Plymouth Industrial REIT (PLYM) 10-K 22 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 978,879,966
Entity Common Stock, Shares Outstanding		45,382,076
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s Definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2023.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Real estate properties	$ 1,567,866	$ 1,555,846
Less accumulated depreciation	(268,046)	(205,629)
Real estate properties, net	1,299,820	1,350,217
Cash	14,493	11,003
Cash held in escrow	4,716	13,376
Restricted cash	6,995	6,834
Deferred lease intangibles, net	51,474	70,718
Interest rate swaps	21,667	30,115
Other assets	42,734	39,055
Total assets	1,441,899	1,521,318
Liabilities:
Secured debt, net	266,887	389,531
Unsecured debt, net	447,990	447,345
Borrowings under line of credit	155,400	77,500
Accounts payable, accrued expenses and other liabilities	73,904	72,551
Deferred lease intangibles, net	6,044	8,918
Interest rate swaps	1,161
Financing lease liability	2,271	2,248
Total liabilities	953,657	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 December 31, 2023 and 2022, respectively	452	428
Additional paid in capital	644,938	635,068
Accumulated deficit	(182,606)	(194,243)
Accumulated other comprehensive income	20,233	29,739
Total stockholders' equity	483,017	470,992
Non-controlling interest	5,225	5,389
Total equity	488,242	476,381
Total liabilities, preferred stock and equity	1,441,899	1,521,318
Series A Preferred Stock [Member]
Liabilities:
Preferred stock		$ 46,844

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Rental revenue	$ 199,760	$ 183,442	$ 140,270
Management fee revenue and other income	88	94	348
Total revenues	199,848	183,536	140,618
Operating expenses:
Property	62,542	56,601	47,636
Depreciation and amortization	92,891	95,312	70,642
General and administrative	14,904	15,939	12,920
Total operating expenses	170,337	167,852	131,198
Other income (expense):
Interest expense	(38,278)	(32,217)	(19,968)
Earnings (loss) in investment of unconsolidated joint venture		(147)	(850)
Loss on extinguishment of debt	(72)	(2,176)	(523)
Gain on sale of real estate	22,646		1,775
(Appreciation) depreciation of warrants		1,760	(5,121)
Total other income (expense)	(15,704)	(32,780)	(24,687)
Net income (loss)	13,807	(17,096)	(15,267)
Less: Net income (loss) attributable to non-controlling interest	147	(210)	(259)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.	13,660	(16,886)	(15,008)
Less: Preferred Stock dividends	2,509	4,866	6,608
Less: Series B Preferred Stock accretion to redemption value		4,621	7,228
Less: Loss on extinguishment/redemption of Series A Preferred Stock	2,023	99
Less: Amount allocated to participating securities	337	256	201
Net income (loss) attributable to common stockholders	$ 8,791	$ (26,728)	$ (29,045)
Net income (loss) per share attributable to common stockholders — basic	$ 0.20	$ (0.67)	$ (0.94)
Net income (loss) per share attributable to common stockholders — diluted	$ 0.20	$ (0.67)	$ (0.94)
Weighted-average common shares outstanding — basic	43,554,504	39,779,128	30,910,581
Weighted-average common shares outstanding — diluted	43,631,693	39,779,128	30,910,581

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net income (loss)	$ 13,807	$ (17,096)	$ (15,267)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps	(9,609)	30,115
Other comprehensive income (loss)	(9,609)	30,115
Comprehensive income (loss)	4,198	13,019	(15,267)
Less: Net income (loss) attributable to non-controlling interest	147	(210)	(259)
Less: Other comprehensive income (loss) attributable to non-controlling interest	(103)	376
Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc.	$ 4,154	$ 12,853	$ (15,008)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY - 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, 2020	$ 48,485	$ 87,209	$ 253	$ 360,752	$ (162,250)		$ 198,755	$ 4,767	$ 203,522
Begining balance, shares at Dec. 31, 2020	2,023,999	4,411,764	25,344,161
Repurchase and extinguishment of Series A Preferred Stock	$ 12
Repurchase and extinguishment of Series A Preferred stock, shares	(448)
Series B Preferred Stock accretion to redemption value		7,228		(7,228)			(7,228)		(7,228)
Net proceeds from common stock			$ 106	211,927			212,033		212,033
Net proceeds from common stock, shares			10,524,731
Stock based compensation				1,559			1,559		1,559
Restricted shares issued (forfeited)			$ 1				1		1
Restricted shares issued (forfeited), shares			125,434
Conversion of common stock warrants
Dividends and distributions				(33,584)			(33,584)	(436)	(34,020)
Other comprehensive income
Redemption of partnership units			$ 1	2,086			2,087	(2,087)
Redemption of partnership units, shares			116,333						116,333
Reallocation of non-controlling interest				(2,846)			(2,846)	2,846
Net income (loss)					(15,008)		(15,008)	(259)	(15,267)
Ending balance, value at Dec. 31, 2021	$ 48,473	$ 94,437	$ 361	532,666	(177,258)		355,769	4,831	360,600
Ending balance, shares at Dec. 31, 2021	2,023,551	4,411,764	36,110,659
Repurchase and extinguishment of Series A Preferred Stock	$ (1,629)				(99)		(99)		(99)
Repurchase and extinguishment of Series A Preferred stock, shares	(68,038)
Series B Preferred Stock accretion to redemption value		4,621		(4,621)			(4,621)		(4,621)
Conversion of Series B Preferred Stock		$ (99,058)	$ 41	84,017			84,058		84,058
Conversion of Series B Preferred Stock, shares		(4,411,764)	4,121,393
Net proceeds from common stock			$ 24	58,155			58,179		58,179
Net proceeds from common stock, shares			2,345,247
Stock based compensation				2,603			2,603		2,603
Restricted shares issued (forfeited)
Restricted shares issued (forfeited), shares			132,250
Conversion of common stock warrants			$ 2	3,756			3,758		3,758
Conversion of common stock warrants, shares			139,940
Dividends and distributions				(40,684)			(40,684)	(432)	(41,116)
Other comprehensive income						29,739	29,739	376	30,115
Reallocation of non-controlling interest				(824)			(824)	824
Net income (loss)					(16,886)		(16,886)	(210)	(17,096)
Ending balance, value at Dec. 31, 2022	$ 46,844		$ 428	635,068	(194,243)	29,739	470,992	5,389	476,381
Ending 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)
Redemption of Series A Preferred Stock	$ (46,803)			(19)	(2,021)		(2,040)		(2,040)
Redemption of Series A Preferred Stock, shares	(1,953,783)
Series B Preferred Stock accretion to redemption value
Net proceeds from common stock			$ 22	49,443			49,465		49,465
Net proceeds from common stock, shares			2,200,600
Stock based compensation				2,966			2,966		2,966
Restricted shares issued (forfeited)			$ 2	(2)
Restricted shares issued (forfeited), shares			200,095
Conversion of common stock warrants
Dividends and distributions				(42,286)			(42,286)	(440)	(42,726)
Other comprehensive income						(9,506)	(9,506)	(103)	(9,609)
Reallocation of non-controlling interest				(232)			(232)	232
Net income (loss)					13,660		13,660	147	13,807
Ending balance, value at Dec. 31, 2023			$ 452	$ 644,938	$ (182,606)	$ 20,233	$ 483,017	$ 5,225	$ 488,242
Ending balance, shares at Dec. 31, 2023			45,250,184

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 13,807	$ (17,096)	$ (15,267)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	92,891	95,312	70,642
Straight line rent adjustment	(1,944)	(3,682)	(3,700)
Intangible amortization in rental revenue, net	(2,221)	(3,151)	(2,096)
Loss on extinguishment of debt	72	2,176	523
Amortization of debt related costs	2,184	2,163	1,605
Appreciation (depreciation) of warrants		(1,760)	5,121
Stock based compensation	2,966	2,603	1,559
(Earnings) loss in investment of unconsolidated joint venture		147	850
Gain on sale of real estate	(22,646)		(1,775)
Changes in operating assets and liabilities:
Other assets	(3,091)	(915)	(3,883)
Deferred leasing costs	(6,394)	(5,668)	(5,564)
Accounts payable, accrued expenses and other liabilities	6,248	2,099	9,925
Net cash provided by operating activities	81,872	72,228	57,940
Investing activities
Acquisition of real estate properties		(197,085)	(337,030)
Real estate improvements	(34,751)	(55,494)	(25,308)
Proceeds from sale of real estate, net	34,672	222	6,258
Net cash used in investing activities	(79)	(252,357)	(356,080)
Financing activities
Proceeds from issuance of common stock, net	49,465	58,179	212,033
Repayment of secured debt	(123,264)	(21,186)	(17,392)
Proceeds from issuance of unsecured debt		150,000	200,000
Proceeds from line of credit facility	149,400	213,000	139,000
Repayment of line of credit facility	(71,500)	(173,500)	(191,000)
Repurchase of Series A Preferred Stock	(43)	(1,728)	(12)
Redemption of Series A Preferred Stock	(48,843)
Redemption of Series B Preferred Stock		(15,000)
Debt issuance costs	(83)	(1,826)	(1,692)
Dividends and distributions paid	(41,934)	(39,971)	(31,477)
Net cash (used in) provided by financing activities	(86,802)	167,968	309,460
Net (decrease) increase in cash, cash held in escrow, and restricted cash	(5,009)	(12,161)	11,320
Cash, cash held in escrow, and restricted cash at beginning of period	31,213	43,374	32,054
Cash, cash held in escrow, and restricted cash at end of period	26,204	31,213	43,374
Supplemental Cash Flow Disclosures:
Cash paid for interest	36,212	28,931	18,172
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	10,216	9,426	8,286
Distribution payable to non-controlling interest holder	110	108	103
Series B accretion to redemption value		4,621	7,228
Real estate improvements included in accounts payable, accrued expenses and other liabilities	1,868	6,997	1,377
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	575	483	91
Assumption of secured debt			39,620
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ 13,660	$ (16,886)	$ (15,008)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 31, 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”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2023 and 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 December 31, 2023, the Company, through its subsidiaries, owned 156 211 34.0 17,260

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a 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 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, and 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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. 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 7, and cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2023 2022 Cash $ 14,493 $ 11,003 Cash held in escrow 4,716 13,376 Restricted cash 6,995 6,834 Cash, cash held in escrow, and restricted cash $ 26,204 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 6,787 10,815 3,603 6,175 1,469 2,306 Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by 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 or liabilities on the accompanying 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 13 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, warrants to purchase common stock and performance stock units as discussed in Notes 7, 8, 9, and 12, 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 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 8. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Long-lived assets are primarily comprised of real estate properties. On a quarterly basis, management assesses whether there are any indicators, including changes in the anticipated holding period, general market conditions, and property operating performance, that may indicate an impairment exists. Recoverability of real estate properties is measured by comparison of the carrying amount of the property to the estimated future undiscounted cash flows to be generated from the use and eventual disposition of that property. If our analysis indicates that the carrying value of the real estate property is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. The Company determined there was no impairment of value of real estate properties as of December 31, 2023 and 2022. Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2020 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2022 of approximately $ 35,322 32,905 Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture was not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint venture. We concluded that we had the ability to exercise significant influence, however, did not have control or kick out rights and therefore the investment in the unconsolidated joint venture was accounted for under the equity method of accounting. Accordingly, we initially recorded our investment at cost, and subsequently adjusted for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the consolidated balance sheets and the underlying equity in net assets were amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture over the life of the related asset. Our net equity investment in the joint venture was reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture was included within the consolidated statements of operations. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 5. Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the 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. Non-controlling Interests As further discussed in Note 11, the Company has issued non-controlling interests in its Operating Partnership. The net income (loss) attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates. Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 67,968 63,623 45,387 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 2,221 3,151 2,096 24,923 31,689 25,255 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 term of the individual leases. In accordance with ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. 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. Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 was effective upon issuance on a prospective basis beginning January 1, 2020, and may be elected over time as reference rate activities occur. During the second quarter of 2022, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding instrument. The adoption of ASU 2020-04 did not have a material impact on our consolidated financial statements.

Real Estate Properties, Net

Real Estate Properties, Net	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Properties, Net	3. Real Estate Properties, Net Real estate properties, net consisted of the following at December 31, 2023 and 2022: Real estate properties - schedule of real estate properties December 31, December 31, Land $ 226,020 $ 231,829 Buildings and improvements 1,203,355 1,141,832 Site improvements 130,638 132,295 Construction in progress 7,853 49,890 Real estate properties, gross 1,567,866 1,555,846 Less accumulated depreciation (268,046 ) (205,629 ) Real estate properties, net $ 1,299,820 $ 1,350,217 Acquisition of Properties There were no acquisitions of properties during the year ended December 31, 2023. The Company made the following acquisitions of properties during the year ended December 31, 2022: Real estate properties - schedule of real estate acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 St. Louis, MO April 6, 2022 76,485 1 8,450 Chicago, IL April 14, 2022 78,743 1 7,300 Cincinnati, OH; Cleveland, OH May 18, 2022 153,903 2 12,700 Charlotte, NC May 19, 2022 155,220 1 20,400 Cleveland, OH July 7, 2022 197,518 1 16,500 Year ended December 31, 2022 4,164,864 29 $ 257,808 _________________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $106,508 included the assumption of $56,000 of existing debt secured by the properties and the consolidation of the net book value of investment in joint venture of $5,686. In addition, we consolidated financial assets of approximately $3,533, comprised of cash, cash held in escrow and other assets, and liabilities of approximately $1,955 comprised of accounts payable, accrued expenses and other current liabilities. The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real estate properties - schedule of recognized identified assets acquired and liabilities assumed Year ended December 31, 2022 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 257,808 N/A Acquisition costs 2,280 N/A Total $ 260,088 Allocation of Purchase Price Land $ 30,887 N/A Building 186,710 N/A Site improvements 23,538 N/A Total real estate properties 241,135 Deferred Lease Intangibles Tenant relationships 3,429 3.8 Leasing commissions 2,678 4.0 Above market lease 732 4.3 Below market lease (2,520 ) 7.4 Lease in place 14,367 3.7 Net deferred lease intangibles 18,686 Assumed debt – market value (Above)/below assumed market debt value 267 5.8 Totals $ 260,088 All acquisitions completed during the year ended December 31, 2022 were considered asset acquisitions under ASC 805. Sale of Real Estate During the year ended December 31, 2023, the Company sold a single, 306,000 19,926 157,000 16,750 22,646 There were no sales of real estate during the year ended December 31, 2022. During the year ended December 31, 2021, the Company sold a single, 98,340 2,037 74,613 1,159 1,775 167

Deferred Lease Intangibles, Net

Deferred Lease Intangibles, Net	12 Months Ended
	Dec. 31, 2023
Deferred Lease Intangibles Net
Deferred Lease Intangibles, Net	4. Deferred Lease Intangibles, Net Deferred lease intangible assets, net consisted of the following at December 31, 2023 and 2022: Deferred lease intangibles, net - schedule of finite lived intangible assets December 31, December 31, Above market lease $ 5,652 $ 6,077 Lease in place 88,394 95,684 Tenant relationships 25,008 26,175 Leasing commissions 42,437 38,078 Deferred lease intangible assets, gross 161,491 166,014 Less accumulated amortization (110,017 ) (95,296 ) Deferred lease intangible assets, net $ 51,474 $ 70,718 Deferred lease intangible liabilities, net consisted of the following at December 31, 2023 and 2022: Deferred lease intangibles, net - schedule of deferred lease intangible liabilities December 31, December 31, Below market leases $ 19,257 $ 20,452 Less accumulated amortization (13,213 ) (11,534 ) Deferred lease intangible liabilities, net $ 6,044 $ 8,918 Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2023 is as follows: Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense Year Amortization Expense Net Increase to Rental Revenue Related to 2024 $ 17,203 $ (1,153 ) 2025 $ 11,362 $ (759 ) 2026 $ 6,950 $ (483 ) 2027 $ 5,163 $ (441 ) 2028 $ 3,648 $ (239 ) Thereafter $ 5,434 $ (1,255 )

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	5. Investment in Unconsolidated Joint Venture On March 11, 2022, the Company acquired the remaining 80% 46,401 56,000 3,533 5,686 56,000 1,955

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	6. 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 consolidated statements of operations. Some of our tenants’ leases are subject to changes in the Consumer Price Index (“CPI”). As of December 31, 2023, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows: Leases - schedule of lessor future minimum rental receipts under non-cancellable leases Year Future Minimum 2024 $ 144,031 2025 119,910 2026 89,834 2027 68,189 2028 51,030 Thereafter 87,355 Total minimum fixed rental receipts $ 560,349 These amounts do not reflect future rental revenue from the renewal or replacement of existing leases and excludes tenant recoveries and rental increases that are not fixed or indexed to CPI. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - schedule of rental revenue components Year Ended December 31, 2023 2022 2021 Income from leases $ 147,293 $ 134,252 $ 102,314 Straight-line rent adjustments 1,944 3,682 3,700 Tenant recoveries 48,302 42,357 32,160 Amortization of above market leases (636 ) (723 ) (1,000 ) Amortization of below market leases 2,857 3,874 3,096 Total $ 199,760 $ 183,442 $ 140,270 Tenant recoveries included within rental revenue for the years ended December 31, 2023, 2022 and 2021 are variable in nature. As a Lessee Operating Leases As of December 31, 2023, we have five office space operating leases and a single ground operating sublease. 0.4 32.0 4,829 5,789 4.0% 8.3 As of December 31, 2022, we had five office space operating leases and a single ground operating sublease 1.4 33.0 5,703 6,844 4.0% 8.6 As of December 31, 2021, we had five office space operating leases and a single ground operating sublease 2.4 34.0 6,552 7,830 4.1% 9.2 The following table summarizes the operating lease expense recognized during the years ended December 31, 2023, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - schedule of lease costs Year Ended December 31, 2023 2022 2021 Operating lease expense included in general and administrative expense attributable to office leases $ 772 $ 838 $ 806 Operating lease expense included in property expense attributable to ground sublease 32 36 47 Non-cash adjustment due to straight-line rent adjustments 145 109 143 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 949 $ 983 $ 996 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 consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases Year 2024 $ 1,280 2025 894 2026 803 2027 818 2028 833 Thereafter 2,658 Total minimum operating lease payments $ 7,286 Less imputed interest (1,497 ) Total operating lease liability $ 5,789 Financing Leases As of December 31, 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 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 years, which includes the exercise of a single twenty-year renewal option. 7.8% 32 The following table summarizes the financing lease expense recognized during the years ended December 31, 2023, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - schedule of finance lease expense Year Ended December 31, 2023 2022 2021 Depreciation/amortization of financing lease right-of-use assets $ 26 $ 28 $ 26 Interest expense for financing lease liability 178 176 175 Total financing lease cost $ 204 $ 204 $ 201 The following table summarizes the maturity analysis of our financing lease: Leases - schedule of finance lease, liability, fiscal year maturity Year 2024 $ 155 2025 170 2026 170 2027 170 2028 170 Thereafter 6,195 Total minimum financing lease payments $ 7,030 Less imputed interest (4,759 ) Total financing lease liability $ 2,271

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Indebtedness	7. 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 December 31, 2023 and 2022. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt December 31, December 31, December 31, 2023 Maturity Date Secured debt: AIG Loan $ — $ 111,758 4.08% November 1, 2023 Ohio National Life Mortgage 18,409 19,045 4.14% August 1, 2024 Allianz Loan 61,260 62,388 4.07% April 10, 2026 Nationwide Loan 14,948 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Minnesota Life Memphis Industrial Loan 54,956 56,000 3.15% January 1, 2028 Midland National Life Insurance Mortgage 10,665 10,820 3.50% March 10, 2028 Minnesota Life Loan 19,569 20,019 3.78% May 1, 2028 Transamerica Loan 59,357 67,398 4.35% August 1, 2028 Total secured debt $ 267,964 $ 391,228 Unamortized debt issuance costs, net (1,174 ) (1,985 ) Unamortized premium/(discount), net 97 288 Total secured debt, net $ 266,887 $ 389,531 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.10% (1)(2) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.13% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 150,000 4.50% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,010 ) (2,655 ) Total unsecured debt, net $ 447,990 $ 447,345 Borrowings under line of credit: KeyBank unsecured line of credit 155,400 77,500 6.62% (1)(3) August 11, 2025 Total borrowings under line of credit $ 155,400 $ 77,500 _______________ (1) For the month of December 2023, the one-month term SOFR for our unsecured debt was 5.345% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.350%. 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. (2) As of December 31, 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%, 1.527% respectively. (3) As of December 31, 2023, $100m of the outstanding borrowings under the KeyBank unsecured line of credit was swapped to a fixed USD-SOFR rate at a weighted average of 4.754%. 2023 Debt Activity On November 1, 2023, the Company repaid in full, the outstanding principal and interest balance of approximately $ 110,019 2022 Debt Activity On February 1, 2022, the Company repaid in full, the outstanding principal and interest balance of approximately $ 13,245 2,176 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 January 1, 2028 3.15% 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 $ 350 150 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. 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. 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 December 31, 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 December 31, 2023 and 2022: Indebtedness - schedule of fair value of debt instruments December 31, 2023 December 31, 2022 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 267,964 $ 254,114 $ 391,228 $ 372,682 Unsecured debt 450,000 455,229 450,000 450,000 Borrowings under line of credit, net 155,400 155,599 77,500 77,500 Total 873,364 $ 864,942 $ 918,728 $ 900,182 Unamortized debt issuance cost, net (3,184 ) (4,640 ) Unamortized premium/(discount), net 97 288 Total carrying value $ 870,277 $ 914,376 Future Principal Payments of Debt Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2023 are as follows: Indebtedness - schedule of future principal payments due on long-term debt Year Amount 2024 $ 23,041 2025 160,210 2026 162,582 2027 367,486 2028 160,045 Thereafter — Total aggregate principal payments $ 873,364

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Derivative Financial Instruments	8. 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 December 31, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% (3) $ 200,000 $ 200,000 $ 12,539 $ 17,062 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% (3) $ 100,000 $ 100,000 $ 5,692 $ 7,932 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 1,723 $ 2,565 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 861 $ 1,283 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 852 $ 1,273 Wells Fargo Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 — $ (577 ) $ — JPMorgan Chase Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 — $ (292 ) $ — Capital One, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 — $ (292 ) $ — _______________ (1) Represents the notional value of interest rate swaps effective as of December 31, 2023. (2) As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million. As of December 31, 2022, all 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 $ 15,368 The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2023, 2022 and 2021. Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 2021 Amount of unrealized gain (loss) recognized in AOCI on derivatives $ (9,609 ) $ 30,115 $ — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 13,959 $ 3,643 $ — 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 December 31, 2022 and 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 table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps on a recurring basis Fair Value Measurements as of December 31, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 21,667 $ — $ 21,667 $ — Interest rate swaps - Liability $ 1,161 $ — $ 1,161 $ — 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 $ — Interest rate swaps - Liability $ — $ — $ — $ — 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 December 31, 2023, the fair value of three of the eight interest rate swaps were in a net liability position. As of December 31, 2023, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2023, it could have been required to settle its obligations under the agreements at their termination value.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Common Stock	9. 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 through an “at-the-market” equity offering program (the “2023 $200 Million ATM Program”). The 2023 $ 200 200 For the year ended December 31, 2023, the Company issued 2,200,600 49,465 149,292 Common Stock Warrants On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 3,757 354,230 16.24 A roll-forward of the warrants is as follows: Common stock - schedule of stockholders' equity note, warrants Balance at January 1, 2021 $ 396 Appreciation/(depreciation) 5,121 Balance at December 31, 2021 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022 and 2023 $ — The warrants in the amount of $ 5,517 16.24 17.5% 0.84 0.45 0.19% Common Stock Dividends The following table sets forth the common stock distributions that were declared during the years ended December 31, 2023 and 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 Fourth quarter 0.2250 10,193 Total $ 0.9000 $ 39,777 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 Characterization of Common Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2023. Common stock - schedule of dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 12/15/2022 12/30/2022 1/31/2023 $ 0.2200 $ 0.148204 $ 0.071796 $ — 2/22/2023 3/31/2023 4/28/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 6/15/2023 6/30/2023 7/31/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 9/15/2023 9/29/2023 10/31/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 12/15/2023 12/29/2023 1/31/2024 $ 0.2250 $ 0.151573 $ 0.073427 $ —

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Preferred Stock	10. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 240,000 25.00 48,868 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 1,730 68,038 Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $25.00 per share, plus any accrued and unpaid dividends. The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2023 and 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 Fourth quarter — — 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 Characterization of Series A Preferred Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2023. Preferred stock - schedule of series a preferred stock dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 12/1/2022 12/15/2022 1/3/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 3/1/2023 3/15/2023 3/31/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 6/1/2023 6/15/2023 6/30/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 8/2/2023 8/25/2023 9/6/2023 $ 0.346470 $ 0.233402 $ 0.113068 $ — Series B Preferred Stock On December 14, 2018, the Company, in a private placement exempt from registration under the federal securities laws (the “Private Placement”), completed the offering of 4,411,764 17.00 75,000 71,800 On April 29, 2022, 2,205,882 On August 12, 2022, the holder of the Company's Series B Convertible Redeemable Preferred Stock informed the Company that it had elected to convert the remaining 2,205,882 shares of Series B Convertible Redeemable Preferred Stock into the Company's common stock. Pursuant to the terms of the Series B Convertible Redeemable Preferred Stock agreement, the Company elected a combination settlement comprised of 1,915,511 15,000 The Company had no outstanding Series B Convertible Redeemable Preferred Stock as of December 31, 2023 and 2022. The relevant features of the Series B Preferred Stock were as follows: Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity with the shares of the Company’s Series A Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, 4,621 7,228 Redemption Rights The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company’s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity. Conversion Rights The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement (December 14, 2018) as required by the NYSE rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however, that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: • If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; • If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and • If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Protective Rights The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stock to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. The following table sets forth the Series B Preferred Stock dividends that were declared during the year ended December 31, 2022. Preferred stock - schedule of series b preferred stock dividends declared Cash Dividends Aggregate 2022 First quarter $ 0.170000 $ 750 Second quarter 0.170000 375 Third quarter — — Fourth quarter — — Total $ 0.340000 $ 1,125 No Series B Preferred Stock were outstanding during the year ended December 31, 2023, as such no dividends were declared for the year ended December 31, 2023.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interests	11. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued 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 consolidated statements of changes in preferred stock and equity. No OP Units were redeemed during the year ended December 31, 2023 and 2022. During the year ended December 31, 2021, 116,333 116,333 The Company adjusted the carrying value of non-controlling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying consolidated statements of changes in preferred stock and equity. 490,299 The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2023 and 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 Fourth quarter 0.2250 110 Total $ 0.9000 $ 440 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 $ 147 ($210)

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Incentive Award Plan	12. Incentive Award Plan Restricted Stock In June 2023 the Company’s stockholders approved the Third Amended and Restated 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company’s common stock and/or LTIP units of partnership interest in the Company’s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 1,375,000 The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, Performance Stock Units (“PSUs”), other incentive awards, LTIP units, SARs, and cash awards. As of December 31, 2023, the Company has only issued restricted stock and performance stock units under the Plan. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest the earlier of one year from the date of grant, or the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2023, 2022 and 2021: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 126,434 Forfeited (1,000 ) Vested (88,303 ) Unvested restricted stock at December 31, 2021 227,356 Granted 141,000 Forfeited (8,750 ) Vested (79,532 ) Unvested restricted stock at December 31, 2022 280,074 Granted 200,095 Forfeited — Vested (109,326 ) Unvested restricted stock at December 31, 2023 370,843 The Company recorded equity-based compensation expense related to the RSUs in the amount of $ 2,636 2,603 1,559 5,442 3,758 2,828 2.7 2.7 2.8 200,095 4,320 21.59 141,000 3,714 26.34 126,434 1,998 15.80 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 year ended December 31, 2023. No PSUs were granted for the years ended December 31, 2022 and 2021. Incentive award plan - schedule of unvested performance stock Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 $ 30.15 Vested — $ — Forfeited — $ — Balance at December 31, 2023 51,410 $ 30.15 The Company recorded equity-based compensation expense related to the PSUs in the amount of $ 330 0 0 1,220 2.0

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	13. Earnings per Share Net Income (Loss) per Common Share Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows: Earnings per share - schedule of earnings per share Year ended December 31, 2023 2022 2021 Numerator Net income (loss) $ 13,807 $ (17,096 ) $ (15,267 ) Less: Net income (loss) attributable to non-controlling interest 147 (210 ) (259 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 13,660 (16,886 ) (15,008 ) Less: Preferred Stock dividends 2,509 4,866 6,608 Less: Series B Preferred Stock accretion to redemption value — 4,621 7,228 Less: Loss on extinguishment/redemption of Series A Preferred Stock 2,023 99 — Less: Amount allocated to participating securities 337 256 201 Net income (loss) attributable to common stockholders $ 8,791 $ (26,728 ) $ (29,045 ) Denominator Weighted-average common shares outstanding — basic 43,554,504 39,779,128 30,910,581 Effect of dilutive securities Add: Stock-based compensation (1) 77,189 — — Weighted-average common shares outstanding — diluted 43,631,693 39,779,128 30,910,581 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.20 $ (0.67 ) $ (0.94 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.20 $ (0.67 ) $ (0.94 ) (1) During the year ended December 31, 2023, there were approximately 69,903 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 years ended December 31, 2022 and 2021, 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 shareholders, 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 year ended December 31, 2023 include the 370,843 67,967

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive 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 and stock 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

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	15. Retirement Plan The Company in December 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2023 in the amount of $ 403 626

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and concluded that were no subsequent events requiring adjustment or disclosure to the consolidated financial statements.

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III	Schedule III Plymouth Industrial REIT, Inc. Real Estate Properties and Accumulated Depreciation December 31, 2023 ($ in thousands) Schedule III real estate properties and accumulated depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road $ 256 $ 4,454 $ 2,348 $ 256 $ 6,802 $ 7,058 $ 2,581 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 10 271 919 1,190 365 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - 494 6,027 31 494 6,058 6,552 1,986 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - 270 2,879 132 270 3,011 3,281 885 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 702 3,283 14,262 17,545 3,812 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 535 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 119 1,237 7,071 8,308 1,033 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 17 2,876 7,616 10,492 2,235 2020 1981-2022/1996 & 2017 20 Atlanta, GA 6777-6785 New Calhoun Highway NE - 26,814 518 - 27,332 27,332 436 2023 2022 40 Atlanta, GA 1099 Dodds Avenue 975 8,481 138 975 8,619 9,594 663 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 946 2022 1999 25 Boston, MA 54-56 Milliken Road 1,418 7,482 10,376 1,418 17,858 19,276 4,427 2014 1966-2022/1995, 2005, 2013, 2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 898 2022 2005 30 Chicago, IL 11351 W. 183rd Street 361 1,685 38 361 1,723 2,084 686 2014 2000 34 Chicago, IL 1355 Holmes Road 1,012 2,789 176 1,012 2,965 3,977 1,755 2014 1976/1998 16 Chicago, IL 1875 Holmes Road 1,597 5,199 1,894 1,597 7,093 8,690 3,342 2014 1989 16 Chicago, IL 189 Seegers Road 470 1,369 51 470 1,420 1,890 625 2014 1972 21 Chicago, IL 2401 Commerce Drive 486 4,597 1,076 486 5,673 6,159 2,169 2014 1994/2009 28 Chicago, IL 3940 Stern Avenue 1,156 5,139 1,245 1,156 6,384 7,540 3,546 2014 1987 16 Chicago, IL 11601 Central Avenue - 3,479 6,545 709 3,479 7,254 10,733 2,417 2017 1970 21 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 268 3,520 11,383 14,903 5,091 2017 1976 16 Chicago, IL 13970 West Laurel Drive - 1,447 1,377 373 1,447 1,750 3,197 735 2017 1990 14 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 1,478 1,926 6,615 8,541 1,906 2017 1968 21 Chicago, IL 1750 South Lincoln Drive - 489 9,270 894 489 10,164 10,653 3,040 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 172 1,542 3,770 5,312 1,391 2017 1964 19 Chicago, IL 28160 North Keith Drive - 1,614 1,643 282 1,614 1,925 3,539 739 2017 1989 16 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 283 1,640 2,530 4,170 915 2017 1978 17 Chicago, IL 5110 South 6th Street - 689 1,014 155 689 1,169 1,858 514 2017 1972 16 Chicago, IL 6000 West 73rd Street - 1,891 3,403 - 1,891 3,403 5,294 1,341 2017 1974 17 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1,070 3,444 3,395 6,839 1,137 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 - 2,891 5,743 8,634 1,886 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 1 2,519 5,483 8,002 2,022 2017 1974 18 Chicago, IL 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 793 2017 2000 27 Chicago, IL 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 2,387 2017 2004 27 Chicago, IL 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 1,944 2017 2002 27 Chicago, IL 5861 W Cleveland Road 234 1,966 124 234 2,090 2,324 627 2017 1994 27 Chicago, IL West Brick Road 381 3,209 202 381 3,411 3,792 1,024 2017 1998 27 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 2,626 2018 1968/2016 23 Chicago, IL 3 West College Drive - 728 1,531 136 728 1,667 2,395 417 2018 1978/2016 26 Chicago, IL 11746 Austin Ave 1,062 4,420 102 1,062 4,522 5,584 976 2019 1970 25 Chicago, IL 144 Tower Drive 866 4,174 113 866 4,287 5,153 840 2019 1971/1988 & 2015 29 Chicago, IL 16801 Exchange Ave 1,905 9,454 178 1,905 9,632 11,537 2,213 2019 1987 24 Chicago, IL 350 Armory Drive 442 835 136 442 971 1,413 309 2019 1972 21 Chicago, IL 4915 West 122nd Street 848 3,632 203 848 3,835 4,683 785 2019 1972 26 Chicago, IL 7207 Mason Avenue 887 2,608 15 887 2,623 3,510 746 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 590 586 957 1,543 207 2019 1970 20 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Chicago, IL 1717 West Harvester Road 3,843 12,848 5 3,843 12,853 16,696 4,332 2020 1970 15 Chicago, IL 1301 Ridgeview Drive 1,231 12,623 140 1,231 12,763 13,994 1,491 2021 1995/2020 25 Chicago, IL 1900 S. Batavia - 7,337 20,387 23 7,337 20,410 27,747 2,805 2021 1958/1989 & 2010 21 Chicago, IL 6035 West Gross Point Road 2,706 4,351 94 2,706 4,445 7,151 960 2021 1956/1985 15 Chicago, IL 800 Church Street 2,019 6,197 24 2,019 6,221 8,240 762 2021 1974/2020 22 Chicago, IL 2600 Commerce Drive 1,028 5,597 - 1,028 5,597 6,625 373 2022 2001 30 Cincinnati, OH 4115 Thunderbird Lane 275 2,093 192 275 2,285 2,560 1,106 2014 1991 22 Cincinnati, OH 7585 Empire Drive 644 2,658 690 644 3,348 3,992 2,284 2014 1973 11 Cincinnati, OH Mosteller Distribution Center 1,501 9,424 114 1,501 9,538 11,039 6,339 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 22,555 4,147 40,702 44,849 6,681 2018 1946, 2023 20 40 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 344 847 5,540 6,387 1,081 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 498 752 5,946 6,698 1,114 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 731 998 8,012 9,010 1,646 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 355 244 2,375 2,619 318 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 231 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 463 2,260 16,763 19,023 1,882 2022 1972 18 Cleveland, OH 1755 Enterprise Parkway 1,411 12,281 1,761 1,411 14,042 15,453 5,659 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 414 2,815 23,206 26,021 4,478 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 2,673 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 107 1,213 6,709 7,922 1,237 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 160 562 2,849 3,411 603 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 242 809 3,102 3,911 764 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 1,218 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 233 - 15,051 15,051 1,795 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 5 - 15,038 15,038 1,825 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 215 1,775 6,756 8,531 1,524 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 172 2,671 15,131 17,802 3,273 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 160 977 12,576 13,553 1,955 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 2,361 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 331 1,458 5,825 7,283 736 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 476 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 499 2,198 13,764 15,962 981 2022 2008 31 Columbus, OH 3100 Creekside Parkway 1,203 9,603 555 1,203 10,158 11,361 3,858 2014 2000 27 Columbus, OH 3500 Southwest Boulevard 1,488 16,730 1,387 1,488 18,117 19,605 7,961 2014 1992/2018 22 Columbus, OH 7001 American Pkwy 331 1,416 28 331 1,444 1,775 834 2014 1986/2007 & 2012 20 Columbus, OH 8273 Green Meadows Dr. 341 2,266 1,048 341 3,314 3,655 1,268 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. 1,107 8,413 582 1,107 8,995 10,102 5,154 2014 1988 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 112 400 3,119 3,519 1,382 2017 1971 18 Columbus, OH 459 Orange Point Drive - 1,256 6,793 465 1,256 7,258 8,514 1,070 2019 2001 40 Columbus, OH 7719 Graphics Way - 1,297 2,743 142 1,297 2,885 4,182 536 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 2,529 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 3,809 2021 1973/1974 & 1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 20 576 7,184 7,760 728 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 22 586 8,333 8,919 834 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 1,562 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 - 242 3,492 3,734 351 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 696 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,713 1,966 13,453 15,419 5,402 2017 1962/2001 & 2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (30) 148 854 1,002 430 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,124 4,632 15,696 20,328 5,760 2019 1957/1992 15 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 536 2,644 13,106 15,750 3,123 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 594 1,881 7,230 9,111 2,350 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 6 566 1,414 1,980 443 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 348 669 2,564 3,233 729 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 215 535 2,782 3,317 690 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 233 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 29 609 1,887 2,496 614 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 77 709 2,160 2,869 651 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 68 424 1,391 1,815 428 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 1,847 1,870 10,691 12,561 2,370 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 37 1,363 6,562 7,925 2,039 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 57 938 21,528 22,466 1,576 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 - 1,943 5,605 7,548 525 2021 2006 32 Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 1,024 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 806 9,848 27,217 37,065 5,428 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 7,849 9,347 34,827 44,174 5,567 2018 1996-1999, 2023 38 40 Jacksonville, FL Salisbury Business Park - 4,354 9,049 6,677 4,354 15,726 20,080 2,079 2018 2001-2012, 2023 32 40 Jacksonville, FL 265, 338, 430 Industrial Boulevard 2,562 15,116 411 2,562 15,527 18,089 3,576 2020 1988-1996/1999 & 2001 18 Jacksonville, FL 8451 Western Way 4,240 13,983 97 4,240 14,080 18,320 1,877 2020 1968/1975 & 1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 81 1,836 9,541 11,377 625 2022 1999 40 Kansas City, MO 5450 Deramus Avenue 1,483 6,609 965 1,483 7,574 9,057 1,318 2021 1976/1986 & 1994 20 Memphis, TN 210 American Dr. 928 10,442 668 928 11,110 12,038 7,803 2014 1967/1981 & 2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. 488 4,919 1,907 488 6,826 7,314 3,302 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 1,157 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 2,797 1,511 7,149 8,660 2,877 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 2,459 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,602 916 6,620 7,536 1,429 2021 1957-1959/1963 & 1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 253 1,089 7,768 8,857 1,394 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 371 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 988 613 7,142 7,755 805 2022 1986 20 Memphis, TN 10682 Ridgewood Road - 261 3,513 225 261 3,738 3,999 355 2022 1985 23 Memphis, TN 1814 S Third Street - 469 2,510 - 469 2,510 2,979 470 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 1,160 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 268 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 498 2022 1964 17 Memphis, TN 5846 Distribution Drive - 164 2,092 226 164 2,318 2,482 208 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 185 2022 1988 21 Memphis, TN 8970 Deerfield Drive - 241 2,256 340 241 2,596 2,837 300 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 1,266 950 14,155 15,105 1,316 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - 678 9,227 600 678 9,827 10,505 963 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 759 892 8,183 9,075 1,063 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 875 924 13,680 14,604 1,343 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 411 342 3,940 4,282 496 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 212 312 4,776 5,088 415 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 17 231 2,878 3,109 300 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 375 2022 2006 45 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 16 656 2,592 3,248 444 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 22 1,133 3,998 5,131 916 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 588 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 406 3,927 21,401 25,328 2,659 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 680 2021 2005 35 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 187 2,183 6,143 8,326 1,019 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 247 4,265 46,472 50,737 3,220 2021 2019 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 2,173 2021 2016 36 St. Louis, MO 349 Gateway - 3,255 36,451 - 3,255 36,451 39,706 3,561 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 13 1,041 6,140 7,181 527 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 80 1,674 5,156 6,830 828 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 164 2,492 5,273 7,765 488 2022 1986 26 Total Real Estate Owned $ 225,335 $ 1,231,624 $ 99,699 $ 224,945 $ 1,331,713 $ 1,556,658 $ 266,760 __________________ Note (1) These properties secure the $266,887 Secured Debt. Note (2) Total does not include development projects of $3,412, corporate office leasehold improvements of $2,456, Columbus property management office of $4,495 and the finance lease right of use asset of $845 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $996 and Columbus property management office of $290. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements. As of December 31, 2023, the gross aggregate basis for Federal tax purposes of investments in real estate properties was approximately $ 1,545,269 Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2023 2022 2021 Real Estate Balance at the beginning of the year $ 1,555,846 $ 1,254,007 $ 886,681 Additions during the year 29,615 302,265 374,461 Disposals during the year (17,595 ) (426 ) (7,135 ) Balance at the end of the year $ 1,567,866 $ 1,555,846 $ 1,254,007 Accumulated Depreciation Balance at the beginning of the year $ 205,629 $ 142,192 $ 98,283 Depreciation expense 67,920 63,557 45,398 Disposals during the year (5,503 ) (120 ) (1,489 ) Balance at the end of the year $ 268,046 $ 205,629 $ 142,192

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.
Consolidation	Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a 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 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, and 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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
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 7, and cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2023 2022 Cash $ 14,493 $ 11,003 Cash held in escrow 4,716 13,376 Restricted cash 6,995 6,834 Cash, cash held in escrow, and restricted cash $ 26,204 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 6,787 10,815 3,603 6,175 1,469 2,306
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by 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 or liabilities on the accompanying 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 13 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, warrants to purchase common stock and performance stock units as discussed in Notes 7, 8, 9, and 12, 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 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 8.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Long-lived assets are primarily comprised of real estate properties. On a quarterly basis, management assesses whether there are any indicators, including changes in the anticipated holding period, general market conditions, and property operating performance, that may indicate an impairment exists. Recoverability of real estate properties is measured by comparison of the carrying amount of the property to the estimated future undiscounted cash flows to be generated from the use and eventual disposition of that property. If our analysis indicates that the carrying value of the real estate property is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. The Company determined there was no impairment of value of real estate properties as of December 31, 2023 and 2022.
Income Taxes	Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2020 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2022 of approximately $ 35,322 32,905
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture was not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint venture. We concluded that we had the ability to exercise significant influence, however, did not have control or kick out rights and therefore the investment in the unconsolidated joint venture was accounted for under the equity method of accounting. Accordingly, we initially recorded our investment at cost, and subsequently adjusted for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the consolidated balance sheets and the underlying equity in net assets were amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture over the life of the related asset. Our net equity investment in the joint venture was reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture was included within the consolidated statements of operations. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 5.
Leases	Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the 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.
Non-controlling Interests	Non-controlling Interests As further discussed in Note 11, the Company has issued non-controlling interests in its Operating Partnership. The net income (loss) attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations.
Real Estate Property Acquisitions	Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates.
Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities	Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 67,968 63,623 45,387 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 2,221 3,151 2,096 24,923 31,689 25,255
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 term of the individual leases. In accordance with ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842.
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.
Accounting Pronouncements	Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 was effective upon issuance on a prospective basis beginning January 1, 2020, and may be elected over time as reference rate activities occur. During the second quarter of 2022, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding instrument. The adoption of ASU 2020-04 did not have a material impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2023 2022 Cash $ 14,493 $ 11,003 Cash held in escrow 4,716 13,376 Restricted cash 6,995 6,834 Cash, cash held in escrow, and restricted cash $ 26,204 $ 31,213

Real Estate Properties, Net (Ta

Real Estate Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real estate properties - schedule of real estate properties	Real estate properties, net consisted of the following at December 31, 2023 and 2022: Real estate properties - schedule of real estate properties December 31, December 31, Land $ 226,020 $ 231,829 Buildings and improvements 1,203,355 1,141,832 Site improvements 130,638 132,295 Construction in progress 7,853 49,890 Real estate properties, gross 1,567,866 1,555,846 Less accumulated depreciation (268,046 ) (205,629 ) Real estate properties, net $ 1,299,820 $ 1,350,217
Real estate properties - schedule of real estate acquisitions	There were no acquisitions of properties during the year ended December 31, 2023. The Company made the following acquisitions of properties during the year ended December 31, 2022: Real estate properties - schedule of real estate acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 St. Louis, MO April 6, 2022 76,485 1 8,450 Chicago, IL April 14, 2022 78,743 1 7,300 Cincinnati, OH; Cleveland, OH May 18, 2022 153,903 2 12,700 Charlotte, NC May 19, 2022 155,220 1 20,400 Cleveland, OH July 7, 2022 197,518 1 16,500 Year ended December 31, 2022 4,164,864 29 $ 257,808 _________________ (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $106,508 included the assumption of $56,000 of existing debt secured by the properties and the consolidation of the net book value of investment in joint venture of $5,686. In addition, we consolidated financial assets of approximately $3,533, comprised of cash, cash held in escrow and other assets, and liabilities of approximately $1,955 comprised of accounts payable, accrued expenses and other current liabilities.
Real estate properties - schedule of recognized identified assets acquired and liabilities assumed	The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real estate properties - schedule of recognized identified assets acquired and liabilities assumed Year ended December 31, 2022 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 257,808 N/A Acquisition costs 2,280 N/A Total $ 260,088 Allocation of Purchase Price Land $ 30,887 N/A Building 186,710 N/A Site improvements 23,538 N/A Total real estate properties 241,135 Deferred Lease Intangibles Tenant relationships 3,429 3.8 Leasing commissions 2,678 4.0 Above market lease 732 4.3 Below market lease (2,520 ) 7.4 Lease in place 14,367 3.7 Net deferred lease intangibles 18,686 Assumed debt – market value (Above)/below assumed market debt value 267 5.8 Totals $ 260,088

Deferred Lease Intangibles, N_2

Deferred Lease Intangibles, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Lease Intangibles Net
Deferred lease intangibles, net - schedule of finite lived intangible assets	Deferred lease intangible assets, net consisted of the following at December 31, 2023 and 2022: Deferred lease intangibles, net - schedule of finite lived intangible assets December 31, December 31, Above market lease $ 5,652 $ 6,077 Lease in place 88,394 95,684 Tenant relationships 25,008 26,175 Leasing commissions 42,437 38,078 Deferred lease intangible assets, gross 161,491 166,014 Less accumulated amortization (110,017 ) (95,296 ) Deferred lease intangible assets, net $ 51,474 $ 70,718
Deferred lease intangibles, net - schedule of deferred lease intangible liabilities	Deferred lease intangible liabilities, net consisted of the following at December 31, 2023 and 2022: Deferred lease intangibles, net - schedule of deferred lease intangible liabilities December 31, December 31, Below market leases $ 19,257 $ 20,452 Less accumulated amortization (13,213 ) (11,534 ) Deferred lease intangible liabilities, net $ 6,044 $ 8,918
Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense	Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2023 is as follows: Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense Year Amortization Expense Net Increase to Rental Revenue Related to 2024 $ 17,203 $ (1,153 ) 2025 $ 11,362 $ (759 ) 2026 $ 6,950 $ (483 ) 2027 $ 5,163 $ (441 ) 2028 $ 3,648 $ (239 ) Thereafter $ 5,434 $ (1,255 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Leases - schedule of lessor future minimum rental receipts under non-cancellable leases	As of December 31, 2023, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows: Leases - schedule of lessor future minimum rental receipts under non-cancellable leases Year Future Minimum 2024 $ 144,031 2025 119,910 2026 89,834 2027 68,189 2028 51,030 Thereafter 87,355 Total minimum fixed rental receipts $ 560,349
Leases - schedule of rental revenue components	Rental revenue is comprised of the following: Leases - schedule of rental revenue components Year Ended December 31, 2023 2022 2021 Income from leases $ 147,293 $ 134,252 $ 102,314 Straight-line rent adjustments 1,944 3,682 3,700 Tenant recoveries 48,302 42,357 32,160 Amortization of above market leases (636 ) (723 ) (1,000 ) Amortization of below market leases 2,857 3,874 3,096 Total $ 199,760 $ 183,442 $ 140,270
Leases - schedule of lease costs	The following table summarizes the operating lease expense recognized during the years ended December 31, 2023, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - schedule of lease costs Year Ended December 31, 2023 2022 2021 Operating lease expense included in general and administrative expense attributable to office leases $ 772 $ 838 $ 806 Operating lease expense included in property expense attributable to ground sublease 32 36 47 Non-cash adjustment due to straight-line rent adjustments 145 109 143 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 949 $ 983 $ 996
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 consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases Year 2024 $ 1,280 2025 894 2026 803 2027 818 2028 833 Thereafter 2,658 Total minimum operating lease payments $ 7,286 Less imputed interest (1,497 ) Total operating lease liability $ 5,789
Leases - schedule of finance lease expense	The following table summarizes the financing lease expense recognized during the years ended December 31, 2023, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - schedule of finance lease expense Year Ended December 31, 2023 2022 2021 Depreciation/amortization of financing lease right-of-use assets $ 26 $ 28 $ 26 Interest expense for financing lease liability 178 176 175 Total financing lease cost $ 204 $ 204 $ 201
Leases - schedule of finance lease, liability, fiscal year maturity	The following table summarizes the maturity analysis of our financing lease: Leases - schedule of finance lease, liability, fiscal year maturity Year 2024 $ 155 2025 170 2026 170 2027 170 2028 170 Thereafter 6,195 Total minimum financing lease payments $ 7,030 Less imputed interest (4,759 ) Total financing lease liability $ 2,271

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt December 31, December 31, December 31, 2023 Maturity Date Secured debt: AIG Loan $ — $ 111,758 4.08% November 1, 2023 Ohio National Life Mortgage 18,409 19,045 4.14% August 1, 2024 Allianz Loan 61,260 62,388 4.07% April 10, 2026 Nationwide Loan 14,948 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Minnesota Life Memphis Industrial Loan 54,956 56,000 3.15% January 1, 2028 Midland National Life Insurance Mortgage 10,665 10,820 3.50% March 10, 2028 Minnesota Life Loan 19,569 20,019 3.78% May 1, 2028 Transamerica Loan 59,357 67,398 4.35% August 1, 2028 Total secured debt $ 267,964 $ 391,228 Unamortized debt issuance costs, net (1,174 ) (1,985 ) Unamortized premium/(discount), net 97 288 Total secured debt, net $ 266,887 $ 389,531 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.10% (1)(2) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.13% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 150,000 4.50% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,010 ) (2,655 ) Total unsecured debt, net $ 447,990 $ 447,345 Borrowings under line of credit: KeyBank unsecured line of credit 155,400 77,500 6.62% (1)(3) August 11, 2025 Total borrowings under line of credit $ 155,400 $ 77,500 _______________ (1) For the month of December 2023, the one-month term SOFR for our unsecured debt was 5.345% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.350%. 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. (2) As of December 31, 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%, 1.527% respectively. (3) As of December 31, 2023, $100m of the outstanding borrowings under the KeyBank unsecured line of credit was swapped to a fixed USD-SOFR rate at a weighted average of 4.754%.
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 December 31, 2023 and 2022: Indebtedness - schedule of fair value of debt instruments December 31, 2023 December 31, 2022 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 267,964 $ 254,114 $ 391,228 $ 372,682 Unsecured debt 450,000 455,229 450,000 450,000 Borrowings under line of credit, net 155,400 155,599 77,500 77,500 Total 873,364 $ 864,942 $ 918,728 $ 900,182 Unamortized debt issuance cost, net (3,184 ) (4,640 ) Unamortized premium/(discount), net 97 288 Total carrying value $ 870,277 $ 914,376
Indebtedness - schedule of future principal payments due on long-term debt	Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2023 are as follows: Indebtedness - schedule of future principal payments due on long-term debt Year Amount 2024 $ 23,041 2025 160,210 2026 162,582 2027 367,486 2028 160,045 Thereafter — Total aggregate principal payments $ 873,364

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Derivative financial instruments - schedule of interest rate swaps	The following table sets forth a summary of our interest rate swaps as of December 31, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% (3) $ 200,000 $ 200,000 $ 12,539 $ 17,062 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% (3) $ 100,000 $ 100,000 $ 5,692 $ 7,932 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 1,723 $ 2,565 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 861 $ 1,283 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 852 $ 1,273 Wells Fargo Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 — $ (577 ) $ — JPMorgan Chase Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 — $ (292 ) $ — Capital One, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 — $ (292 ) $ — _______________ (1) Represents the notional value of interest rate swaps effective as of December 31, 2023. (2) As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million. As of December 31, 2022, all 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 interest rate swaps in cash flow hedging relationships	The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2023, 2022 and 2021. Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 2021 Amount of unrealized gain (loss) recognized in AOCI on derivatives $ (9,609 ) $ 30,115 $ — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 13,959 $ 3,643 $ —
Derivative financial instruments - schedule of interest rate swaps on a recurring basis	The following table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps on a recurring basis Fair Value Measurements as of December 31, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 21,667 $ — $ 21,667 $ — Interest rate swaps - Liability $ 1,161 $ — $ 1,161 $ — 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 $ — Interest rate swaps - Liability $ — $ — $ — $ —

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Common stock - schedule of stockholders' equity note, warrants	A roll-forward of the warrants is as follows: Common stock - schedule of stockholders' equity note, warrants Balance at January 1, 2021 $ 396 Appreciation/(depreciation) 5,121 Balance at December 31, 2021 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022 and 2023 $ —
Common stock - schedule of common stock dividends declared	The following table sets forth the common stock distributions that were declared during the years ended December 31, 2023 and 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 Fourth quarter 0.2250 10,193 Total $ 0.9000 $ 39,777 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
Common stock - schedule of dividends payable	Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2023. Common stock - schedule of dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 12/15/2022 12/30/2022 1/31/2023 $ 0.2200 $ 0.148204 $ 0.071796 $ — 2/22/2023 3/31/2023 4/28/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 6/15/2023 6/30/2023 7/31/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 9/15/2023 9/29/2023 10/31/2023 $ 0.2250 $ 0.151573 $ 0.073427 $ — 12/15/2023 12/29/2023 1/31/2024 $ 0.2250 $ 0.151573 $ 0.073427 $ —

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Preferred stock - schedule of series a preferred stock dividends declared	The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2023 and 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 Fourth quarter — — 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
Preferred stock - schedule of series a preferred stock dividends payable	Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2023. Preferred stock - schedule of series a preferred stock dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 12/1/2022 12/15/2022 1/3/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 3/1/2023 3/15/2023 3/31/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 6/1/2023 6/15/2023 6/30/2023 $ 0.468750 $ 0.315776 $ 0.152974 $ — 8/2/2023 8/25/2023 9/6/2023 $ 0.346470 $ 0.233402 $ 0.113068 $ —
Preferred stock - schedule of series b preferred stock dividends declared	The following table sets forth the Series B Preferred Stock dividends that were declared during the year ended December 31, 2022. Preferred stock - schedule of series b preferred stock dividends declared Cash Dividends Aggregate 2022 First quarter $ 0.170000 $ 750 Second quarter 0.170000 375 Third quarter — — Fourth quarter — — Total $ 0.340000 $ 1,125

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023 and 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 Fourth quarter 0.2250 110 Total $ 0.9000 $ 440 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)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2023, 2022 and 2021: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2021 190,225 Granted 126,434 Forfeited (1,000 ) Vested (88,303 ) Unvested restricted stock at December 31, 2021 227,356 Granted 141,000 Forfeited (8,750 ) Vested (79,532 ) Unvested restricted stock at December 31, 2022 280,074 Granted 200,095 Forfeited — Vested (109,326 ) Unvested restricted stock at December 31, 2023 370,843
Incentive award plan - schedule of unvested performance stock	The following table summarizes activity related to the Company’s unvested PSUs during the year ended December 31, 2023. No PSUs were granted for the years ended December 31, 2022 and 2021. Incentive award plan - schedule of unvested performance stock Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 $ 30.15 Vested — $ — Forfeited — $ — Balance at December 31, 2023 51,410 $ 30.15

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per share - schedule of earnings per share	Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows: Earnings per share - schedule of earnings per share Year ended December 31, 2023 2022 2021 Numerator Net income (loss) $ 13,807 $ (17,096 ) $ (15,267 ) Less: Net income (loss) attributable to non-controlling interest 147 (210 ) (259 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 13,660 (16,886 ) (15,008 ) Less: Preferred Stock dividends 2,509 4,866 6,608 Less: Series B Preferred Stock accretion to redemption value — 4,621 7,228 Less: Loss on extinguishment/redemption of Series A Preferred Stock 2,023 99 — Less: Amount allocated to participating securities 337 256 201 Net income (loss) attributable to common stockholders $ 8,791 $ (26,728 ) $ (29,045 ) Denominator Weighted-average common shares outstanding — basic 43,554,504 39,779,128 30,910,581 Effect of dilutive securities Add: Stock-based compensation (1) 77,189 — — Weighted-average common shares outstanding — diluted 43,631,693 39,779,128 30,910,581 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.20 $ (0.67 ) $ (0.94 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.20 $ (0.67 ) $ (0.94 ) (1) During the year ended December 31, 2023, there were approximately 69,903 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 years ended December 31, 2022 and 2021, 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 shareholders, 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 year ended December 31, 2023 include the 370,843 67,967

Schedule III (Tables)

Schedule III (Tables)	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III real estate properties and accumulated depreciation	Schedule III real estate properties and accumulated depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road $ 256 $ 4,454 $ 2,348 $ 256 $ 6,802 $ 7,058 $ 2,581 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 10 271 919 1,190 365 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - 494 6,027 31 494 6,058 6,552 1,986 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - 270 2,879 132 270 3,011 3,281 885 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 702 3,283 14,262 17,545 3,812 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 535 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 119 1,237 7,071 8,308 1,033 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 17 2,876 7,616 10,492 2,235 2020 1981-2022/1996 & 2017 20 Atlanta, GA 6777-6785 New Calhoun Highway NE - 26,814 518 - 27,332 27,332 436 2023 2022 40 Atlanta, GA 1099 Dodds Avenue 975 8,481 138 975 8,619 9,594 663 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 946 2022 1999 25 Boston, MA 54-56 Milliken Road 1,418 7,482 10,376 1,418 17,858 19,276 4,427 2014 1966-2022/1995, 2005, 2013, 2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 898 2022 2005 30 Chicago, IL 11351 W. 183rd Street 361 1,685 38 361 1,723 2,084 686 2014 2000 34 Chicago, IL 1355 Holmes Road 1,012 2,789 176 1,012 2,965 3,977 1,755 2014 1976/1998 16 Chicago, IL 1875 Holmes Road 1,597 5,199 1,894 1,597 7,093 8,690 3,342 2014 1989 16 Chicago, IL 189 Seegers Road 470 1,369 51 470 1,420 1,890 625 2014 1972 21 Chicago, IL 2401 Commerce Drive 486 4,597 1,076 486 5,673 6,159 2,169 2014 1994/2009 28 Chicago, IL 3940 Stern Avenue 1,156 5,139 1,245 1,156 6,384 7,540 3,546 2014 1987 16 Chicago, IL 11601 Central Avenue - 3,479 6,545 709 3,479 7,254 10,733 2,417 2017 1970 21 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 268 3,520 11,383 14,903 5,091 2017 1976 16 Chicago, IL 13970 West Laurel Drive - 1,447 1,377 373 1,447 1,750 3,197 735 2017 1990 14 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 1,478 1,926 6,615 8,541 1,906 2017 1968 21 Chicago, IL 1750 South Lincoln Drive - 489 9,270 894 489 10,164 10,653 3,040 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 172 1,542 3,770 5,312 1,391 2017 1964 19 Chicago, IL 28160 North Keith Drive - 1,614 1,643 282 1,614 1,925 3,539 739 2017 1989 16 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 283 1,640 2,530 4,170 915 2017 1978 17 Chicago, IL 5110 South 6th Street - 689 1,014 155 689 1,169 1,858 514 2017 1972 16 Chicago, IL 6000 West 73rd Street - 1,891 3,403 - 1,891 3,403 5,294 1,341 2017 1974 17 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1,070 3,444 3,395 6,839 1,137 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 - 2,891 5,743 8,634 1,886 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 1 2,519 5,483 8,002 2,022 2017 1974 18 Chicago, IL 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 793 2017 2000 27 Chicago, IL 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 2,387 2017 2004 27 Chicago, IL 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 1,944 2017 2002 27 Chicago, IL 5861 W Cleveland Road 234 1,966 124 234 2,090 2,324 627 2017 1994 27 Chicago, IL West Brick Road 381 3,209 202 381 3,411 3,792 1,024 2017 1998 27 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 2,626 2018 1968/2016 23 Chicago, IL 3 West College Drive - 728 1,531 136 728 1,667 2,395 417 2018 1978/2016 26 Chicago, IL 11746 Austin Ave 1,062 4,420 102 1,062 4,522 5,584 976 2019 1970 25 Chicago, IL 144 Tower Drive 866 4,174 113 866 4,287 5,153 840 2019 1971/1988 & 2015 29 Chicago, IL 16801 Exchange Ave 1,905 9,454 178 1,905 9,632 11,537 2,213 2019 1987 24 Chicago, IL 350 Armory Drive 442 835 136 442 971 1,413 309 2019 1972 21 Chicago, IL 4915 West 122nd Street 848 3,632 203 848 3,835 4,683 785 2019 1972 26 Chicago, IL 7207 Mason Avenue 887 2,608 15 887 2,623 3,510 746 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 590 586 957 1,543 207 2019 1970 20 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Chicago, IL 1717 West Harvester Road 3,843 12,848 5 3,843 12,853 16,696 4,332 2020 1970 15 Chicago, IL 1301 Ridgeview Drive 1,231 12,623 140 1,231 12,763 13,994 1,491 2021 1995/2020 25 Chicago, IL 1900 S. Batavia - 7,337 20,387 23 7,337 20,410 27,747 2,805 2021 1958/1989 & 2010 21 Chicago, IL 6035 West Gross Point Road 2,706 4,351 94 2,706 4,445 7,151 960 2021 1956/1985 15 Chicago, IL 800 Church Street 2,019 6,197 24 2,019 6,221 8,240 762 2021 1974/2020 22 Chicago, IL 2600 Commerce Drive 1,028 5,597 - 1,028 5,597 6,625 373 2022 2001 30 Cincinnati, OH 4115 Thunderbird Lane 275 2,093 192 275 2,285 2,560 1,106 2014 1991 22 Cincinnati, OH 7585 Empire Drive 644 2,658 690 644 3,348 3,992 2,284 2014 1973 11 Cincinnati, OH Mosteller Distribution Center 1,501 9,424 114 1,501 9,538 11,039 6,339 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 22,555 4,147 40,702 44,849 6,681 2018 1946, 2023 20 40 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 344 847 5,540 6,387 1,081 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 498 752 5,946 6,698 1,114 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 731 998 8,012 9,010 1,646 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 355 244 2,375 2,619 318 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 231 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 463 2,260 16,763 19,023 1,882 2022 1972 18 Cleveland, OH 1755 Enterprise Parkway 1,411 12,281 1,761 1,411 14,042 15,453 5,659 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 414 2,815 23,206 26,021 4,478 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 2,673 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 107 1,213 6,709 7,922 1,237 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 160 562 2,849 3,411 603 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 242 809 3,102 3,911 764 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 1,218 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 233 - 15,051 15,051 1,795 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 5 - 15,038 15,038 1,825 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 215 1,775 6,756 8,531 1,524 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 172 2,671 15,131 17,802 3,273 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 160 977 12,576 13,553 1,955 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 2,361 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 331 1,458 5,825 7,283 736 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 476 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 499 2,198 13,764 15,962 981 2022 2008 31 Columbus, OH 3100 Creekside Parkway 1,203 9,603 555 1,203 10,158 11,361 3,858 2014 2000 27 Columbus, OH 3500 Southwest Boulevard 1,488 16,730 1,387 1,488 18,117 19,605 7,961 2014 1992/2018 22 Columbus, OH 7001 American Pkwy 331 1,416 28 331 1,444 1,775 834 2014 1986/2007 & 2012 20 Columbus, OH 8273 Green Meadows Dr. 341 2,266 1,048 341 3,314 3,655 1,268 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. 1,107 8,413 582 1,107 8,995 10,102 5,154 2014 1988 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 112 400 3,119 3,519 1,382 2017 1971 18 Columbus, OH 459 Orange Point Drive - 1,256 6,793 465 1,256 7,258 8,514 1,070 2019 2001 40 Columbus, OH 7719 Graphics Way - 1,297 2,743 142 1,297 2,885 4,182 536 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 2,529 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 3,809 2021 1973/1974 & 1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 20 576 7,184 7,760 728 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 22 586 8,333 8,919 834 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 1,562 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 - 242 3,492 3,734 351 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 696 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,713 1,966 13,453 15,419 5,402 2017 1962/2001 & 2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (30) 148 854 1,002 430 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,124 4,632 15,696 20,328 5,760 2019 1957/1992 15 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 536 2,644 13,106 15,750 3,123 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 594 1,881 7,230 9,111 2,350 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 6 566 1,414 1,980 443 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 348 669 2,564 3,233 729 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 215 535 2,782 3,317 690 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 233 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 29 609 1,887 2,496 614 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 77 709 2,160 2,869 651 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 68 424 1,391 1,815 428 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 1,847 1,870 10,691 12,561 2,370 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 37 1,363 6,562 7,925 2,039 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 57 938 21,528 22,466 1,576 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 - 1,943 5,605 7,548 525 2021 2006 32 Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 1,024 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 806 9,848 27,217 37,065 5,428 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 7,849 9,347 34,827 44,174 5,567 2018 1996-1999, 2023 38 40 Jacksonville, FL Salisbury Business Park - 4,354 9,049 6,677 4,354 15,726 20,080 2,079 2018 2001-2012, 2023 32 40 Jacksonville, FL 265, 338, 430 Industrial Boulevard 2,562 15,116 411 2,562 15,527 18,089 3,576 2020 1988-1996/1999 & 2001 18 Jacksonville, FL 8451 Western Way 4,240 13,983 97 4,240 14,080 18,320 1,877 2020 1968/1975 & 1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 81 1,836 9,541 11,377 625 2022 1999 40 Kansas City, MO 5450 Deramus Avenue 1,483 6,609 965 1,483 7,574 9,057 1,318 2021 1976/1986 & 1994 20 Memphis, TN 210 American Dr. 928 10,442 668 928 11,110 12,038 7,803 2014 1967/1981 & 2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. 488 4,919 1,907 488 6,826 7,314 3,302 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 1,157 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 2,797 1,511 7,149 8,660 2,877 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 2,459 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,602 916 6,620 7,536 1,429 2021 1957-1959/1963 & 1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 253 1,089 7,768 8,857 1,394 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 371 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 988 613 7,142 7,755 805 2022 1986 20 Memphis, TN 10682 Ridgewood Road - 261 3,513 225 261 3,738 3,999 355 2022 1985 23 Memphis, TN 1814 S Third Street - 469 2,510 - 469 2,510 2,979 470 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 1,160 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 268 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 498 2022 1964 17 Memphis, TN 5846 Distribution Drive - 164 2,092 226 164 2,318 2,482 208 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 185 2022 1988 21 Memphis, TN 8970 Deerfield Drive - 241 2,256 340 241 2,596 2,837 300 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 1,266 950 14,155 15,105 1,316 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - 678 9,227 600 678 9,827 10,505 963 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 759 892 8,183 9,075 1,063 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 875 924 13,680 14,604 1,343 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 411 342 3,940 4,282 496 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 212 312 4,776 5,088 415 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 17 231 2,878 3,109 300 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 375 2022 2006 45 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 16 656 2,592 3,248 444 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 22 1,133 3,998 5,131 916 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 588 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 406 3,927 21,401 25,328 2,659 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 680 2021 2005 35 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 187 2,183 6,143 8,326 1,019 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 247 4,265 46,472 50,737 3,220 2021 2019 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 2,173 2021 2016 36 St. Louis, MO 349 Gateway - 3,255 36,451 - 3,255 36,451 39,706 3,561 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 13 1,041 6,140 7,181 527 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 80 1,674 5,156 6,830 828 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 164 2,492 5,273 7,765 488 2022 1986 26 Total Real Estate Owned $ 225,335 $ 1,231,624 $ 99,699 $ 224,945 $ 1,331,713 $ 1,556,658 $ 266,760 __________________ Note (1) These properties secure the $266,887 Secured Debt. Note (2) Total does not include development projects of $3,412, corporate office leasehold improvements of $2,456, Columbus property management office of $4,495 and the finance lease right of use asset of $845 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $996 and Columbus property management office of $290. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements.
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward	Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2023 2022 2021 Real Estate Balance at the beginning of the year $ 1,555,846 $ 1,254,007 $ 886,681 Additions during the year 29,615 302,265 374,461 Disposals during the year (17,595 ) (426 ) (7,135 ) Balance at the end of the year $ 1,567,866 $ 1,555,846 $ 1,254,007 Accumulated Depreciation Balance at the beginning of the year $ 205,629 $ 142,192 $ 98,283 Depreciation expense 67,920 63,557 45,398 Disposals during the year (5,503 ) (120 ) (1,489 ) Balance at the end of the year $ 268,046 $ 205,629 $ 142,192

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	12 Months Ended
	Dec. 31, 2023 ft² Number	Dec. 31, 2022 ft² Number
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of Real Estate Properties | Number		29
Real estate properites, approximate square feet | ft²		4,164,864
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 | ft²	34,000,000
Property Management Office - Columbus, OH
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Real estate properites, approximate square feet | ft²	17,260
Plymouth Industrial Operating Partners, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in the operating partnership	98.90%	98.90%

Summary of significant accoun_4

Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 14,493	$ 11,003
Cash held in escrow	4,716	13,376
Restricted cash	6,995	6,834
Cash, cash held in escrow, and restricted cash	$ 26,204	$ 31,213	$ 43,374	$ 32,054

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Debt issuance cost	$ 6,787	$ 10,815
Accumulated amortization	3,603	6,175
Federal NOL carryforward	35,322	32,905
Depreciation expense	67,968	63,623	$ 45,387
Rental revenue	2,221	3,151	2,096
Depreciation, Depletion and Amortization	$ 24,923	31,689	$ 25,255
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	11 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	40 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	3 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	13 years
Revolving Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Unamortized debt issuance expense	$ 1,469	$ 2,306

Real estate properties - schedu

Real estate properties - schedule of real estate properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 226,020	$ 231,829
Buildings and improvements	1,203,355	1,141,832
Site improvements	130,638	132,295
Construction in progress	7,853	49,890
Real estate properties, gross	1,567,866	1,555,846
Less accumulated depreciation	(268,046)	(205,629)
Real estate properties, net	$ 1,299,820	$ 1,350,217

Real estate properties - sche_2

Real estate properties - schedule of real estate acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² Number
Square feet | ft²	4,164,864
Properties | Number	29
Purchase price | $	$ 257,808	[1]
Atlanta GA #2
Date acquired	Jan. 20, 2022
Square feet | ft²	150,000
Properties | Number	1
Purchase price | $	$ 9,750	[1]
Jacksonville, FL
Date acquired	Feb. 07, 2022
Square feet | ft²	85,920
Properties | Number	1
Purchase price | $	$ 12,300	[1]
Cincinnati, OH; Columbus, OH; Indianapolis, IN
Date acquired	Feb. 24, 2022
Square feet | ft²	678,745
Properties | Number	3
Purchase price | $	$ 43,250	[1]
Memphis, TN
Date acquired	Mar. 11, 2022
Square feet | ft²	2,320,773
Properties | Number	16
Purchase price | $	$ 106,508	[1],[2]
Memphis, TN #2
Date acquired	Mar. 11, 2022
Square feet | ft²	67,557
Properties | Number	1
Purchase price | $	$ 8,150	[1]
Atlanta, GA
Date acquired	Mar. 15, 2022
Square feet | ft²	200,000
Properties | Number	1
Purchase price | $	$ 12,500	[1]
St. Louis, MO
Date acquired	Apr. 06, 2022
Square feet | ft²	76,485
Properties | Number	1
Purchase price | $	$ 8,450	[1]
Chicago, IL
Date acquired	Apr. 14, 2022
Square feet | ft²	78,743
Properties | Number	1
Purchase price | $	$ 7,300	[1]
Cincinnati, OH; Cleveland, OH
Date acquired	May 18, 2022
Square feet | ft²	153,903
Properties | Number	2
Purchase price | $	$ 12,700	[1]
Charlotte, NC
Date acquired	May 19, 2022
Square feet | ft²	155,220
Properties | Number	1
Purchase price | $	$ 20,400	[1]
Cleveland, OH
Date acquired	Jul. 07, 2022
Square feet | ft²	197,518
Properties | Number	1
Purchase price | $	$ 16,500	[1]
[1]Purchase price does not include capitalized acquisition costs.[2]The purchase price of $106,508 included the assumption of $56,000 of existing debt secured by the properties and the consolidation of the net book value of investment in joint venture of $5,686. In addition, we consolidated financial assets of approximately $3,533, comprised of cash, cash held in escrow and other assets, and liabilities of approximately $1,955 comprised of accounts payable, accrued expenses and other current liabilities.

Real estate properties - sche_3

Real estate properties - schedule of recognized identified assets acquired and liabilities assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Total Purchase Price
Purchase price	$ 257,808
Acquisition costs	2,280
Total	260,088
Allocation of Purchase Price
Land	30,887
Building	186,710
Site improvements	23,538
Total real estate properties	241,135
Deferred Lease Intangibles
Net deferred lease intangibles	18,686
Assumed debt – market value
(Above)/below assumed market debt value	267
Totals	260,088
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 3,429
Weighted average amortization period (years) of intangibles at acquisition	3 years 9 months 18 days
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,678
Weighted average amortization period (years) of intangibles at acquisition	4 years
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 732
Weighted average amortization period (years) of intangibles at acquisition	4 years 3 months 18 days
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ (2,520)
Weighted average amortization period (years) of intangibles at acquisition	7 years 4 months 24 days
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 14,367
Weighted average amortization period (years) of intangibles at acquisition	3 years 8 months 12 days
(Above)/Below Assumed Market Debt Value
Deferred Lease Intangibles
Weighted average amortization period (years) of intangibles at acquisition	5 years 9 months 18 days

Real Estate Properties, Net (De

Real Estate Properties, Net (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft²
Real estate sold, square foot | ft²		4,164,864
Gain on sale of real estate, net	$ 22,646		$ 1,775
Real Estate Property Sold - Chicago, IL
Real estate sold, square foot | ft²	306,000		98,340
Proceeds from sale of real estate	$ 19,926		$ 2,037
Real Estate Property sold - Marlton NJ
Real estate sold, square foot | ft²	157,000
Proceeds from sale of real estate	$ 16,750
Real Estate Property Sold - Chicago, IL #2
Real estate sold, square foot | ft²			74,613
Proceeds from sale of real estate			$ 1,159
Real Estate Property Sold - Memphis, TN
Proceeds from sale of real estate			$ 167

Deferred lease intangibles, n_3

Deferred lease intangibles, net - schedule of finite lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Lease Intangibles Net
Above market lease	$ 5,652	$ 6,077
Lease in place	88,394	95,684
Tenant relationships	25,008	26,175
Leasing commissions	42,437	38,078
Deferred lease intangible assets, gross	161,491	166,014
Less accumulated amortization	(110,017)	(95,296)
Deferred lease intangible assets, net	$ 51,474	$ 70,718

Deferred lease intangibles, n_4

Deferred lease intangibles, net - schedule of deferred lease intangible liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Lease Intangibles Net
Below market leases	$ 19,257	$ 20,452
Less accumulated amortization	(13,213)	(11,534)
Deferred lease intangible liabilities, net	$ 6,044	$ 8,918

Deferred lease intangibles, n_5

Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Deferred Lease Intangibles Net
Amortization expense - Year 2024	$ 17,203
Net increase to rental income - Year 2024	(1,153)
Amortization expense - Year 2025	11,362
Net increase to rental income - Year 2025	(759)
Amortization expense - Year 2026	6,950
Net increase to rental income - Year 2026	(483)
Amortization expense - Year 2027	5,163
Net increase to rental income - Year 2027	(441)
Amortization expense - Year 2028	3,648
Net increase to rental income - Year 2028	(239)
Amortization expense - Thereafter	5,434
Net increase to rental income - Thereafter	$ (1,255)

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) $ in Thousands	Mar. 11, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Assumption of existing debt	$ 56,000
Net book value	5,686
Accounts payable, accrued expenses and other current liabilities	1,955
Memphis, TN
Schedule of Equity Method Investments [Line Items]
Cash, cash held in escrow and other assets	$ 3,533
Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	80%
Investment in equity joint venture	$ 46,401

Leases - schedule of lessor fut

Leases - schedule of lessor future minimum rental receipts under non-cancellable leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases
Future minimum rental receipts, 2024	$ 144,031
Future minimum rental receipts, 2025	119,910
Future minimum rental receipts, 2026	89,834
Future minimum rental receipts, 2027	68,189
Future minimum rental receipts, 2028	51,030
Future minimum rental receipts, Thereafter	87,355
Total minimum fixed rental receipts	$ 560,349

Leases - schedule of rental rev

Leases - schedule of rental revenue components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Income from leases	$ 147,293	$ 134,252	$ 102,314
Straight-line rent adjustments	1,944	3,682	3,700
Tenant recoveries	48,302	42,357	32,160
Amortization of above market leases	(636)	(723)	(1,000)
Amortization of below market leases	2,857	3,874	3,096
Total	$ 199,760	$ 183,442	$ 140,270

Leases - schedule of lease cost

Leases - schedule of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease expense included in general and administrative expense attributable to office leases	$ 772	$ 838	$ 806
Operating lease expense included in property expense attributable to ground sublease	32	36	47
Non-cash adjustment due to straight-line rent adjustments	145	109	143
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 949	$ 983	$ 996

Leases - schedule of lessee fut

Leases - schedule of lessee future minimum rental commitments under non-cancellable leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
2024	$ 1,280
2025	894
2026	803
2027	818
2028	833
Thereafter	2,658
Total minimum operating lease payments	7,286
Less imputed interest	(1,497)
Total operating lease liability	$ 5,789	$ 6,844	$ 7,830

Leases - schedule of finance le

Leases - schedule of finance lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 26	$ 28	$ 26
Interest expense for financing lease liability	178	176	175
Total financing lease cost	$ 204	$ 204	$ 201

Leases - schedule of finance _2

Leases - schedule of finance lease, liability, fiscal year maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases
2024	$ 155
2025	170
2026	170
2027	170
2028	170
Thereafter	6,195
Total minimum financing lease payments	7,030
Less imputed interest	(4,759)
Total financing lease liability	$ 2,271

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, operating lease, description	five office space operating leases and a single ground operating sublease.	five office space operating leases and a single ground operating sublease	five office space operating leases and a single ground operating sublease
Operating lease, right-of-use asset	$ 4,829	$ 5,703	$ 6,552
Operating lease, liability	$ 5,789	$ 6,844	$ 7,830
Operating lease, weighted average discount rate, percent	4%	4%	4.10%
Operating lease, weighted average remaining lease term	8 years 3 months 18 days	8 years 7 months 6 days	9 years 2 months 12 days
Lessee, finance lease, option to extend	includes the exercise of a single twenty-year renewal option.
Finance lease, weighted average discount rate, percent	7.80%
Finance lease, weighted average remaining lease term	32 years
Minimum [Member]
Lessee, operating lease, remaining lease term	4 months 24 days	1 year 4 months 24 days	2 years 4 months 24 days
Maximum [Member]
Lessee, operating lease, remaining lease term	32 years	33 years	34 years

Indebtedness - schedule of secu

Indebtedness - schedule of secured and unsecured debt outstanding (Details) - USD ($) $ in Thousands			12 Months Ended
		Mar. 11, 2022	Dec. 31, 2023	Dec. 31, 2022	May 02, 2022
Debt Instrument [Line Items]
Total secured debt			$ 267,964	$ 391,228
Unamortized debt issuance costs, net			(3,184)	(4,640)
Unamortized premium/(discount), net			97	288
Total secured debt, net			266,887	389,531
Total unsecured debt			450,000	450,000
Total unsecured debt, net			447,990	447,345
Total borrowings under line of credit			$ 155,400	77,500
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit
Debt Instrument [Line Items]
Maturity date			Aug. 11, 2025
Interest rate	[1],[2]		6.62%
Unsecured line of credit			$ 155,400	77,500
Secured Debt [Member]
Debt Instrument [Line Items]
Total secured debt			267,964	391,228
Unamortized debt issuance costs, net			(1,174)	(1,985)
Unamortized premium/(discount), net			97	288
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Total secured debt				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			$ 18,409	19,045
Interest rate			4.14%
Maturity date			Aug. 01, 2024
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured debt			$ 61,260	62,388
Interest rate			4.07%
Maturity date			Apr. 10, 2026
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured debt			$ 14,948	15,000
Interest rate			2.97%
Maturity date			Oct. 01, 2027
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] | Minnesota Life Memphis Industrial Loan
Debt Instrument [Line Items]
Total secured debt			$ 54,956	56,000
Interest rate		3.15%	3.15%
Maturity date		Jan. 01, 2028	Jan. 01, 2028
Total secured debt, net		$ 56,000
Secured Debt [Member] | Midland National Life Insurance Mortgage
Debt Instrument [Line Items]
Total secured debt			$ 10,665	10,820
Interest rate			3.50%
Maturity date			Mar. 10, 2028
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured debt			$ 19,569	20,019
Interest rate			3.78%
Maturity date			May 01, 2028
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured debt			$ 59,357	67,398
Interest rate			4.35%
Maturity date			Aug. 01, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net			$ (2,010)	(2,655)
Total unsecured debt			$ 450,000	450,000
Unsecured Debt [Member] | $100m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date			Aug. 11, 2026
Total unsecured debt			$ 100,000	100,000
Interest rate	[2],[3]		3.10%
Unsecured Debt [Member] | $200m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date			Feb. 11, 2027
Total unsecured debt			$ 200,000	200,000
Interest rate	[2],[3]		3.13%
Unsecured Debt [Member] | $150m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date			May 02, 2027
Total unsecured debt			$ 150,000	$ 150,000
Interest rate	[2],[3]		4.50%
Total unsecured debt, net					$ 150,000
[1]As of December 31, 2023, $100m of the outstanding borrowings under the KeyBank unsecured line of credit was swapped to a fixed USD-SOFR rate at a weighted average of 4.754%.[2]For the month of December 2023, the one-month term SOFR for our unsecured debt was 5.345% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.350%. 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]As of December 31, 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%, 1.527% respectively.

Indebtedness - schedule of fair

Indebtedness - schedule of fair value of debt instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured debt	$ 267,964	$ 391,228
Secured debt, fair value	254,114	372,682
Unsecured debt	450,000	450,000
Unsecured debt, fair value	455,229	450,000
Borrowings under line of credit, net	155,400	77,500
Borrowings under line of credit, net, fair value	155,599	77,500
Total	873,364	918,728
Total, fair value	864,942	900,182
Unamortized debt issuance cost, net	(3,184)	(4,640)
Unamortized premium/(discount), net	97	288
Total carrying value	$ 870,277	$ 914,376

Indebtedness - schedule of futu

Indebtedness - schedule of future principal payments due on long-term debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 23,041
2025	160,210
2026	162,582
2027	367,486
2028	160,045
Thereafter
Total aggregate principal payments	$ 873,364

Indebtedness (Details Narrative

Indebtedness (Details Narrative) - USD ($) $ in Thousands					12 Months Ended
	Nov. 01, 2023	May 02, 2022	Mar. 11, 2022	Feb. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Loss on extinguishment of debt					$ (72)	$ (2,176)	$ (523)
Secured debt					266,887	389,531
Line of credit, maximum borrowing		$ 350,000
Unsecured loans					$ 447,990	$ 447,345
Credit facility, borrowing description		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.
Line of credit facility, interest rate description		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.
Unsecured Debt [Member] | $150m KeyBank Term Loan
Short-Term Debt [Line Items]
Maturity date					May 02, 2027
Unsecured loans		$ 150,000
AIG Loan
Short-Term Debt [Line Items]
Repayment of debt	$ 110,019
AIG Loan | Secured Debt [Member]
Short-Term Debt [Line Items]
Maturity date					Nov. 01, 2023
Interest rate					4.08%
JP Morgan Chase Loan
Short-Term Debt [Line Items]
Repayment of debt				$ 13,245
Loss on extinguishment of debt				$ 2,176
Minnesota Life Memphis Industrial Loan | Secured Debt [Member]
Short-Term Debt [Line Items]
Secured debt			$ 56,000
Maturity date			Jan. 01, 2028		Jan. 01, 2028
Interest rate			3.15%		3.15%

Derivative financial instrume_3

Derivative financial instruments - schedule of interest rate swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Capital One, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Feb. 11, 2027
Notional value	[1]	$ 200,000	$ 200,000
Fair value	[2]	$ 12,539	17,062
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate	[3]	1.527%
JPMorgan Chase Bank, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Aug. 08, 2026
Notional value	[1]	$ 100,000	100,000
Fair value	[2]	$ 5,692	7,932
JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate	[3]	1.504%
JPMorgan Chase Bank, N.A. #2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 75,000	75,000
Fair value	[2]	$ 1,723	2,565
JPMorgan Chase Bank, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 861	1,283
Wells Fargo Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Capital One, N.A. #2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 852	1,273
Capital One, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank Na Two [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 50,000
Fair value	[2]	$ (577)
Wells Fargo Bank Na Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		4.75%
Jp Morgan Chase Bank Na Three [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 25,000
Fair value	[2]	$ (292)
Jp Morgan Chase Bank Na Three [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		4.758%
Capital One, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 25,000
Fair value	[2]	$ (292)
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		4.758%
[1]Represents the notional value of interest rate swaps effective as of December 31, 2023.[2]As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million. As of December 31, 2022, all 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 interest rate swaps in cash flow hedging relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Amount of unrealized gain (loss) recognized in AOCI on derivatives	$ (9,609)	$ 30,115
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 13,959	$ 3,643

Derivative financial instrume_5

Derivative financial instruments - schedule of interest rate swaps on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Interest rate swaps - Asset	$ 21,667	$ 30,115
Interest rate swaps - Liability	1,161
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Interest rate swaps - Asset
Interest rate swaps - Liability
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Interest rate swaps - Asset	21,667	30,115
Interest rate swaps - Liability	1,161
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Interest rate swaps - Asset
Interest rate swaps - Liability

Derivative Financial Instrume_6

Derivative Financial Instruments (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Investments, All Other Investments [Abstract]
Decrease to interest expense	$ 15,368

Common stock - schedule of stoc

Common stock - schedule of stockholders' equity note, warrants (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 23, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Balance at beginning	$ 5,517	$ 3,757		$ 5,517	$ 396
Appreciation/(depreciation)	(1,760)			(1,760)	5,121
Conversion of common stock warrants		(3,757)		3,758
Balance at ending	$ 3,757				$ 5,517

Common stock - schedule of comm

Common stock - schedule of common stock dividends declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Cash dividends declared per share	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.9000	$ 0.8800
Common stock dividends declared, aggregate amount	$ 10,193	$ 10,193	$ 9,709	$ 9,682	$ 9,426	$ 9,426	$ 8,829	$ 8,137	$ 39,777	$ 35,818

Common stock - schedule of divi

Common stock - schedule of dividends payable (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Dividends #1
Dividends Payable [Line Items]
Declaration date	Dec. 15, 2022
Date of record	Dec. 30, 2022
Payable date	Jan. 31, 2023
Cash distribution	$ 0.2200
Ordinary dividend	0.148204
Capital Gain Distribution	0.071796
Return of capital
Dividends #2
Dividends Payable [Line Items]
Declaration date	Feb. 22, 2023
Date of record	Mar. 31, 2023
Payable date	Apr. 28, 2023
Cash distribution	$ 0.2250
Ordinary dividend	0.151573
Capital Gain Distribution	0.073427
Return of capital
Dividends #3
Dividends Payable [Line Items]
Declaration date	Jun. 15, 2023
Date of record	Jun. 30, 2023
Payable date	Jul. 31, 2023
Cash distribution	$ 0.2250
Ordinary dividend	0.151573
Capital Gain Distribution	0.073427
Return of capital
Dividends #4
Dividends Payable [Line Items]
Declaration date	Sep. 15, 2023
Date of record	Sep. 29, 2023
Payable date	Oct. 31, 2023
Cash distribution	$ 0.2250
Ordinary dividend	0.151573
Capital Gain Distribution	0.073427
Return of capital
Dividends #5
Dividends Payable [Line Items]
Declaration date	Dec. 15, 2023
Date of record	Dec. 29, 2023
Payable date	Jan. 31, 2024
Cash distribution	$ 0.2250
Ordinary dividend	0.151573
Capital Gain Distribution	0.073427
Return of capital

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 23, 2022	Dec. 31, 2023	Dec. 31, 2021	Feb. 28, 2023	Nov. 09, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock transferred	139,940
Fair value of warrants	$ 3,757
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding		354,230
Exercise price of warrants issued		$ 16.24
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants issued			$ 16.24
Warrants Not Settleable in Cash, Fair Value Disclosure			$ 5,517
Volatility rate			17.50%
Expected annual dividend			$ 0.84
Expected term			5 months 12 days
Risk-free interest rate			0.19%
The 2023 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program				$ 200,000
The 2021 $200 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program		$ 149,292			$ 200,000
At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Common stock issued		2,200,600
Proceeds from sale of shares, net		$ 49,465

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								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Cash Dividends Declared per Share		$ 0.346470	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 0.468750	$ 1.283970	$ 1.875000
Aggregate Amount		$ 677	$ 916	$ 916	$ 917	$ 930	$ 945	$ 949	$ 2,509	$ 3,741

Preferred stock - schedule of_2

Preferred stock - schedule of series a preferred stock dividends payable (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Dividends #1
Class of Stock [Line Items]
Declaration date	Dec. 15, 2022
Date of record	Dec. 30, 2022
Payable date	Jan. 31, 2023
Capital Gain Distribution	$ 0.071796
Return of capital
Dividends #2
Class of Stock [Line Items]
Declaration date	Feb. 22, 2023
Date of record	Mar. 31, 2023
Payable date	Apr. 28, 2023
Capital Gain Distribution	$ 0.073427
Return of capital
Dividends #3
Class of Stock [Line Items]
Declaration date	Jun. 15, 2023
Date of record	Jun. 30, 2023
Payable date	Jul. 31, 2023
Capital Gain Distribution	$ 0.073427
Return of capital
Dividends #4
Class of Stock [Line Items]
Declaration date	Sep. 15, 2023
Date of record	Sep. 29, 2023
Payable date	Oct. 31, 2023
Capital Gain Distribution	$ 0.073427
Return of capital
Series A Preferred Stock [Member] | Dividends #1
Class of Stock [Line Items]
Declaration date	Dec. 01, 2022
Date of record	Dec. 15, 2022
Payable date	Jan. 03, 2023
Cash distribution	$ 0.468750
Ordinary dividend	0.315776
Capital Gain Distribution	0.152974
Return of capital
Series A Preferred Stock [Member] | Dividends #2
Class of Stock [Line Items]
Declaration date	Mar. 01, 2023
Date of record	Mar. 15, 2023
Payable date	Mar. 31, 2023
Cash distribution	$ 0.468750
Ordinary dividend	0.315776
Capital Gain Distribution	0.152974
Return of capital
Series A Preferred Stock [Member] | Dividends #3
Class of Stock [Line Items]
Declaration date	Jun. 01, 2023
Date of record	Jun. 15, 2023
Payable date	Jun. 30, 2023
Cash distribution	$ 0.468750
Ordinary dividend	0.315776
Capital Gain Distribution	0.152974
Return of capital
Series A Preferred Stock [Member] | Dividends #4
Class of Stock [Line Items]
Declaration date	Aug. 02, 2023
Date of record	Aug. 25, 2023
Payable date	Sep. 06, 2023
Cash distribution	$ 0.346470
Ordinary dividend	0.233402
Capital Gain Distribution	0.113068
Return of capital

Preferred stock - schedule of_3

Preferred stock - schedule of series b preferred stock dividends declared (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share			$ 0.170000	$ 0.170000	$ 0.340000
Preferred stock dividends declared, aggregate amount			$ 375	$ 750	$ 1,125

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Aug. 12, 2022	Dec. 14, 2018	Dec. 31, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred stock			2,040,000	0	1,955,513
Price per share			$ 25
Proceeds from issuance of preferred stock			$ 48,868
Redemption price, per share				$ 25
Dividend amount, per share				$ 0.34647
Number of shares repurchased and retired				1,730	68,038
Redemption rights, description			The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends.
Dividend rights, description			When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)).
Dividend payment terms			On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding.
Series A Preferred Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of Preferred stock			240,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rights, description				The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day.
Liquidation preference rights, description				The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be,
Accretion expense				$ 4,621		$ 7,228
Preferred stock, terms of conversion				The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted.
Series B Preferred Stock [Member] | Private Placement [Member]
Class of Stock [Line Items]
Issuance of Preferred stock		4,411,764
Price per share		$ 17
Proceeds from issuance of preferred stock		$ 75,000
Proceeds from issuance of preferred stock, net of issuance costs		$ 71,800
Series B Convertible Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Remaining shares to be converted	2,205,882
Settlement number of shares	1,915,511
Settlement amount	$ 15,000

Non-controlling interest - sche

Non-controlling interest - schedule of redeemable non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Cash Distributions Declared per OP Unit	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.9000	$ 0.8800
Aggregate amount	$ 110	$ 110	$ 110	$ 110	$ 108	$ 108	$ 108	$ 108	$ 440	$ 432

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Operating partnership units redeemed			116,333
Common stock issued as a result of operating partnership units redeemed			116,333
Operating partnership units outstanding	490,299	490,299	490,299
Net Income (Loss) Attributable to Noncontrolling Interest	$ 147	$ (210)	$ (259)

Incentive award plan - schedule

Incentive award plan - schedule of nonvested restricted stock shares activity (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Unvasted restricted stock at beginning	280,074	227,356	190,225
Granted	200,095	141,000	126,434
Forfeited		(8,750)	(1,000)
Vested	(109,326)	(79,532)	(88,303)
Unvasted restricted stock at ending	370,843	280,074	227,356

Incentive award plan - schedu_2

Incentive award plan - schedule of unvested performance stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvasted restricted stock at beginning	280,074	227,356	190,225
Granted	200,095	141,000	126,434
Weighted average grant date fair value per unit, Granted	$ 21.59	$ 26.34	$ 15.80
Vested	109,326	79,532	88,303
Forfeited		8,750	1,000
Unvasted restricted stock at ending	370,843	280,074	227,356
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvasted restricted stock at beginning
Weighted average grant date fair value per unit, beginning
Granted	51,410
Weighted average grant date fair value per unit, Granted	$ 30.15
Vested
Weighted average grant date fair value per unit, Vested
Forfeited
Weighted average grant date fair value per unit, Forfeited
Unvasted restricted stock at ending	51,410
Weighted average grant date fair value per unit, ending	$ 30.15

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 15, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 2,636	$ 2,603	$ 1,559
Unrecognized compensation expense		$ 5,442	$ 3,758	$ 2,828
Weighted average period for recognition		2 years 8 months 12 days	2 years 8 months 12 days	2 years 9 months 18 days
Restricted shares granted		200,095	141,000	126,434
Weighted average fair value		$ 4,320	$ 3,714	$ 1,998
Weighted average fair value, per share		$ 21.59	$ 26.34	$ 15.80
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 1,220
Weighted average period for recognition		2 years
Restricted 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		$ 330	$ 0	$ 0
2014 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive award plan, shares available for grant					1,375,000

Earnings per share - schedule o

Earnings per share - schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income (loss)		$ 13,807	$ (17,096)	$ (15,267)
Less: Net income (loss) attributable to non-controlling interest		147	(210)	(259)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.		13,660	(16,886)	(15,008)
Less: Preferred Stock dividends		2,509	4,866	6,608
Less: Series B Preferred Stock accretion to redemption value			4,621	7,228
Less: Loss on extinguishment/redemption of Series A Preferred Stock		2,023	99
Less: Amount allocated to participating securities		337	256	201
Net income (loss) attributable to common stockholders		$ 8,791	$ (26,728)	$ (29,045)
Denominator
Weighted-average common shares outstanding — basic		43,554,504	39,779,128	30,910,581
Effect of dilutive securities
Add: Stock-based compensation	[1]	77,189
Weighted-average common shares outstanding — diluted		43,631,693	39,779,128	30,910,581
Net income (loss) per share attributable to common stockholders — basic		$ 0.20	$ (0.67)	$ (0.94)
Net income (loss) per share attributable to common stockholders — diluted		$ 0.20	$ (0.67)	$ (0.94)
[1]During the year ended December 31, 2023, there were approximately 69,903 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.

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	12 Months Ended
	Dec. 31, 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	67,967

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - ft²	12 Months Ended
	Dec. 31, 2023	Jul. 06, 2023	Dec. 31, 2022
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 and stock performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.
Real estate properites, approximate square feet			4,164,864
Atlanta, GA [Member]
Real estate properites, approximate square feet		297,583
MIR JV II LLC [Member]
Equity Method Investment, Ownership Percentage		98%

Retirement Plan (Details Narrat

Retirement Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Amount funded to individual SEP IRA retirement accounts	$ 403	$ 626

Schedule III real estate proper

Schedule III real estate properties and accumulated depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Total real estate properties gross		$ 1,567,866	$ 1,555,846	$ 1,254,007	$ 886,681
Accumulated Depreciation		268,046	$ 205,629	$ 142,192	$ 98,283
Atlanta, GA - 32 Dart Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		256
Initial cost of building and improvements		4,454
Costs Capitalized Subsequent to Acquisition		2,348
Gross amounts of land		256
Gross amounts of building and improvements		6,802
Total real estate properties gross	[2]	7,058
Accumulated Depreciation	[3]	$ 2,581
Year Built/Renovated	[4]	1988/2014
Depreciable Life (in years)	[5]	18 years
Year Acquired		2014
Atlanta, GA - 111236 Harland Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		271
Initial cost of building and improvements		909
Costs Capitalized Subsequent to Acquisition		10
Gross amounts of land		271
Gross amounts of building and improvements		919
Total real estate properties gross	[2]	1,190
Accumulated Depreciation	[3]	$ 365
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	20 years
Year Acquired		2017
Atlanta, GA - 1665 Dogwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 494
Initial cost of building and improvements		6,027
Costs Capitalized Subsequent to Acquisition		31
Gross amounts of land		494
Gross amounts of building and improvements		6,058
Total real estate properties gross	[2]	6,552
Accumulated Depreciation	[3]	$ 1,986
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	20 years
Year Acquired		2017
Atlanta, GA - 1715 Dogwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		270
Initial cost of building and improvements		2,879
Costs Capitalized Subsequent to Acquisition		132
Gross amounts of land		270
Gross amounts of building and improvements		3,011
Total real estate properties gross	[2]	3,281
Accumulated Depreciation	[3]	$ 885
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	22 years
Year Acquired		2017
Atlanta, GA - 611 Highway 74 S.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 3,283
Initial cost of building and improvements		13,560
Costs Capitalized Subsequent to Acquisition		702
Gross amounts of land		3,283
Gross amounts of building and improvements		14,262
Total real estate properties gross	[2]	17,545
Accumulated Depreciation	[3]	$ 3,812
Year Built/Renovated	[4]	1979-2013
Depreciable Life (in years)	[5]	25 years
Year Acquired		2019
Atlanta, GA - 40 Pinyon Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 794
Initial cost of building and improvements		2,669
Costs Capitalized Subsequent to Acquisition		35
Gross amounts of land		794
Gross amounts of building and improvements		2,704
Total real estate properties gross	[2]	3,498
Accumulated Depreciation	[3]	$ 535
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	28 years
Year Acquired		2020
Atlanta, GA - 665 Highway 74 South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,237
Initial cost of building and improvements		6,952
Costs Capitalized Subsequent to Acquisition		119
Gross amounts of land		1,237
Gross amounts of building and improvements		7,071
Total real estate properties gross	[2]	8,308
Accumulated Depreciation	[3]	$ 1,033
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	36 years
Year Acquired		2020
Atlanta, GA - 6739 New Calhoun Highway NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,876
Initial cost of building and improvements		7,599
Costs Capitalized Subsequent to Acquisition		17
Gross amounts of land		2,876
Gross amounts of building and improvements		7,616
Total real estate properties gross	[2]	10,492
Accumulated Depreciation	[3]	$ 2,235
Year Built/Renovated	[4]	1981-2022/1996 & 2017
Depreciable Life (in years)	[5]	20 years
Year Acquired		2020
Atlanta Ga 6777-6785 New Calhoun Highway NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		26,814
Costs Capitalized Subsequent to Acquisition		518
Gross amounts of land
Gross amounts of building and improvements		27,332
Total real estate properties gross	[2]	27,332
Accumulated Depreciation	[3]	$ 436
Year Built/Renovated	[4]	2022
Depreciable Life (in years)	[5]	40 years
Year Acquired		2023
Atlanta, GA - 1099 Dodds Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 975
Initial cost of building and improvements		8,481
Costs Capitalized Subsequent to Acquisition		138
Gross amounts of land		975
Gross amounts of building and improvements		8,619
Total real estate properties gross	[2]	9,594
Accumulated Depreciation	[3]	$ 663
Year Built/Renovated	[4]	2005
Depreciable Life (in years)	[5]	32 years
Year Acquired		2022
Atlanta, GA - 1413 Lovers Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 669
Initial cost of building and improvements		12,446
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		669
Gross amounts of building and improvements		12,446
Total real estate properties gross	[2]	13,115
Accumulated Depreciation	[3]	$ 946
Year Built/Renovated	[4]	1999
Depreciable Life (in years)	[5]	25 years
Year Acquired		2022
Boston, MA - 54-56 Milliken Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,418
Initial cost of building and improvements		7,482
Costs Capitalized Subsequent to Acquisition		10,376
Gross amounts of land		1,418
Gross amounts of building and improvements		17,858
Total real estate properties gross	[2]	19,276
Accumulated Depreciation	[3]	$ 4,427
Year Built/Renovated	[4]	1966-2022/1995, 2005, 2013, 2022
Year Acquired		2014
Boston, MA - 54-56 Milliken Road | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	40 years
Boston, MA - 54-56 Milliken Road | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	20 years
Charlotte, NC - 1570 East P St. Extension
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 5,878
Initial cost of building and improvements		13,121
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		5,878
Gross amounts of building and improvements		13,121
Total real estate properties gross	[2]	18,999
Accumulated Depreciation	[3]	$ 898
Year Built/Renovated	[4]	2005
Depreciable Life (in years)	[5]	30 years
Year Acquired		2022
Chicago, IL - 11351 W 183rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 361
Initial cost of building and improvements		1,685
Costs Capitalized Subsequent to Acquisition		38
Gross amounts of land		361
Gross amounts of building and improvements		1,723
Total real estate properties gross	[2]	2,084
Accumulated Depreciation	[3]	$ 686
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	34 years
Year Acquired		2014
Chicago, IL - 1355 Holmes Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,012
Initial cost of building and improvements		2,789
Costs Capitalized Subsequent to Acquisition		176
Gross amounts of land		1,012
Gross amounts of building and improvements		2,965
Total real estate properties gross	[2]	3,977
Accumulated Depreciation	[3]	$ 1,755
Year Built/Renovated	[4]	1976/1998
Depreciable Life (in years)	[5]	16 years
Year Acquired		2014
Chicago, IL - 1875 Holmes Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,597
Initial cost of building and improvements		5,199
Costs Capitalized Subsequent to Acquisition		1,894
Gross amounts of land		1,597
Gross amounts of building and improvements		7,093
Total real estate properties gross	[2]	8,690
Accumulated Depreciation	[3]	$ 3,342
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	16 years
Year Acquired		2014
Chicago, IL - 189 Seegers Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 470
Initial cost of building and improvements		1,369
Costs Capitalized Subsequent to Acquisition		51
Gross amounts of land		470
Gross amounts of building and improvements		1,420
Total real estate properties gross	[2]	1,890
Accumulated Depreciation	[3]	$ 625
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	21 years
Year Acquired		2014
Chicago, IL - 2401 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 486
Initial cost of building and improvements		4,597
Costs Capitalized Subsequent to Acquisition		1,076
Gross amounts of land		486
Gross amounts of building and improvements		5,673
Total real estate properties gross	[2]	6,159
Accumulated Depreciation	[3]	$ 2,169
Year Built/Renovated	[4]	1994/2009
Depreciable Life (in years)	[5]	28 years
Year Acquired		2014
Chicago, IL - 3940 Stern Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,156
Initial cost of building and improvements		5,139
Costs Capitalized Subsequent to Acquisition		1,245
Gross amounts of land		1,156
Gross amounts of building and improvements		6,384
Total real estate properties gross	[2]	7,540
Accumulated Depreciation	[3]	$ 3,546
Year Built/Renovated	[4]	1987
Depreciable Life (in years)	[5]	16 years
Year Acquired		2014
Chicago, IL - 11601 Central Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,479
Initial cost of building and improvements		6,545
Costs Capitalized Subsequent to Acquisition		709
Gross amounts of land		3,479
Gross amounts of building and improvements		7,254
Total real estate properties gross	[2]	10,733
Accumulated Depreciation	[3]	$ 2,417
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	21 years
Year Acquired		2017
Chicago, IL - 13040 South Pulaski Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,520
Initial cost of building and improvements		11,115
Costs Capitalized Subsequent to Acquisition		268
Gross amounts of land		3,520
Gross amounts of building and improvements		11,383
Total real estate properties gross	[2]	14,903
Accumulated Depreciation	[3]	$ 5,091
Year Built/Renovated	[4]	1976
Depreciable Life (in years)	[5]	16 years
Year Acquired		2017
Chicago, IL - 13970 West Laurel Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,447
Initial cost of building and improvements		1,377
Costs Capitalized Subsequent to Acquisition		373
Gross amounts of land		1,447
Gross amounts of building and improvements		1,750
Total real estate properties gross	[2]	3,197
Accumulated Depreciation	[3]	$ 735
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	14 years
Year Acquired		2017
Chicago, IL - 1455-1645 Greenleaf Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,926
Initial cost of building and improvements		5,137
Costs Capitalized Subsequent to Acquisition		1,478
Gross amounts of land		1,926
Gross amounts of building and improvements		6,615
Total real estate properties gross	[2]	8,541
Accumulated Depreciation	[3]	$ 1,906
Year Built/Renovated	[4]	1968
Depreciable Life (in years)	[5]	21 years
Year Acquired		2017
Chicago, IL - 1750 South Lincoln Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		489
Initial cost of building and improvements		9,270
Costs Capitalized Subsequent to Acquisition		894
Gross amounts of land		489
Gross amounts of building and improvements		10,164
Total real estate properties gross	[2]	10,653
Accumulated Depreciation	[3]	$ 3,040
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	24 years
Year Acquired		2017
Chicago, IL - 1796 Sherwin Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,542
Initial cost of building and improvements		3,598
Costs Capitalized Subsequent to Acquisition		172
Gross amounts of land		1,542
Gross amounts of building and improvements		3,770
Total real estate properties gross	[2]	5,312
Accumulated Depreciation	[3]	$ 1,391
Year Built/Renovated	[4]	1964
Depreciable Life (in years)	[5]	19 years
Year Acquired		2017
Chicago, IL - 28160 North Keith Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,614
Initial cost of building and improvements		1,643
Costs Capitalized Subsequent to Acquisition		282
Gross amounts of land		1,614
Gross amounts of building and improvements		1,925
Total real estate properties gross	[2]	3,539
Accumulated Depreciation	[3]	$ 739
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	16 years
Year Acquired		2017
Chicago, IL - 3841-3865 Swanson Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,640
Initial cost of building and improvements		2,247
Costs Capitalized Subsequent to Acquisition		283
Gross amounts of land		1,640
Gross amounts of building and improvements		2,530
Total real estate properties gross	[2]	4,170
Accumulated Depreciation	[3]	$ 915
Year Built/Renovated	[4]	1978
Depreciable Life (in years)	[5]	17 years
Year Acquired		2017
Chicago, IL - 5110 South 6th Street, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		689
Initial cost of building and improvements		1,014
Costs Capitalized Subsequent to Acquisition		155
Gross amounts of land		689
Gross amounts of building and improvements		1,169
Total real estate properties gross	[2]	1,858
Accumulated Depreciation	[3]	$ 514
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	16 years
Year Acquired		2017
Chicago, IL - 6000 West 73rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,891
Initial cost of building and improvements		3,403
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,891
Gross amounts of building and improvements		3,403
Total real estate properties gross	[2]	5,294
Accumulated Depreciation	[3]	$ 1,341
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	17 years
Year Acquired		2017
Chicago, IL - 6558 West 73rd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,444
Initial cost of building and improvements		2,325
Costs Capitalized Subsequent to Acquisition		1,070
Gross amounts of land		3,444
Gross amounts of building and improvements		3,395
Total real estate properties gross	[2]	6,839
Accumulated Depreciation	[3]	$ 1,137
Year Built/Renovated	[4]	1975
Depreciable Life (in years)	[5]	16 years
Year Acquired		2017
Chicago, IL - 6751 Sayre Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,891
Initial cost of building and improvements		5,743
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		2,891
Gross amounts of building and improvements		5,743
Total real estate properties gross	[2]	8,634
Accumulated Depreciation	[3]	$ 1,886
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	22 years
Year Acquired		2017
Chicago, IL - 7200 Mason Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,519
Initial cost of building and improvements		5,482
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		2,519
Gross amounts of building and improvements		5,483
Total real estate properties gross	[2]	8,002
Accumulated Depreciation	[3]	$ 2,022
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	18 years
Year Acquired		2017
Chicago, IL - 4491 N Mayflower Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 289
Initial cost of building and improvements		2,422
Costs Capitalized Subsequent to Acquisition		153
Gross amounts of land		289
Gross amounts of building and improvements		2,575
Total real estate properties gross	[2]	2,864
Accumulated Depreciation	[3]	$ 793
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	27 years
Year Acquired		2017
Chicago, IL - 4955 Ameritech Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 856
Initial cost of building and improvements		7,251
Costs Capitalized Subsequent to Acquisition		447
Gross amounts of land		856
Gross amounts of building and improvements		7,698
Total real estate properties gross	[2]	8,554
Accumulated Depreciation	[3]	$ 2,387
Year Built/Renovated	[4]	2004
Depreciable Life (in years)	[5]	27 years
Year Acquired		2017
Chicago, IL - 5855 West Carbonmill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 743
Initial cost of building and improvements		6,269
Costs Capitalized Subsequent to Acquisition		166
Gross amounts of land		743
Gross amounts of building and improvements		6,435
Total real estate properties gross	[2]	7,178
Accumulated Depreciation	[3]	$ 1,944
Year Built/Renovated	[4]	2002
Depreciable Life (in years)	[5]	27 years
Year Acquired		2017
Chicago, IL - 5861 W Cleveland Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 234
Initial cost of building and improvements		1,966
Costs Capitalized Subsequent to Acquisition		124
Gross amounts of land		234
Gross amounts of building and improvements		2,090
Total real estate properties gross	[2]	2,324
Accumulated Depreciation	[3]	$ 627
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	27 years
Year Acquired		2017
Chicago, IL - West Brick Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 381
Initial cost of building and improvements		3,209
Costs Capitalized Subsequent to Acquisition		202
Gross amounts of land		381
Gross amounts of building and improvements		3,411
Total real estate properties gross	[2]	3,792
Accumulated Depreciation	[3]	$ 1,024
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	27 years
Year Acquired		2017
Chicago, IL - 1600 Fleetwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		2,699
Initial cost of building and improvements		9,530
Costs Capitalized Subsequent to Acquisition		83
Gross amounts of land		2,699
Gross amounts of building and improvements		9,613
Total real estate properties gross	[2]	12,312
Accumulated Depreciation	[3]	$ 2,626
Year Built/Renovated	[4]	1968/2016
Depreciable Life (in years)	[5]	23 years
Year Acquired		2018
Chicago, IL - 3 West College Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		728
Initial cost of building and improvements		1,531
Costs Capitalized Subsequent to Acquisition		136
Gross amounts of land		728
Gross amounts of building and improvements		1,667
Total real estate properties gross	[2]	2,395
Accumulated Depreciation	[3]	$ 417
Year Built/Renovated	[4]	1978/2016
Depreciable Life (in years)	[5]	26 years
Year Acquired		2018
Chicago, IL - 11746 Austin Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,062
Initial cost of building and improvements		4,420
Costs Capitalized Subsequent to Acquisition		102
Gross amounts of land		1,062
Gross amounts of building and improvements		4,522
Total real estate properties gross	[2]	5,584
Accumulated Depreciation	[3]	$ 976
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	25 years
Year Acquired		2019
Chicago, IL - 144 Tower Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 866
Initial cost of building and improvements		4,174
Costs Capitalized Subsequent to Acquisition		113
Gross amounts of land		866
Gross amounts of building and improvements		4,287
Total real estate properties gross	[2]	5,153
Accumulated Depreciation	[3]	$ 840
Year Built/Renovated	[4]	1971/1988 & 2015
Depreciable Life (in years)	[5]	29 years
Year Acquired		2019
Chicago, IL - 16801 Exchange Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,905
Initial cost of building and improvements		9,454
Costs Capitalized Subsequent to Acquisition		178
Gross amounts of land		1,905
Gross amounts of building and improvements		9,632
Total real estate properties gross	[2]	11,537
Accumulated Depreciation	[3]	$ 2,213
Year Built/Renovated	[4]	1987
Depreciable Life (in years)	[5]	24 years
Year Acquired		2019
Chicago, IL - 350 Armory Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 442
Initial cost of building and improvements		835
Costs Capitalized Subsequent to Acquisition		136
Gross amounts of land		442
Gross amounts of building and improvements		971
Total real estate properties gross	[2]	1,413
Accumulated Depreciation	[3]	$ 309
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	21 years
Year Acquired		2019
Chicago, IL - 4915 West 122nd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 848
Initial cost of building and improvements		3,632
Costs Capitalized Subsequent to Acquisition		203
Gross amounts of land		848
Gross amounts of building and improvements		3,835
Total real estate properties gross	[2]	4,683
Accumulated Depreciation	[3]	$ 785
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	26 years
Year Acquired		2019
Chicago, IL - 7207 Mason Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 887
Initial cost of building and improvements		2,608
Costs Capitalized Subsequent to Acquisition		15
Gross amounts of land		887
Gross amounts of building and improvements		2,623
Total real estate properties gross	[2]	3,510
Accumulated Depreciation	[3]	$ 746
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	20 years
Year Acquired		2019
Chicago, IL - 7420 Meade Ave.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 586
Initial cost of building and improvements		367
Costs Capitalized Subsequent to Acquisition		590
Gross amounts of land		586
Gross amounts of building and improvements		957
Total real estate properties gross	[2]	1,543
Accumulated Depreciation	[3]	$ 207
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	20 years
Year Acquired		2019
Chicago, IL - 1717 West Harvester Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 3,843
Initial cost of building and improvements		12,848
Costs Capitalized Subsequent to Acquisition		5
Gross amounts of land		3,843
Gross amounts of building and improvements		12,853
Total real estate properties gross	[2]	16,696
Accumulated Depreciation	[3]	$ 4,332
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	15 years
Year Acquired		2020
Chicago, IL - 1301 Ridgeview Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,231
Initial cost of building and improvements		12,623
Costs Capitalized Subsequent to Acquisition		140
Gross amounts of land		1,231
Gross amounts of building and improvements		12,763
Total real estate properties gross	[2]	13,994
Accumulated Depreciation	[3]	$ 1,491
Year Built/Renovated	[4]	1995/2020
Depreciable Life (in years)	[5]	25 years
Year Acquired		2021
Chicago, IL - 1900 S. Batavia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		7,337
Initial cost of building and improvements		20,387
Costs Capitalized Subsequent to Acquisition		23
Gross amounts of land		7,337
Gross amounts of building and improvements		20,410
Total real estate properties gross	[2]	27,747
Accumulated Depreciation	[3]	$ 2,805
Year Built/Renovated	[4]	1958/1989 & 2010
Depreciable Life (in years)	[5]	21 years
Year Acquired		2021
Chicago, IL - 6035 West Gross Point Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,706
Initial cost of building and improvements		4,351
Costs Capitalized Subsequent to Acquisition		94
Gross amounts of land		2,706
Gross amounts of building and improvements		4,445
Total real estate properties gross	[2]	7,151
Accumulated Depreciation	[3]	$ 960
Year Built/Renovated	[4]	1956/1985
Depreciable Life (in years)	[5]	15 years
Year Acquired		2021
Chicago, IL - 800 Church Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,019
Initial cost of building and improvements		6,197
Costs Capitalized Subsequent to Acquisition		24
Gross amounts of land		2,019
Gross amounts of building and improvements		6,221
Total real estate properties gross	[2]	8,240
Accumulated Depreciation	[3]	$ 762
Year Built/Renovated	[4]	1974/2020
Depreciable Life (in years)	[5]	22 years
Year Acquired		2021
Chicago, IL - 2600 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,028
Initial cost of building and improvements		5,597
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,028
Gross amounts of building and improvements		5,597
Total real estate properties gross	[2]	6,625
Accumulated Depreciation	[3]	$ 373
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	30 years
Year Acquired		2022
Cncinnati, OH - 4115 Thunderbird Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 275
Initial cost of building and improvements		2,093
Costs Capitalized Subsequent to Acquisition		192
Gross amounts of land		275
Gross amounts of building and improvements		2,285
Total real estate properties gross	[2]	2,560
Accumulated Depreciation	[3]	$ 1,106
Year Built/Renovated	[4]	1991
Depreciable Life (in years)	[5]	22 years
Year Acquired		2014
Cincinnati, OH - 7585 Empire Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 644
Initial cost of building and improvements		2,658
Costs Capitalized Subsequent to Acquisition		690
Gross amounts of land		644
Gross amounts of building and improvements		3,348
Total real estate properties gross	[2]	3,992
Accumulated Depreciation	[3]	$ 2,284
Year Built/Renovated	[4]	1973
Depreciable Life (in years)	[5]	11 years
Year Acquired		2014
Cncinnati, OH - Mosteller Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,501
Initial cost of building and improvements		9,424
Costs Capitalized Subsequent to Acquisition		114
Gross amounts of land		1,501
Gross amounts of building and improvements		9,538
Total real estate properties gross	[2]	11,039
Accumulated Depreciation	[3]	$ 6,339
Year Built/Renovated	[4]	1959
Depreciable Life (in years)	[5]	14 years
Year Acquired		2014
Cncinnati, OH - Fisher Industrial Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,147
Initial cost of building and improvements		18,147
Costs Capitalized Subsequent to Acquisition		22,555
Gross amounts of land		4,147
Gross amounts of building and improvements		40,702
Total real estate properties gross	[2]	44,849
Accumulated Depreciation	[3]	$ 6,681
Year Built/Renovated	[4]	1946, 2023
Year Acquired		2018
Cncinnati, OH - Fisher Industrial Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	40 years
Cncinnati, OH - Fisher Industrial Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	20 years
Cncinnati, OH - 2700-2758 E Kemper Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		847
Initial cost of building and improvements		5,196
Costs Capitalized Subsequent to Acquisition		344
Gross amounts of land		847
Gross amounts of building and improvements		5,540
Total real estate properties gross	[2]	6,387
Accumulated Depreciation	[3]	$ 1,081
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	35 years
Year Acquired		2019
Cncinnati, OH - 2800-2888 E Kemper Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		752
Initial cost of building and improvements		5,448
Costs Capitalized Subsequent to Acquisition		498
Gross amounts of land		752
Gross amounts of building and improvements		5,946
Total real estate properties gross	[2]	6,698
Accumulated Depreciation	[3]	$ 1,114
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	35 years
Year Acquired		2019
Cncinnati, OH - 4514-4548 Cornell Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		998
Initial cost of building and improvements		7,281
Costs Capitalized Subsequent to Acquisition		731
Gross amounts of land		998
Gross amounts of building and improvements		8,012
Total real estate properties gross	[2]	9,010
Accumulated Depreciation	[3]	$ 1,646
Year Built/Renovated	[4]	1976
Depreciable Life (in years)	[5]	28 years
Year Acquired		2019
Cncinnati, OH - 6900-6918 Fairfield Business Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		244
Initial cost of building and improvements		2,020
Costs Capitalized Subsequent to Acquisition		355
Gross amounts of land		244
Gross amounts of building and improvements		2,375
Total real estate properties gross	[2]	2,619
Accumulated Depreciation	[3]	$ 318
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	38 years
Year Acquired		2019
Cincinnati, OH - 3741 Port Union Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 418
Initial cost of building and improvements		3,381
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		418
Gross amounts of building and improvements		3,381
Total real estate properties gross	[2]	3,799
Accumulated Depreciation	[3]	$ 231
Year Built/Renovated	[4]	1995/2001
Depreciable Life (in years)	[5]	30 years
Year Acquired		2022
Cincinnati, OH - 4225-4331 Dues Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,260
Initial cost of building and improvements		16,300
Costs Capitalized Subsequent to Acquisition		463
Gross amounts of land		2,260
Gross amounts of building and improvements		16,763
Total real estate properties gross	[2]	19,023
Accumulated Depreciation	[3]	$ 1,882
Year Built/Renovated	[4]	1972
Depreciable Life (in years)	[5]	18 years
Year Acquired		2022
Cleveland, OH - 1755 Enterprise Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,411
Initial cost of building and improvements		12,281
Costs Capitalized Subsequent to Acquisition		1,761
Gross amounts of land		1,411
Gross amounts of building and improvements		14,042
Total real estate properties gross	[2]	15,453
Accumulated Depreciation	[3]	$ 5,659
Year Built/Renovated	[4]	1978/2005
Depreciable Life (in years)	[5]	27 years
Year Acquired		2014
Cleveland, OH - 30339 Diamond Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,815
Initial cost of building and improvements		22,792
Costs Capitalized Subsequent to Acquisition		414
Gross amounts of land		2,815
Gross amounts of building and improvements		23,206
Total real estate properties gross	[2]	26,021
Accumulated Depreciation	[3]	$ 4,478
Year Built/Renovated	[4]	2007
Depreciable Life (in years)	[5]	34 years
Year Acquired		2018
Cleveland, OH - 14801 Country Rd 212
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 985
Initial cost of building and improvements		13,062
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		985
Gross amounts of building and improvements		13,063
Total real estate properties gross	[2]	14,048
Accumulated Depreciation	[3]	$ 2,673
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	25 years
Year Acquired		2019
Cleveland, OH - 1200 Chester Industrial Parkway North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,213
Initial cost of building and improvements		6,602
Costs Capitalized Subsequent to Acquisition		107
Gross amounts of land		1,213
Gross amounts of building and improvements		6,709
Total real estate properties gross	[2]	7,922
Accumulated Depreciation	[3]	$ 1,237
Year Built/Renovated	[4]	2007/2009
Depreciable Life (in years)	[5]	27 years
Year Acquired		2020
Cleveland, OH - 1200 Chester Industrial Parkway South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 562
Initial cost of building and improvements		2,689
Costs Capitalized Subsequent to Acquisition		160
Gross amounts of land		562
Gross amounts of building and improvements		2,849
Total real estate properties gross	[2]	3,411
Accumulated Depreciation	[3]	$ 603
Year Built/Renovated	[4]	1991
Depreciable Life (in years)	[5]	23 years
Year Acquired		2020
Cleveland, OH - 1350 Moore Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 809
Initial cost of building and improvements		2,860
Costs Capitalized Subsequent to Acquisition		242
Gross amounts of land		809
Gross amounts of building and improvements		3,102
Total real estate properties gross	[2]	3,911
Accumulated Depreciation	[3]	$ 764
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	20 years
Year Acquired		2020
Cleveland, OH - 1366 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,069
Initial cost of building and improvements		4,363
Costs Capitalized Subsequent to Acquisition		(220)
Gross amounts of land		847
Gross amounts of building and improvements		4,365
Total real estate properties gross	[2]	5,212
Accumulated Depreciation	[3]	$ 1,218
Year Built/Renovated	[4]	1960
Depreciable Life (in years)	[5]	13 years
Year Acquired		2020
Cleveland, OH - 2100 International Parkway (2)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		14,818
Costs Capitalized Subsequent to Acquisition		233
Gross amounts of land
Gross amounts of building and improvements		15,051
Total real estate properties gross	[2]	15,051
Accumulated Depreciation	[3]	$ 1,795
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	31 years
Year Acquired		2020
Cleveland, OH - 2210 International Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		15,033
Costs Capitalized Subsequent to Acquisition		5
Gross amounts of land
Gross amounts of building and improvements		15,038
Total real estate properties gross	[2]	15,038
Accumulated Depreciation	[3]	$ 1,825
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	27 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,775
Initial cost of building and improvements		6,541
Costs Capitalized Subsequent to Acquisition		215
Gross amounts of land		1,775
Gross amounts of building and improvements		6,756
Total real estate properties gross	[2]	8,531
Accumulated Depreciation	[3]	$ 1,524
Year Built/Renovated	[4]	1961-1978
Depreciable Life (in years)	[5]	17 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,671
Initial cost of building and improvements		14,959
Costs Capitalized Subsequent to Acquisition		172
Gross amounts of land		2,671
Gross amounts of building and improvements		15,131
Total real estate properties gross	[2]	17,802
Accumulated Depreciation	[3]	$ 3,273
Year Built/Renovated	[4]	1994-1998
Depreciable Life (in years)	[5]	22 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road III
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 977
Initial cost of building and improvements		12,416
Costs Capitalized Subsequent to Acquisition		160
Gross amounts of land		977
Gross amounts of building and improvements		12,576
Total real estate properties gross	[2]	13,553
Accumulated Depreciation	[3]	$ 1,955
Year Built/Renovated	[4]	1994/1998
Depreciable Life (in years)	[5]	22 years
Year Acquired		2020
Cleveland, OH - 4211 Shuffel Street NW
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,086
Initial cost of building and improvements		12,287
Costs Capitalized Subsequent to Acquisition		3
Gross amounts of land		1,086
Gross amounts of building and improvements		12,290
Total real estate properties gross	[2]	13,376
Accumulated Depreciation	[3]	$ 2,361
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	21 years
Year Acquired		2020
Cleveland, OH - 31000 Viking Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,458
Initial cost of building and improvements		5,494
Costs Capitalized Subsequent to Acquisition		331
Gross amounts of land		1,458
Gross amounts of building and improvements		5,825
Total real estate properties gross	[2]	7,283
Accumulated Depreciation	[3]	$ 736
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	29 years
Year Acquired		2021
Cleveland, OH - 1120 West 130th St
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,058
Initial cost of building and improvements		7,205
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,058
Gross amounts of building and improvements		7,205
Total real estate properties gross	[2]	8,263
Accumulated Depreciation	[3]	$ 476
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	28 years
Year Acquired		2022
Cleveland, OH - 22209 Rockside Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,198
Initial cost of building and improvements		13,265
Costs Capitalized Subsequent to Acquisition		499
Gross amounts of land		2,198
Gross amounts of building and improvements		13,764
Total real estate properties gross	[2]	15,962
Accumulated Depreciation	[3]	$ 981
Year Built/Renovated	[4]	2008
Depreciable Life (in years)	[5]	31 years
Year Acquired		2022
Columbus, OH - 3100 Creekside Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,203
Initial cost of building and improvements		9,603
Costs Capitalized Subsequent to Acquisition		555
Gross amounts of land		1,203
Gross amounts of building and improvements		10,158
Total real estate properties gross	[2]	11,361
Accumulated Depreciation	[3]	$ 3,858
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	27 years
Year Acquired		2014
Columbus, OH - 3500 Southwest Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,488
Initial cost of building and improvements		16,730
Costs Capitalized Subsequent to Acquisition		1,387
Gross amounts of land		1,488
Gross amounts of building and improvements		18,117
Total real estate properties gross	[2]	19,605
Accumulated Depreciation	[3]	$ 7,961
Year Built/Renovated	[4]	1992/2018
Depreciable Life (in years)	[5]	22 years
Year Acquired		2014
Columbus, OH - 7001 American Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 331
Initial cost of building and improvements		1,416
Costs Capitalized Subsequent to Acquisition		28
Gross amounts of land		331
Gross amounts of building and improvements		1,444
Total real estate properties gross	[2]	1,775
Accumulated Depreciation	[3]	$ 834
Year Built/Renovated	[4]	1986/2007 & 2012
Depreciable Life (in years)	[5]	20 years
Year Acquired		2014
Columbus, OH - 8273 Green Meadows Dr
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 341
Initial cost of building and improvements		2,266
Costs Capitalized Subsequent to Acquisition		1,048
Gross amounts of land		341
Gross amounts of building and improvements		3,314
Total real estate properties gross	[2]	3,655
Accumulated Depreciation	[3]	$ 1,268
Year Built/Renovated	[4]	1996/2007
Depreciable Life (in years)	[5]	27 years
Year Acquired		2014
Columbus, OH - 8288 Green Meadows Dr
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,107
Initial cost of building and improvements		8,413
Costs Capitalized Subsequent to Acquisition		582
Gross amounts of land		1,107
Gross amounts of building and improvements		8,995
Total real estate properties gross	[2]	10,102
Accumulated Depreciation	[3]	$ 5,154
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	17 years
Year Acquired		2014
Columbus, OH - 2120-2138 New World Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		400
Initial cost of building and improvements		3,007
Costs Capitalized Subsequent to Acquisition		112
Gross amounts of land		400
Gross amounts of building and improvements		3,119
Total real estate properties gross	[2]	3,519
Accumulated Depreciation	[3]	$ 1,382
Year Built/Renovated	[4]	1971
Depreciable Life (in years)	[5]	18 years
Year Acquired		2017
Columbus, OH - 459 Orange Point Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,256
Initial cost of building and improvements		6,793
Costs Capitalized Subsequent to Acquisition		465
Gross amounts of land		1,256
Gross amounts of building and improvements		7,258
Total real estate properties gross	[2]	8,514
Accumulated Depreciation	[3]	$ 1,070
Year Built/Renovated	[4]	2001
Depreciable Life (in years)	[5]	40 years
Year Acquired		2019
Columbus, OH - 7719 Graphics Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,297
Initial cost of building and improvements		2,743
Costs Capitalized Subsequent to Acquisition		142
Gross amounts of land		1,297
Gross amounts of building and improvements		2,885
Total real estate properties gross	[2]	4,182
Accumulated Depreciation	[3]	$ 536
Year Built/Renovated	[4]	2000
Depreciable Life (in years)	[5]	40 years
Year Acquired		2019
Columbus, OH - 100 Paragon Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 582
Initial cost of building and improvements		9,130
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		582
Gross amounts of building and improvements		9,131
Total real estate properties gross	[2]	9,713
Accumulated Depreciation	[3]	$ 2,529
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	17 years
Year Acquired		2020
Columbus, OH - 1650-1654 Williams Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,581
Initial cost of building and improvements		23,818
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,581
Gross amounts of building and improvements		23,818
Total real estate properties gross	[2]	25,399
Accumulated Depreciation	[3]	$ 3,809
Year Built/Renovated	[4]	1973/1974 & 1975
Depreciable Life (in years)	[5]	20 years
Year Acquired		2021
Columbus, OH - 1520-1530 Experiment Farm Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 576
Initial cost of building and improvements		7,164
Costs Capitalized Subsequent to Acquisition		20
Gross amounts of land		576
Gross amounts of building and improvements		7,184
Total real estate properties gross	[2]	7,760
Accumulated Depreciation	[3]	$ 728
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	25 years
Year Acquired		2021
Columbus, OH - 2180 Corporate Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 586
Initial cost of building and improvements		8,311
Costs Capitalized Subsequent to Acquisition		22
Gross amounts of land		586
Gross amounts of building and improvements		8,333
Total real estate properties gross	[2]	8,919
Accumulated Depreciation	[3]	$ 834
Year Built/Renovated	[4]	1996
Depreciable Life (in years)	[5]	27 years
Year Acquired		2021
Columbus, OH - 2800 Howard Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,306
Initial cost of building and improvements		20,266
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,306
Gross amounts of building and improvements		20,266
Total real estate properties gross	[2]	21,572
Accumulated Depreciation	[3]	$ 1,562
Year Built/Renovated	[4]	2016
Depreciable Life (in years)	[5]	31 years
Year Acquired		2021
Columbus, OH - 952 Dorset Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 242
Initial cost of building and improvements		3,492
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		242
Gross amounts of building and improvements		3,492
Total real estate properties gross	[2]	3,734
Accumulated Depreciation	[3]	$ 351
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	25 years
Year Acquired		2021
Columbus, OH - 2626 Port Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,149
Initial cost of building and improvements		8,212
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,149
Gross amounts of building and improvements		8,212
Total real estate properties gross	[2]	9,361
Accumulated Depreciation	[3]	$ 696
Year Built/Renovated	[4]	1994
Depreciable Life (in years)	[5]	26 years
Year Acquired		2022
Indianapolis, IN - 3035 North Shadeland Ave
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		1,966
Initial cost of building and improvements		11,740
Costs Capitalized Subsequent to Acquisition		1,713
Gross amounts of land		1,966
Gross amounts of building and improvements		13,453
Total real estate properties gross	[2]	15,419
Accumulated Depreciation	[3]	$ 5,402
Year Built/Renovated	[4]	1962/2001 & 2004
Depreciable Life (in years)	[5]	17 years
Year Acquired		2017
Indianapolis, IN - 3169 North Shadeland Ave
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		148
Initial cost of building and improvements		884
Costs Capitalized Subsequent to Acquisition		(30)
Gross amounts of land		148
Gross amounts of building and improvements		854
Total real estate properties gross	[2]	1,002
Accumulated Depreciation	[3]	$ 430
Year Built/Renovated	[4]	1979/1993
Depreciable Life (in years)	[5]	17 years
Year Acquired		2017
Indianapolis, IN - 2900 N. Shadeland Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,632
Initial cost of building and improvements		14,572
Costs Capitalized Subsequent to Acquisition		1,124
Gross amounts of land		4,632
Gross amounts of building and improvements		15,696
Total real estate properties gross	[2]	20,328
Accumulated Depreciation	[3]	$ 5,760
Year Built/Renovated	[4]	1957/1992
Depreciable Life (in years)	[5]	15 years
Year Acquired		2019
Indianapolis, IN - 4430 Sam Jones Expressway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,644
Initial cost of building and improvements		12,570
Costs Capitalized Subsequent to Acquisition		536
Gross amounts of land		2,644
Gross amounts of building and improvements		13,106
Total real estate properties gross	[2]	15,750
Accumulated Depreciation	[3]	$ 3,123
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	22 years
Year Acquired		2019
Indianapolis, IN - 6555 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,881
Initial cost of building and improvements		6,636
Costs Capitalized Subsequent to Acquisition		594
Gross amounts of land		1,881
Gross amounts of building and improvements		7,230
Total real estate properties gross	[2]	9,111
Accumulated Depreciation	[3]	$ 2,350
Year Built/Renovated	[4]	1969/1997
Depreciable Life (in years)	[5]	17 years
Year Acquired		2019
Indianapolis, IN - 6575 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 566
Initial cost of building and improvements		1,408
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		566
Gross amounts of building and improvements		1,414
Total real estate properties gross	[2]	1,980
Accumulated Depreciation	[3]	$ 443
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Year Acquired		2019
Indianapolis, IN - 6585 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 669
Initial cost of building and improvements		2,216
Costs Capitalized Subsequent to Acquisition		348
Gross amounts of land		669
Gross amounts of building and improvements		2,564
Total real estate properties gross	[2]	3,233
Accumulated Depreciation	[3]	$ 729
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Year Acquired		2019
Indianapolis, IN - 6635 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 535
Initial cost of building and improvements		2,567
Costs Capitalized Subsequent to Acquisition		215
Gross amounts of land		535
Gross amounts of building and improvements		2,782
Total real estate properties gross	[2]	3,317
Accumulated Depreciation	[3]	$ 690
Year Built/Renovated	[4]	1998
Depreciable Life (in years)	[5]	19 years
Year Acquired		2019
Indianapolis, IN - 6701 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 334
Initial cost of building and improvements		428
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		334
Gross amounts of building and improvements		430
Total real estate properties gross	[2]	764
Accumulated Depreciation	[3]	$ 233
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	17 years
Year Acquired		2019
Indianapolis, IN - 6737 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 609
Initial cost of building and improvements		1,858
Costs Capitalized Subsequent to Acquisition		29
Gross amounts of land		609
Gross amounts of building and improvements		1,887
Total real estate properties gross	[2]	2,496
Accumulated Depreciation	[3]	$ 614
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	17 years
Year Acquired		2019
Indianapolis, IN - 6751 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 709
Initial cost of building and improvements		2,083
Costs Capitalized Subsequent to Acquisition		77
Gross amounts of land		709
Gross amounts of building and improvements		2,160
Total real estate properties gross	[2]	2,869
Accumulated Depreciation	[3]	$ 651
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	18 years
Year Acquired		2019
Indianapolis, IN - 6951 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 424
Initial cost of building and improvements		1,323
Costs Capitalized Subsequent to Acquisition		68
Gross amounts of land		424
Gross amounts of building and improvements		1,391
Total real estate properties gross	[2]	1,815
Accumulated Depreciation	[3]	$ 428
Year Built/Renovated	[4]	1995
Depreciable Life (in years)	[5]	21 years
Year Acquired		2019
Indianapolis, IN - 7901 W. 21st Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,870
Initial cost of building and improvements		8,844
Costs Capitalized Subsequent to Acquisition		1,847
Gross amounts of land		1,870
Gross amounts of building and improvements		10,691
Total real estate properties gross	[2]	12,561
Accumulated Depreciation	[3]	$ 2,370
Year Built/Renovated	[4]	1985/1994
Depreciable Life (in years)	[5]	20 years
Year Acquired		2019
Indianapolis, IN - 3333 N. Franklin Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,363
Initial cost of building and improvements		6,525
Costs Capitalized Subsequent to Acquisition		37
Gross amounts of land		1,363
Gross amounts of building and improvements		6,562
Total real estate properties gross	[2]	7,925
Accumulated Depreciation	[3]	$ 2,039
Year Built/Renovated	[4]	1967
Depreciable Life (in years)	[5]	15 years
Year Acquired		2020
Indianapolis, IN - 3701 David Howarth Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 938
Initial cost of building and improvements		21,471
Costs Capitalized Subsequent to Acquisition		57
Gross amounts of land		938
Gross amounts of building and improvements		21,528
Total real estate properties gross	[2]	22,466
Accumulated Depreciation	[3]	$ 1,576
Year Built/Renovated	[4]	2008/2019
Depreciable Life (in years)	[5]	35 years
Year Acquired		2021
Indianapolis, IN - 7750 Georgetown Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,943
Initial cost of building and improvements		5,605
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,943
Gross amounts of building and improvements		5,605
Total real estate properties gross	[2]	7,548
Accumulated Depreciation	[3]	$ 525
Year Built/Renovated	[4]	2006
Depreciable Life (in years)	[5]	32 years
Year Acquired		2021
Indianapolis, IN - 3525 South Arlington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,569
Initial cost of building and improvements		10,764
Costs Capitalized Subsequent to Acquisition		10
Gross amounts of land		2,569
Gross amounts of building and improvements		10,774
Total real estate properties gross	[2]	13,343
Accumulated Depreciation	[3]	$ 1,024
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	23 years
Year Acquired		2022
Jacksonville, FL - Center Point Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		9,848
Initial cost of building and improvements		26,411
Costs Capitalized Subsequent to Acquisition		806
Gross amounts of land		9,848
Gross amounts of building and improvements		27,217
Total real estate properties gross	[2]	37,065
Accumulated Depreciation	[3]	$ 5,428
Year Built/Renovated	[4]	1990-1997
Depreciable Life (in years)	[5]	35 years
Year Acquired		2018
Jacksonville, FL - Liberty Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		9,347
Initial cost of building and improvements		26,978
Costs Capitalized Subsequent to Acquisition		7,849
Gross amounts of land		9,347
Gross amounts of building and improvements		34,827
Total real estate properties gross	[2]	44,174
Accumulated Depreciation	[3]	$ 5,567
Year Built/Renovated	[4]	1996-1999, 2023
Year Acquired		2018
Jacksonville, FL - Liberty Business Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	40 years
Jacksonville, FL - Liberty Business Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	38 years
Jacksonville, FL - Salisbury Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		4,354
Initial cost of building and improvements		9,049
Costs Capitalized Subsequent to Acquisition		6,677
Gross amounts of land		4,354
Gross amounts of building and improvements		15,726
Total real estate properties gross	[2]	20,080
Accumulated Depreciation	[3]	$ 2,079
Year Built/Renovated	[4]	2001-2012, 2023
Year Acquired		2018
Jacksonville, FL - Salisbury Business Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	40 years
Jacksonville, FL - Salisbury Business Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	32 years
Jacksonville, FL - 265, 338, 430 Industrial Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,562
Initial cost of building and improvements		15,116
Costs Capitalized Subsequent to Acquisition		411
Gross amounts of land		2,562
Gross amounts of building and improvements		15,527
Total real estate properties gross	[2]	18,089
Accumulated Depreciation	[3]	$ 3,576
Year Built/Renovated	[4]	1988-1996/1999 & 2001
Depreciable Life (in years)	[5]	18 years
Year Acquired		2020
Jacksonville, FL - 8451 Western Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,240
Initial cost of building and improvements		13,983
Costs Capitalized Subsequent to Acquisition		97
Gross amounts of land		4,240
Gross amounts of building and improvements		14,080
Total real estate properties gross	[2]	18,320
Accumulated Depreciation	[3]	$ 1,877
Year Built/Renovated	[4]	1968/1975 & 1987
Depreciable Life (in years)	[5]	32 years
Year Acquired		2020
Jacksonville, FL - 8000-8001 Belfort Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,836
Initial cost of building and improvements		9,460
Costs Capitalized Subsequent to Acquisition		81
Gross amounts of land		1,836
Gross amounts of building and improvements		9,541
Total real estate properties gross	[2]	11,377
Accumulated Depreciation	[3]	$ 625
Year Built/Renovated	[4]	1999
Depreciable Life (in years)	[5]	40 years
Year Acquired		2022
Kansas City, MO - 5450 Deramus Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,483
Initial cost of building and improvements		6,609
Costs Capitalized Subsequent to Acquisition		965
Gross amounts of land		1,483
Gross amounts of building and improvements		7,574
Total real estate properties gross	[2]	9,057
Accumulated Depreciation	[3]	$ 1,318
Year Built/Renovated	[4]	1976/1986 & 1994
Depreciable Life (in years)	[5]	20 years
Year Acquired		2021
Memphis, TN - 210 American Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 928
Initial cost of building and improvements		10,442
Costs Capitalized Subsequent to Acquisition		668
Gross amounts of land		928
Gross amounts of building and improvements		11,110
Total real estate properties gross	[2]	12,038
Accumulated Depreciation	[3]	$ 7,803
Year Built/Renovated	[4]	1967/1981 & 2012
Depreciable Life (in years)	[5]	13 years
Year Acquired		2014
Memphis, TN - 6005, 6045 & 6075 Shelby Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 488
Initial cost of building and improvements		4,919
Costs Capitalized Subsequent to Acquisition		1,907
Gross amounts of land		488
Gross amounts of building and improvements		6,826
Total real estate properties gross	[2]	7,314
Accumulated Depreciation	[3]	$ 3,302
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	19 years
Year Acquired		2014
Memphis, TN - 3635 Knight Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		422
Initial cost of building and improvements		2,820
Costs Capitalized Subsequent to Acquisition		142
Gross amounts of land		422
Gross amounts of building and improvements		2,962
Total real estate properties gross	[2]	3,384
Accumulated Depreciation	[3]	$ 1,157
Year Built/Renovated	[4]	1986
Depreciable Life (in years)	[5]	18 years
Year Acquired		2017
Memphis, TN - Airport Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,511
Initial cost of building and improvements		4,352
Costs Capitalized Subsequent to Acquisition		2,797
Gross amounts of land		1,511
Gross amounts of building and improvements		7,149
Total real estate properties gross	[2]	8,660
Accumulated Depreciation	[3]	$ 2,877
Year Built/Renovated	[4]	1985-1989
Depreciable Life (in years)	[5]	26 years
Year Acquired		2017
Memphis, TN - 4540-4600 Pleasant Hill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,375
Initial cost of building and improvements		18,854
Costs Capitalized Subsequent to Acquisition		(161)
Gross amounts of land		1,207
Gross amounts of building and improvements		18,861
Total real estate properties gross	[2]	20,068
Accumulated Depreciation	[3]	$ 2,459
Year Built/Renovated	[4]	1991/2005
Depreciable Life (in years)	[5]	37 years
Year Acquired		2019
Memphis, TN - 1700-1710 Dunn Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 916
Initial cost of building and improvements		5,018
Costs Capitalized Subsequent to Acquisition		1,602
Gross amounts of land		916
Gross amounts of building and improvements		6,620
Total real estate properties gross	[2]	7,536
Accumulated Depreciation	[3]	$ 1,429
Year Built/Renovated	[4]	1957-1959/1963 & 1973
Depreciable Life (in years)	[5]	13 years
Year Acquired		2021
Memphis, TN - 2950 Brother Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,089
Initial cost of building and improvements		7,515
Costs Capitalized Subsequent to Acquisition		253
Gross amounts of land		1,089
Gross amounts of building and improvements		7,768
Total real estate properties gross	[2]	8,857
Accumulated Depreciation	[3]	$ 1,394
Year Built/Renovated	[4]	1987/2019
Depreciable Life (in years)	[5]	17 years
Year Acquired		2021
Memphis, TN - 6290 Shelby View Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 163
Initial cost of building and improvements		4,631
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		163
Gross amounts of building and improvements		4,631
Total real estate properties gross	[2]	4,794
Accumulated Depreciation	[3]	$ 371
Year Built/Renovated	[4]	1999/2003
Depreciable Life (in years)	[5]	36 years
Year Acquired		2021
Memphis, TN - 10455 Marina Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		613
Initial cost of building and improvements		6,154
Costs Capitalized Subsequent to Acquisition		988
Gross amounts of land		613
Gross amounts of building and improvements		7,142
Total real estate properties gross	[2]	7,755
Accumulated Depreciation	[3]	$ 805
Year Built/Renovated	[4]	1986
Depreciable Life (in years)	[5]	20 years
Year Acquired		2022
Memphis, TN - 10682 Ridgewood Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		261
Initial cost of building and improvements		3,513
Costs Capitalized Subsequent to Acquisition		225
Gross amounts of land		261
Gross amounts of building and improvements		3,738
Total real estate properties gross	[2]	3,999
Accumulated Depreciation	[3]	$ 355
Year Built/Renovated	[4]	1985
Depreciable Life (in years)	[5]	23 years
Year Acquired		2022
Memphis, TN - 1814 S Third Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		469
Initial cost of building and improvements		2,510
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		469
Gross amounts of building and improvements		2,510
Total real estate properties gross	[2]	2,979
Accumulated Depreciation	[3]	$ 470
Year Built/Renovated	[4]	1966
Depreciable Life (in years)	[5]	14 years
Year Acquired		2022
Memphis, TN - 3650 Distriplex Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		704
Initial cost of building and improvements		12,847
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		704
Gross amounts of building and improvements		12,847
Total real estate properties gross	[2]	13,551
Accumulated Depreciation	[3]	$ 1,160
Year Built/Renovated	[4]	1997
Depreciable Life (in years)	[5]	24 years
Year Acquired		2022
Memphis, TN - 3670 South Perkins Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		215
Initial cost of building and improvements		2,242
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		215
Gross amounts of building and improvements		2,242
Total real estate properties gross	[2]	2,457
Accumulated Depreciation	[3]	$ 268
Year Built/Renovated	[4]	1974
Depreciable Life (in years)	[5]	18 years
Year Acquired		2022
Memphis, TN - 3980 Premier Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		354
Initial cost of building and improvements		3,835
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		354
Gross amounts of building and improvements		3,835
Total real estate properties gross	[2]	4,189
Accumulated Depreciation	[3]	$ 498
Year Built/Renovated	[4]	1964
Depreciable Life (in years)	[5]	17 years
Year Acquired		2022
Memphis, TN - 5846 Distribution Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		164
Initial cost of building and improvements		2,092
Costs Capitalized Subsequent to Acquisition		226
Gross amounts of land		164
Gross amounts of building and improvements		2,318
Total real estate properties gross	[2]	2,482
Accumulated Depreciation	[3]	$ 208
Year Built/Renovated	[4]	1984
Depreciable Life (in years)	[5]	30 years
Year Acquired		2022
Memphis, TN - 7560 Priority Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		159
Initial cost of building and improvements		1,561
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		159
Gross amounts of building and improvements		1,561
Total real estate properties gross	[2]	1,720
Accumulated Depreciation	[3]	$ 185
Year Built/Renovated	[4]	1988
Depreciable Life (in years)	[5]	21 years
Year Acquired		2022
Memphis, TN - 8970 Deerfield Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		241
Initial cost of building and improvements		2,256
Costs Capitalized Subsequent to Acquisition		340
Gross amounts of land		241
Gross amounts of building and improvements		2,596
Total real estate properties gross	[2]	2,837
Accumulated Depreciation	[3]	$ 300
Year Built/Renovated	[4]	1977
Depreciable Life (in years)	[5]	22 years
Year Acquired		2022
Memphis, TN - Collins Industrial Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		950
Initial cost of building and improvements		12,889
Costs Capitalized Subsequent to Acquisition		1,266
Gross amounts of land		950
Gross amounts of building and improvements		14,155
Total real estate properties gross	[2]	15,105
Accumulated Depreciation	[3]	$ 1,316
Year Built/Renovated	[4]	1989-2001
Year Acquired		2022
Memphis, TN - Collins Industrial Memphis | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	32 years
Memphis, TN - Collins Industrial Memphis | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	16 years
Memphis, TN - Outland Center Memphis I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		678
Initial cost of building and improvements		9,227
Costs Capitalized Subsequent to Acquisition		600
Gross amounts of land		678
Gross amounts of building and improvements		9,827
Total real estate properties gross	[2]	10,505
Accumulated Depreciation	[3]	$ 963
Year Built/Renovated	[4]	1988
Year Acquired		2022
Memphis, TN - Outland Center Memphis I | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	25 years
Memphis, TN - Outland Center Memphis I | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	21 years
Memphis, TN - Outland Center Memphis II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		892
Initial cost of building and improvements		7,424
Costs Capitalized Subsequent to Acquisition		759
Gross amounts of land		892
Gross amounts of building and improvements		8,183
Total real estate properties gross	[2]	9,075
Accumulated Depreciation	[3]	$ 1,063
Year Built/Renovated	[4]	1989
Year Acquired		2022
Memphis, TN - Outland Center Memphis II | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	22 years
Memphis, TN - Outland Center Memphis II | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	15 years
Memphis, TN - Outland/Burbank Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		924
Initial cost of building and improvements		12,805
Costs Capitalized Subsequent to Acquisition		875
Gross amounts of land		924
Gross amounts of building and improvements		13,680
Total real estate properties gross	[2]	14,604
Accumulated Depreciation	[3]	$ 1,343
Year Built/Renovated	[4]	1969-1996
Year Acquired		2022
Memphis, TN - Outland/Burbank Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	23 years
Memphis, TN - Outland/Burbank Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	20 years
Memphis, TN - Place Industrial Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		342
Initial cost of building and improvements		3,529
Costs Capitalized Subsequent to Acquisition		411
Gross amounts of land		342
Gross amounts of building and improvements		3,940
Total real estate properties gross	[2]	4,282
Accumulated Depreciation	[3]	$ 496
Year Built/Renovated	[4]	1980-1988
Year Acquired		2022
Memphis, TN - Place Industrial Memphis | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	25 years
Memphis, TN - Place Industrial Memphis | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	20 years
Memphis, TN - Shelby Distribution II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		312
Initial cost of building and improvements		4,564
Costs Capitalized Subsequent to Acquisition		212
Gross amounts of land		312
Gross amounts of building and improvements		4,776
Total real estate properties gross	[2]	5,088
Accumulated Depreciation	[3]	$ 415
Year Built/Renovated	[4]	1998
Year Acquired		2022
Memphis, TN - Shelby Distribution II | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	27 years
Memphis, TN - Shelby Distribution II | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[5]	25 years
Memphis, TN - Willow Lake Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		231
Initial cost of building and improvements		2,861
Costs Capitalized Subsequent to Acquisition		17
Gross amounts of land		231
Gross amounts of building and improvements		2,878
Total real estate properties gross	[2]	3,109
Accumulated Depreciation	[3]	$ 300
Year Built/Renovated	[4]	1989
Depreciable Life (in years)	[5]	23 years
Year Acquired		2022
Memphis, TN - AE Beaty Drive/Appling Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 850
Initial cost of building and improvements		6,589
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		850
Gross amounts of building and improvements		6,589
Total real estate properties gross	[2]	7,439
Accumulated Depreciation	[3]	$ 375
Year Built/Renovated	[4]	2006
Depreciable Life (in years)	[5]	45 years
Year Acquired		2022
St. Louis, MO - 2635-2645 Metro Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,576
Costs Capitalized Subsequent to Acquisition		16
Gross amounts of land		656
Gross amounts of building and improvements		2,592
Total real estate properties gross	[2]	3,248
Accumulated Depreciation	[3]	$ 444
Year Built/Renovated	[4]	1979
Depreciable Life (in years)	[5]	30 years
Year Acquired		2019
St. Louis, MO - 5531-5555 Phantom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,133
Initial cost of building and improvements		3,976
Costs Capitalized Subsequent to Acquisition		22
Gross amounts of land		1,133
Gross amounts of building and improvements		3,998
Total real estate properties gross	[2]	5,131
Accumulated Depreciation	[3]	$ 916
Year Built/Renovated	[4]	1971
Depreciable Life (in years)	[5]	22 years
Year Acquired		2019
St. Louis, MO - Grissom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,780
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		656
Gross amounts of building and improvements		2,780
Total real estate properties gross	[2]	3,436
Accumulated Depreciation	[3]	$ 588
Year Built/Renovated	[4]	1970
Depreciable Life (in years)	[5]	19 years
Year Acquired		2020
St. Louis, MO - St. Louis Commerce Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,927
Initial cost of building and improvements		20,995
Costs Capitalized Subsequent to Acquisition		406
Gross amounts of land		3,927
Gross amounts of building and improvements		21,401
Total real estate properties gross	[2]	25,328
Accumulated Depreciation	[3]	$ 2,659
Year Built/Renovated	[4]	1999-2001
Depreciable Life (in years)	[5]	33 years
Year Acquired		2020
St, Louis, MO - 11646 Lakeside Crossing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,282
Initial cost of building and improvements		9,293
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		1,282
Gross amounts of building and improvements		9,299
Total real estate properties gross	[2]	10,581
Accumulated Depreciation	[3]	$ 680
Year Built/Renovated	[4]	2005
Depreciable Life (in years)	[5]	35 years
Year Acquired		2021
St, Louis, MO - 160-275 Corporate Woods Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,183
Initial cost of building and improvements		5,956
Costs Capitalized Subsequent to Acquisition		187
Gross amounts of land		2,183
Gross amounts of building and improvements		6,143
Total real estate properties gross	[2]	8,326
Accumulated Depreciation	[3]	$ 1,019
Year Built/Renovated	[4]	1990
Depreciable Life (in years)	[5]	19 years
Year Acquired		2021
St, Louis, MO - 3919 Lakeview Corporate Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,265
Initial cost of building and improvements		46,225
Costs Capitalized Subsequent to Acquisition		247
Gross amounts of land		4,265
Gross amounts of building and improvements		46,472
Total real estate properties gross	[2]	50,737
Accumulated Depreciation	[3]	$ 3,220
Year Built/Renovated	[4]	2019
Depreciable Life (in years)	[5]	37 years
Year Acquired		2021
St, Louis, MO - 3051 Gateway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,148
Initial cost of building and improvements		29,791
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,148
Gross amounts of building and improvements		29,791
Total real estate properties gross	[2]	32,939
Accumulated Depreciation	[3]	$ 2,173
Year Built/Renovated	[4]	2016
Depreciable Life (in years)	[5]	36 years
Year Acquired		2021
St, Louis, MO - 349 Gateway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[1]
Initial Costs of Land		3,255
Initial cost of building and improvements		36,451
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,255
Gross amounts of building and improvements		36,451
Total real estate properties gross	[2]	39,706
Accumulated Depreciation	[3]	$ 3,561
Year Built/Renovated	[4]	2016
Depreciable Life (in years)	[5]	36 years
Year Acquired		2021
St, Louis, MO - 4848 Park 370 Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,041
Initial cost of building and improvements		6,127
Costs Capitalized Subsequent to Acquisition		13
Gross amounts of land		1,041
Gross amounts of building and improvements		6,140
Total real estate properties gross	[2]	7,181
Accumulated Depreciation	[3]	$ 527
Year Built/Renovated	[4]	2006
Depreciable Life (in years)	[5]	32 years
Year Acquired		2021
St, Louis, MO - 9150 Latty Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,674
Initial cost of building and improvements		5,076
Costs Capitalized Subsequent to Acquisition		80
Gross amounts of land		1,674
Gross amounts of building and improvements		5,156
Total real estate properties gross	[2]	6,830
Accumulated Depreciation	[3]	$ 828
Year Built/Renovated	[4]	1965/2018
Depreciable Life (in years)	[5]	22 years
Year Acquired		2021
St. Louis, MO - 1901-1939 Belt Way Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,492
Initial cost of building and improvements		5,109
Costs Capitalized Subsequent to Acquisition		164
Gross amounts of land		2,492
Gross amounts of building and improvements		5,273
Total real estate properties gross	[2]	7,765
Accumulated Depreciation	[3]	$ 488
Year Built/Renovated	[4]	1986
Depreciable Life (in years)	[5]	26 years
Year Acquired		2022
Total Real Estate Owned
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 225,335
Initial cost of building and improvements		1,231,624
Costs Capitalized Subsequent to Acquisition		99,699
Gross amounts of land		224,945
Gross amounts of building and improvements		1,331,713
Total real estate properties gross		1,556,658
Accumulated Depreciation		$ 266,760
[1]These properties secure the $266,887 Secured Debt.[2]Total does not include development projects of $3,412, corporate office leasehold improvements of $2,456, Columbus property management office of $4,495 and the finance lease right of use asset of $845 related to the ground sublease at 2100 International Parkway.[3]Total does not include accumulated depreciation related to corporate office leasehold improvements of $996 and Columbus property management office of $290.[4]Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems.[5]Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements.

Schedule III Real Estate Prop_2

Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate
Balance at the beginning of the year	$ 1,555,846	$ 1,254,007	$ 886,681
Additions during the year	29,615	302,265	374,461
Disposals during the year	(17,595)	(426)	(7,135)
Balance at the end of the year	1,567,866	1,555,846	1,254,007
Accumulated Depreciation
Balance at the beginning of the year	205,629	142,192	98,283
Depreciation expense	67,920	63,557	45,398
Disposals during the year	(5,503)	(120)	(1,489)
Balance at the end of the year	$ 268,046	$ 205,629	$ 142,192

Schedule III (Details Narrative

Schedule III (Details Narrative) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate federal income tax basis	$ 1,545,269