

Real Estate Properties, Net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Properties, Net	3. Real Estate Properties, Net Real estate properties, net consisted of the following at September 30, 2023 and December 31, 2022: Real estate properties - schedule of real estate properties September 30, December 31, 2023 2022 Land $ 227,599 $ 231,829 Buildings and improvements 1,196,838 1,141,832 Site improvements 131,714 132,295 Construction in progress 14,473 49,890 Real estate properties at cost 1,570,624 1,555,846 Less: accumulated depreciation (254,402 ) (205,629 ) Real estate properties, net $ 1,316,222 $ 1,350,217 Depreciation expense was $ 16,943 16,565 50,705 47,051 Acquisition of Properties There were no acquisitions of properties during the nine months ended September 30, 2023. Sale of Real Estate During the nine months ended September 30, 2023, the Company sold a single, 306,000 19,926 12,112

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	4. 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 and nine months ended September 30, 2023 and 2022, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - schedule of rental revenue components Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from leases $ 36,783 $ 34,886 $ 109,163 $ 98,832 Straight-line rent adjustments 216 1,319 1,833 3,045 Tenant recoveries 12,320 11,042 36,190 31,611 Amortization of above market leases (158 ) (184 ) (494 ) (548 ) Amortization of below market leases 575 725 2,314 3,180 Total $ 49,736 $ 47,788 $ 149,006 $ 136,120 Tenant recoveries included within rental revenue for the three and nine months ended September 30, 2023 and 2022 are variable in nature. As a Lessee Operating Leases As of September 30, 2023, we have five 0.7 32.3 5,050 6,059 4.0% 8.4 The following table summarizes the operating lease expense recognized during the three and nine months ended September 30, 2023 and 2022 included in the Company’s condensed consolidated statements of operations. Leases - schedule of lease costs Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense included in general and administrative expense attributable to office leases $ 195 $ 210 $ 577 $ 632 Operating lease expense included in property expense attributable to ground sublease 9 9 27 27 Non-cash adjustment due to straight-line rent adjustments 36 28 105 78 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 240 $ 247 $ 709 $ 737 The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - schedule of lessee future minimum rental commitments under non-cancellable leases October 1, 2023 - December 31, 2023 $ 330 2024 1,280 2025 894 2026 803 2027 818 Thereafter 3,491 Total minimum operating lease payments $ 7,616 Less imputed interest (1,557 ) Total operating lease liability $ 6,059 Financing Leases As of September 30, 2023, 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 32.3 includes the exercise of a single twenty-year renewal option. 7.8% 32.3 The following table summarizes the financing lease expense recognized during the three and nine months ended September 30, 2023 and 2022 included in the Company’s condensed consolidated statements of operations. Leases - schedule of finance lease expense Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 $ 20 $ 21 Interest expense for financing lease liability 45 44 134 132 Total financing lease cost $ 52 $ 51 $ 154 $ 153 The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - schedule of finance lease, liability, fiscal year maturity October 1, 2023 - December 31, 2023 $ 39 2024 155 2025 170 2026 170 2027 170 Thereafter 6,367 Total minimum financing lease payments $ 7,071 Less imputed interest (4,806 ) Total financing lease liability $ 2,265

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	5. 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 September 30, 2023 and December 31, 2022. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Debt September 30, December 31, Interest rate at Final Secured debt: AIG Loan $ 109,646 $ 111,758 4.08% November 1, 2023 Ohio National Life Mortgage 18,572 19,045 4.14% August 1, 2024 Allianz Loan 61,546 62,388 4.07% April 10, 2026 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Minnesota Life Memphis Industrial Loan (1) 55,244 56,000 3.15% January 1, 2028 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,717 10,820 3.50% March 10, 2028 Minnesota Life Loan 19,683 20,019 3.78% May 1, 2028 Transamerica Loan 59,669 67,398 4.35% August 1, 2028 Total secured debt $ 378,877 $ 391,228 Unamortized debt issuance costs, net (1,308 ) (1,985 ) Unamortized premium/(discount), net 145 288 Total secured debt, net $ 377,714 $ 389,531 Unsecured debt: $100m KeyBank Term Loan (2) 100,000 100,000 3.10% (3)(4) August 11, 2026 $200m KeyBank Term Loan (2) 200,000 200,000 3.13% (3)(4) February 11, 2027 $150m KeyBank Term Loan (2) 150,000 150,000 4.50% (3)(4) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,177 ) (2,655 ) Total unsecured debt, net $ 447,823 $ 447,345 Borrowings under line of credit: KeyBank unsecured line of credit (2) 65,000 77,500 6.98% (3) August 11, 2025 Total borrowings under line of credit $ 65,000 $ 77,500 _______________ (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 properties. 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 May 2, 2022, the Company entered into an amendment to the KeyBank unsecured facility. The credit facility agreement, as amended, expanded the availability on the KeyBank unsecured line of credit up to $350 million and entered into a new $150 million unsecured term loan (the “$150m KeyBank Term Loan”), with an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $1 billion, subject to certain conditions. The $150m KeyBank Term Loan matures in 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 Secured Overnight Financing Rate (“SOFR”). Borrowings under the credit agreement, as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0% or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio. (3) For the month of September 2023, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (4) As of September 30, 2023, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, 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 September 30, 2023. 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 September 30, 2023 and December 31, 2022: Indebtedness - schedule of fair value of debt instruments September 30, 2023 December 31, 2022 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 378,877 $ 358,727 $ 391,228 $ 372,682 Unsecured debt 450,000 450,000 450,000 450,000 Borrowings under line of credit, net 65,000 65,000 77,500 77,500 Total 893,877 $ 873,727 918,728 $ 900,182 Unamortized debt issuance cost, net (3,485 ) (4,640 ) Unamortized premium/(discount), net 145 288 Total carrying value $ 890,537 $ 914,376

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	6. 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 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The following table sets forth a summary of our interest rate swaps as of September 30, 2023 and December 31, 2022. Derivative financial instruments - schedule of interest rate derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest September 30, December 31, September 30, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 February 11, 2027 1.527% (3) $ 200,000 $ 200,000 $ 18,258 $ 17,062 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 August 8, 2026 1.504% (3) $ 100,000 $ 100,000 $ 8,258 $ 7,932 JPMorgan Chase Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 3,809 $ 2,565 Wells Fargo Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,901 $ 1,283 Capital One, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,889 $ 1,273 _______________ (1) Represents the notional value of interest rate swaps effective as of September 30, 2023. (2) As of September 30, 2023, all our interest rate swaps were in an asset position. (3) On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and were effective as of July 1, 2022. 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. During the next twelve months, the Company estimates that an additional $18,286 will be reclassified as a decrease to interest expense. The following table sets forth the impact of our interest rate swaps on our condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022. Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss) For the Three Months For the Nine Months Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 2023 2022 Amount of unrealized gain recognized in AOCI on derivatives $ 2,935 $ 16,476 $ 4,000 $ 32,404 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,764 $ 423 $ 10,030 $ 1,762 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 September 30, 2023, 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 tables summarize the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Derivative financial instruments - schedule of derivative assets at fair value Fair Value Measurements as of September 30, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 34,115 $ — $ 34,115 $ — Fair Value Measurements as of December 31, 2022 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 30,115 $ — $ 30,115 $ — 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. 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 September 30, 2023, the Company does not have any derivatives in a net liability position. As of September 30, 2023, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2023, it could have been required to settle its obligations under the agreements at their termination value.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2023
Common Stock
Common Stock	7. Common Stock ATM Program On February 28, 2023, the Company entered into a distribution agreement with certain sales agents pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross proceeds of $ 200,000 For the nine months ended September 30, 2023, the Company issued 2,200,600 49,518 149,292 Common Stock Dividends The following table sets forth the common stock dividends that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.2250 $ 9,682 Second quarter $ 0.2250 $ 9,709 Third quarter $ 0.2250 $ 10,193 Total $ 0.6750 $ 29,584 2022 First quarter $ 0.2200 $ 8,137 Second quarter $ 0.2200 $ 8,829 Third quarter $ 0.2200 $ 9,426 Fourth quarter $ 0.2200 $ 9,426 Total $ 0.8800 $ 35,818

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Preferred Stock	8. Preferred Stock Series A Preferred Stock On September 6, 2023 (“Redemption Date”), the Series A Preferred Stock was redeemed in cash at a redemption price equal to $ 25.00 0.34647 The following table sets forth the Series A Preferred Stock dividends that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Preferred stock - schedule of series a preferred stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.468750 $ 916 Second quarter $ 0.468750 $ 916 Third quarter $ 0.346470 $ 677 Total $ 1.283970 $ 2,509 2022 First quarter $ 0.468750 $ 949 Second quarter $ 0.468750 $ 945 Third quarter $ 0.468750 $ 930 Fourth quarter $ 0.468750 $ 917 Total $ 1.875000 $ 3,741

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interests	9. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued Operating Partnership Units (“OP Units”) to the former owners as part of the acquisition price. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The holders of the OP Units can also convert their respective OP Units for the Company’s common stock on a 1-to-1 basis. Upon conversion, the Company adjusts the carrying value of 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 September 30, 2023 and December 31, 2022 was 490,299 The following table sets forth the OP Unit distributions that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2023 First quarter $ 0.2250 $ 110 Second quarter $ 0.2250 $ 110 Third quarter $ 0.2250 $ 110 Total $ 0.6750 $ 330 2022 First quarter $ 0.2200 $ 108 Second quarter $ 0.2200 $ 108 Third quarter $ 0.2200 $ 108 Fourth quarter $ 0.2200 $ 108 Total $ 0.8800 $ 432 The proportionate share of the gain (loss) attributed to the OP Units was $ 114 ($55) 46 ($170)

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Incentive Award Plan	10. Incentive Award Plan Restricted Stock The following table is a summary of the total restricted shares granted, forfeited and vested for the nine months ended September 30, 2023: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2023 280,074 Granted 200,095 Forfeited — Vested (109,326 ) Unvested restricted stock at September 30, 2023 370,843 The Company recorded equity-based compensation expense related to restricted stock in the amount of $ 674 538 1,950 1,498 6,127 2.9 200,095 4,320 21.59 Performance Stock Units On June 15, 2023, the compensation committee of the board of directors approved, and the Company granted, 51,410 The fair value of the PSUs of $ 1,550 29.0% 4.2% 4.2% The following table summarizes activity related to the Company’s unvested PSUs during the nine months ended September 30, 2023. No PSUs were granted for the year ended December 31, 2022. Incentive award plan - schedule of unvested restricted stock units activity Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 $ 30.15 Vested — $ — Forfeited — $ — Balance at September 30, 2023 51,410 $ 30.15 The Company recorded equity-based compensation expense related to the PSUs in the amount of $ 153 0 178 0 1,372 2.3

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	11. Earnings per Share Net Income (Loss) per Common Share Basic and diluted earnings per share attributable to common stockholders was calculated as follows: Earnings per Share - schedule of earnings per share Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income (loss) $ 10,400 $ (4,626 ) $ 4,430 $ (13,560 ) Less: Net income (loss) attributable to non-controlling interest 114 (55 ) 46 (170 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 10,286 (4,571 ) 4,384 (13,390 ) Less: Preferred Stock dividends 677 930 2,509 3,949 Less: Series B Preferred Stock accretion to redemption value — 2,371 — 4,621 Less: Loss on extinguishment/redemption of Series A Preferred Stock 2,021 56 2,023 80 Less: Amount allocated to participating securities 83 62 253 194 Net income (loss) attributable to common stockholders $ 7,505 $ (7,990 ) $ (401 ) $ (22,234 ) Denominator Weighted-average common shares outstanding — basic 44,056,855 41,128,421 43,108,039 38,838,811 Effect of dilutive securities Add: Stock-based compensation (1) 82,748 — — — Weighted-average common shares outstanding — diluted 44,139,603 41,128,421 43,108,039 38,838,811 Net income (loss) per share – basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.17 $ (0.19 ) $ (0.01 ) $ (0.57 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.17 $ (0.19 ) $ (0.01 ) $ (0.57 ) _______________ (1) During the three months ended September 30, 2023, there were approximately 1,196 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended September 30, 2022 and the nine months ended September 30, 2023 and 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders. 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. PSUs, which are subject to vesting based on the Company achieving certain total shareholder return thresholds over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when the total shareholder return thresholds are achieved at or above the threshold levels specific in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. In periods where there is a net loss attributable to common stockholders, 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 for the three months ended September 30, 2023 include the 370,843 51,410

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, Chief Financial Officer, and Executive Vice President Asset Management. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $600 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 Under the terms of the Plymouth MIR JV II LLC agreement executed July 6, 2023, the majority partner has the right to require us to purchase its 98% 297,583

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On November 1, 2023, the Company repaid in full the outstanding principal and interest balance of approximately $ 110,019

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 state 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, 2022 and 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the United States Securities and Exchange Commission on February 23, 2023.
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 VIE 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 VIE 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.
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 and liabilities for real estate acquisitions, impairments of long-lived assets and stock-based compensation. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
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. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, 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 September 30, 2023, 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 or within accounts that are below the federally insured limits. 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 September 30, December 31, 2023 2022 Cash $ 12,034 $ 11,003 Cash held in escrow 11,143 13,376 Restricted cash 7,095 6,834 Cash, cash held in escrow, and restricted cash $ 30,272 $ 31,213
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 $ 10,842 10,815 7,357 6,175 1,636 2,306
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on the accompanying condensed 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 the 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.
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. See Note 11 for details.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 5, 6 and 10 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 6.
Leases	Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the condensed consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market-based pricing on longer duration financing instruments.
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.
Segments	Segments The Company has one reportable segment, industrial properties. These properties have similar economic characteristics and meet the other criteria that permit the properties to be aggregated into one reportable segment.
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 and performance stock units for certain executive officers and key employees. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, December 31, 2023 2022 Cash $ 12,034 $ 11,003 Cash held in escrow 11,143 13,376 Restricted cash 7,095 6,834 Cash, cash held in escrow, and restricted cash $ 30,272 $ 31,213

Real Estate Properties, Net (Ta

Real Estate Properties, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real estate properties - schedule of real estate properties	Real estate properties, net consisted of the following at September 30, 2023 and December 31, 2022: Real estate properties - schedule of real estate properties September 30, December 31, 2023 2022 Land $ 227,599 $ 231,829 Buildings and improvements 1,196,838 1,141,832 Site improvements 131,714 132,295 Construction in progress 14,473 49,890 Real estate properties at cost 1,570,624 1,555,846 Less: accumulated depreciation (254,402 ) (205,629 ) Real estate properties, net $ 1,316,222 $ 1,350,217

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Leases - schedule of rental revenue components	Rental revenue is comprised of the following: Leases - schedule of rental revenue components Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from leases $ 36,783 $ 34,886 $ 109,163 $ 98,832 Straight-line rent adjustments 216 1,319 1,833 3,045 Tenant recoveries 12,320 11,042 36,190 31,611 Amortization of above market leases (158 ) (184 ) (494 ) (548 ) Amortization of below market leases 575 725 2,314 3,180 Total $ 49,736 $ 47,788 $ 149,006 $ 136,120
Leases - schedule of lease costs	The following table summarizes the operating lease expense recognized during the three and nine months ended September 30, 2023 and 2022 included in the Company’s condensed consolidated statements of operations. Leases - schedule of lease costs Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense included in general and administrative expense attributable to office leases $ 195 $ 210 $ 577 $ 632 Operating lease expense included in property expense attributable to ground sublease 9 9 27 27 Non-cash adjustment due to straight-line rent adjustments 36 28 105 78 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 240 $ 247 $ 709 $ 737
Leases - schedule of lessee future minimum rental commitments under non-cancellable leases	The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - schedule of lessee future minimum rental commitments under non-cancellable leases October 1, 2023 - December 31, 2023 $ 330 2024 1,280 2025 894 2026 803 2027 818 Thereafter 3,491 Total minimum operating lease payments $ 7,616 Less imputed interest (1,557 ) Total operating lease liability $ 6,059
Leases - schedule of finance lease expense	The following table summarizes the financing lease expense recognized during the three and nine months ended September 30, 2023 and 2022 included in the Company’s condensed consolidated statements of operations. Leases - schedule of finance lease expense Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 $ 20 $ 21 Interest expense for financing lease liability 45 44 134 132 Total financing lease cost $ 52 $ 51 $ 154 $ 153
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 October 1, 2023 - December 31, 2023 $ 39 2024 155 2025 170 2026 170 2027 170 Thereafter 6,367 Total minimum financing lease payments $ 7,071 Less imputed interest (4,806 ) Total financing lease liability $ 2,265

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Debt September 30, December 31, Interest rate at Final Secured debt: AIG Loan $ 109,646 $ 111,758 4.08% November 1, 2023 Ohio National Life Mortgage 18,572 19,045 4.14% August 1, 2024 Allianz Loan 61,546 62,388 4.07% April 10, 2026 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Minnesota Life Memphis Industrial Loan (1) 55,244 56,000 3.15% January 1, 2028 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,717 10,820 3.50% March 10, 2028 Minnesota Life Loan 19,683 20,019 3.78% May 1, 2028 Transamerica Loan 59,669 67,398 4.35% August 1, 2028 Total secured debt $ 378,877 $ 391,228 Unamortized debt issuance costs, net (1,308 ) (1,985 ) Unamortized premium/(discount), net 145 288 Total secured debt, net $ 377,714 $ 389,531 Unsecured debt: $100m KeyBank Term Loan (2) 100,000 100,000 3.10% (3)(4) August 11, 2026 $200m KeyBank Term Loan (2) 200,000 200,000 3.13% (3)(4) February 11, 2027 $150m KeyBank Term Loan (2) 150,000 150,000 4.50% (3)(4) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,177 ) (2,655 ) Total unsecured debt, net $ 447,823 $ 447,345 Borrowings under line of credit: KeyBank unsecured line of credit (2) 65,000 77,500 6.98% (3) August 11, 2025 Total borrowings under line of credit $ 65,000 $ 77,500 _______________ (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 properties. 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 May 2, 2022, the Company entered into an amendment to the KeyBank unsecured facility. The credit facility agreement, as amended, expanded the availability on the KeyBank unsecured line of credit up to $350 million and entered into a new $150 million unsecured term loan (the “$150m KeyBank Term Loan”), with an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $1 billion, subject to certain conditions. The $150m KeyBank Term Loan matures in 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 Secured Overnight Financing Rate (“SOFR”). Borrowings under the credit agreement, as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0% or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio. (3) For the month of September 2023, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (4) As of September 30, 2023, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, 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 September 30, 2023 and December 31, 2022: Indebtedness - schedule of fair value of debt instruments September 30, 2023 December 31, 2022 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 378,877 $ 358,727 $ 391,228 $ 372,682 Unsecured debt 450,000 450,000 450,000 450,000 Borrowings under line of credit, net 65,000 65,000 77,500 77,500 Total 893,877 $ 873,727 918,728 $ 900,182 Unamortized debt issuance cost, net (3,485 ) (4,640 ) Unamortized premium/(discount), net 145 288 Total carrying value $ 890,537 $ 914,376

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022. Derivative financial instruments - schedule of interest rate derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest September 30, December 31, September 30, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 February 11, 2027 1.527% (3) $ 200,000 $ 200,000 $ 18,258 $ 17,062 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 August 8, 2026 1.504% (3) $ 100,000 $ 100,000 $ 8,258 $ 7,932 JPMorgan Chase Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 3,809 $ 2,565 Wells Fargo Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,901 $ 1,283 Capital One, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,889 $ 1,273 _______________ (1) Represents the notional value of interest rate swaps effective as of September 30, 2023. (2) As of September 30, 2023, all our interest rate swaps were in an asset position. (3) On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and were effective as of July 1, 2022.
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 and nine months ended September 30, 2023 and 2022. Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss) For the Three Months For the Nine Months Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 2023 2022 Amount of unrealized gain recognized in AOCI on derivatives $ 2,935 $ 16,476 $ 4,000 $ 32,404 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,764 $ 423 $ 10,030 $ 1,762
Derivative financial instruments - schedule of derivative assets at fair value	The following tables summarize the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Derivative financial instruments - schedule of derivative assets at fair value Fair Value Measurements as of September 30, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 34,115 $ — $ 34,115 $ — Fair Value Measurements as of December 31, 2022 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 30,115 $ — $ 30,115 $ —

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Common Stock
Common stock - schedule of common stock dividends declared	The following table sets forth the common stock dividends that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.2250 $ 9,682 Second quarter $ 0.2250 $ 9,709 Third quarter $ 0.2250 $ 10,193 Total $ 0.6750 $ 29,584 2022 First quarter $ 0.2200 $ 8,137 Second quarter $ 0.2200 $ 8,829 Third quarter $ 0.2200 $ 9,426 Fourth quarter $ 0.2200 $ 9,426 Total $ 0.8800 $ 35,818

Preferred Stock (Tables)

Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Preferred stock - schedule of series a preferred stock dividends declared	The following table sets forth the Series A Preferred Stock dividends that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Preferred stock - schedule of series a preferred stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.468750 $ 916 Second quarter $ 0.468750 $ 916 Third quarter $ 0.346470 $ 677 Total $ 1.283970 $ 2,509 2022 First quarter $ 0.468750 $ 949 Second quarter $ 0.468750 $ 945 Third quarter $ 0.468750 $ 930 Fourth quarter $ 0.468750 $ 917 Total $ 1.875000 $ 3,741

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-controlling interest - schedule of redeemable non-controlling interest	The following table sets forth the OP Unit distributions that were declared during the nine months ended September 30, 2023 and the year ended December 31, 2022. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2023 First quarter $ 0.2250 $ 110 Second quarter $ 0.2250 $ 110 Third quarter $ 0.2250 $ 110 Total $ 0.6750 $ 330 2022 First quarter $ 0.2200 $ 108 Second quarter $ 0.2200 $ 108 Third quarter $ 0.2200 $ 108 Fourth quarter $ 0.2200 $ 108 Total $ 0.8800 $ 432

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Incentive award plan - schedule of nonvested restricted stock shares activity	The following table is a summary of the total restricted shares granted, forfeited and vested for the nine months ended September 30, 2023: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2023 280,074 Granted 200,095 Forfeited — Vested (109,326 ) Unvested restricted stock at September 30, 2023 370,843
Incentive award plan - schedule of unvested restricted stock units activity	The following table summarizes activity related to the Company’s unvested PSUs during the nine months ended September 30, 2023. No PSUs were granted for the year ended December 31, 2022. Incentive award plan - schedule of unvested restricted stock units activity Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 $ 30.15 Vested — $ — Forfeited — $ — Balance at September 30, 2023 51,410 $ 30.15

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share - schedule of earnings per share	Basic and diluted earnings per share attributable to common stockholders was calculated as follows: Earnings per Share - schedule of earnings per share Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income (loss) $ 10,400 $ (4,626 ) $ 4,430 $ (13,560 ) Less: Net income (loss) attributable to non-controlling interest 114 (55 ) 46 (170 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 10,286 (4,571 ) 4,384 (13,390 ) Less: Preferred Stock dividends 677 930 2,509 3,949 Less: Series B Preferred Stock accretion to redemption value — 2,371 — 4,621 Less: Loss on extinguishment/redemption of Series A Preferred Stock 2,021 56 2,023 80 Less: Amount allocated to participating securities 83 62 253 194 Net income (loss) attributable to common stockholders $ 7,505 $ (7,990 ) $ (401 ) $ (22,234 ) Denominator Weighted-average common shares outstanding — basic 44,056,855 41,128,421 43,108,039 38,838,811 Effect of dilutive securities Add: Stock-based compensation (1) 82,748 — — — Weighted-average common shares outstanding — diluted 44,139,603 41,128,421 43,108,039 38,838,811 Net income (loss) per share – basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.17 $ (0.19 ) $ (0.01 ) $ (0.57 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.17 $ (0.19 ) $ (0.01 ) $ (0.57 ) _______________ (1) During the three months ended September 30, 2023, there were approximately 1,196 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended September 30, 2022 and the nine months ended September 30, 2023 and 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 ft² Number	Dec. 31, 2022	Jul. 06, 2023 ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Real estate properites, approximate square feet	306,000		297,583
Industrial Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties | Number	156
Number of units in real estate property | Number	211
Real estate properites, approximate square feet	34,100,000
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	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	98.90%	98.90%

Summary of significant accoun_4

Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 12,034	$ 11,003
Cash held in escrow	11,143	13,376
Restricted cash	7,095	6,834
Cash, cash held in escrow, and restricted cash	$ 30,272	$ 31,213	$ 36,253	$ 43,374

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Debt issuance costs	$ 10,842	$ 10,815
Accumulated amortization	7,357	6,175
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance expense	$ 1,636	$ 2,306

Real estate properties - schedu

Real estate properties - schedule of real estate properties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 227,599	$ 231,829
Buildings and improvements	1,196,838	1,141,832
Site improvements	131,714	132,295
Construction in progress	14,473	49,890
Real estate properties at cost	1,570,624	1,555,846
Less: accumulated depreciation	(254,402)	(205,629)
Real estate properties, net	$ 1,316,222	$ 1,350,217

Real Estate Properties, Net (De

Real Estate Properties, Net (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Jul. 06, 2023 ft²
Real Estate [Abstract]
Depreciation expense	$ 16,943	$ 16,565	$ 50,705	$ 47,051
Area of real estate property | ft²	306,000		306,000		297,583
Area of real estate property sale amount	$ 19,926		$ 19,926
Gain on real estate property			$ 12,112

Leases - schedule of rental rev

Leases - schedule of rental revenue components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Income from leases	$ 36,783	$ 34,886	$ 109,163	$ 98,832
Straight-line rent adjustments	216	1,319	1,833	3,045
Tenant recoveries	12,320	11,042	36,190	31,611
Amortization of above market leases	(158)	(184)	(494)	(548)
Amortization of below market leases	575	725	2,314	3,180
Total	$ 49,736	$ 47,788	$ 149,006	$ 136,120

Leases - schedule of lease cost

Leases - schedule of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating lease expense included in general and administrative expense attributable to office leases	$ 195	$ 210	$ 577	$ 632
Operating lease expense included in property expense attributable to ground sublease	9	9	27	27
Non-cash adjustment due to straight-line rent adjustments	36	28	105	78
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 240	$ 247	$ 709	$ 737

Leases - schedule of lessee fut

Leases - schedule of lessee future minimum rental commitments under non-cancellable leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
October 1, 2023 - December 31, 2023	$ 330
2024	1,280
2025	894
2026	803
2027	818
Thereafter	3,491
Total minimum operating lease payments	7,616
Less imputed interest	(1,557)
Total operating lease liability	$ 6,059

Leases - schedule of finance le

Leases - schedule of finance lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 7	$ 7	$ 20	$ 21
Interest expense for financing lease liability	45	44	134	132
Total financing lease cost	$ 52	$ 51	$ 154	$ 153

Leases - schedule of finance _2

Leases - schedule of finance lease, liability, fiscal year maturity (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
October 1, 2023 - December 31, 2023	$ 39
2024	155
2025	170
2026	170
2027	170
Thereafter	6,367
Total minimum financing lease payments	7,071
Less imputed interest	(4,806)
Total financing lease liability	$ 2,265

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Lease description	five
Operating lease right of use asset	$ 5,050
Operating lease liability	$ 6,059
Weighted average incremental borrowing rate	4%
Operating lease, weighted average remaining lease term	8 years 4 months 24 days
Financing lease remaining lease term	32 years 3 months 18 days
Finance lease renewal option	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	32 years 3 months 18 days
Minimum [Member]
Operating lease remaining lease term	8 months 12 days
Maximum [Member]
Operating lease remaining lease term	32 years 3 months 18 days

Indebtedness - schedule of secu

Indebtedness - schedule of secured and unsecured debt outstanding (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total secured debt		$ 378,877	$ 391,228
Unamortized premium/(discount), net		145	288
Total secured debt, net		377,714	389,531
Total unsecured debt		450,000	450,000
Total unsecured debt, net		447,823	447,345
Total borrowings under line of credit		$ 65,000	77,500
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit
Debt Instrument [Line Items]
Maturity date	[1]	Aug. 11, 2025
Interest rate	[1],[2]	6.98%
Unsecured line of credit	[1]	$ 65,000	77,500
Secured Debt [Member]
Debt Instrument [Line Items]
Total secured debt		378,877	391,228
Unamortized debt issuance costs, net		(1,308)	(1,985)
Unamortized premium/(discount), net		145	288
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Total secured debt		$ 109,646	111,758
Interest rate		4.08%
Maturity date		Nov. 01, 2023
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Total secured debt		$ 18,572	19,045
Interest rate		4.14%
Maturity date		Aug. 01, 2024
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured debt		$ 61,546	62,388
Interest rate		4.07%
Maturity date		Apr. 10, 2026
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured debt		$ 15,000	15,000
Interest rate		2.97%
Maturity date		Oct. 01, 2027
Secured Debt [Member] | Minnesota Life Memphis Industrial Loan
Debt Instrument [Line Items]
Total secured debt	[3]	$ 55,244	56,000
Interest rate	[3]	3.15%
Maturity date	[3]	Jan. 01, 2028
Secured Debt [Member] | Lincoln Life Gateway Mortgage
Debt Instrument [Line Items]
Total secured debt		$ 28,800	28,800
Interest rate		3.43%
Maturity date		Jan. 01, 2028
Secured Debt [Member] | Midland National Life Insurance Mortgage
Debt Instrument [Line Items]
Total secured debt		$ 10,717	10,820
Interest rate		3.50%
Maturity date		Mar. 10, 2028
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured debt		$ 19,683	20,019
Interest rate		3.78%
Maturity date		May 01, 2028
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured debt		$ 59,669	67,398
Interest rate		4.35%
Maturity date		Aug. 01, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		$ (2,177)	(2,655)
Total unsecured debt		$ 450,000	450,000
Unsecured Debt [Member] | $100m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[1]	Aug. 11, 2026
Total unsecured debt	[1]	$ 100,000	100,000
Interest rate	[1],[2],[4]	3.10%
Unsecured Debt [Member] | $200m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[1]	Feb. 11, 2027
Total unsecured debt	[1]	$ 200,000	200,000
Interest rate	[1],[2],[4]	3.13%
Unsecured Debt [Member] | $150m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[1]	May 02, 2027
Total unsecured debt	[1]	$ 150,000	$ 150,000
Interest rate	[1],[2],[4]	4.50%
[1]On May 2, 2022, the Company entered into an amendment to the KeyBank unsecured facility. The credit facility agreement, as amended, expanded the availability on the KeyBank unsecured line of credit up to $350 million and entered into a new $150 million unsecured term loan (the “$150m KeyBank Term Loan”), with an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $1 billion, subject to certain conditions. The $150m KeyBank Term Loan matures in 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 Secured Overnight Financing Rate (“SOFR”). Borrowings under the credit agreement, as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0% or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio.[2]For the month of September 2023, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment.[3]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 properties. 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.[4]As of September 30, 2023, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively.

Indebtedness - schedule of fair

Indebtedness - schedule of fair value of debt instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured debt	$ 378,877	$ 391,228
Secured debt, fair value	358,727	372,682
Unsecured debt	450,000	450,000
Unsecured debt, fair value	450,000	450,000
Borrowings under line of credit, net	65,000	77,500
Borrowings under line of credit, net, fair value	65,000	77,500
Total	893,877	918,728
Total fair value	873,727	900,182
Unamortized debt issuance cost, net	(3,485)	(4,640)
Unamortized premium/(discount), net	145	288
Total carrying value	$ 890,537	$ 914,376

Derivative financial instrume_3

Derivative financial instruments - schedule of interest rate derivatives (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Capital One, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Feb. 11, 2027
Notional value		$ 200,000	$ 200,000	[1]
Fair value		$ 18,258	17,062	[2]
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate	[3]	1.527%
JPMorgan Chase Bank, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Aug. 08, 2026
Notional value		$ 100,000	100,000	[1]
Fair value		$ 8,258	7,932	[2]
JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate	[3]	1.504%
JPMorgan Chase Bank, N.A. #2
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		August 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value		$ 75,000	75,000	[1]
Fair value		$ 3,809	2,565	[2]
JPMorgan Chase Bank, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		August 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value		$ 37,500	37,500	[1]
Fair value		$ 1,901	1,283	[2]
Wells Fargo Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
Capital One, N.A. #2
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		August 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value		$ 37,500	37,500	[1]
Fair value		$ 1,889	$ 1,273	[2]
Capital One, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
[1]Represents the notional value of interest rate swaps effective as of September 30, 2023.[2]As of September 30, 2023, all our interest rate swaps were in an asset position.[3]On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and were effective as of July 1, 2022.

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of unrealized gain recognized in AOCI on derivatives	$ 2,935	$ 16,476	$ 4,000	$ 32,404
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 3,764	$ 423	$ 10,030	$ 1,762

Derivative financial instrume_5

Derivative financial instruments - schedule of derivative assets at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Fair value	$ 34,115	$ 30,115
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value	34,115	30,115
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value

Common stock - schedule of comm

Common stock - schedule of common stock dividends declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Common Stock
Cash dividends declared, per share	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.6750	$ 0.8800
Common stock dividends declared, aggregate amount	$ 10,193	$ 9,709	$ 9,682	$ 9,426	$ 9,426	$ 8,829	$ 8,137	$ 29,584	$ 35,818

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Feb. 28, 2023
The 2023 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program		$ 200,000
Shares issued	2,200,600
Net proceeds	$ 49,518
The 2021 $200 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program	$ 149,292

Preferred stock - schedule of s

Preferred stock - schedule of series a preferred stock dividends declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share	$ 0.346470	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 1.283970	$ 1.875000
Preferred stock dividends declared, aggregate amount	$ 677	$ 916	$ 916	$ 917	$ 930	$ 945	$ 949	$ 2,509	$ 3,741

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - Series A Preferred Stock [Member]	Sep. 30, 2023 $ / shares
Class of Stock [Line Items]
Redemption price, per share	$ 25
Dividend amount, per share	$ 0.34647

Non-controlling interest - sche

Non-controlling interest - schedule of redeemable non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Cash Distributions Declared per OP Unit	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.6750	$ 0.8800
Aggregate amount	$ 110	$ 110	$ 110	$ 108	$ 108	$ 108	$ 108	$ 330	$ 432

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Operating partnership units, outstanding	490,299		490,299		490,299
Loss attributed to non-controlling interest	$ 114	$ (55)	$ 46	$ (170)

Incentive award plan - schedule

Incentive award plan - schedule of nonvested restricted stock shares activity (Details)	9 Months Ended
	Sep. 30, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	200,095
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock at beginning	280,074
Granted	200,095
Forfeited
Vested	(109,326)
Unvested restricted stock at ending	370,843

Incentive award plan - schedu_2

Incentive award plan - schedule of unvested restricted stock units activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted | shares	200,095
Weighted average grant date fair value per unit, Granted | $ / shares	$ 21.59
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock at beginning | shares
Weighted average grant date fair value per unit, beginning | $ / shares
Granted | shares	51,410
Weighted average grant date fair value per unit, Granted | $ / shares	$ 30.15
Vested | shares
Weighted average grant date fair value per unit, Vested | $ / shares
Forfeited | shares
Weighted average grant date fair value per unit, Forfeited | $ / shares
Unvested restricted stock at ending | shares	51,410
Weighted average grant date fair value per unit, ending | $ / shares	$ 30.15

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 674	$ 538	$ 1,950	$ 1,498
Unrecognized compensation expense		6,127		$ 6,127
Weighted average period for recognition				2 years 10 months 24 days
Shares granted				200,095
Weighted average fair value				$ 4,320
Weighted average fair value, per share				$ 21.59
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		1,372		$ 1,372
Weighted average period for recognition				2 years 3 months 18 days
Shares granted				51,410
Weighted average fair value	$ 1,550
Weighted average fair value, per share				$ 30.15
Shares granted	51,410
Volatility	29%
Dividend	4.20%
Risk free interest rate	4.20%
Equity-based compensation expenses		$ 153	$ 0	$ 178	$ 0

Earnings per Share - schedule o

Earnings per Share - schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income (loss)		$ 10,400	$ (4,626)	$ 4,430	$ (13,560)
Less: Net income (loss) attributable to non-controlling interest		114	(55)	46	(170)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.		10,286	(4,571)	4,384	(13,390)
Less: Preferred Stock dividends		677	930	2,509	3,949
Less: Series B Preferred Stock accretion to redemption value			2,371		4,621
Less: Loss on extinguishment/redemption of Series A Preferred Stock		2,021	56	2,023	80
Less: Amount allocated to participating securities		83	62	253	194
Net income (loss) attributable to common stockholders		$ 7,505	$ (7,990)	$ (401)	$ (22,234)
Denominator
Weighted-average common shares outstanding — basic		44,056,855	41,128,421	43,108,039	38,838,811
Effect of dilutive securities
Add: Stock-based compensation	[1]	82,748
Weighted-average common shares outstanding — diluted		44,139,603	41,128,421	43,108,039	38,838,811
Net income (loss) per share – basic and diluted
Net income (loss) per share attributable to common stockholders — basic		$ 0.17	$ (0.19)	$ (0.01)	$ (0.57)
Net income (loss) per share attributable to common stockholders — diluted		$ 0.17	$ (0.19)	$ (0.01)	$ (0.57)
[1]During the three months ended September 30, 2023, there were approximately 1,196 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended September 30, 2022 and the nine months ended September 30, 2023 and 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Sep. 30, 2023 shares
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	370,843
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	51,410

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - ft²	9 Months Ended
	Sep. 30, 2023	Jul. 06, 2023
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 $600 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.
Equity Method Investment, Ownership Percentage		98%
Area of Real Estate Property	306,000	297,583

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	Nov. 01, 2023 USD ($)
Subsequent Event [Member] | Key Bank [Member]
Subsequent Event [Line Items]
Repayment of principal and interest balance	$ 110,019