Plymouth Industrial REIT (PLYM) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38106
Entity Registrant Name	PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key	0001515816
Entity Tax Identification Number	27-5466153
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	20 Custom House Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	(617)
Local Phone Number	340-3814
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,382,076

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate properties	$ 1,551,254	$ 1,567,866
Net investment in sales-type lease	21,459
Less accumulated depreciation	(277,253)	(268,046)
Real estate properties, net	1,295,460	1,299,820
Cash	16,812	14,493
Cash held in escrow	3,222	4,716
Restricted cash	7,203	6,995
Deferred lease intangibles, net	46,396	51,474
Other assets	39,670	42,734
Interest rate swaps	26,382	21,667
Total assets	1,435,145	1,441,899
Liabilities:
Secured debt, net	265,619	266,887
Unsecured debt, net	448,158	447,990
Borrowings under line of credit	155,400	155,400
Accounts payable, accrued expenses and other liabilities	68,049	73,904
Deferred lease intangibles, net	5,590	6,044
Financing lease liability	2,278	2,271
Interest rate swaps	189	1,161
Total liabilities	945,283	953,657
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 45,382,076 and 45,250,184 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	453	452
Additional paid in capital	634,651	644,938
Accumulated deficit	(176,388)	(182,606)
Accumulated other comprehensive income	25,859	20,233
Total stockholders' equity	484,575	483,017
Non-controlling interest	5,287	5,225
Total equity	489,862	488,242
Total liabilities and equity	$ 1,435,145	$ 1,441,899

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	45,382,076	45,250,184
Common stock, shares outstanding	45,382,076	45,250,184

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Rental revenue	$ 50,190	$ 49,371
Management fee revenue and other income	38	29
Total revenues	50,228	49,400
Operating expenses:
Property	16,642	15,954
Depreciation and amortization	22,368	23,800
General and administrative	3,364	3,447
Total operating expenses	42,374	43,201
Other income (expense):
Interest expense	(9,598)	(9,535)
Gain on sale of real estate	8,030
Total other income (expense)	(1,568)	(9,535)
Net income (loss)	6,286	(3,336)
Less: Net income (loss) attributable to non-controlling interest	68	(38)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.	6,218	(3,298)
Less: Preferred Stock dividends		916
Less: Loss on extinguishment/redemption of Series A Preferred Stock		2
Less: Amount allocated to participating securities	94	88
Net income (loss) attributable to common stockholders	$ 6,124	$ (4,304)
Net income (loss) per share attributable to common stockholders — basic	$ 0.14	$ (0.10)
Net income (loss) per share attributable to common stockholders — diluted	$ 0.14	$ (0.10)
Weighted-average common shares outstanding — basic	44,936,597	42,604,770
Weighted-average common shares outstanding — diluted	44,970,884	42,604,770

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net income (loss)	$ 6,286	$ (3,336)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps	5,687	(7,070)
Other comprehensive income (loss)	5,687	(7,070)
Comprehensive income (loss)	11,973	(10,406)
Less: Net income (loss) attributable to non-controlling interest	68	(38)
Less: Other comprehensive income (loss) attributable to non-controlling interest	61	(81)
Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc.	$ 11,844	$ (10,287)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY UNAUDITED - USD ($) $ in Thousands	Preferred Stock Series A [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, 2022	$ 46,844	$ 428	$ 635,068	$ (194,243)	$ 29,739	$ 470,992	$ 5,389	$ 476,381
Beginning balance, shares at Dec. 31, 2022	1,955,513	42,849,489
Repurchase and extinguishment of Series A Preferred Stock	$ (41)			(2)		(2)		(2)
Repurchase and extinguishment of Series A Preferred Stock, shares	(1,730)
Net proceeds from common stock			(137)			(137)		(137)
Stock based compensation			585			585		585
Restricted shares issued (forfeited)		$ 2	(2)
Restricted shares issued (forfeited), shares		181,375
Dividends and distributions			(10,598)			(10,598)	(110)	(10,708)
Other comprehensive income					(6,989)	(6,989)	(81)	(7,070)
Reallocation of non-controlling interest			26			26	(26)
Net income (loss)				(3,298)		(3,298)	(38)	(3,336)
Ending balance, value at Mar. 31, 2023	$ 46,803	$ 430	624,942	(197,543)	22,750	450,579	5,134	455,713
Beginning balance, shares at Mar. 31, 2023	1,953,783	43,030,864
Beginning balance, value at Dec. 31, 2023		$ 452	644,938	(182,606)	20,233	483,017	5,225	488,242
Beginning balance, shares at Dec. 31, 2023		45,250,184
Net proceeds from common stock			(245)			(245)		(245)
Stock based compensation			914			914		914
Restricted shares issued (forfeited)		$ 1	(1)
Restricted shares issued (forfeited), shares		131,892
Dividends and distributions			(10,904)			(10,904)	(118)	(11,022)
Other comprehensive income					5,626	5,626	61	5,687
Reallocation of non-controlling interest			(51)			(51)	51
Net income (loss)				6,218		6,218	68	6,286
Ending balance, value at Mar. 31, 2024		$ 453	$ 634,651	$ (176,388)	$ 25,859	$ 484,575	$ 5,287	$ 489,862
Beginning balance, shares at Mar. 31, 2024		45,382,076

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ 6,286	$ (3,336)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,368	23,800
Straight line rent adjustment	(15)	(912)
Intangible amortization in rental revenue, net	(318)	(734)
Amortization of debt related costs	438	568
Stock based compensation	914	585
Gain on sale of real estate	(8,030)
Changes in operating assets and liabilities:
Other assets	1,785	1,946
Deferred leasing costs	(1,043)	(1,060)
Accounts payable, accrued expenses and other liabilities	(5,771)	(2,255)
Net cash provided by operating activities	16,614	18,602
Investing activities
Real estate improvements	(3,760)	(8,968)
Net investment in sales-type lease	21
Net cash used in investing activities	(3,739)	(8,968)
Financing activities
(Payment) Proceeds from issuance of common stock, net	(245)	(137)
Repayment of secured debt	(1,306)	(1,768)
Proceeds from line of credit facility		10,000
Repurchase of Series A Preferred Stock		(43)
Debt issuance costs		(17)
Dividends and distributions paid	(10,291)	(10,450)
Net cash used in financing activities	(11,842)	(2,415)
Net increase (decrease) in cash, cash held in escrow, and restricted cash	1,033	7,219
Cash, cash held in escrow, and restricted cash at beginning of period	26,204	31,213
Cash, cash held in escrow, and restricted cash at end of period	27,237	38,432
Supplemental Cash Flow Disclosures:
Cash paid for interest	9,337	9,008
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in accounts payable, accrued expenses and other liabilities	10,938	9,682
Distribution payable to non-controlling interest holder	118	110
Real estate improvements included in accounts payable, accrued expenses and other liabilities	1,232	5,758
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$ 403	$ 1,913

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of March 31, 2024 and December 31, 2023, 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 March 31, 2024, the Company, through its subsidiaries, owned 156 211 34.0 17,260

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, 2023 and 2022. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows: Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly state the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. These interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2023 and 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the United States Securities and Exchange Commission on February 22, 2024. Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a VIE that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our condensed consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, 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 condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets and its stock-based compensation. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, and cash held in escrow for real estate tax, insurance, tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2024, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions or within accounts that are below the federally insured limits. The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our condensed consolidated balance sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash March 31, December 31, 2024 2023 Cash $ 16,812 $ 14,493 Cash held in escrow 3,222 4,716 Restricted cash 7,203 6,995 Cash, cash held in escrow, and restricted cash $ 27,237 $ 26,204 Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 6,787 3,856 3,603 1,237 1,469 Derivative Instruments and Hedging Activities We record all derivatives on the accompanying condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying condensed consolidated balance sheets. Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. See Note 10 for details. Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 5, 6 and 9 respectively. Financial instruments, including cash, restricted cash, cash held in escrow, accounts receivable, accounts payable, accrued expenses and other current liabilities, are considered Level 1 in fair value hierarchy. The amounts reported on the condensed consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 6. Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the condensed consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market-based pricing on longer duration financing instruments. Revenue Recognition Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the 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.

Real Estate Properties, Net

Real Estate Properties, Net	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Properties, Net	3. Real Estate Properties, Net Real estate properties, net consisted of the following at March 31, 2024 and December 31, 2023: Real estate properties - schedule of real estate properties March 31, December 31, 2024 2023 Land $ 224,532 $ 226,020 Buildings and improvements 1,189,394 1,203,355 Site improvements 129,698 130,638 Construction in progress 7,630 7,853 Real estate properties at cost 1,551,254 1,567,866 Net investment in sales-type lease 21,459 — Less: accumulated depreciation (277,253 ) (268,046 ) Real estate properties, net $ 1,295,460 $ 1,299,820 Depreciation expense was $ 17,431 16,871 Acquisition of Properties There were no acquisitions of properties during the three months ended March 31, 2024.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	4. Leases As a Lessor Operating Leases We lease our properties to tenants under agreements that are typically 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 have triple net provisions or modified gross lease expense reimbursement provisions in order to recover certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the condensed consolidated statements of operations. Some of our tenants’ leases are subject to changes in the Consumer Price Index (“CPI”). The Company includes accounts receivable and straight-line rent receivables within other assets in the condensed consolidated balance sheets. For the three months ended March 31, 2024 and 2023, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - schedule of rental revenue components Three Months Ended 2024 2023 Income from leases $ 36,891 $ 35,940 Straight-line rent adjustments 15 912 Tenant recoveries 12,859 11,785 Amortization of above market leases (136 ) (170 ) Amortization of below market leases 454 904 Total $ 50,083 $ 49,371 Tenant recoveries included within rental revenue for the three months ended March 31, 2024 and 2023 are variable in nature. Sales Type Leases During the three months ended March 31, 2024, the tenant occupying a single tenant industrial property located in Columbus, Ohio, provided notice of its intention to exercise its option to purchase the property at a fixed price of $21,480. We believe the exercise of the purchase option is reasonably probable and therefore, in accordance with ASC 842, Leases, there is a lease modification. As a result, we reclassified the respective real estate property to net investment in sales-type lease totaling $ 21,480 19,605 8,094 877 1,062 8,030 Earnings from our Net investment in sales-type lease are included in Rental revenue in the condensed consolidated statements of operations and totaled $ 107 0 Net investment in sales-type lease is summarized as follows: Leases - schedule of net investment in sales-type lease March 31, December 31, 2024 2023 Lease payments receivable (1) $ 21,992 $ — Less: unearned rental revenue (533 ) — Total $ 21,459 $ — ______________ (1) Includes estimated purchase price and total contractual rents through the anticipated close date. Net investment in sales-type leases are assessed for credit loss allowances. No such allowances were recorded as of March 31, 2024 or December 31, 2023. Scheduled future lease payments to be received (exclusive of expenses paid by) under sales-type leases at March 31, 2024 are as follows: Leases - schedule of Finite-Lived Intangible Assets, Future Amortization Expense April 1, 2024 – December 31, 2024 $ 21,992 2025 — 2026 — 2027 — 2028 — Thereafter — Total $ 21,992 As a Lessee Operating Leases As of March 31, 2024, we have five 0.2 31.8 4,606 5,513 4,829 5,789 4.0% 8.3 The following table summarizes the operating lease expense recognized during the three months ended March 31, 2024 and 2023 included in the Company’s condensed consolidated statements of operations. Leases - schedule of lease costs Three Months Ended 2024 2023 Operating lease expense included in General and administrative expense attributable to office leases $ 200 $ 192 Operating lease expense included in property expense attributable to ground sublease 9 9 Non-cash adjustment due to straight-line rent adjustments 43 34 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 252 $ 235 The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases April 1, 2024 – December 31, 2024 $ 947 2025 894 2026 803 2027 818 2028 833 Thereafter 2,658 Total minimum operating lease payments $ 6,953 Less imputed interest (1,440 ) Total operating lease liability $ 5,513 Financing Leases As of March 31, 2024, 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 in the amount of $ 838 845 includes multiple options to extend the sublease between nineteen and twenty years for each respective option. 31.8 2,278 2,271 7.8% 31.8 The following table summarizes the financing lease expense recognized during the three months ended March 31, 2024 and 2023 included in the Company’s condensed consolidated statements of operations. Leases - schedule of finance lease expense Three Months Ended 2024 2023 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 Interest expense for financing lease liability 45 44 Total financing lease cost $ 52 $ 51 The following table summarizes the maturity analysis of our financing lease: Leases - schedule of finance lease, liability, fiscal year maturity April 1, 2024 – December 31, 2024 $ 116 2025 170 2026 170 2027 170 2028 170 Thereafter 6,195 Total minimum financing lease payments $ 6,991 Less imputed interest (4,713 ) Total financing lease liability $ 2,278

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	5. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of March 31, 2024 and December 31, 2023. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt March 31, December 31, March 31, Final Secured debt: Ohio National Life Mortgage 18,245 18,409 4.14% August 1, 2024 Allianz Loan 60,971 61,260 4.07% April 10, 2026 Nationwide Loan 14,870 14,948 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Minnesota Life Memphis Industrial Loan 54,666 54,956 3.15% January 1, 2028 Midland National Life Insurance Mortgage 10,612 10,665 3.50% March 10, 2028 Minnesota Life Loan 19,454 19,569 3.78% May 1, 2028 Transamerica Loan 59,041 59,357 4.35% August 1, 2028 Total secured debt $ 266,659 $ 267,964 Unamortized debt issuance costs, net (1,089 ) (1,174 ) Unamortized premium/(discount), net 49 97 Total secured debt, net $ 265,619 $ 266,887 Unsecured debt: $100m KeyBank Term Loan (2) 100,000 100,000 3.00% (1)(2) August 11, 2026 $200m KeyBank Term Loan (2) 200,000 200,000 3.03% (1)(2) February 11, 2027 $150m KeyBank Term Loan (2) 150,000 150,000 4.40% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (1,842 ) (2,010 ) Total unsecured debt, net $ 448,158 $ 447,990 Borrowings under line of credit: KeyBank unsecured line of credit 155,400 155,400 6.51% (1)(3) August 11, 2025 Total borrowings under line of credit $ 155,400 $ 155,400 _______________ (1) For the month of March 2024, the one-month term SOFR for our unsecured debt was 5.323% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (2) The one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively. (3) $100 million 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%. Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured and unsecured debt and unsecured line of credit as of March 31, 2024. Fair Value of Debt The fair value of our debt and borrowings under line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market interest rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity. The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of March 31, 2024 and December 31, 2023: Indebtedness - schedule of fair value of debt instruments March 31, 2024 December 31, 2023 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 266,659 $ 251,045 $ 267,964 $ 254,114 Unsecured debt 450,000 452,862 450,000 455,229 Borrowings under line of credit, net 155,400 155,143 155,400 155,599 Total 872,059 $ 859,050 873,364 $ 864,942 Unamortized debt issuance cost, net (2,931 ) (3,184 ) Unamortized premium/(discount), net 49 97 Total carrying value $ 869,177 $ 870,277

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	6. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2024 and 2023, 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 March 31, 2024 and December 31, 2023. Derivative financial instruments - schedule of interest rate derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest March 31, December 31, March 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% $ 200,000 $ 200,000 $ 14,507 $ 12,539 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% $ 100,000 $ 100,000 $ 6,398 $ 5,692 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 2,740 $ 1,723 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,369 $ 861 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,368 $ 852 Wells Fargo Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 $ 50,000 $ (91) $ (577 ) JPMorgan Chase Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (49) $ (292 ) Capital One, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (49) $ (292 ) _______________ (1) Represents the notional value of interest rate swaps effective as of March 31, 2024. (2) As of March 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $26.4 million and the remaining three interest rate swaps were in a liability position of approximately $0.2 million. 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 $16,761 will be reclassified as a decrease to interest expense. The following table sets forth the impact of our interest rate swaps on our condensed consolidated financial statements for the three months ended March 31, 2024 and 2023. Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss) For the Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships: 2024 2023 Amount of unrealized gain recognized in AOCI on derivatives $ 5,687 $ (7,070 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,958 $ 2,852 Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following tables summarize the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. Derivative financial instruments - schedule of derivative assets at fair value Fair Value Measurements as of March 31, 2024 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 26,382 $ — $ 26,382 $ — Interest rate swaps - Liability $ 189 $ — $ 189 $ — 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 $ — 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 March 31, 2024, the fair value of three of the eight interest rate swaps were in a net liability position. As of March 31, 2024, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2024, it could have been required to settle its obligations under the agreements at their termination value.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2024
Common Stock
Common Stock	7. Common Stock ATM Program On February 27, 2024, the Company entered into a distribution agreement with certain sales agents pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross proceeds of $ 200,000 For the three months ended March 31, 2024, the Company did no 200,000 Common Stock Dividends The following table sets forth the common stock dividends that were declared during the three months ended March 31, 2024 and the year ended December 31, 2023. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2024 First quarter $ 0.2400 $ 10,904 Total $ 0.2400 $ 10,904 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

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interests	8. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued Operating Partnership Units (“OP Units”) to the former owners as part of the acquisition price. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The holders of the OP Units can also convert their respective OP Units for the Company’s common stock on a 1-to-1 basis. Upon conversion, the Company adjusts the carrying value of non-controlling interest to reflect its modified share of the book value of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying condensed consolidated statements of changes in preferred stock and equity. OP Units outstanding as of March 31, 2024 and December 31, 2023 was 490,299 The following table sets forth the OP Unit distributions that were declared during the three months ended March 31, 2024 and the year ended December 31, 2023. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2024 First quarter $ 0.2400 $ 118 Total $ 0.2400 $ 118 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 The proportionate share of the gain (loss) attributed to the OP Units was $ 68 ($38)

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Award Plan	9. Incentive Award Plan Restricted Stock The following table is a summary of the total restricted shares granted, forfeited and vested for the three months ended March 31, 2024: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2024 370,843 Granted 131,892 Forfeited — Vested (110,858 ) Unvested restricted stock at March 31, 2024 391,877 The Company recorded equity-based compensation expense related to restricted stock in the amount of $ 762 585 7,573 3.2 131,892 2,892 21.93 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 three months ended March 31, 2024 and year ended December 31, 2023. Incentive award plan - schedule of unvested restricted stock units activity Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 30.15 Vested — — Forfeited — — Balance at December 31, 2023 51,410 $ 30.15 Granted — — Vested — — Forfeited — — Balance at March 31, 2024 51,410 $ 30.15 The Company recorded equity-based compensation expense related to the PSUs in the amount of $ 152 0 1,068 1.8

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	10. Earnings per Share Net Income (Loss) per Common Share Basic and diluted earnings per share attributable to common stockholders was calculated as follows: Earnings per Share - schedule of earnings per share Three Months Ended 2024 2023 Numerator Net income (loss) $ 6,286 $ (3,336 ) Less: Net income (loss) attributable to non-controlling interest 68 (38 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 6,218 (3,298 ) Less: Preferred Stock dividends — 916 Less: Loss on extinguishment/redemption of Series A Preferred Stock — 2 Less: Amount allocated to participating securities 94 88 Net income (loss) attributable to common stockholders $ 6,124 $ (4,304 ) Denominator Weighted-average common shares outstanding — basic 44,936,597 42,604,770 Effect of dilutive securities Add: Stock-based compensation (1) 34,287 — Weighted-average common shares outstanding — diluted 44,970,884 42,604,770 Net income (loss) per share – basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.14 $ (0.10 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.14 $ (0.10 ) _______________ (1) During the three months ended March 31, 2024, there were approximately 31,675 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended March 31, 2023, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders. The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic earnings per share (“EPS”) calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain nonforfeitable rights to dividends. PSUs, which are subject to vesting based on the Company achieving certain total shareholder return thresholds over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when the total shareholder return thresholds are achieved at or above the threshold levels specific in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. In periods where there is a net loss attributable to common stockholders, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities for the three months ended March 31, 2024 include the 391,877 26,073

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, Managing Director, 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 $350 to $650 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and concluded that there were no subsequent events requiring adjustment or disclosure to the condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly state the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. These interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, 2023 and 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the United States Securities and Exchange Commission on February 22, 2024.
Consolidation	Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a VIE that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our condensed consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, 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 condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets and its stock-based compensation. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5, and cash held in escrow for real estate tax, insurance, tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of March 31, 2024, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions or within accounts that are below the federally insured limits. The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our condensed consolidated balance sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash March 31, December 31, 2024 2023 Cash $ 16,812 $ 14,493 Cash held in escrow 3,222 4,716 Restricted cash 7,203 6,995 Cash, cash held in escrow, and restricted cash $ 27,237 $ 26,204
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations. Debt issuance costs amounted to $ 6,787 3,856 3,603 1,237 1,469
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on the accompanying condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying condensed consolidated balance sheets.
Earnings (Loss) per Share	Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. See Note 10 for details.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 5, 6 and 9 respectively. Financial instruments, including cash, restricted cash, cash held in escrow, accounts receivable, accounts payable, accrued expenses and other current liabilities, are considered Level 1 in fair value hierarchy. The amounts reported on the condensed consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 6.
Leases	Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the condensed consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market-based pricing on longer duration financing instruments.
Revenue Recognition	Revenue Recognition Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash	The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our condensed consolidated balance sheets to amounts reported within our condensed consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash March 31, December 31, 2024 2023 Cash $ 16,812 $ 14,493 Cash held in escrow 3,222 4,716 Restricted cash 7,203 6,995 Cash, cash held in escrow, and restricted cash $ 27,237 $ 26,204

Real Estate Properties, Net (Ta

Real Estate Properties, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real estate properties - schedule of real estate properties	Real estate properties, net consisted of the following at March 31, 2024 and December 31, 2023: Real estate properties - schedule of real estate properties March 31, December 31, 2024 2023 Land $ 224,532 $ 226,020 Buildings and improvements 1,189,394 1,203,355 Site improvements 129,698 130,638 Construction in progress 7,630 7,853 Real estate properties at cost 1,551,254 1,567,866 Net investment in sales-type lease 21,459 — Less: accumulated depreciation (277,253 ) (268,046 ) Real estate properties, net $ 1,295,460 $ 1,299,820

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Leases - schedule of rental revenue components	Rental revenue is comprised of the following: Leases - schedule of rental revenue components Three Months Ended 2024 2023 Income from leases $ 36,891 $ 35,940 Straight-line rent adjustments 15 912 Tenant recoveries 12,859 11,785 Amortization of above market leases (136 ) (170 ) Amortization of below market leases 454 904 Total $ 50,083 $ 49,371
Leases - schedule of net investment in sales-type lease	Net investment in sales-type lease is summarized as follows: Leases - schedule of net investment in sales-type lease March 31, December 31, 2024 2023 Lease payments receivable (1) $ 21,992 $ — Less: unearned rental revenue (533 ) — Total $ 21,459 $ — ______________ (1) Includes estimated purchase price and total contractual rents through the anticipated close date.
Leases - schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Scheduled future lease payments to be received (exclusive of expenses paid by) under sales-type leases at March 31, 2024 are as follows: Leases - schedule of Finite-Lived Intangible Assets, Future Amortization Expense April 1, 2024 – December 31, 2024 $ 21,992 2025 — 2026 — 2027 — 2028 — Thereafter — Total $ 21,992
Leases - schedule of lease costs	The following table summarizes the operating lease expense recognized during the three months ended March 31, 2024 and 2023 included in the Company’s condensed consolidated statements of operations. Leases - schedule of lease costs Three Months Ended 2024 2023 Operating lease expense included in General and administrative expense attributable to office leases $ 200 $ 192 Operating lease expense included in property expense attributable to ground sublease 9 9 Non-cash adjustment due to straight-line rent adjustments 43 34 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 252 $ 235
Leases - schedule of lessee future minimum rental commitments under non-cancellable leases	The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases April 1, 2024 – December 31, 2024 $ 947 2025 894 2026 803 2027 818 2028 833 Thereafter 2,658 Total minimum operating lease payments $ 6,953 Less imputed interest (1,440 ) Total operating lease liability $ 5,513
Leases - schedule of finance lease expense	The following table summarizes the financing lease expense recognized during the three months ended March 31, 2024 and 2023 included in the Company’s condensed consolidated statements of operations. Leases - schedule of finance lease expense Three Months Ended 2024 2023 Depreciation/amortization of financing lease right-of-use assets $ 7 $ 7 Interest expense for financing lease liability 45 44 Total financing lease cost $ 52 $ 51
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 April 1, 2024 – December 31, 2024 $ 116 2025 170 2026 170 2027 170 2028 170 Thereafter 6,195 Total minimum financing lease payments $ 6,991 Less imputed interest (4,713 ) Total financing lease liability $ 2,278

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Indebtedness - schedule of secured and unsecured debt outstanding	The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of March 31, 2024 and December 31, 2023. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt March 31, December 31, March 31, Final Secured debt: Ohio National Life Mortgage 18,245 18,409 4.14% August 1, 2024 Allianz Loan 60,971 61,260 4.07% April 10, 2026 Nationwide Loan 14,870 14,948 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Minnesota Life Memphis Industrial Loan 54,666 54,956 3.15% January 1, 2028 Midland National Life Insurance Mortgage 10,612 10,665 3.50% March 10, 2028 Minnesota Life Loan 19,454 19,569 3.78% May 1, 2028 Transamerica Loan 59,041 59,357 4.35% August 1, 2028 Total secured debt $ 266,659 $ 267,964 Unamortized debt issuance costs, net (1,089 ) (1,174 ) Unamortized premium/(discount), net 49 97 Total secured debt, net $ 265,619 $ 266,887 Unsecured debt: $100m KeyBank Term Loan (2) 100,000 100,000 3.00% (1)(2) August 11, 2026 $200m KeyBank Term Loan (2) 200,000 200,000 3.03% (1)(2) February 11, 2027 $150m KeyBank Term Loan (2) 150,000 150,000 4.40% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (1,842 ) (2,010 ) Total unsecured debt, net $ 448,158 $ 447,990 Borrowings under line of credit: KeyBank unsecured line of credit 155,400 155,400 6.51% (1)(3) August 11, 2025 Total borrowings under line of credit $ 155,400 $ 155,400 _______________ (1) For the month of March 2024, the one-month term SOFR for our unsecured debt was 5.323% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (2) The one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively. (3) $100 million 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 March 31, 2024 and December 31, 2023: Indebtedness - schedule of fair value of debt instruments March 31, 2024 December 31, 2023 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 266,659 $ 251,045 $ 267,964 $ 254,114 Unsecured debt 450,000 452,862 450,000 455,229 Borrowings under line of credit, net 155,400 155,143 155,400 155,599 Total 872,059 $ 859,050 873,364 $ 864,942 Unamortized debt issuance cost, net (2,931 ) (3,184 ) Unamortized premium/(discount), net 49 97 Total carrying value $ 869,177 $ 870,277

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments - schedule of interest rate derivatives	The following table sets forth a summary of our interest rate swaps as of March 31, 2024 and December 31, 2023. Derivative financial instruments - schedule of interest rate derivatives Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest March 31, December 31, March 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% $ 200,000 $ 200,000 $ 14,507 $ 12,539 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% $ 100,000 $ 100,000 $ 6,398 $ 5,692 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 2,740 $ 1,723 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,369 $ 861 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 1,368 $ 852 Wells Fargo Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 $ 50,000 $ (91) $ (577 ) JPMorgan Chase Bank, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (49) $ (292 ) Capital One, N.A. Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (49) $ (292 ) _______________ (1) Represents the notional value of interest rate swaps effective as of March 31, 2024. (2) As of March 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $26.4 million and the remaining three interest rate swaps were in a liability position of approximately $0.2 million.
Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The following table sets forth the impact of our interest rate swaps on our condensed consolidated financial statements for the three months ended March 31, 2024 and 2023. Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss) For the Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships: 2024 2023 Amount of unrealized gain recognized in AOCI on derivatives $ 5,687 $ (7,070 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,958 $ 2,852
Derivative financial instruments - schedule of derivative assets at fair value	The following tables summarize the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. Derivative financial instruments - schedule of derivative assets at fair value Fair Value Measurements as of March 31, 2024 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 26,382 $ — $ 26,382 $ — Interest rate swaps - Liability $ 189 $ — $ 189 $ — 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 $ —

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2024
Common Stock
Common stock - schedule of common stock dividends declared	The following table sets forth the common stock dividends that were declared during the three months ended March 31, 2024 and the year ended December 31, 2023. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2024 First quarter $ 0.2400 $ 10,904 Total $ 0.2400 $ 10,904 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

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Non-controlling interest - schedule of redeemable non-controlling interest	The following table sets forth the OP Unit distributions that were declared during the three months ended March 31, 2024 and the year ended December 31, 2023. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2024 First quarter $ 0.2400 $ 118 Total $ 0.2400 $ 118 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

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive award plan - schedule of nonvested restricted stock shares activity	The following table is a summary of the total restricted shares granted, forfeited and vested for the three months ended March 31, 2024: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Unvested restricted stock at January 1, 2024 370,843 Granted 131,892 Forfeited — Vested (110,858 ) Unvested restricted stock at March 31, 2024 391,877
Incentive award plan - schedule of unvested restricted stock units activity	The following table summarizes activity related to the Company’s unvested PSUs during the three months ended March 31, 2024 and year ended December 31, 2023. Incentive award plan - schedule of unvested restricted stock units activity Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 30.15 Vested — — Forfeited — — Balance at December 31, 2023 51,410 $ 30.15 Granted — — Vested — — Forfeited — — Balance at March 31, 2024 51,410 $ 30.15

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share - schedule of earnings per share	Basic and diluted earnings per share attributable to common stockholders was calculated as follows: Earnings per Share - schedule of earnings per share Three Months Ended 2024 2023 Numerator Net income (loss) $ 6,286 $ (3,336 ) Less: Net income (loss) attributable to non-controlling interest 68 (38 ) Net income (loss) attributable to Plymouth Industrial REIT, Inc. 6,218 (3,298 ) Less: Preferred Stock dividends — 916 Less: Loss on extinguishment/redemption of Series A Preferred Stock — 2 Less: Amount allocated to participating securities 94 88 Net income (loss) attributable to common stockholders $ 6,124 $ (4,304 ) Denominator Weighted-average common shares outstanding — basic 44,936,597 42,604,770 Effect of dilutive securities Add: Stock-based compensation (1) 34,287 — Weighted-average common shares outstanding — diluted 44,970,884 42,604,770 Net income (loss) per share – basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.14 $ (0.10 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.14 $ (0.10 ) _______________ (1) During the three months ended March 31, 2024, there were approximately 31,675 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended March 31, 2023, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 ft² Number	Dec. 31, 2023	Jul. 06, 2023 ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Real estate properites, approximate square feet			297,583
Industrial Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties | Number	156
Number of units in real estate property | Number	211
Real estate properites, approximate square feet	34,000,000
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	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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash	$ 16,812	$ 14,493
Cash held in escrow	3,222	4,716
Restricted cash	7,203	6,995
Cash, cash held in escrow, and restricted cash	$ 27,237	$ 26,204	$ 38,432	$ 31,213

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Debt issuance costs	$ 6,787	$ 6,787
Accumulated amortization	3,856	3,603
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance expense	$ 1,237	$ 1,469

Real estate properties - schedu

Real estate properties - schedule of real estate properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 224,532	$ 226,020
Buildings and improvements	1,189,394	1,203,355
Site improvements	129,698	130,638
Construction in progress	7,630	7,853
Real estate properties at cost	1,551,254	1,567,866
Net investment in sales-type lease	21,459
Less: accumulated depreciation	(277,253)	(268,046)
Real estate properties, net	$ 1,295,460	$ 1,299,820

Real Estate Properties, Net (De

Real Estate Properties, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Depreciation expense	$ 17,431	$ 16,871

Leases - schedule of rental rev

Leases - schedule of rental revenue components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Income from leases	$ 36,891	$ 35,940
Straight-line rent adjustments	15	912
Tenant recoveries	12,859	11,785
Amortization of above market leases	(136)	(170)
Amortization of below market leases	454	904
Total	$ 50,083	$ 49,371

Leases - schedule of net invest

Leases - schedule of net investment in sales-type lease (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Leases
Lease payments receivable	[1]	$ 21,992
Less: unearned rental revenue		(533)
Total		$ 21,459
[1]Includes estimated purchase price and total contractual rents through the anticipated close date.

Leases - schedule of Finite-Liv

Leases - schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases
April 1, 2024 – December 31, 2024	$ 21,992
2025
2026
2027
2028
Thereafter
Total	$ 21,992

Leases - schedule of lease cost

Leases - schedule of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease expense included in General and administrative expense attributable to office leases	$ 200	$ 192
Operating lease expense included in property expense attributable to ground sublease	9	9
Non-cash adjustment due to straight-line rent adjustments	43	34
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 252	$ 235

Leases - schedule of lessee fut

Leases - schedule of lessee future minimum rental commitments under non-cancellable leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
April 1, 2024 – December 31, 2024	$ 947
2025	894
2026	803
2027	818
2028	833
Thereafter	2,658
Total minimum operating lease payments	6,953
Less imputed interest	(1,440)
Total operating lease liability	$ 5,513	$ 5,789

Leases - schedule of finance le

Leases - schedule of finance lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Depreciation/amortization of financing lease right-of-use assets	$ 7	$ 7
Interest expense for financing lease liability	45	44
Total financing lease cost	$ 52	$ 51

Leases - schedule of finance _2

Leases - schedule of finance lease, liability, fiscal year maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
April 1, 2024 – December 31, 2024	$ 116
2025	170
2026	170
2027	170
2028	170
Thereafter	6,195
Total minimum financing lease payments	6,991
Less imputed interest	(4,713)
Total financing lease liability	$ 2,278	$ 2,271

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Net investment in sales-type lease	$ 21,480
Gain on sale of real estate	8,030
[custom:EarningsFromOurNetInvestmentInSalestypeLease]	$ 107	$ 0
Lessee, Operating Lease, Description	five
Operating Lease, Right-of-Use Asset	$ 4,606		$ 4,829
Operating Lease, Liability	$ 5,513		5,789
Operating Lease, Weighted Average Discount Rate, Percent	4%
Operating Lease, Weighted Average Remaining Lease Term	8 years 3 months 18 days
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 838		845
Lessee, Finance Lease, Option to Extend	includes multiple options to extend the sublease between nineteen and twenty years for each respective option.
Lessee, Finance Lease, Remaining Lease Term	31 years 9 months 18 days
Finance Lease, Liability	$ 2,278		$ 2,271
Finance Lease, Weighted Average Discount Rate, Percent	7.80%
Finance Lease, Weighted Average Remaining Lease Term	31 years 9 months 18 days
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	2 months 12 days
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	31 years 9 months 18 days
Real Estate Properties [Member]
Net investment in sales-type lease	$ 19,605
Accumulated Depreciation And Amortization [Member]
Net investment in sales-type lease	8,094
Deferred Lease Intangible Assets [Member]
Net investment in sales-type lease	877
Other Assets [Member]
Net investment in sales-type lease	$ 1,062

Indebtedness - schedule of secu

Indebtedness - schedule of secured and unsecured debt outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured debt		$ 266,659	$ 267,964
Unamortized premium/(discount), net		49	97
Total secured debt, net		265,619	266,887
Total unsecured debt		450,000	450,000
Total unsecured debt, net		448,158	447,990
Total borrowings under line of credit		$ 155,400	155,400
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit
Debt Instrument [Line Items]
Maturity date		Aug. 11, 2025
Interest rate	[1],[2]	6.51%
Unsecured line of credit		$ 155,400	155,400
Secured Debt [Member]
Debt Instrument [Line Items]
Total secured debt		266,659	267,964
Unamortized debt issuance costs, net		(1,089)	(1,174)
Unamortized premium/(discount), net		49	97
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Total secured debt		$ 18,245	18,409
Interest rate		4.14%
Maturity date		Aug. 01, 2024
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured debt		$ 60,971	61,260
Interest rate		4.07%
Maturity date		Apr. 10, 2026
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured debt		$ 14,870	14,948
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		$ 54,666	54,956
Interest rate		3.15%
Maturity date		Jan. 01, 2028
Secured Debt [Member] | Midland National Life Insurance Mortgage
Debt Instrument [Line Items]
Total secured debt		$ 10,612	10,665
Interest rate		3.50%
Maturity date		Mar. 10, 2028
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured debt		$ 19,454	19,569
Interest rate		3.78%
Maturity date		May 01, 2028
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured debt		$ 59,041	59,357
Interest rate		4.35%
Maturity date		Aug. 01, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		$ (1,842)	(2,010)
Total unsecured debt		$ 450,000	450,000
Unsecured Debt [Member] | $100m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[3]	Aug. 11, 2026
Total unsecured debt	[3]	$ 100,000	100,000
Interest rate	[2],[3]	3.00%
Unsecured Debt [Member] | $200m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[3]	Feb. 11, 2027
Total unsecured debt	[3]	$ 200,000	200,000
Interest rate	[2],[3]	3.03%
Unsecured Debt [Member] | $150m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date	[3]	May 02, 2027
Total unsecured debt	[3]	$ 150,000	$ 150,000
Interest rate	[2],[3]	4.40%
[1]$100 million 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 March 2024, the one-month term SOFR for our unsecured debt was 5.323% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 5.327%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment.[3]The one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively.

Indebtedness - schedule of fair

Indebtedness - schedule of fair value of debt instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Secured debt	$ 266,659	$ 267,964
Secured debt, fair value	251,045	254,114
Unsecured debt	450,000	450,000
Unsecured debt, fair value	452,862	455,229
Borrowings under line of credit, net	155,400	155,400
Borrowings under line of credit, net, fair value	155,143	155,599
Total	872,059	873,364
Total fair value	859,050	864,942
Unamortized debt issuance cost, net	(2,931)	(3,184)
Unamortized premium/(discount), net	49	97
Total carrying value	$ 869,177	$ 870,277

Derivative financial instrume_3

Derivative financial instruments - schedule of interest rate derivatives (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Capital One, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Feb. 11, 2027
Notional value	[1]	$ 200,000	$ 200,000
Fair value	[2]	$ 14,507	12,539
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		1.527%
JPMorgan Chase Bank, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Aug. 08, 2026
Notional value	[1]	$ 100,000	100,000
Fair value	[2]	$ 6,398	5,692
JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		1.504%
JPMorgan Chase Bank, N.A. #2
Derivative Instruments, Gain (Loss) [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]	$ 2,740	1,723
JPMorgan Chase Bank, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank, N.A.
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 1,369	861
Wells Fargo Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
Capital One, N.A. #2
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 1,368	852
Capital One, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank Na One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 50,000	50,000
Fair value	[2]	$ (91)	(577)
Wells Fargo Bank Na One [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		4.75%
Jp Morgan Chase Bank Na Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 25,000	25,000
Fair value	[2]	$ (49)	(292)
Jp Morgan Chase Bank Na Three [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		4.758%
Capital One Na Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Trade date		Nov. 10, 2023
Effective date		Nov. 10, 2023
Maturity date		Nov. 01, 2025
Notional value	[1]	$ 25,000	25,000
Fair value	[2]	$ (49)	$ (292)
Capital One Na Three [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
SOFR interest strike rate		4.758%
[1]Represents the notional value of interest rate swaps effective as of March 31, 2024.[2]As of March 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $26.4 million and the remaining three interest rate swaps were in a liability position of approximately $0.2 million.

Derivative financial instrume_4

Derivative financial instruments - schedule of cash flow hedges included in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of unrealized gain recognized in AOCI on derivatives	$ 5,687	$ (7,070)
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 3,958	$ 2,852

Derivative financial instrume_5

Derivative financial instruments - schedule of derivative assets at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Platform Operator, Crypto-Asset [Line Items]
Fair value	$ 26,382	$ 21,667
Interest rate swaps - Liability	189	1,161
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value
Interest rate swaps - Liability
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value	26,382	21,667
Interest rate swaps - Liability	189	1,161
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Fair value
Interest rate swaps - Liability

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
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Common Stock
Cash dividends declared, per share	$ 0.2400	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.9000
Common stock dividends declared, aggregate amount	$ 10,904	$ 10,193	$ 10,193	$ 9,709	$ 9,682	$ 39,777

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Feb. 27, 2024
The 2024 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM Program	$ 200,000	$ 200,000
Shares issued	0
The 2023 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued	0

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
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Cash Distributions Declared per OP Unit	$ 0.2400	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.9000
Aggregate amount	$ 118	$ 110	$ 110	$ 110	$ 110	$ 440

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Operating partnership units, outstanding	490,299		490,299
Loss attributed to non-controlling interest	$ 68	$ (38)

Incentive award plan - schedule

Incentive award plan - schedule of nonvested restricted stock shares activity (Details)	3 Months Ended
	Mar. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	131,892
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock at beginning	370,843
Granted	131,892
Forfeited
Vested	(110,858)
Unvested restricted stock at ending	391,877

Incentive award plan - schedu_2

Incentive award plan - schedule of unvested restricted stock units activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	131,892
Weighted average grant date fair value per unit, Granted	$ 21.93
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock at beginning	51,410
Weighted average grant date fair value per unit, beginning	$ 30.15
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
Unvested restricted stock at ending	51,410	51,410
Weighted average grant date fair value per unit, ending	$ 30.15	$ 30.15

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 762	$ 585
Unrecognized compensation expense		$ 7,573
Weighted average period for recognition		3 years 2 months 12 days
Shares granted		131,892
Weighted average fair value		$ 2,892
Weighted average fair value, per share		$ 21.93
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 1,068
Weighted average period for recognition		1 year 9 months 18 days
Shares granted				51,410
Weighted average fair value	$ 1,550
Weighted average fair value, per share				$ 30.15
Shares granted	51,410
Volatility	29%
Dividend	4.20%
Risk free interest rate	4.20%
Equity-based compensation expenses		$ 152	$ 0

Earnings per Share - schedule o

Earnings per Share - schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income (loss)		$ 6,286	$ (3,336)
Less: Net income (loss) attributable to non-controlling interest		68	(38)
Net income (loss) attributable to Plymouth Industrial REIT, Inc.		6,218	(3,298)
Less: Preferred Stock dividends			916
Less: Loss on extinguishment/redemption of Series A Preferred Stock			2
Less: Amount allocated to participating securities		94	88
Net income (loss) attributable to common stockholders		$ 6,124	$ (4,304)
Denominator
Weighted-average common shares outstanding — basic		44,936,597	42,604,770
Effect of dilutive securities
Add: Stock-based compensation	[1]	34,287
Weighted-average common shares outstanding — diluted		44,970,884	42,604,770
Net income (loss) per share – basic and diluted
Net income (loss) per share attributable to common stockholders — basic		$ 0.14	$ (0.10)
Net income (loss) per share attributable to common stockholders — diluted		$ 0.14	$ (0.10)
[1]During the three months ended March 31, 2024, there were approximately 31,675 unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. During the three months ended March 31, 2023, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Mar. 31, 2024 shares
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	391,877
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	26,073

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - ft²	3 Months Ended
	Mar. 31, 2024	Jul. 06, 2023
Commitments and Contingencies Disclosure [Abstract]
Employment agreements	As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $350 to $650 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.
Equity Method Investment, Ownership Percentage		98%
Area of Real Estate Property		297,583