Plymouth Industrial REIT (PLYM) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 954,174,904
Entity Common Stock, Shares Outstanding		45,550,898
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s Definitive Proxy Statement relating to its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2024.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Real estate properties	$ 1,418,305	$ 1,567,866
Less accumulated depreciation	(261,608)	(268,046)
Real estate properties, net	1,156,697	1,299,820
Cash	17,546	14,493
Cash held in escrow	1,964	4,716
Restricted cash	24,117	6,995
Investment in unconsolidated joint ventures	62,377
Deferred lease intangibles, net	41,677	51,474
Interest rate swaps	17,760	21,667
Other assets	42,622	42,734
Forward contract asset	3,658
Total assets	1,368,418	1,441,899
Liabilities:
Secured debt, net	175,980	266,887
Unsecured debt, net	447,741	447,990
Borrowings under line of credit	20,000	155,400
Accounts payable, accrued expenses and other liabilities	83,827	73,904
Warrant liability	45,908
Deferred lease intangibles, net	5,026	6,044
Interest rate swaps	520	1,161
Financing lease liability	2,297	2,271
Total liabilities	781,299	953,657
Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 45,389,186 and 45,250,184 shares issued and outstanding at December 31, 2024 and 2023, respectively	454	452
Additional paid in capital	604,839	644,938
Accumulated deficit	(43,262)	(182,606)
Accumulated other comprehensive income	17,517	20,233
Total stockholders' equity	579,548	483,017
Non-controlling interest	6,312	5,225
Total equity	585,860	488,242
Total liabilities, redeemable non-controlling interest and equity	1,368,418	1,441,899
Series A Preferred Stock [Member]
Liabilities:
Preferred stock	$ 1,259

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Temporary equity, shares authorized	500,000	500,000
Temporary equity, liquidation preference	$ 81,985	$ 0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	45,389,186	45,250,184
Common stock, shares outstanding	45,389,186	45,250,184

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Rental revenue	$ 197,563	$ 199,760	$ 183,442
Management fee revenue and other income	792	88	94
Total revenues	198,355	199,848	183,536
Operating expenses:
Property	61,718	62,542	56,601
Depreciation and amortization	85,729	92,891	95,312
General and administrative	14,764	14,904	15,939
Total operating expenses	162,211	170,337	167,852
Other income (expense):
Interest expense	(37,412)	(38,278)	(32,217)
Loss in investment of unconsolidated joint ventures	(5,145)		(147)
Loss on extinguishment of debt	(269)	(72)	(2,176)
Gain on sale of real estate	145,396	22,646
Gain on financing transaction	6,660
Loss on interest rate swap	(481)
Unrealized loss from interest rate swap	(39)
(Appreciation) depreciation of warrants			1,760
Total other income (expense)	108,710	(15,704)	(32,780)
Income before income tax provision	144,854	13,807	(17,096)
Income tax provision	(2,487)
Net income (loss)	142,367	13,807	(17,096)
Less: Net income (loss) attributable to non-controlling interest	1,520	147	(210)
Less: Net income (loss) attributable to redeemable non-controlling interest - Series C Preferred Units	1,503
Net income (loss) attributable to Plymouth Industrial REIT, Inc.	139,344	13,660	(16,886)
Less: Preferred Stock dividends		2,509	4,866
Less: Series B Preferred Stock accretion to redemption value			4,621
Less: Loss on extinguishment/redemption of Series A Preferred Stock		2,023	99
Less: Amount allocated to participating securities	1,478	337	256
Net income (loss) attributable to common stockholders	$ 137,866	$ 8,791	$ (26,728)
Net income (loss) per share attributable to common stockholders — basic	$ 3.06	$ 0.20	$ (0.67)
Net income (loss) per share attributable to common stockholders — diluted	$ 3.06	$ 0.20	$ (0.67)
Weighted-average common shares outstanding — basic	44,989,288	43,554,504	39,779,128
Weighted-average common shares outstanding — diluted	45,046,432	43,631,693	39,779,128

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net income (loss)	$ 142,367	$ 13,807	$ (17,096)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps	(3,227)	(9,609)	30,115
Loss on interest rate swap	481
Other comprehensive income (loss)	2,746	9,609	(30,115)
Comprehensive income (loss)	139,621	4,198	13,019
Less: Net income (loss) attributable to non-controlling interest	1,520	147	(210)
Less: Net income (loss) attributable to redeemable non-controlling interest - Series C Preferred Units	1,503
Less: Other comprehensive income (loss) attributable to non-controlling interest	(30)	(103)	376
Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc.	$ 136,628	$ 4,154	$ 12,853

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY - USD ($) $ in Thousands	Preferred Stock Series A [Member]	Preferred Stock Series B [Member]	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 48,473	$ 94,437		$ 361	$ 532,666	$ (177,258)		$ 355,769	$ 4,831	$ 360,600
Beginning balance, shares at Dec. 31, 2021	2,023,551	4,411,764		36,110,659
Repurchase and extinguishment of Series A Preferred Stock	$ 1,629					99		99		99
Repurchase and extinguishment of Series A Preferred stock, shares	(68,038)
Series B Preferred Stock accretion to redemption value		4,621			(4,621)			(4,621)		(4,621)
Conversion of Series B Preferred Stock		$ (99,058)		$ 41	84,017			84,058		84,058
Conversion of Series B Preferred Stock, shares		(4,411,764)		4,121,393
Net proceeds from common stock				$ 24	58,155			58,179		58,179
Net proceeds from common stock, shares				2,345,247
Stock based compensation					2,603			2,603		2,603
Restricted shares issued (forfeited)
Restricted shares issued (forfeited), shares				132,250
Conversion of common stock warrants				$ 2	3,756			3,758		3,758
Conversion of common stock warrants, shares				139,940
Dividends and distributions					40,684			40,684	432	41,116
Other comprehensive income							29,739	29,739	376	30,115
Reallocation of non-controlling interest					(824)			(824)	824
Net income (loss)						(16,886)		(16,886)	(210)	(17,096)
Ending balance, value at Dec. 31, 2022	$ 46,844			$ 428	635,068	(194,243)	29,739	470,992	5,389	476,381
Ending balance, shares at Dec. 31, 2022	1,955,513			42,849,489
Repurchase and extinguishment of Series A Preferred Stock	$ 41					2		2		2
Repurchase and extinguishment of Series A Preferred stock, shares	(1,730)
Redemption of Series A Preferred Stock	$ (46,803)				(19)	(2,021)		(2,040)		(2,040)
Redemption of Series A Preferred Stock, shares	(1,953,783)
Series B Preferred Stock accretion to redemption value
Net proceeds from common stock				$ 22	49,443			49,465		49,465
Net proceeds from common stock, shares				2,200,600
Stock based compensation					2,966			2,966		2,966
Restricted shares issued (forfeited)				$ 2	(2)
Restricted shares issued (forfeited), shares				200,095
Conversion of common stock warrants
Dividends and distributions					42,286			42,286	440	42,726
Other comprehensive income							(9,506)	(9,506)	(103)	(9,609)
Reallocation of non-controlling interest					(232)			(232)	232
Net income (loss)						13,660		13,660	147	13,807
Ending balance, value at Dec. 31, 2023				$ 452	644,938	(182,606)	20,233	483,017	5,225	488,242
Ending balance, shares at Dec. 31, 2023				45,250,184
Series B Preferred Stock accretion to redemption value
Net proceeds from common stock					(540)			(540)		(540)
Stock based compensation					4,197			4,197		4,197
Restricted shares issued (forfeited)				$ 2	(2)
Restricted shares issued (forfeited), shares				139,002
Conversion of common stock warrants
Dividends and distributions			244		43,685			43,685	472	44,157
Other comprehensive income							(2,716)	(2,716)	(30)	(2,746)
Reallocation of non-controlling interest					(69)			(69)	69
Net income (loss)			1,503			139,344		139,344	1,520	140,864
Ending balance, value at Dec. 31, 2024			$ 1,259	$ 454	$ 604,839	$ (43,262)	$ 17,517	$ 579,548	$ 6,312	$ 585,860
Ending balance, shares at Dec. 31, 2024				45,389,186

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)	$ 142,367	$ 13,807	$ (17,096)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	85,729	92,891	95,312
Straight line rent adjustment	761	(1,944)	(3,682)
Intangible amortization in rental revenue, net	(1,204)	(2,221)	(3,151)
Loss on extinguishment of debt	269	72	2,176
Amortization of debt related costs	1,909	2,184	2,163
Gain on financing transaction	(6,660)
Appreciation (depreciation) of warrants			(1,760)
Stock based compensation	4,197	2,966	2,603
Gain on sale of real estate	(145,396)	(22,646)
Unrealized loss from interest rate swap	39
Loss on interest rate swap	481
Loss in investment of unconsolidated joint ventures	5,145		147
Changes in operating assets and liabilities:
Other assets	(2,079)	(3,091)	(915)
Deferred leasing costs	(5,047)	(6,394)	(5,668)
Accounts payable, accrued expenses and other liabilities	15,559	6,248	2,099
Net cash provided by operating activities	96,070	81,872	72,228
Investing activities
Acquisition of real estate properties	(122,043)		(197,085)
Real estate improvements	(24,226)	(34,751)	(55,494)
Proceeds from sale of real estate, net	216,949	34,672	222
Contribution to and investment in Joint Venture	(4,461)
Net investment in sales-type lease	21,244
Net cash provided by (used in) investing activities	87,463	(79)	(252,357)
Financing activities
(Payment) Proceeds from issuance of common stock, net	(540)	49,465	58,179
Repayment of secured debt	(34,889)	(123,264)	(21,186)
Proceeds from issuance of unsecured debt			150,000
Proceeds from line of credit facility	137,000	149,400	213,000
Repayment of line of credit facility	(272,400)	(71,500)	(173,500)
Repurchase of Series A Preferred Stock		(43)	(1,728)
Redemption of Series A Preferred Stock		(48,843)
Redemption of Series B Preferred Stock			(15,000)
Proceeds from financing transaction	58,670
Financing transaction issuance costs	(4,295)
Debt issuance costs	(6,086)	(83)	(1,826)
Dividends and distributions paid	(43,570)	(41,934)	(39,971)
Net cash (used in) provided by financing activities	(166,110)	(86,802)	167,968
Net increase (decrease) in cash, cash held in escrow, and restricted cash	17,423	(5,009)	(12,161)
Cash, cash held in escrow, and restricted cash at beginning of period	26,204	31,213	43,374
Cash, cash held in escrow, and restricted cash at end of period	43,627	26,204	31,213
Supplemental Cash Flow Disclosures:
Cash paid for interest	37,545	36,212	28,931
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture			2,895
Contribution of cash, cash held in escrow and restricted cash investment to Joint Venture	2,772
Supplemental Non-cash Financing and Investing Activities:
Dividends declared included in dividends payable	11,039	10,216	9,426
Distribution payable to non-controlling interest holder	118	110	108
Contribution of real estate properties to Joint Venture	60,921
Assumption of secured debt by Joint Venture	56,232
Assumption of accounts payables, accrued expenses and other liabilities by Joint Venture	13,746
Contribution of other assets to Joint Venture	329
Financing transaction costs included in accounts payable, accrued expenses and other liabilities	5,465
Contribution to and investment in joint venture in accounts payable, accrued expenses and other liabilities	2,140
Real estate improvements included in accounts payable, accrued expenses and other liabilities	1,801	1,868	6,997
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	390	575	483
Conversion of common stock warrants			3,758
Series B accretion to redemption value			4,621
Conversion of Series B Preferred Stock			84,058
Consolidation of net book value of investment in joint venture			5,686
Assumption of other assets upon consolidation of investment in joint venture			638
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture			1,955
Assumption of secured debt upon consolidation of investment in joint venture			$ 56,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 139,344	$ 13,660	$ (16,886)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (the “NIST CSF”) and AI Risk Management Framework. This does not mean that we meet any particular technical standards, specifications, or requirements, but only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Information about cybersecurity risks and our risk management processes is collected, analyzed and considered as part of our overall enterprise risk management (“ERM”). Key components of our cybersecurity risk management program include: • risk assessments designed to help identify cybersecurity risks to our critical systems, information, services, and our broader enterprise information technology (“IT”) environment; • a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of our employees, incident response personnel and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party cyber risk management process for vendors including, among other things, a security assessment and contracting program for vendors based on their risk profile. At this time, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Item IA. Risk Factors— Risks Related to Our Business and Operations—We face risks associated with security breaches through cyber-attacks, cyber intrusions, as well as other significant disruptions of our information systems.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Item IA. Risk Factors— Risks Related to Our Business and Operations—We face risks associated with security breaches through cyber-attacks, cyber intrusions, as well as other significant disruptions of our information systems.”
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our board of directors recognizes the critical importance of maintaining the trust and confidence of our tenants, business partners, investors, and employees. Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Cybersecurity Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. The Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security considerations. The Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. The Committee provides regular reports to our and provides our with timely updates regarding any ongoing cybersecurity incident. On an annual basis, our and the Committee discuss our approach to cybersecurity risk management with members of our management’s cybersecurity committee. Our management cybersecurity committee, led by our CFO and Director of Information Technology, are responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our Director of Information Security has served in various roles in information technology and information security for over 20 years. Our managed service provider has over 20 years of experience managing multi-national IT operations, including strategy, applications, infrastructure, information security, support, and execution. Our management cybersecurity committee is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include, among other things, briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in our IT environment
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors recognizes the critical importance of maintaining the trust and confidence of our tenants, business partners, investors, and employees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Cybersecurity Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Role of Management [Text Block]	The Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security considerations. The Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. The Committee provides regular reports to our and provides our with timely updates regarding any ongoing cybersecurity incident. On an annual basis, our and the Committee discuss our approach to cybersecurity risk management with members of our management’s cybersecurity committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Director of Information Security has served in various roles in information technology and information security for over 20 years. Our managed service provider has over 20 years of experience managing multi-national IT operations, including strategy, applications, infrastructure, information security, support, and execution.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management cybersecurity committee is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include, among other things, briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in our IT environment
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 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 December 31, 2024 and 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 Markets and Secondary Markets within the main industrial, distribution and logistics corridors of the United States. As of December 31, 2024, the Company, through its subsidiaries, wholly owned 129 199 29.3 17,260 35%

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but exercise control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a VIE that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, and therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets and unconsolidated joint ventures, stock-based compensation, preferred unit forward contract asset and its warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the then-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 materially 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 capital expenditure escrows, and cash held in escrow for real estate tax, insurance, cash held on behalf of the Joint Venture for tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2024 2023 Cash $ 17,546 $ 14,493 Cash held in escrow 1,964 4,716 Restricted cash 24,117 6,995 Cash, cash held in escrow, and restricted cash $ 43,627 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 6,533 6,787 3,866 3,603 5,342 1,469 Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets or liabilities on the accompanying consolidated balance sheets. Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. See “Note 13—Earnings per Share” in the accompanying notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for additional 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 to some degree in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 7, 8, and 12, respectively, in determining the fair value of the forward contract for preferred units discussed in Note 11, and in determining the fair value of warrants to purchase partnership units in Note 14. 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 the fair value hierarchy. The amounts reported on the consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 8. The following tables summarize the Company’s forward contract asset, warrant liability and interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2024 and 2023. Summary of significant accounting policies - schedule of fair value on a recurring basis Fair Value Measurements as of December 31, 2024 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ 3,658 $ — $ — $ 3,658 Interest rate swaps - Asset $ 17,760 $ — $ 17,760 $ — Interest rate swaps - Liability $ (520 ) $ — $ (520 ) $ — Warrant liability $ (45,908 ) $ — $ — $ (45,908 ) Fair Value Measurements as of December 31, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ — $ — $ — $ — Interest rate swaps - Asset $ 21,667 $ — $ 21,667 $ — Interest rate swaps - Liability $ (1,161 ) $ — $ (1,161 ) $ — Warrant liability $ — $ — $ — $ — Forward Contract The Company accounts for its Operating Partnership’s forward contract to issue redeemable preferred units as a financial instrument as it represents a forward sale on redeemable equity. A forward contract on redeemable equity is classified as a liability or asset because it creates an obligation of the Company’s Operating Partnership to repurchase its own equity and settle in cash. Asset or liability-classified financial instruments are measured at fair value at issuance and at the end of each reporting period. Any change in the fair value of the financial instrument is recorded in the consolidated financial statements through earnings. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Long-lived assets are primarily comprised of real estate properties. On a quarterly basis, management assesses whether there are any indicators, including changes in the anticipated holding period, general market conditions, and property operating performance, that may indicate an impairment exists. Recoverability of real estate properties is measured by comparison of the carrying amount of the property to the estimated future undiscounted cash flows to be generated from the use and eventual disposition of that property. If our analysis indicates that the carrying value of the real estate property is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. The Company determined there was no impairment of value of real estate properties as of December 31, 2024 and 2023. Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2021 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal net operating losses (“NOL”), the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2023 of approximately $ 35,322 0 Investment in Unconsolidated Joint Ventures For joint ventures that we do not control but exercise significant influence, we use the equity method of accounting. Our judgment about the level of influence or control over an entity involves consideration of various factors including the form of our ownership interest; our representation in the entity's governance; our ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, and/or to liquidate the venture. Accordingly, we initially recorded our investments at cost, and subsequently adjusted for equity in earnings or losses and cash contributions and distributions. Income or loss and cash distributions from unconsolidated ventures are allocated according to the provisions of the respective venture agreement, which may be different from its stated ownership percentage. Our net equity investment in the ventures was reflected within the consolidated balance sheets, and our share of net income or loss from the ventures was included within the consolidated statements of operations. In 2024, the Company invested in unconsolidated joint ventures as discussed in Note 5. Impairment of Unconsolidated Joint Ventures We account for our investment in unconsolidated joint ventures under the equity method. Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of the earnings or losses, distributions received, and other-than-temporary impairments. Our unconsolidated joint ventures are evaluated for impairment when conditions exist that may indicate that the decrease in the carrying amount of our investment has occurred and is other than temporary. Triggering events or impairment indicators for our unconsolidated joint ventures include, recurring operating losses of an investee, absence of an ability to recover the carrying amount of the investee, the ability of an investee to sustain an earnings capacity, a carrying amount that exceeds the fair value of the investment and that decline in fair value is other-than-temporary. Upon determination that an other-than-temporary impairment has occurred, a write-down is recognized to reduce the carrying amount of investment to its estimated fair value. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgement. During the year ended December 31, 2024, no other-than-temporary impairment related to our unconsolidated joint ventures were identified. Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market based pricing on longer duration financing instruments. Non-controlling Interests As further discussed in Note 11, the Company has issued non-controlling interests in its Operating Partnership. The net income (loss) attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. Redeemable Non-Controlling Interest – Preferred Units The Company applies the guidance enumerated in ASC 480, when determining the classification and measurement of its Operating Partnership’s preferred units. Preferred units subject to mandatory redemption, if any, are classified as a liability and are measured at fair value. The Company classifies conditionally redeemable preferred units, which includes preferred units that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as mezzanine equity. The Company subsequently measures mezzanine equity based on whether the instrument is currently redeemable or whether or not it is probable the instrument will become redeemable. Upon determination that the instrument is probable of redemption, the Company will adjust the carrying value to the redemption value. If redemption is not probable, the Company will not adjust the carrying value of the instrument recorded as mezzanine equity other than to reflect dividends accrued and not yet paid, but which will be payable under the redemption feature. Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates. Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 66,088 67,968 63,623 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 1,204 2,221 3,151 19,641 24,923 31,689 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 manages its business activities on a consolidated basis and operates as a single operating segment, Industrial Properties, and as such has one reportable segment. Through its subsidiaries, the Company derives all revenue within the United States through the ownership and management of single and multi-tenant industrial properties. All revenues, expenses and assets are attributable to the single segment and are consistent with amounts presented in the consolidated balance sheets and consolidated statements of operations. All significant expenses are presented on the consolidated statements of operations and no other significant segment expenses are regularly provided to the CODM. The Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The CODM uses net income that is reported on the consolidated statements of operations to assess financial performance and make decisions on capital allocation. The CODM also uses Funds from Operations (“FFO”) and Core Funds from Operations (“Core FFO”) to assess the segment’s financial performance and to base decisions on capital allocation. FFO is defined as Net income (loss) (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition and transaction related expenses for transactions not completed, gain on financing transaction, income tax provision, and certain non-cash operating expenses such as our proportionate share of FFO, unrealized loss from interest rate swap, loss on interest rate swap, appreciation (depreciation) of warrants and loss on extinguishment of debt. The Company's measure of segment profit or loss is net income as it is the measure determined in accordance with U.S. GAAP. The CODM uses net income, FFO and Core FFO during the forecasting process, and the results of these measures are used to evaluate segment performance and to make decisions on allocation of resources to the 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 applicable vesting period. Forfeitures of unvested shares are recognized in the period in which the forfeiture occurs. Warrants The Company accounts for its Operating Partnership’s warrants as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Warrants that are not considered indexed to the Company’s own stock are required to be accounted for as a liability. Liability-classified financial instruments are measured at fair market value on the issuance date and at the end of each reporting period. Any change in the fair market value of the financial instrument after the issuance date is recorded in the consolidated financial statements through earnings. Accounting Pronouncements In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We adopted ASU 2023-07 in the year ended December 31, 2024 and the adoption did not have a material impact on our consolidated financial statements.

Real Estate Properties, Net

Real Estate Properties, Net	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Properties, Net	3. Real Estate Properties, Net Real estate properties, net consisted of the following at December 31, 2024 and 2023: Real estate properties - schedule of real estate properties December 31, December 31, Land $ 181,357 $ 226,020 Buildings and improvements 1,114,970 1,203,355 Site improvements 116,341 130,638 Construction in progress 5,637 7,853 Real estate properties, gross 1,418,305 1,567,866 Less accumulated depreciation (261,608 ) (268,046 ) Real estate properties, net $ 1,156,697 $ 1,299,820 Acquisition of Properties The Company made the following acquisitions of properties during the year ended December 31, 2024: Real estate properties - schedule of real estate acquisitions Location Date Square Properties Purchase Price (1) Memphis, TN July 18, 2024 1,621,241 4 $ 100,500 Cincinnati, OH December 19, 2024 258,082 5 20,149 Year ended December 31, 2024 1,879,323 9 $ 120,649 _________________ (1) Purchase price does not include capitalized acquisition costs. There were no acquisitions of properties during the year ended December 31, 2023. The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real estate properties - schedule of recognized identified assets acquired and liabilities assumed Year ended December 31, 2024 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 120,649 N/A Acquisition costs 1,394 N/A Total $ 122,043 Allocation of Purchase Price Land $ 18,667 N/A Building 86,783 N/A Site improvements 4,843 N/A Total real estate properties 110,293 Deferred Lease Intangibles Tenant relationships 2,057 4.9 Leasing commissions 1,292 4.7 Above market lease 723 6.6 Below market lease (1,831 ) 5.7 Lease in place 9,509 4.2 Net deferred lease intangibles 11,750 Totals $ 122,043 All acquisitions completed during the year ended December 31, 2024 were considered asset acquisitions under ASC 805. Disposition of Real Estate During the year ended December 31, 2024, the Company sold a single, 221,911 9,150 849 During the year ended December 31, 2023, the Company sold a single, 306,000 19,926 157,000 16,750 22,646 There were no sales of real estate during the year ended December 31, 2022.

Deferred Lease Intangibles, Net

Deferred Lease Intangibles, Net	12 Months Ended
	Dec. 31, 2024
Deferred Lease Intangibles Net
Deferred Lease Intangibles, Net	4. Deferred Lease Intangibles, Net Deferred lease intangible assets, net consisted of the following at December 31, 2024 and 2023: Deferred lease intangibles, net - schedule of finite lived intangible assets December 31, December 31, Above market lease $ 6,085 $ 5,652 Lease in place 74,263 88,394 Tenant relationships 21,717 25,008 Leasing commissions 36,090 42,437 Deferred lease intangible assets, gross 138,155 161,491 Less accumulated amortization (96,478 ) (110,017 ) Deferred lease intangible assets, net $ 41,677 $ 51,474 Deferred lease intangible liabilities, net consisted of the following at December 31, 2024 and 2023: Deferred lease intangibles, net - schedule of deferred lease intangible liabilities December 31, December 31, Below market leases $ 14,148 $ 19,257 Less accumulated amortization (9,122 ) (13,213 ) Deferred lease intangible liabilities, net $ 5,026 $ 6,044 Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2024 is as follows: Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense Year Amortization Expense Net Increase to Rental Revenue Related to 2025 $ 13,429 $ (952 ) 2026 $ 8,843 $ (564 ) 2027 $ 6,235 $ (411 ) 2028 $ 4,484 $ (245 ) 2029 $ 2,840 $ (324 ) Thereafter $ 4,068 $ (752 )

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	5. Investment in Unconsolidated Joint Ventures Isosceles Joint Venture On November 13, 2024, the Company entered into a venture agreement (“Isosceles Venture Agreement”) to form Isosceles JV, LLC (“Isosceles” or the “Joint Venture”) with an unrelated third-party partner (the “Sixth Street Partner”). The purpose of the Isosceles venture is to acquire, manage and develop industrial properties that meet certain criteria as outlined within the Isosceles Venture Agreement. The Company owns a 35% 356,641 60,156 The Isosceles Venture Agreement provided for liquidation rights and distribution priorities that were different from the Company’s stated ownership percentage based on total equity contributions. As such, the Company used the hypothetical-liquidation-at-book-value method (“HLBV”) to determine its equity in the earnings of Isosceles. The HLBV method is commonly applied to equity investments in real estate, where cash distribution percentages vary at different points in time and are not directly linked to an investor's ownership percentage. AIP Joint Venture On November 14, 2024, the Company entered into a venture agreement (“AIP Venture Agreement”) to invest in AIP OP, LP (“AIP OP”). AIP Realty USA, Inc. (“AIP”), an unrelated party to the Company, is the general partner and an investor in AIP OP. AIP is a real estate investment trust with a portfolio of light industrial flex facilities. The Company’s $ 2,221 42% 2,221 The AIP Venture Agreement provides for liquidation rights and distribution priorities that were different from the Company’s stated ownership percentage based on total equity contributions. As such, the Company used the HLBV method to determine its equity in the earnings of its investment in AIP. The HLBV method is commonly applied to equity investments in real estate, where cash distribution percentages vary at different points in time and are not directly linked to an investor's ownership percentage. The Company’s investment allows for conversion from existing A-1 Preferred Units to A-2 Preferred Units upon the closing of AIP’s acquisition of AllTrades, Inc. The A-1 and A-2 Preferred Units have the same rights; thus, the conversion would not change the Company’s ownership percentages or provide any additional control or influence over AIP OP. The A-2 Preferred Units would be eligible for conversion to common units in the parent of AIP, upon an initial public offering. As of December 31, 2024, none of the events providing for conversion have occurred and the Company will evaluate the impact of the conversion if and when it occurs.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	6. 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 applicable lease term. Many of our leases have triple-net provisions or modified gross lease expense reimbursement provisions, which entitle us 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 consolidated statements of operations. Some of our tenants’ leases are subject to rent increases based on increases in the Consumer Price Index (“CPI”). As of December 31, 2024, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows: Leases - schedule of lessor future minimum rental receipts under non-cancellable leases Year Future Minimum 2025 $ 123,943 2026 101,732 2027 76,436 2028 58,812 2029 40,820 Thereafter 65,851 Total minimum fixed rental receipts $ 467,594 These amounts do not reflect future rental revenue from the renewal or replacement of existing leases and excludes tenant recoveries and rental increases that are not fixed or indexed to CPI. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - schedule of rental revenue components Year Ended December 31, 2024 2023 2022 Income from leases $ 147,207 $ 147,293 $ 134,252 Straight-line rent adjustments (761 ) 1,944 3,682 Tenant recoveries 49,282 48,302 42,357 Amortization of above market leases (583 ) (636 ) (723 ) Amortization of below market leases 1,787 2,857 3,874 Total $ 196,932 $ 199,760 $ 183,442 Tenant recoveries included within rental revenue for the years ended December 31, 2024, 2023 and 2022 are variable in nature. Sales Type Leases During the year ended December 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 19,605 8,094 877 1,062 8,030 234 Earnings from our Net investment in sales-type leases are included in Rental revenue in the consolidated statements of operations and totaled $ 631 0 0 Net investment in sales-type leases are assessed for credit loss allowances. No such allowances were recorded as of December 31, 2024, 2023 or 2022. As a Lessee Operating Leases As of December 31, 2024, we have four office space operating leases and a single ground operating sublease. 0.1 31.0 4,205 4,943 4.0% 8.0 As of December 31, 2023, we had five office space operating leases and a single ground operating sublease 0.4 32.0 4,829 5,789 4.0% 8.3 As of December 31, 2022, we had five office space operating leases and a single ground operating sublease 1.4 33.0 5,703 6,844 4.0% 8.6 The following table summarizes the operating lease expense recognized during the years ended December 31, 2024, 2023 and 2022 included in the Company’s consolidated statements of operations. Leases - schedule of lease costs Year Ended December 31, 2024 2023 2022 Operating lease expense included in general and administrative expense attributable to office leases $ 775 $ 772 $ 838 Operating lease expense included in property expense attributable to ground sublease 48 32 36 Non-cash adjustment due to straight-line rent adjustments 178 145 109 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,001 $ 949 $ 983 The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases Year 2025 $ 965 2026 876 2027 894 2028 865 2029 849 Thereafter 1,809 Total minimum operating lease payments $ 6,258 Less imputed interest (1,315 ) Total operating lease liability $ 4,943 Financing Leases As of December 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 $ 818 845 includes the exercise of a single twenty-year renewal option. 2,297 2,271 7.8% 31.0 The following table summarizes the financing lease expense recognized during the years ended December 31, 2024, 2023 and 2022 included in the Company’s consolidated statements of operations. Leases - schedule of finance lease expense Year Ended December 31, 2024 2023 2022 Depreciation/amortization of financing lease right-of-use assets $ 28 $ 26 $ 28 Interest expense for financing lease liability 180 178 176 Total financing lease cost $ 208 $ 204 $ 204 The following table summarizes the maturity analysis of our financing lease: Leases - schedule of finance lease, liability, fiscal year maturity Year 2025 $ 170 2026 170 2027 170 2028 170 2029 170 Thereafter 6,027 Total minimum financing lease payments $ 6,877 Less imputed interest (4,580 ) Total financing lease liability $ 2,297

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of December 31, 2024 and 2023. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt December 31, December 31, December 31, Maturity Date Secured debt: Ohio National Life Mortgage — 18,409 4.14% August 1, 2024 Allianz Loan 60,085 61,260 4.07% April 10, 2026 Nationwide Loan 14,632 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 53,782 54,956 3.15% January 1, 2028 Midland National Life Insurance Mortgage — 10,665 3.50% March 10, 2028 Minnesota Life Loan 19,101 19,569 3.78% May 1, 2028 Transamerica Loan — 59,357 4.35% August 1, 2028 Total secured debt $ 176,400 $ 267,964 Unamortized debt issuance costs, net (408 ) (1,174 ) Unamortized premium/(discount), net (12 ) 97 Total secured debt, net $ 175,980 $ 266,887 Unsecured debt: $200m KeyBank Term Loan 200,000 200,000 3.03% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 150,000 4.40% (1)(2) May 2, 2027 $100m KeyBank Term Loan 100,000 100,000 3.00% (1)(2) November 6, 2028 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,259 ) (2,010 ) Total unsecured debt, net $ 447,741 $ 447,990 Borrowings under line of credit: KeyBank unsecured line of credit 20,000 155,400 5.89% (1) November 6, 2028 Total borrowings under line of credit $ 20,000 $ 155,400 _______________ (1) For the month of December 2024, the one-month term SOFR for our unsecured debt was at a weighted average of 4.520% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 4.338%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (2) As of December 31, 2024, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, 1.527% respectively. 2024 Debt Activity On November 13, 2024, the Company repaid in full, the outstanding principal and interest balance of approximately $ 10,470 56,684 On November 6, 2024, the Company entered into a $600 million amended and restated unsecured credit facility, comprised of (1) a revolving credit facility that expands from $350 million to $500 million, maturing in November 2028 and has one, one-year extension option, subject to certain conditions; and (2) a $100 million term loan that matures in November 2028 and has one, one-year extension option, subject to certain conditions. The $100 million term loan replaces the current $100m KeyBank Term Loan set to mature August 11, 2026. The amended and restated unsecured credit facility includes an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility and term loans up to an aggregate of $1.5 billion, subject to certain conditions. Borrowings under the credit agreement, as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0%) or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio. On August 1, 2024, the Company repaid in full, the outstanding principal and interest balance of approximately $ 18,087 2023 Debt Activity On November 1, 2023, the Company repaid in full, the outstanding principal and interest balance of approximately $ 110,019 Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured and unsecured debt and unsecured line of credit as of December 31, 2024. Fair Value of Debt The fair value of our debt and borrowings under our revolving line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market interest rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity. The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of December 31, 2024 and 2023: Indebtedness - schedule of fair value of debt instruments December 31, 2024 December 31, 2023 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 176,400 $ 166,165 $ 267,964 $ 254,114 Unsecured debt 450,000 450,000 450,000 455,229 Borrowings under line of credit, net 20,000 20,000 155,400 155,599 Total 646,400 $ 636,165 $ 873,364 $ 864,942 Unamortized debt issuance cost, net (2,667 ) (3,184 ) Unamortized premium/(discount), net (12 ) 97 Total carrying value $ 643,721 $ 870,277 Future Principal Payments of Debt Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2024 are as follows: Indebtedness - schedule of future principal payments due on long-term debt Year Amount 2025 $ 3,246 2026 60,951 2027 365,783 2028 216,420 2029 — Thereafter — Total aggregate principal payments $ 646,400

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Derivative Financial Instruments	8. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 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 December 31, 2024 and 2023. Derivative financial instruments - schedule of interest rate swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% $ 200,000 $ 200,000 $ 10,113 $ 12,539 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% $ 100,000 $ 100,000 $ 3,962 $ 5,692 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 1,843 $ 1,723 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 921 $ 861 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 921 $ 852 Wells Fargo Bank, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 $ 50,000 $ (258 ) $ (577 ) JPMorgan Chase Bank, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (131 ) $ (292 ) Capital One, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (131 ) $ (292 ) _______________ (1) Represents the notional value of interest rate swaps effective as of December 31, 2024. (2) As of December 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $17.8 million and the remaining three interest rate swaps were in a liability position of approximately $0.5 million. As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million. (3) As of December 31, 2024, these interest rate swaps have been de-designated as a result of the hedge transactions related to these swaps no longer being probable of occurring. 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 $ 13,009 481 62 39 23 The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2024, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2024 2023 2022 Amount of unrealized gain (loss) recognized in AOCI on derivatives $ (3,227 ) $ (9,609 ) $ 30,115 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 14,988 $ 13,959 $ 3,643 Non-designated Hedges The following table summarizes the Company’s derivatives not designated as hedging instruments for the year ended December 31, 2024, 2023 and 2022: Derivative financial instruments - schedule of interest rate swaps on a recurring basis Amount of gain (loss) recognized in net income on derivatives Derivatives not designated as hedging instruments December 31, 2024 December 31, 2023 December 31, 2022 Interest rate swaps $ (62 ) $ — $ — Total $ (62 ) $ — $ — Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, and 2024, 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. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2024, the fair value of three of the eight interest rate swaps were in a net liability position. As of December 31, 2024, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2024, it could have been required to settle its obligations under the agreements at their termination value.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Common Stock	9. Common Stock ATM Program On February 27, 2024, the Company and the Operating Partnership entered into a distribution agreement with certain sales agents, forward sellers and forward purchasers, as applicable, pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross proceeds not to exceed $ 200,000 200 200 200 200 For the year ended December 31, 2024, the Company did no $200,000 200 Common Stock Warrants On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 3,757 354,230 16.24 A roll-forward of the warrants is as follows: Common stock - schedule of stockholders' equity note, warrants Balance at January 1, 2022 $ 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022, 2023 and 2024 $ — Common Stock Dividends The following table sets forth the common stock distributions that were declared during the years ended December 31, 2024 and 2023. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2024 First quarter $ 0.2400 $ 10,904 Second quarter 0.2400 10,928 Third quarter 0.2400 10,927 Fourth quarter 0.2400 10,926 Total $ 0.9600 $ 43,685 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 Characterization of Common Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2024. Common stock - schedule of dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 2/21/2024 3/28/2024 4/30/2024 $ 0.240000 $ — $ 0.240000 $ — 6/14/2024 6/28/2024 7/31/2024 $ 0.240000 $ — $ 0.240000 $ — 9/13/2024 9/30/2024 10/31/2024 $ 0.240000 $ — $ 0.240000 $ — 12/13/2024 12/31/2024 1/31/2025 $ 0.240000 $ — $ 0.240000 $ —

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Preferred Stock	10. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 240,000 25.00 48,868 On September 6, 2023 (“Redemption Date”), the Series A Preferred Stock was redeemed in cash at a redemption price equal to $ 25.00 0.34647 1,730 The relevant features of the Series A Preferred Stock were as follows: Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $25.00 per share, plus any accrued and unpaid dividends. The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock dividends that were declared or paid during the year ended December 31, 2023. Preferred stock - schedule of series a preferred stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.468750 $ 916 Second quarter 0.468750 916 Third quarter 0.346470 677 Fourth quarter — — Total $ 1.283970 $ 2,509 No Series A Preferred Stock were outstanding during the year ended December 31, 2024, and as such no dividends were declared or paid during the year ended December 31, 2024. Series B Preferred Stock On December 14, 2018, the Company, in a private placement exempt from registration under the federal securities laws (the “Private Placement”), completed the offering of 4,411,764 17.00 75,000 71,800 On April 29, 2022, 2,205,882 On August 12, 2022, the holder of the Company's Series B Convertible Redeemable Preferred Stock informed the Company that it had elected to convert the remaining 2,205,882 shares of Series B Convertible Redeemable Preferred Stock into the Company's common stock. Pursuant to the terms of the Series B Convertible Redeemable Preferred Stock agreement, the Company elected a combination settlement comprised of 1,915,511 15,000 The Company had no outstanding Series B Convertible Redeemable Preferred Stock as of December 31, 2024 and 2023. The relevant features of the Series B Preferred Stock were as follows: Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity with the shares of the Company’s Series A Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. 4,621 Redemption Rights The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company’s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity. Conversion Rights The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement (December 14, 2018) as required by the NYSE rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however, that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: • If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; • If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and • If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Protective Rights The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stock to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. No Series B Preferred Stock were outstanding during the year ended December 31, 2024 and 2023, as such no dividends were declared for the year ended December 31, 2024 and 2023.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interests	11. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued OP Units to the former owners as part of the acquisition consideration. 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 elect to tender their respective OP Units for redemption by the Company for cash, or, at our election, for shares of our common stock on a 1-to-1 basis. Upon conversion, the Company adjusts the carrying value of non-controlling interest to reflect its modified share of the book value of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying consolidated statements of changes in preferred stock and equity. No OP Units were redeemed during the year ended December 31, 2024, 2023 and 2022. The Company adjusted the carrying value of non-controlling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying consolidated statements of changes in preferred stock and equity. 490,299 The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2024 and 2023. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2024 First quarter $ 0.2400 $ 118 Second quarter 0.2400 118 Third quarter 0.2400 118 Fourth quarter 0.2400 118 Total $ 0.9600 $ 472 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 net income (loss) attributed to the OP Units was $ 1,520 147 210 Redeemable Non-controlling Interest - Series C Preferred Units On August 26, 2024, the Company, through its Operating Partnership, issued 60,910 1,000 60,910 79,090 1,000 The Company has classified the Series C Preferred Units as redeemable non-controlling interests within the mezzanine equity section of the consolidated balance sheets as it includes a redemption feature outside the control of the Company. The forward contract asset requires the issuance of additional shares of Series C Preferred Units, is therefore indexed to a contingent obligation to redeem our own stock and settle in cash, and therefore is required to be classified as an asset (or liability as the case may be) and recorded at fair value with changes in value recognized in earnings. As discussed in Note 14, the Warrants are liability-classified with an initial fair value at issuance of $89,856, with subsequent changes in its fair value recognized in earnings. The net proceeds at issuance were first attributed to the Warrants and the forward contract asset, resulting in the Company recording a loss on issuance of $ 19,400 While the Series C Preferred Units can be redeemed contingent upon the occurrence of a person or group becoming the owner of 50% or more of the total voting power of all shares of the Company’s capital stock, the consummation of a consolidation, merger or similar transaction involving the Operating Partnership or the Company, or if the Company’s common stock (the “Common Stock”) is delisted from the New York Stock Exchange, or cease to be traded in contemplation of a delisting of such shares of Common Stock (simply, upon a “Fundamental Change”), the occurrence of a Fundamental Change is not within the control of the Company. The Company determined that the occurrence of a Fundamental Change is not probable; as a result, the carrying amount of the Series C Preferred Units will not be required to be accreted to redemption value until the Series C Preferred Units either become currently redeemable or probable of becoming redeemable. The relevant features of the Series C Preferred Units are as follows: Liquidation Rights In the event the Operating Partnership voluntarily or involuntarily liquidates, dissolves or winds up, the holders of Series C Preferred Units at the time will be entitled to receive liquidating distributions in an amount equal to the “Liquidation Preference.” The Liquidation Preference is calculated as the greater of: (i) the $1,000 stated value of the Series C Preferred Units plus accrued and unpaid distributions on the Series C Preferred Units through the applicable liquidation date, or (ii) an amount of cash for each Series C Preferred Unit equal to $1,350 less the aggregate amount of Cash Distributions (as defined below) actually paid in respect of each Series C Preferred Unit after the issue date and through the applicable liquidation date. The liquidating distributions will be paid out of assets legally available for distribution and before any distribution of assets are made to holders of any other junior securities of the Operating Partnership. Redemption Rights The Operating Partnership shall have the right, at its option, to redeem the Series C Preferred Units, in whole or in part, at any time in a cash amount equal to the liquidation preference in effect at the time of such redemption. If the Operating Partnership or the Company executes an agreement whose performance would constitute a Fundamental Change, then the Operating Partnership shall be required to redeem the Series C Preferred Units, in whole, on the applicable redemption date at a price equal to the Liquidation Preference, to the extent the Operating Partnership has funds legally available to do so. Voting Rights Holders of the Series C Preferred Units will not be entitled to vote on any matter or to participate in any meeting of partners. Dividend Rights Holders are entitled to receive, on a cumulative basis, (i) distributions in the form of fully paid Series C Preferred Units known as “PIK Distributions” which will be payable at the “PIK Distribution Rate” and (ii) distributions in the form of cash known as “Cash Distributions” which will be payable at the “Cash Distribution Rate.” The PIK Distributions and Cash Distributions will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The Cash Distribution Rate is a rate per annum equal to (a) 4.0% within the first 5 years after August 26, 2024, the (“Original Issue Date”), (b) 8.0% in the 6th and 7th years after the Original Issue Date, and (c) 12.0% starting from the 8th year after the Original Issue Date and each subsequent year thereafter. The PIK Distribution Rate is a rate per annum equal to (a) within the first 5 years after the Original Issue Date, 7.0% less the applicable Cash Distribution Rate, (b) in the 6th and 7th years after the Original Issue Date, the greater of: (i) 12.0% or (ii) SOFR plus 650 basis points less the applicable Cash Distribution Rate, and (c) from the 8th year after the Original Issue Date and each subsequent year thereafter, the greater of (i) 16.0% or (ii) SOFR plus 1,050 basis points, less the applicable Cash Distribution Rate. Distributions on each Series C Preferred Unit will accrue on the $1,000 stated value of each Series C Preferred Unit as well as on all unpaid distributions that have accrued and accumulated for all prior distribution periods. Unpaid distributions incurred as of the end of the quarter are accreted and accumulated with prior unpaid distributions within redeemable non-controlling interest – Series C Preferred Units on our consolidated balance sheets and as an adjustment to net income (loss) within the consolidated statements of operations. Any cash distributions paid are recorded as an adjustment to the carrying value of the redeemable non-controlling interest – Series C Preferred Units on our consolidated balance sheets. As of December 31, 2024, the $1,259 reflected within redeemable non-controlling interest – Series C Preferred Units represents the cash and PIK dividends accrued as of December 31, 2024. The following table sets forth the Series C Preferred Unit distributions that were incurred during the third and fourth quarter of 2024. There were no distributions incurred prior to the third quarter of 2024. Non-controlling interest - schedule of redeemable non-controlling interest 2024 Cash Dividends Aggregate Amount Third quarter $ 4.00 $ 243 Fourth quarter 10.14 618 Total $ 14.14 $ 861 2024 PIK Dividends Aggregate Amount Third quarter $ 3.00 $ 183 Fourth quarter 7.54 459 Total $ 10.54 $ 642 Fair Market Value of the Forward Contract Asset The forward contract asset represents the fair market value of the Company’s obligation to sell the additional 79,090 Series C Preferred Units within 270 days upon the execution of the Purchase Agreement. The fair value of the forward contract asset is re-measured at each financial reporting period with any changes in fair value recognized in the accompanying consolidated statements of operations within A roll-forward of the forward contract asset is as follows: Non-Controlling interest- Schedule of roll-forward of the Forward contract asset Balance upon issuance August 26, 2024 $ 10,200 Unrealized gain (loss) (6,542 ) Balance at December 31, 2024 $ 3,658 The initial value of the forward contract asset in the amount of $ 10,200 The significant inputs into the model were: a volatility of 20.0%, a term of 20.0 years and an estimated credit spread of 5.51%. The forward contract asset in the amount of $ 3,658

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Award Plan	12. Incentive Award Plan Restricted Stock In June 2023 the Company’s stockholders approved the Third Amended and Restated 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company’s common stock and/or Long Term Incentive Plan (“LTIP”) units of partnership interest in the Company’s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 1,375,000 The Plan provides for the grant of stock options, including incentive stock options (“ISOs”), and nonqualified stock options (“NSOs”), restricted stock, dividend equivalents, stock payments, Restricted Stock Units (“RSUs”), performance stock units (“PSUs”), other incentive awards, LTIP units, SARs, and cash awards. As of December 31, 2024, the Company has only issued restricted stock and performance stock units under the Plan. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest the earlier of one year from the date of grant, or the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2024, 2023 and 2022: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Weighted Average Grant Date Fair Value per Share Unvested restricted stock at January 1, 2022 227,356 $ 16.35 Granted 141,000 $ 26.34 Forfeited (8,750 ) $ 20.50 Vested (79,532 ) $ 16.87 Unvested restricted stock at December 31, 2022 280,074 $ 21.11 Granted 200,095 $ 21.59 Forfeited — $ — Vested (109,326 ) $ 19.59 Unvested restricted stock at December 31, 2023 370,843 $ 21.81 Granted 146,102 $ 21.85 Forfeited (7,100 ) $ 22.66 Vested (140,170 ) $ 20.97 Unvested restricted stock at December 31, 2024 369,675 $ 22.13 The Company recorded equity-based compensation expense related to the restricted stock in the amount of $ 3,128 2,636 2,603 5,348 5,442 3,758 2.5 2.7 2.7 146,102 3,192 21.85 200,095 4,320 21.59 141,000 3,714 26.34 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% On April 15, 2024, the compensation committee of the board of directors approved, and the Company granted, 85,983 The fair value of the PSUs of $ 1,757 29.0% 4.2% 4.87% The following table summarizes activity related to the Company’s unvested PSUs during the years ended December 31, 2024 and 2023. No PSUs were granted for the year ended December 31, 2022. Incentive award plan - schedule of unvested performance stock Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 30.15 Vested — — Forfeited — — Balance at December 31, 2023 51,410 $ 30.15 Granted 85,983 20.44 Vested — — Forfeited — — Balance at December 31, 2024 137,393 $ 24.07 The Company recorded equity-based compensation expense related to the PSUs in the amount of $ 1,069 330 0 1,908

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	13. Earnings per Share Net Income (Loss) per Common Share Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows: Earnings per share - schedule of earnings per share Year ended December 31, 2024 2023 2022 Numerator Net income (loss) $ 142,367 $ 13,807 $ (17,096 ) Less: Net income (loss) attributable to non-controlling interest 1,520 147 (210 ) Less: Net income (loss) attributable to redeemable non-controlling interest – Series C Preferred Units 1,503 — — Net income (loss) attributable to Plymouth Industrial REIT, Inc. 139,344 13,660 (16,886 ) Less: Preferred Stock dividends — 2,509 4,866 Less: Series B Preferred Stock accretion to redemption value — — 4,621 Less: Loss on extinguishment/redemption of Series A Preferred Stock — 2,023 99 Less: Amount allocated to participating securities 1,478 337 256 Net income (loss) attributable to common stockholders $ 137,866 $ 8,791 $ (26,728 ) Denominator Weighted-average common shares outstanding — basic 44,989,288 43,554,504 39,779,128 Effect of dilutive securities Add: Stock-based compensation (1) 57,144 77,189 — Weighted-average common shares outstanding — diluted 45,046,432 43,631,693 39,779,128 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 3.06 $ 0.20 $ (0.67 ) Net income (loss) per share attributable to common stockholders — diluted $ 3.06 $ 0.20 $ (0.67 ) (1) During the years ended December 31, 2024 and 2023, there were approximately 33,175 and 69,903, respectively, 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 year ended December 31, 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders. The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic earnings per share (“EPS”) calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain nonforfeitable rights to dividends. PSUs, which are subject to vesting based on the Company achieving certain total shareholder return thresholds over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when the total shareholder return thresholds are achieved at or above the threshold levels specific in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. In periods where there is a net loss attributable to common stockholders, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities for the year ended December 31, 2024 and 2023 include the 369,675 370,843 137,393 67,967

Warrant Liability

Warrant Liability	12 Months Ended
	Dec. 31, 2024
Warrant Liability
Warrant Liability	14. Warrant Liability On August 26, 2024, the Company and the Operating Partnership entered into the Purchase Agreement with the Investor, as discussed in Note 11. Pursuant to the Purchase Agreement, the Operating Partnership agreed to issue and sell to the Investor warrants (the “Warrants”) to purchase, in the aggregate, up to 11,760,000 OP Units. The Warrants were issued in three tranches pursuant to a warrant agreement (the “Warrant Agreement”) entered into by the Company, the Operating Partnership and the Investor on the Original Issue Date: • The first tranche is for 4,410,000 25.25 • The second tranche is for 2,940,000 26.25 • The third tranche is for 4,410,000 27.25 Once the holder of such Warrants exercises the Warrants into OP Units, the holder can elect to tender for redemption the OP Units in exchange for cash, however the Company can elect to settle these OP Units for either cash or shares of the Company’s Common Stock at the election of the Company pursuant to the exchange right set forth in the Warrant Agreement. The Warrants are exercisable on a net settlement basis and expire on August 26, 2029, subject to a two-year extension under certain conditions. The Warrants provide standard antidilution adjustments, as well as adjustments in the strike price of the Warrants to an amount equal to the issuance price per share, of the Common Stock or OP Unit, if the Company or the Operating Partnership issues (or otherwise sells) any shares of Common Stock, OP Units, or equity-linked securities, if Company or the Operating Partnership reprices or amends any of its any existing equity-linked securities and upon the payment of dividends. This provision does not meet the definition of a down round feature as it is not solely related to an issuance of equity securities. Therefore, the Warrants are not considered indexed to the Operating Partnership’s own stock and are required to be accounted for as derivative liabilities, initially recognized at fair value, and subsequently remeasured to fair value with changes in fair value recognized in earnings. In accordance with the adjustment provisions outlined within the Warrant Agreement, the associated strike price and amount of each tranche of Warrants were adjusted to the following at December 31, 2024: • The first tranche is for 4,517,676 24.65 • The second tranche is for 3,011,784 25.62 • The third tranche is for 4,517,676 26.60 Redemption The Operating Partnership has the right to redeem all outstanding Warrants for cash if the volume-weighted average price of the Common Stock for the 90 consecutive trading days ending on the 5 th In the event of a redemption, if the Operating Partnership does not pay the applicable redemption price, calculated in accordance with the Warrant Agreement, prior to the close of business on the redemption date, then any amounts paid after the redemption date shall accrue interest at a rate of 10.0% per annum, compounding monthly. Exercise of Warrants Holders of the Warrants will have the right to submit all, or any whole number of Warrants that is less than all of their Warrants for exercise at any time during the first 5 years after the date of issuance of the Warrants. This can be extended to 7 years if the volume-weighted average price of the Common Stock for the 90 consecutive trading days ending on the 5 th Settlement Upon Exercise Upon the exercise of any Warrant, the Operating Partnership will settle such exercise by paying or delivering OP Units according to either a physical or cashless settlement. The exercise price of the Warrants is subject to adjustment upon the occurrence of: • Stock dividends, splits or combinations, • The distribution of rights, options or warrants of the Company’s Common Stock • Distributions of shares of capital stock or other property • Cash dividends and distributions • Tender or exchange offers made by the Company or any of its subsidiaries for shares of Common Stock • Degressive Issuances Exchange Right Each holder of the Warrants who exercises their Warrants to obtain OP Units will have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the holder. The settlement amount subject to the redemption right is a cash amount equal to: • The last reported sale price per share of Common Stock on the trading day immediately prior to the date that the redemption is exercised, multiplied by the number of shares of Common Stock equal to the product of the number of OP Units offered for redemption by the holder, multiplied by the Conversion Factor. • The Conversion Factor is 1.0 but is subject to adjustment if the Company declares or pays a dividend on its Common Stock or makes a distribution to all holders of its Common Stock in shares of outstanding Common Stock, subdivides its Common Stock or combines its outstanding Common Stock. The Conversion Factor will also be adjusted if the Company enters into a merger, acquisition, combination or consolidation where the Company is no longer the general partner of the Operating Partnership. If a holder exercises their redemption right, the Company will have the sole and absolute discretion to elect to redeem the OP Units by paying to the holder either the settlement amount or an amount in the Company’s Common Stock. Fair Market Value of Warrants The fair value of the Warrants is re-measured at each financial reporting period with any changes in fair value recognized as an unrealized loss/gain of Warrants in the accompanying consolidated statements of operations, included within Gain on financing transaction. The Warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the year ended December 31, 2024. A roll-forward of the warrant liability is as follows: Warrant Liability- Schedule of roll-forward of the warrant Balance upon issuance August 26, 2024 $ 89,856 Unrealized (gain) loss (43,948 ) Balance at December 31, 2024 $ 45,908 The initial value of the Warrants in the amount of $ 89,856 25.25 26.25 27.25 28.0% 4.3% 5 7 3.7% 45,908 25.25 26.25 27.25 28.0% 4.6% 4.7 6.7 4.4%

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement Plan	16. Retirement Plan The Company in December 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2024 in the amount of $ 457 403

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On February 20, 2025, the Company acquired a single building, single-tenant industrial property, consisting of approximately 263,000 23.3

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III	Schedule III ($ in thousands) Schedule III real estate properties and accumulated depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road $ 256 $ 4,454 $ 2,348 $ 256 $ 6,802 $ 7,058 $ 2,942 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 1 271 910 1,181 396 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - (1) 494 6,027 31 494 6,058 6,552 2,318 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - (1) 270 2,879 105 270 2,984 3,254 1,037 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 908 3,283 14,468 17,751 4,770 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 678 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 977 1,237 7,929 9,166 1,306 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 17 2,876 7,616 10,492 2,806 2020 1981-2022/1996&2017 20 Atlanta, GA 6777-6785 New Calhoun Highway NE - 26,814 660 - 27,474 27,474 1,148 2023 2022 40 Atlanta, GA 1099 Dodds Avenue 975 8,481 138 975 8,619 9,594 1,015 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 1,463 2022 1999 25 Boston, MA 54-56 Milliken Road 1,418 7,482 10,520 1,418 18,002 19,420 5,231 2014 1966-2022/1995, 2005,2013,2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 1,464 2022 2005 30 Cincinnati, OH 4115 Thunderbird Lane 275 2,093 192 275 2,285 2,560 1,219 2014 1991 22 Cincinnati, OH 7585 Empire Drive 644 2,658 1,336 644 3,994 4,638 2,538 2014 1973 11 Cincinnati, OH Mosteller Distribution Center 1,501 9,424 137 1,501 9,561 11,062 6,976 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 23,503 4,147 41,650 45,797 8,372 2018 1946,2023 20 40 Cincinnati, OH 2700-2758 E. Kemper Road 847 5,196 341 847 5,537 6,384 1,342 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road 752 5,448 565 752 6,013 6,765 1,429 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road 998 7,281 817 998 8,098 9,096 2,068 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive 244 2,020 355 244 2,375 2,619 403 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 377 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 454 2,260 16,754 19,014 2,919 2022 1972 18 Cincinnati, OH 1-45 Techview Drive 1,185 4,909 - 1,185 4,909 6,094 - 2024 1981-1982 20 Cincinnati, OH 1220-1230 Hillsmith Drive 859 2,363 - 859 2,363 3,222 - 2024 1975 20 Cincinnati, OH 3825 Symmes Road 555 2,838 - 555 2,838 3,393 - 2024 1990/1994 25 Cincinnati, OH 613-637 Redna Terrace 1,324 4,318 - 1,324 4,318 5,642 - 2024 1965 18 22 Cincinnati, OH 8080 Reading Road 279 490 - 279 490 769 - 2024 2007 18 Cleveland, OH 1755 Enterprise Parkway 1,411 12,281 1,840 1,411 14,121 15,532 6,216 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 458 2,815 23,250 26,065 5,333 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 3,341 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 202 1,213 6,804 8,017 1,561 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 200 562 2,889 3,451 792 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 104 809 2,964 3,773 937 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 1,606 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 39 - 14,857 14,857 2,328 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 32 - 15,065 15,065 2,418 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 215 1,775 6,756 8,531 2,021 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 172 2,671 15,131 17,802 4,337 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 198 977 12,614 13,591 2,595 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 3,126 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 344 1,458 5,838 7,296 1,015 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 776 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 499 2,198 13,764 15,962 1,645 2022 2008 31 Columbus, OH 3100 Creekside Parkway 1,203 9,603 555 1,203 10,158 11,361 4,228 2014 2000 27 Columbus, OH 7001 American Pkwy 331 1,416 28 331 1,444 1,775 890 2014 1986/2007&2012 20 Columbus, OH 8273 Green Meadows Dr. 341 2,266 1,137 341 3,403 3,744 1,456 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. 1,107 8,413 1,035 1,107 9,448 10,555 5,636 2014 1988 17 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Columbus, OH 2120 - 2138 New World Drive - (1) 400 3,007 99 400 3,106 3,506 1,481 2017 1971 18 Columbus, OH 459 Orange Point Drive 1,256 6,793 528 1,256 7,321 8,577 1,366 2019 2001 40 Columbus, OH 7719 Graphics Way 1,297 2,743 111 1,297 2,854 4,151 617 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 3,271 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 5,194 2021 1973/1974&1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 20 576 7,184 7,760 1,064 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 48 586 8,359 8,945 1,220 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 2,344 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 85 242 3,577 3,819 524 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 1,076 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,764 1,966 13,504 15,470 6,134 2017 1962/2001&2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (20) 148 864 1,012 474 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,308 4,632 15,880 20,512 7,152 2019 1957/1992 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 622 2,644 13,192 15,836 3,851 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 635 1,881 7,271 9,152 2,927 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 32 566 1,440 2,006 548 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 385 669 2,601 3,270 924 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 284 535 2,851 3,386 877 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 290 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 69 609 1,927 2,536 764 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 233 709 2,316 3,025 812 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 68 424 1,391 1,815 537 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 2,017 1,870 10,861 12,731 3,014 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 205 1,363 6,730 8,093 2,463 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 85 938 21,556 22,494 2,315 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 6 1,943 5,611 7,554 774 2021 2006 32 Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 1,583 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 837 9,848 27,248 37,096 6,515 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - (1) 9,347 26,978 17,433 9,347 44,411 53,758 7,132 2018 1996-1999,2023 38 40 Jacksonville, FL Salisbury Business Park - (1) 4,354 9,049 6,637 4,354 15,686 20,040 2,704 2018 2001-2012,2023 32 40 Jacksonville, FL 265 Industrial Boulevard 931 4,950 410 931 5,360 6,291 1,676 2020 1988/1999 18 Jacksonville, FL 338 Industrial Boulevard 1,205 9,095 24 1,205 9,119 10,324 2,236 2020 1996/2001 18 Jacksonville, FL 430 Industrial Boulevard 426 1,071 1 426 1,072 1,498 583 2020 1988 18 Jacksonville, FL 8451 Western Way 4,240 13,983 97 4,240 14,080 18,320 2,441 2020 1968/1975&1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 90 1,836 9,550 11,386 955 2022 1999 40 Memphis, TN 210 American Dr. 928 10,442 919 928 11,361 12,289 8,600 2014 1967/1981&2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. 488 4,919 2,700 488 7,619 8,107 4,148 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 1,333 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 4,023 1,511 8,375 9,886 3,385 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 3,027 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,807 916 6,825 7,741 2,185 2021 1957-1959/1963&1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 392 1,089 7,907 8,996 1,976 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 520 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 988 613 7,142 7,755 1,287 2022 1986 20 Memphis, TN 10682 Ridgewood Road - (1) 261 3,513 225 261 3,738 3,999 560 2022 1985 23 Memphis, TN 1814 S Third Street - (1) 469 2,510 29 469 2,539 3,008 726 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 1,793 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 415 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 770 2022 1964 17 Memphis, TN 5846 Distribution Drive - (1) 164 2,092 226 164 2,318 2,482 355 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 285 2022 1988 21 Memphis, TN 8970 Deerfield Drive - (1) 241 2,256 340 241 2,596 2,837 472 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 1,434 950 14,323 15,273 2,105 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - (1) 678 9,227 1,138 678 10,365 11,043 1,523 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 1,417 892 8,841 9,733 1,695 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 878 924 13,683 14,607 2,122 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 433 342 3,962 4,304 796 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 357 312 4,921 5,233 657 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 355 231 3,216 3,447 470 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 580 2022 2006 45 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Memphis, TN 1590-1680 Century Center Parkway 7,084 38,576 46 7,084 38,622 45,706 878 2024 1990-2004 20 36 Memphis, TN 4370-4450 South Mendenhall Road 4,693 24,784 44 4,693 24,828 29,521 718 2024 1985 18 29 Memphis, TN 4575 Pleasant Hill Road 1,677 9,345 82 1,677 9,427 11,104 274 2024 1991 20 Memphis, TN 4740-4800 East Shelby Drive 1,011 4,003 34 1,011 4,037 5,048 139 2024 1991 20 South Bend, IN 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 929 2017 2000 27 South Bend, IN 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 2,782 2017 2004 27 South Bend, IN 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 2,241 2017 2002 27 South Bend, IN 5861 W Cleveland Road 234 1,966 133 234 2,099 2,333 729 2017 1994 27 South Bend, IN West Brick Road 381 3,209 193 381 3,402 3,783 1,183 2017 1998 27 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 40 656 2,616 3,272 557 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1,295 1,133 5,271 6,404 1,091 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 765 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 452 3,927 21,447 25,374 3,502 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 983 2021 2005 35 St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 226 2,183 6,182 8,365 1,437 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 247 4,265 46,472 50,737 4,609 2021 2019 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 3,139 2021 2016 36 St. Louis, MO 349 Gateway - (1) 3,255 36,451 - 3,255 36,451 39,706 5,143 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 95 1,041 6,222 7,263 765 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 307 1,674 5,383 7,057 1,132 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 165 2,492 5,274 7,766 776 2022 1986 26 Total Real Estate Owned $ 180,671 $ 1,121,680 $ 106,181 $ 180,281 $ 1,228,251 $ 1,408,532 $ 259,869 __________________ Note (1) These properties secure the $175,980 Secured Debt. Note (2) Total does not include development projects of $1,981, corporate office leasehold improvements of $2,479, Columbus property management office of $4,495 and the finance lease right of use asset of $818 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $1,262 and Columbus property management office of $477. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements. As of December 31, 2024, the gross aggregate basis for Federal tax purposes of investments in real estate properties was approximately $ 1,638,395 ($ in thousands) Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2024 2023 2022 Real Estate Balance at the beginning of the year $ 1,567,866 $ 1,555,846 $ 1,254,007 Additions during the year 130,659 29,615 302,265 Disposals during the year (280,220 ) (17,595 ) (426 ) Balance at the end of the year $ 1,418,305 $ 1,567,866 $ 1,555,846 Accumulated Depreciation Balance at the beginning of the year $ 268,046 $ 205,629 $ 142,192 Depreciation expense 65,789 67,920 63,557 Disposals during the year (72,227 ) (5,503 ) (120 ) Balance at the end of the year $ 261,608 $ 268,046 $ 205,629

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.
Consolidation	Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but exercise control, as well as any Variable Interest Entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a VIE that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, and therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities for real estate acquisitions, impairments of long-lived assets and unconsolidated joint ventures, stock-based compensation, preferred unit forward contract asset and its warrant liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the then-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 materially 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 capital expenditure escrows, and cash held in escrow for real estate tax, insurance, cash held on behalf of the Joint Venture for tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2024 2023 Cash $ 17,546 $ 14,493 Cash held in escrow 1,964 4,716 Restricted cash 24,117 6,995 Cash, cash held in escrow, and restricted cash $ 43,627 $ 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 consolidated statements of operations. Debt issuance costs amounted to $ 6,533 6,787 3,866 3,603 5,342 1,469
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets or liabilities on the accompanying consolidated balance sheets.
Earnings (Loss) per Share	Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. See “Note 13—Earnings per Share” in the accompanying notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for additional 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 to some degree in determining the fair value of our debt, interest rate swaps and performance stock units discussed in Notes 7, 8, and 12, respectively, in determining the fair value of the forward contract for preferred units discussed in Note 11, and in determining the fair value of warrants to purchase partnership units in Note 14. 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 the fair value hierarchy. The amounts reported on the consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 8. The following tables summarize the Company’s forward contract asset, warrant liability and interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2024 and 2023. Summary of significant accounting policies - schedule of fair value on a recurring basis Fair Value Measurements as of December 31, 2024 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ 3,658 $ — $ — $ 3,658 Interest rate swaps - Asset $ 17,760 $ — $ 17,760 $ — Interest rate swaps - Liability $ (520 ) $ — $ (520 ) $ — Warrant liability $ (45,908 ) $ — $ — $ (45,908 ) Fair Value Measurements as of December 31, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ — $ — $ — $ — Interest rate swaps - Asset $ 21,667 $ — $ 21,667 $ — Interest rate swaps - Liability $ (1,161 ) $ — $ (1,161 ) $ — Warrant liability $ — $ — $ — $ —
Forward Contract	Forward Contract The Company accounts for its Operating Partnership’s forward contract to issue redeemable preferred units as a financial instrument as it represents a forward sale on redeemable equity. A forward contract on redeemable equity is classified as a liability or asset because it creates an obligation of the Company’s Operating Partnership to repurchase its own equity and settle in cash. Asset or liability-classified financial instruments are measured at fair value at issuance and at the end of each reporting period. Any change in the fair value of the financial instrument is recorded in the consolidated financial statements through earnings.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Long-lived assets are primarily comprised of real estate properties. On a quarterly basis, management assesses whether there are any indicators, including changes in the anticipated holding period, general market conditions, and property operating performance, that may indicate an impairment exists. Recoverability of real estate properties is measured by comparison of the carrying amount of the property to the estimated future undiscounted cash flows to be generated from the use and eventual disposition of that property. If our analysis indicates that the carrying value of the real estate property is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. The Company determined there was no impairment of value of real estate properties as of December 31, 2024 and 2023.
Income Taxes	Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2021 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal net operating losses (“NOL”), the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2023 of approximately $ 35,322 0
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures For joint ventures that we do not control but exercise significant influence, we use the equity method of accounting. Our judgment about the level of influence or control over an entity involves consideration of various factors including the form of our ownership interest; our representation in the entity's governance; our ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, and/or to liquidate the venture. Accordingly, we initially recorded our investments at cost, and subsequently adjusted for equity in earnings or losses and cash contributions and distributions. Income or loss and cash distributions from unconsolidated ventures are allocated according to the provisions of the respective venture agreement, which may be different from its stated ownership percentage. Our net equity investment in the ventures was reflected within the consolidated balance sheets, and our share of net income or loss from the ventures was included within the consolidated statements of operations. In 2024, the Company invested in unconsolidated joint ventures as discussed in Note 5.
Impairment of Unconsolidated Joint Ventures	Impairment of Unconsolidated Joint Ventures We account for our investment in unconsolidated joint ventures under the equity method. Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of the earnings or losses, distributions received, and other-than-temporary impairments. Our unconsolidated joint ventures are evaluated for impairment when conditions exist that may indicate that the decrease in the carrying amount of our investment has occurred and is other than temporary. Triggering events or impairment indicators for our unconsolidated joint ventures include, recurring operating losses of an investee, absence of an ability to recover the carrying amount of the investee, the ability of an investee to sustain an earnings capacity, a carrying amount that exceeds the fair value of the investment and that decline in fair value is other-than-temporary. Upon determination that an other-than-temporary impairment has occurred, a write-down is recognized to reduce the carrying amount of investment to its estimated fair value. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgement. During the year ended December 31, 2024, no other-than-temporary impairment related to our unconsolidated joint ventures were identified.
Leases	Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market based pricing on longer duration financing instruments.
Non-controlling Interests	Non-controlling Interests As further discussed in Note 11, the Company has issued non-controlling interests in its Operating Partnership. The net income (loss) attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations.
Redeemable Non-Controlling Interest – Preferred Units	Redeemable Non-Controlling Interest – Preferred Units The Company applies the guidance enumerated in ASC 480, when determining the classification and measurement of its Operating Partnership’s preferred units. Preferred units subject to mandatory redemption, if any, are classified as a liability and are measured at fair value. The Company classifies conditionally redeemable preferred units, which includes preferred units that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as mezzanine equity. The Company subsequently measures mezzanine equity based on whether the instrument is currently redeemable or whether or not it is probable the instrument will become redeemable. Upon determination that the instrument is probable of redemption, the Company will adjust the carrying value to the redemption value. If redemption is not probable, the Company will not adjust the carrying value of the instrument recorded as mezzanine equity other than to reflect dividends accrued and not yet paid, but which will be payable under the redemption feature.
Real Estate Property Acquisitions	Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates.
Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities	Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 66,088 67,968 63,623 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 1,204 2,221 3,151 19,641 24,923 31,689
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 manages its business activities on a consolidated basis and operates as a single operating segment, Industrial Properties, and as such has one reportable segment. Through its subsidiaries, the Company derives all revenue within the United States through the ownership and management of single and multi-tenant industrial properties. All revenues, expenses and assets are attributable to the single segment and are consistent with amounts presented in the consolidated balance sheets and consolidated statements of operations. All significant expenses are presented on the consolidated statements of operations and no other significant segment expenses are regularly provided to the CODM. The Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The CODM uses net income that is reported on the consolidated statements of operations to assess financial performance and make decisions on capital allocation. The CODM also uses Funds from Operations (“FFO”) and Core Funds from Operations (“Core FFO”) to assess the segment’s financial performance and to base decisions on capital allocation. FFO is defined as Net income (loss) (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition and transaction related expenses for transactions not completed, gain on financing transaction, income tax provision, and certain non-cash operating expenses such as our proportionate share of FFO, unrealized loss from interest rate swap, loss on interest rate swap, appreciation (depreciation) of warrants and loss on extinguishment of debt. The Company's measure of segment profit or loss is net income as it is the measure determined in accordance with U.S. GAAP. The CODM uses net income, FFO and Core FFO during the forecasting process, and the results of these measures are used to evaluate segment performance and to make decisions on allocation of resources to the 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 applicable vesting period. Forfeitures of unvested shares are recognized in the period in which the forfeiture occurs.
Warrants	Warrants The Company accounts for its Operating Partnership’s warrants as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Warrants that are not considered indexed to the Company’s own stock are required to be accounted for as a liability. Liability-classified financial instruments are measured at fair market value on the issuance date and at the end of each reporting period. Any change in the fair market value of the financial instrument after the issuance date is recorded in the consolidated financial statements through earnings.
Accounting Pronouncements	Accounting Pronouncements In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We adopted ASU 2023-07 in the year ended December 31, 2024 and the adoption did not have a material impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash December 31, December 31, 2024 2023 Cash $ 17,546 $ 14,493 Cash held in escrow 1,964 4,716 Restricted cash 24,117 6,995 Cash, cash held in escrow, and restricted cash $ 43,627 $ 26,204
Summary of significant accounting policies - schedule of fair value on a recurring basis	The following tables summarize the Company’s forward contract asset, warrant liability and interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2024 and 2023. Summary of significant accounting policies - schedule of fair value on a recurring basis Fair Value Measurements as of December 31, 2024 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ 3,658 $ — $ — $ 3,658 Interest rate swaps - Asset $ 17,760 $ — $ 17,760 $ — Interest rate swaps - Liability $ (520 ) $ — $ (520 ) $ — Warrant liability $ (45,908 ) $ — $ — $ (45,908 ) Fair Value Measurements as of December 31, 2023 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Forward contract asset $ — $ — $ — $ — Interest rate swaps - Asset $ 21,667 $ — $ 21,667 $ — Interest rate swaps - Liability $ (1,161 ) $ — $ (1,161 ) $ — Warrant liability $ — $ — $ — $ —

Real Estate Properties, Net (Ta

Real Estate Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real estate properties - schedule of real estate properties	Real estate properties, net consisted of the following at December 31, 2024 and 2023: Real estate properties - schedule of real estate properties December 31, December 31, Land $ 181,357 $ 226,020 Buildings and improvements 1,114,970 1,203,355 Site improvements 116,341 130,638 Construction in progress 5,637 7,853 Real estate properties, gross 1,418,305 1,567,866 Less accumulated depreciation (261,608 ) (268,046 ) Real estate properties, net $ 1,156,697 $ 1,299,820
Real estate properties - schedule of real estate acquisitions	The Company made the following acquisitions of properties during the year ended December 31, 2024: Real estate properties - schedule of real estate acquisitions Location Date Square Properties Purchase Price (1) Memphis, TN July 18, 2024 1,621,241 4 $ 100,500 Cincinnati, OH December 19, 2024 258,082 5 20,149 Year ended December 31, 2024 1,879,323 9 $ 120,649 _________________ (1) Purchase price does not include capitalized acquisition costs.
Real estate properties - schedule of recognized identified assets acquired and liabilities assumed	The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real estate properties - schedule of recognized identified assets acquired and liabilities assumed Year ended December 31, 2024 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 120,649 N/A Acquisition costs 1,394 N/A Total $ 122,043 Allocation of Purchase Price Land $ 18,667 N/A Building 86,783 N/A Site improvements 4,843 N/A Total real estate properties 110,293 Deferred Lease Intangibles Tenant relationships 2,057 4.9 Leasing commissions 1,292 4.7 Above market lease 723 6.6 Below market lease (1,831 ) 5.7 Lease in place 9,509 4.2 Net deferred lease intangibles 11,750 Totals $ 122,043

Deferred Lease Intangibles, N_2

Deferred Lease Intangibles, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Lease Intangibles Net
Deferred lease intangibles, net - schedule of finite lived intangible assets	Deferred lease intangible assets, net consisted of the following at December 31, 2024 and 2023: Deferred lease intangibles, net - schedule of finite lived intangible assets December 31, December 31, Above market lease $ 6,085 $ 5,652 Lease in place 74,263 88,394 Tenant relationships 21,717 25,008 Leasing commissions 36,090 42,437 Deferred lease intangible assets, gross 138,155 161,491 Less accumulated amortization (96,478 ) (110,017 ) Deferred lease intangible assets, net $ 41,677 $ 51,474
Deferred lease intangibles, net - schedule of deferred lease intangible liabilities	Deferred lease intangible liabilities, net consisted of the following at December 31, 2024 and 2023: Deferred lease intangibles, net - schedule of deferred lease intangible liabilities December 31, December 31, Below market leases $ 14,148 $ 19,257 Less accumulated amortization (9,122 ) (13,213 ) Deferred lease intangible liabilities, net $ 5,026 $ 6,044
Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense	Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2024 is as follows: Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense Year Amortization Expense Net Increase to Rental Revenue Related to 2025 $ 13,429 $ (952 ) 2026 $ 8,843 $ (564 ) 2027 $ 6,235 $ (411 ) 2028 $ 4,484 $ (245 ) 2029 $ 2,840 $ (324 ) Thereafter $ 4,068 $ (752 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases - schedule of lessor future minimum rental receipts under non-cancellable leases	As of December 31, 2024, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows: Leases - schedule of lessor future minimum rental receipts under non-cancellable leases Year Future Minimum 2025 $ 123,943 2026 101,732 2027 76,436 2028 58,812 2029 40,820 Thereafter 65,851 Total minimum fixed rental receipts $ 467,594
Leases - schedule of rental revenue components	Rental revenue is comprised of the following: Leases - schedule of rental revenue components Year Ended December 31, 2024 2023 2022 Income from leases $ 147,207 $ 147,293 $ 134,252 Straight-line rent adjustments (761 ) 1,944 3,682 Tenant recoveries 49,282 48,302 42,357 Amortization of above market leases (583 ) (636 ) (723 ) Amortization of below market leases 1,787 2,857 3,874 Total $ 196,932 $ 199,760 $ 183,442
Leases - schedule of lease costs	The following table summarizes the operating lease expense recognized during the years ended December 31, 2024, 2023 and 2022 included in the Company’s consolidated statements of operations. Leases - schedule of lease costs Year Ended December 31, 2024 2023 2022 Operating lease expense included in general and administrative expense attributable to office leases $ 775 $ 772 $ 838 Operating lease expense included in property expense attributable to ground sublease 48 32 36 Non-cash adjustment due to straight-line rent adjustments 178 145 109 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,001 $ 949 $ 983
Leases - schedule of lessee future minimum rental commitments under non-cancellable leases	The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s consolidated balance sheets for the operating leases in which we are the lessee: Leases - schedule of lessee future minimum rental commitments under non-cancellable leases Year 2025 $ 965 2026 876 2027 894 2028 865 2029 849 Thereafter 1,809 Total minimum operating lease payments $ 6,258 Less imputed interest (1,315 ) Total operating lease liability $ 4,943
Leases - schedule of finance lease expense	The following table summarizes the financing lease expense recognized during the years ended December 31, 2024, 2023 and 2022 included in the Company’s consolidated statements of operations. Leases - schedule of finance lease expense Year Ended December 31, 2024 2023 2022 Depreciation/amortization of financing lease right-of-use assets $ 28 $ 26 $ 28 Interest expense for financing lease liability 180 178 176 Total financing lease cost $ 208 $ 204 $ 204
Leases - schedule of finance lease, liability, fiscal year maturity	The following table summarizes the maturity analysis of our financing lease: Leases - schedule of finance lease, liability, fiscal year maturity Year 2025 $ 170 2026 170 2027 170 2028 170 2029 170 Thereafter 6,027 Total minimum financing lease payments $ 6,877 Less imputed interest (4,580 ) Total financing lease liability $ 2,297

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023. Indebtedness - schedule of secured and unsecured debt outstanding Outstanding Balance at Interest rate at Debt December 31, December 31, December 31, Maturity Date Secured debt: Ohio National Life Mortgage — 18,409 4.14% August 1, 2024 Allianz Loan 60,085 61,260 4.07% April 10, 2026 Nationwide Loan 14,632 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 53,782 54,956 3.15% January 1, 2028 Midland National Life Insurance Mortgage — 10,665 3.50% March 10, 2028 Minnesota Life Loan 19,101 19,569 3.78% May 1, 2028 Transamerica Loan — 59,357 4.35% August 1, 2028 Total secured debt $ 176,400 $ 267,964 Unamortized debt issuance costs, net (408 ) (1,174 ) Unamortized premium/(discount), net (12 ) 97 Total secured debt, net $ 175,980 $ 266,887 Unsecured debt: $200m KeyBank Term Loan 200,000 200,000 3.03% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 150,000 4.40% (1)(2) May 2, 2027 $100m KeyBank Term Loan 100,000 100,000 3.00% (1)(2) November 6, 2028 Total unsecured debt $ 450,000 $ 450,000 Unamortized debt issuance costs, net (2,259 ) (2,010 ) Total unsecured debt, net $ 447,741 $ 447,990 Borrowings under line of credit: KeyBank unsecured line of credit 20,000 155,400 5.89% (1) November 6, 2028 Total borrowings under line of credit $ 20,000 $ 155,400 _______________ (1) For the month of December 2024, the one-month term SOFR for our unsecured debt was at a weighted average of 4.520% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 4.338%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (2) As of December 31, 2024, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, 1.527% respectively.
Indebtedness - schedule of fair value of debt instruments	The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of December 31, 2024 and 2023: Indebtedness - schedule of fair value of debt instruments December 31, 2024 December 31, 2023 Indebtedness Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 176,400 $ 166,165 $ 267,964 $ 254,114 Unsecured debt 450,000 450,000 450,000 455,229 Borrowings under line of credit, net 20,000 20,000 155,400 155,599 Total 646,400 $ 636,165 $ 873,364 $ 864,942 Unamortized debt issuance cost, net (2,667 ) (3,184 ) Unamortized premium/(discount), net (12 ) 97 Total carrying value $ 643,721 $ 870,277
Indebtedness - schedule of future principal payments due on long-term debt	Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2024 are as follows: Indebtedness - schedule of future principal payments due on long-term debt Year Amount 2025 $ 3,246 2026 60,951 2027 365,783 2028 216,420 2029 — Thereafter — Total aggregate principal payments $ 646,400

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Derivative financial instruments - schedule of interest rate swaps	The following table sets forth a summary of our interest rate swaps as of December 31, 2024 and 2023. Derivative financial instruments - schedule of interest rate swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 Feb. 11, 2027 1.527% $ 200,000 $ 200,000 $ 10,113 $ 12,539 JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 Aug. 8, 2026 1.504% $ 100,000 $ 100,000 $ 3,962 $ 5,692 JPMorgan Chase Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 75,000 $ 75,000 $ 1,843 $ 1,723 Wells Fargo Bank, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 921 $ 861 Capital One, N.A. Aug. 19, 2022 Sept. 1, 2022 May 2, 2027 2.904% $ 37,500 $ 37,500 $ 921 $ 852 Wells Fargo Bank, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.750% $ 50,000 $ 50,000 $ (258 ) $ (577 ) JPMorgan Chase Bank, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (131 ) $ (292 ) Capital One, N.A. (3) Nov. 10, 2023 Nov. 10, 2023 Nov. 1, 2025 4.758% $ 25,000 $ 25,000 $ (131 ) $ (292 ) _______________ (1) Represents the notional value of interest rate swaps effective as of December 31, 2024. (2) As of December 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $17.8 million and the remaining three interest rate swaps were in a liability position of approximately $0.5 million. As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million. (3) As of December 31, 2024, these interest rate swaps have been de-designated as a result of the hedge transactions related to these swaps no longer being probable of occurring.
Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships	The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2024, 2023 and 2022. Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2024 2023 2022 Amount of unrealized gain (loss) recognized in AOCI on derivatives $ (3,227 ) $ (9,609 ) $ 30,115 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 14,988 $ 13,959 $ 3,643
Derivative financial instruments - schedule of interest rate swaps on a recurring basis	The following table summarizes the Company’s derivatives not designated as hedging instruments for the year ended December 31, 2024, 2023 and 2022: Derivative financial instruments - schedule of interest rate swaps on a recurring basis Amount of gain (loss) recognized in net income on derivatives Derivatives not designated as hedging instruments December 31, 2024 December 31, 2023 December 31, 2022 Interest rate swaps $ (62 ) $ — $ — Total $ (62 ) $ — $ —

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Common stock - schedule of stockholders' equity note, warrants	A roll-forward of the warrants is as follows: Common stock - schedule of stockholders' equity note, warrants Balance at January 1, 2022 $ 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022, 2023 and 2024 $ —
Common stock - schedule of common stock dividends declared	The following table sets forth the common stock distributions that were declared during the years ended December 31, 2024 and 2023. Common stock - schedule of common stock dividends declared Cash Dividends Aggregate 2024 First quarter $ 0.2400 $ 10,904 Second quarter 0.2400 10,928 Third quarter 0.2400 10,927 Fourth quarter 0.2400 10,926 Total $ 0.9600 $ 43,685 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
Common stock - schedule of dividends payable	Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2024. Common stock - schedule of dividends payable Declaration Date Date of Record Payable Date Cash Ordinary Capital Gain Distribution Return of 2/21/2024 3/28/2024 4/30/2024 $ 0.240000 $ — $ 0.240000 $ — 6/14/2024 6/28/2024 7/31/2024 $ 0.240000 $ — $ 0.240000 $ — 9/13/2024 9/30/2024 10/31/2024 $ 0.240000 $ — $ 0.240000 $ — 12/13/2024 12/31/2024 1/31/2025 $ 0.240000 $ — $ 0.240000 $ —

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Preferred stock - schedule of series a preferred stock dividends declared	The following table sets forth the Series A Preferred Stock dividends that were declared or paid during the year ended December 31, 2023. Preferred stock - schedule of series a preferred stock dividends declared Cash Dividends Aggregate 2023 First quarter $ 0.468750 $ 916 Second quarter 0.468750 916 Third quarter 0.346470 677 Fourth quarter — — Total $ 1.283970 $ 2,509

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Non-controlling interest - schedule of redeemable non-controlling interest	The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2024 and 2023. Non-controlling interest - schedule of redeemable non-controlling interest Cash Distributions Aggregate 2024 First quarter $ 0.2400 $ 118 Second quarter 0.2400 118 Third quarter 0.2400 118 Fourth quarter 0.2400 118 Total $ 0.9600 $ 472 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
Non-Controlling interest- Schedule of roll-forward of the Forward contract asset	A roll-forward of the forward contract asset is as follows: Non-Controlling interest- Schedule of roll-forward of the Forward contract asset Balance upon issuance August 26, 2024 $ 10,200 Unrealized gain (loss) (6,542 ) Balance at December 31, 2024 $ 3,658
Series C Preferred Stock [Member]
Non-controlling interest - schedule of redeemable non-controlling interest	The following table sets forth the Series C Preferred Unit distributions that were incurred during the third and fourth quarter of 2024. There were no distributions incurred prior to the third quarter of 2024. Non-controlling interest - schedule of redeemable non-controlling interest 2024 Cash Dividends Aggregate Amount Third quarter $ 4.00 $ 243 Fourth quarter 10.14 618 Total $ 14.14 $ 861 2024 PIK Dividends Aggregate Amount Third quarter $ 3.00 $ 183 Fourth quarter 7.54 459 Total $ 10.54 $ 642

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 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 for the years ended December 31, 2024, 2023 and 2022: Incentive award plan - schedule of nonvested restricted stock shares activity Shares Weighted Average Grant Date Fair Value per Share Unvested restricted stock at January 1, 2022 227,356 $ 16.35 Granted 141,000 $ 26.34 Forfeited (8,750 ) $ 20.50 Vested (79,532 ) $ 16.87 Unvested restricted stock at December 31, 2022 280,074 $ 21.11 Granted 200,095 $ 21.59 Forfeited — $ — Vested (109,326 ) $ 19.59 Unvested restricted stock at December 31, 2023 370,843 $ 21.81 Granted 146,102 $ 21.85 Forfeited (7,100 ) $ 22.66 Vested (140,170 ) $ 20.97 Unvested restricted stock at December 31, 2024 369,675 $ 22.13
Incentive award plan - schedule of unvested performance stock	The following table summarizes activity related to the Company’s unvested PSUs during the years ended December 31, 2024 and 2023. No PSUs were granted for the year ended December 31, 2022. Incentive award plan - schedule of unvested performance stock Unvested Performance Stock Units Performance Weighted Average Balance at December 31, 2022 — $ — Granted 51,410 30.15 Vested — — Forfeited — — Balance at December 31, 2023 51,410 $ 30.15 Granted 85,983 20.44 Vested — — Forfeited — — Balance at December 31, 2024 137,393 $ 24.07

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share - schedule of earnings per share	Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows: Earnings per share - schedule of earnings per share Year ended December 31, 2024 2023 2022 Numerator Net income (loss) $ 142,367 $ 13,807 $ (17,096 ) Less: Net income (loss) attributable to non-controlling interest 1,520 147 (210 ) Less: Net income (loss) attributable to redeemable non-controlling interest – Series C Preferred Units 1,503 — — Net income (loss) attributable to Plymouth Industrial REIT, Inc. 139,344 13,660 (16,886 ) Less: Preferred Stock dividends — 2,509 4,866 Less: Series B Preferred Stock accretion to redemption value — — 4,621 Less: Loss on extinguishment/redemption of Series A Preferred Stock — 2,023 99 Less: Amount allocated to participating securities 1,478 337 256 Net income (loss) attributable to common stockholders $ 137,866 $ 8,791 $ (26,728 ) Denominator Weighted-average common shares outstanding — basic 44,989,288 43,554,504 39,779,128 Effect of dilutive securities Add: Stock-based compensation (1) 57,144 77,189 — Weighted-average common shares outstanding — diluted 45,046,432 43,631,693 39,779,128 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 3.06 $ 0.20 $ (0.67 ) Net income (loss) per share attributable to common stockholders — diluted $ 3.06 $ 0.20 $ (0.67 ) (1) During the years ended December 31, 2024 and 2023, there were approximately 33,175 and 69,903, respectively, 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 year ended December 31, 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Warrant Liability (Tables)

Warrant Liability (Tables)	12 Months Ended
	Dec. 31, 2024
Warrant Liability
Warrant Liability- Schedule of roll-forward of the warrant	A roll-forward of the warrant liability is as follows: Warrant Liability- Schedule of roll-forward of the warrant Balance upon issuance August 26, 2024 $ 89,856 Unrealized (gain) loss (43,948 ) Balance at December 31, 2024 $ 45,908

Schedule III (Tables)

Schedule III (Tables)	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III real estate properties and accumulated depreciation	Schedule III real estate properties and accumulated depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road $ 256 $ 4,454 $ 2,348 $ 256 $ 6,802 $ 7,058 $ 2,942 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 1 271 910 1,181 396 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - (1) 494 6,027 31 494 6,058 6,552 2,318 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - (1) 270 2,879 105 270 2,984 3,254 1,037 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 908 3,283 14,468 17,751 4,770 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 678 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 977 1,237 7,929 9,166 1,306 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 17 2,876 7,616 10,492 2,806 2020 1981-2022/1996&2017 20 Atlanta, GA 6777-6785 New Calhoun Highway NE - 26,814 660 - 27,474 27,474 1,148 2023 2022 40 Atlanta, GA 1099 Dodds Avenue 975 8,481 138 975 8,619 9,594 1,015 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 1,463 2022 1999 25 Boston, MA 54-56 Milliken Road 1,418 7,482 10,520 1,418 18,002 19,420 5,231 2014 1966-2022/1995, 2005,2013,2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 1,464 2022 2005 30 Cincinnati, OH 4115 Thunderbird Lane 275 2,093 192 275 2,285 2,560 1,219 2014 1991 22 Cincinnati, OH 7585 Empire Drive 644 2,658 1,336 644 3,994 4,638 2,538 2014 1973 11 Cincinnati, OH Mosteller Distribution Center 1,501 9,424 137 1,501 9,561 11,062 6,976 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 23,503 4,147 41,650 45,797 8,372 2018 1946,2023 20 40 Cincinnati, OH 2700-2758 E. Kemper Road 847 5,196 341 847 5,537 6,384 1,342 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road 752 5,448 565 752 6,013 6,765 1,429 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road 998 7,281 817 998 8,098 9,096 2,068 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive 244 2,020 355 244 2,375 2,619 403 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 377 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 454 2,260 16,754 19,014 2,919 2022 1972 18 Cincinnati, OH 1-45 Techview Drive 1,185 4,909 - 1,185 4,909 6,094 - 2024 1981-1982 20 Cincinnati, OH 1220-1230 Hillsmith Drive 859 2,363 - 859 2,363 3,222 - 2024 1975 20 Cincinnati, OH 3825 Symmes Road 555 2,838 - 555 2,838 3,393 - 2024 1990/1994 25 Cincinnati, OH 613-637 Redna Terrace 1,324 4,318 - 1,324 4,318 5,642 - 2024 1965 18 22 Cincinnati, OH 8080 Reading Road 279 490 - 279 490 769 - 2024 2007 18 Cleveland, OH 1755 Enterprise Parkway 1,411 12,281 1,840 1,411 14,121 15,532 6,216 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 458 2,815 23,250 26,065 5,333 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 3,341 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 202 1,213 6,804 8,017 1,561 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 200 562 2,889 3,451 792 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 104 809 2,964 3,773 937 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 1,606 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 39 - 14,857 14,857 2,328 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 32 - 15,065 15,065 2,418 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 215 1,775 6,756 8,531 2,021 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 172 2,671 15,131 17,802 4,337 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 198 977 12,614 13,591 2,595 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 3,126 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 344 1,458 5,838 7,296 1,015 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 776 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 499 2,198 13,764 15,962 1,645 2022 2008 31 Columbus, OH 3100 Creekside Parkway 1,203 9,603 555 1,203 10,158 11,361 4,228 2014 2000 27 Columbus, OH 7001 American Pkwy 331 1,416 28 331 1,444 1,775 890 2014 1986/2007&2012 20 Columbus, OH 8273 Green Meadows Dr. 341 2,266 1,137 341 3,403 3,744 1,456 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. 1,107 8,413 1,035 1,107 9,448 10,555 5,636 2014 1988 17 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Columbus, OH 2120 - 2138 New World Drive - (1) 400 3,007 99 400 3,106 3,506 1,481 2017 1971 18 Columbus, OH 459 Orange Point Drive 1,256 6,793 528 1,256 7,321 8,577 1,366 2019 2001 40 Columbus, OH 7719 Graphics Way 1,297 2,743 111 1,297 2,854 4,151 617 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 3,271 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 5,194 2021 1973/1974&1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 20 576 7,184 7,760 1,064 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 48 586 8,359 8,945 1,220 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 2,344 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 85 242 3,577 3,819 524 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 1,076 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,764 1,966 13,504 15,470 6,134 2017 1962/2001&2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (20) 148 864 1,012 474 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,308 4,632 15,880 20,512 7,152 2019 1957/1992 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 622 2,644 13,192 15,836 3,851 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 635 1,881 7,271 9,152 2,927 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 32 566 1,440 2,006 548 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 385 669 2,601 3,270 924 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 284 535 2,851 3,386 877 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 290 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 69 609 1,927 2,536 764 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 233 709 2,316 3,025 812 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 68 424 1,391 1,815 537 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 2,017 1,870 10,861 12,731 3,014 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 205 1,363 6,730 8,093 2,463 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 85 938 21,556 22,494 2,315 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 6 1,943 5,611 7,554 774 2021 2006 32 Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 1,583 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 837 9,848 27,248 37,096 6,515 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - (1) 9,347 26,978 17,433 9,347 44,411 53,758 7,132 2018 1996-1999,2023 38 40 Jacksonville, FL Salisbury Business Park - (1) 4,354 9,049 6,637 4,354 15,686 20,040 2,704 2018 2001-2012,2023 32 40 Jacksonville, FL 265 Industrial Boulevard 931 4,950 410 931 5,360 6,291 1,676 2020 1988/1999 18 Jacksonville, FL 338 Industrial Boulevard 1,205 9,095 24 1,205 9,119 10,324 2,236 2020 1996/2001 18 Jacksonville, FL 430 Industrial Boulevard 426 1,071 1 426 1,072 1,498 583 2020 1988 18 Jacksonville, FL 8451 Western Way 4,240 13,983 97 4,240 14,080 18,320 2,441 2020 1968/1975&1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 90 1,836 9,550 11,386 955 2022 1999 40 Memphis, TN 210 American Dr. 928 10,442 919 928 11,361 12,289 8,600 2014 1967/1981&2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. 488 4,919 2,700 488 7,619 8,107 4,148 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 1,333 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 4,023 1,511 8,375 9,886 3,385 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 3,027 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,807 916 6,825 7,741 2,185 2021 1957-1959/1963&1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 392 1,089 7,907 8,996 1,976 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 520 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 988 613 7,142 7,755 1,287 2022 1986 20 Memphis, TN 10682 Ridgewood Road - (1) 261 3,513 225 261 3,738 3,999 560 2022 1985 23 Memphis, TN 1814 S Third Street - (1) 469 2,510 29 469 2,539 3,008 726 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 1,793 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 415 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 770 2022 1964 17 Memphis, TN 5846 Distribution Drive - (1) 164 2,092 226 164 2,318 2,482 355 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 285 2022 1988 21 Memphis, TN 8970 Deerfield Drive - (1) 241 2,256 340 241 2,596 2,837 472 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 1,434 950 14,323 15,273 2,105 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - (1) 678 9,227 1,138 678 10,365 11,043 1,523 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 1,417 892 8,841 9,733 1,695 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 878 924 13,683 14,607 2,122 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 433 342 3,962 4,304 796 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 357 312 4,921 5,233 657 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 355 231 3,216 3,447 470 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 580 2022 2006 45 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Memphis, TN 1590-1680 Century Center Parkway 7,084 38,576 46 7,084 38,622 45,706 878 2024 1990-2004 20 36 Memphis, TN 4370-4450 South Mendenhall Road 4,693 24,784 44 4,693 24,828 29,521 718 2024 1985 18 29 Memphis, TN 4575 Pleasant Hill Road 1,677 9,345 82 1,677 9,427 11,104 274 2024 1991 20 Memphis, TN 4740-4800 East Shelby Drive 1,011 4,003 34 1,011 4,037 5,048 139 2024 1991 20 South Bend, IN 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 929 2017 2000 27 South Bend, IN 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 2,782 2017 2004 27 South Bend, IN 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 2,241 2017 2002 27 South Bend, IN 5861 W Cleveland Road 234 1,966 133 234 2,099 2,333 729 2017 1994 27 South Bend, IN West Brick Road 381 3,209 193 381 3,402 3,783 1,183 2017 1998 27 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 40 656 2,616 3,272 557 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1,295 1,133 5,271 6,404 1,091 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 765 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 452 3,927 21,447 25,374 3,502 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 983 2021 2005 35 St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 226 2,183 6,182 8,365 1,437 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 247 4,265 46,472 50,737 4,609 2021 2019 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 3,139 2021 2016 36 St. Louis, MO 349 Gateway - (1) 3,255 36,451 - 3,255 36,451 39,706 5,143 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 95 1,041 6,222 7,263 765 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 307 1,674 5,383 7,057 1,132 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 165 2,492 5,274 7,766 776 2022 1986 26 Total Real Estate Owned $ 180,671 $ 1,121,680 $ 106,181 $ 180,281 $ 1,228,251 $ 1,408,532 $ 259,869 __________________ Note (1) These properties secure the $175,980 Secured Debt. Note (2) Total does not include development projects of $1,981, corporate office leasehold improvements of $2,479, Columbus property management office of $4,495 and the finance lease right of use asset of $818 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $1,262 and Columbus property management office of $477. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements.
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward	Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2024 2023 2022 Real Estate Balance at the beginning of the year $ 1,567,866 $ 1,555,846 $ 1,254,007 Additions during the year 130,659 29,615 302,265 Disposals during the year (280,220 ) (17,595 ) (426 ) Balance at the end of the year $ 1,418,305 $ 1,567,866 $ 1,555,846 Accumulated Depreciation Balance at the beginning of the year $ 268,046 $ 205,629 $ 142,192 Depreciation expense 65,789 67,920 63,557 Disposals during the year (72,227 ) (5,503 ) (120 ) Balance at the end of the year $ 261,608 $ 268,046 $ 205,629

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)	12 Months Ended
	Dec. 31, 2024 ft² Number	Dec. 31, 2023	Feb. 20, 2025 ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties | Number	9
Real estate properites, approximate square feet | ft²	1,879,323
Industrial Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties | Number	129
Number of units in real estate property | Number	199
Real estate properites, approximate square feet | ft²	29,300,000		263,000
Property Management Office - Columbus, OH
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Real estate properites, approximate square feet | ft²	17,260
Plymouth Industrial Operating Partners, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in the operating partnership	98.90%	98.90%
Plymouth Industrial Operating Partners, LP | Service [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in the operating partnership	35%

Summary of significant accoun_4

Summary of significant accounting policies - schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 17,546	$ 14,493
Cash held in escrow	1,964	4,716
Restricted cash	24,117	6,995
Cash, cash held in escrow, and restricted cash	$ 43,627	$ 26,204	$ 31,213	$ 43,374

Summary of significant accoun_5

Summary of significant accounting policies - schedule of fair value on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Aug. 26, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Forward contract asset	$ 3,658
Interest rate swaps - Asset	17,760		21,667
Interest rate swaps - Liability	(520)		(1,161)
Warrant liability	(45,908)	$ (89,856)
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Forward contract asset
Interest rate swaps - Asset
Interest rate swaps - Liability
Warrant liability
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Forward contract asset
Interest rate swaps - Asset	17,760		21,667
Interest rate swaps - Liability	(520)		(1,161)
Warrant liability
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Forward contract asset	3,658
Interest rate swaps - Asset
Interest rate swaps - Liability
Warrant liability	$ (45,908)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Debt issuance cost	$ 6,533	$ 6,787
Accumulated amortization	3,866	3,603
Federal NOL carryforward	0	35,322
Depreciation expense	66,088	67,968	$ 63,623
Rental revenue	1,204	2,221	3,151
Depreciation, depletion and amortization	$ 19,641	24,923	$ 31,689
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	11 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	40 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	3 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated remaining useful lives, years	13 years
Revolving Credit Facility [Member]
Property, Plant and Equipment [Line Items]
Unamortized debt issuance expense	$ 5,342	$ 1,469

Real estate properties - schedu

Real estate properties - schedule of real estate properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 181,357	$ 226,020
Buildings and improvements	1,114,970	1,203,355
Site improvements	116,341	130,638
Construction in progress	5,637	7,853
Real estate properties, gross	1,418,305	1,567,866
Less accumulated depreciation	(261,608)	(268,046)
Real estate properties, net	$ 1,156,697	$ 1,299,820

Real estate properties - sche_2

Real estate properties - schedule of real estate acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² Number
Square feet | ft²	1,879,323
Properties | Number	9
Purchase price | $	$ 120,649	[1]
Memphis, TN
Date acquired	Jul. 18, 2024
Square feet | ft²	1,621,241
Properties | Number	4,000
Purchase price | $	$ 100,500	[1]
Cincinnati O H [Member]
Date acquired	Dec. 19, 2024
Square feet | ft²	258,082
Properties | Number	5
Purchase price | $	$ 20,149	[1]
[1]Purchase price does not include capitalized acquisition costs.

Real estate properties - sche_3

Real estate properties - schedule of recognized identified assets acquired and liabilities assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Total Purchase Price
Purchase price	$ 120,649
Acquisition costs	1,394
Total	122,043
Allocation of Purchase Price
Land	18,667
Building	86,783
Site improvements	4,843
Total real estate properties	110,293
Deferred Lease Intangibles
Net deferred lease intangibles	11,750
Totals	122,043
Customer Relationships [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 2,057
Weighted average amortization period (years) of intangibles at acquisition	4 years 10 months 24 days
Leasing Commissions
Deferred Lease Intangibles
Net deferred lease intangibles	$ 1,292
Weighted average amortization period (years) of intangibles at acquisition	4 years 8 months 12 days
Above Market Leases [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 723
Weighted average amortization period (years) of intangibles at acquisition	6 years 7 months 6 days
Below Market Lease Value
Deferred Lease Intangibles
Net deferred lease intangibles	$ (1,831)
Weighted average amortization period (years) of intangibles at acquisition	5 years 8 months 12 days
Leases, Acquired-in-Place [Member]
Deferred Lease Intangibles
Net deferred lease intangibles	$ 9,509
Weighted average amortization period (years) of intangibles at acquisition	4 years 2 months 12 days

Real Estate Properties, Net (De

Real Estate Properties, Net (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²
Real estate sold, square foot | ft²	1,879,323
Real Estate Property Sold Kansas City M O [Member]
Real estate sold, square foot | ft²	221,911
Proceeds from sale of real estate	$ 9,150
Gain on sale of real estate, net	$ 849
Real Estate Property Sold - Chicago, IL
Real estate sold, square foot | ft²		306,000
Proceeds from sale of real estate		$ 19,926
Real Estate Property sold - Marlton NJ
Real estate sold, square foot | ft²		157,000
Proceeds from sale of real estate		$ 16,750
Gain on sale of real estate, net		$ 22,646

Deferred lease intangibles, n_3

Deferred lease intangibles, net - schedule of finite lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Lease Intangibles Net
Above market lease	$ 6,085	$ 5,652
Lease in place	74,263	88,394
Tenant relationships	21,717	25,008
Leasing commissions	36,090	42,437
Deferred lease intangible assets, gross	138,155	161,491
Less accumulated amortization	(96,478)	(110,017)
Deferred lease intangible assets, net	$ 41,677	$ 51,474

Deferred lease intangibles, n_4

Deferred lease intangibles, net - schedule of deferred lease intangible liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Lease Intangibles Net
Below market leases	$ 14,148	$ 19,257
Less accumulated amortization	(9,122)	(13,213)
Deferred lease intangible liabilities, net	$ 5,026	$ 6,044

Deferred lease intangibles, n_5

Deferred lease intangibles, net - schedule of finite lived intangible assets future amortization expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Deferred Lease Intangibles Net
Amortization expense - Year 2025	$ 13,429
Net increase to rental income - Year 2025	(952)
Amortization expense - Year 2026	8,843
Net increase to rental income - Year 2026	(564)
Amortization expense - Year 2027	6,235
Net increase to rental income - Year 2027	(411)
Amortization expense - Year 2028	4,484
Net increase to rental income - Year 2028	(245)
Amortization expense - Year 2029	2,840
Net increase to rental income - Year 2029	(324)
Amortization expense - Thereafter	4,068
Net increase to rental income - Thereafter	$ (752)

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2024	Nov. 14, 2024	Nov. 13, 2024
Isosceles Venture Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			35%
Fair value investment			$ 356,641
Carrying amount of investment	$ 60,156
A I P Venture Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		42%
Fair value investment		$ 2,221
Carrying amount of investment	$ 2,221

Leases - schedule of lessor fut

Leases - schedule of lessor future minimum rental receipts under non-cancellable leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
Future minimum rental receipts, 2025	$ 123,943
Future minimum rental receipts, 2026	101,732
Future minimum rental receipts, 2027	76,436
Future minimum rental receipts, 2028	58,812
Future minimum rental receipts, 2029	40,820
Future minimum rental receipts, Thereafter	65,851
Total minimum fixed rental receipts	$ 467,594

Leases - schedule of rental rev

Leases - schedule of rental revenue components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Income from leases	$ 147,207	$ 147,293	$ 134,252
Straight-line rent adjustments	(761)	1,944	3,682
Tenant recoveries	49,282	48,302	42,357
Amortization of above market leases	(583)	(636)	(723)
Amortization of below market leases	1,787	2,857	3,874
Total	$ 196,932	$ 199,760	$ 183,442

Leases - schedule of lease cost

Leases - schedule of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense included in general and administrative expense attributable to office leases	$ 775	$ 772	$ 838
Operating lease expense included in property expense attributable to ground sublease	48	32	36
Non-cash adjustment due to straight-line rent adjustments	178	145	109
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 1,001	$ 949	$ 983

Leases - schedule of lessee fut

Leases - schedule of lessee future minimum rental commitments under non-cancellable leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2025	$ 965
2026	876
2027	894
2028	865
2029	849
Thereafter	1,809
Total minimum operating lease payments	6,258
Less imputed interest	(1,315)
Total operating lease liability	$ 4,943	$ 5,789	$ 6,844

Leases - schedule of finance le

Leases - schedule of finance lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Depreciation/amortization of financing lease right-of-use assets	$ 28	$ 26	$ 28
Interest expense for financing lease liability	180	178	176
Total financing lease cost	$ 208	$ 204	$ 204

Leases - schedule of finance _2

Leases - schedule of finance lease, liability, fiscal year maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 170
2026	170
2027	170
2028	170
2029	170
Thereafter	6,027
Total minimum financing lease payments	6,877
Less imputed interest	(4,580)
Total financing lease liability	$ 2,297	$ 2,271

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 30, 2024
Net investment in sales-type lease	$ 21,480
Gain on sale of real estate	145,396	$ 22,646
Property selling costs				$ 234
Earnings from our net investment in salestype lease	$ 631	$ 0	$ 0
Lessee, operating lease, description	four office space operating leases and a single ground operating sublease.	five office space operating leases and a single ground operating sublease	five office space operating leases and a single ground operating sublease
Operating lease, right-of-use asset	$ 4,205	$ 4,829	$ 5,703
Operating lease, liability	$ 4,943	$ 5,789	$ 6,844
Operating lease, weighted average discount rate, percent	4%	4%	4%
Operating lease, weighted average remaining lease term	8 years	8 years 3 months 18 days	8 years 7 months 6 days
Financing lease right of use asset	$ 818	$ 845
Lessee, finance lease, option to extend	includes the exercise of a single twenty-year renewal option.
Financing lease liability	$ 2,297	$ 2,271
Finance lease, weighted average discount rate, percent	7.80%
Finance lease, weighted average remaining lease term	31 years
Minimum [Member]
Lessee, operating lease, remaining lease term	1 month 6 days	4 months 24 days	1 year 4 months 24 days
Maximum [Member]
Lessee, operating lease, remaining lease term	31 years	32 years	33 years
Industrial Properties
Gain on sale of real estate	$ 8,030
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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured debt		$ 176,400	$ 267,964
Unamortized debt issuance costs, net		(2,667)	(3,184)
Unamortized premium/(discount), net		(12)	97
Total secured debt, net		175,980	266,887
Total unsecured debt		450,000	450,000
Total unsecured debt, net		447,741	447,990
Total borrowings under line of credit		$ 20,000	155,400
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit
Debt Instrument [Line Items]
Maturity date		Nov. 06, 2028
Interest rate	[1]	5.89%
Unsecured line of credit		$ 20,000	155,400
Secured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		(408)	(1,174)
Unamortized premium/(discount), net		(12)	97
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Total secured debt			18,409
Interest rate		4.14%
Maturity date		Aug. 01, 2024
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Total secured debt		$ 60,085	61,260
Interest rate		4.07%
Maturity date		Apr. 10, 2026
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Total secured debt		$ 14,632	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		$ 53,782	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			10,665
Interest rate		3.50%
Maturity date		Mar. 10, 2028
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Total secured debt		$ 19,101	19,569
Interest rate		3.78%
Maturity date		May 01, 2028
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Total secured debt			59,357
Interest rate		4.35%
Maturity date		Aug. 01, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		$ (2,259)	(2,010)
Total unsecured debt		$ 450,000	450,000
Unsecured Debt [Member] | $200m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date		Feb. 11, 2027
Total unsecured debt		$ 200,000	200,000
Interest rate	[1],[2]	3.03%
Unsecured Debt [Member] | $150m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date		May 02, 2027
Total unsecured debt		$ 150,000	150,000
Interest rate	[1],[2]	4.40%
Unsecured Debt [Member] | $100m KeyBank Term Loan
Debt Instrument [Line Items]
Maturity date		Nov. 06, 2028
Total unsecured debt		$ 100,000	$ 100,000
Interest rate	[1],[2]	3.00%
[1]For the month of December 2024, the one-month term SOFR for our unsecured debt was at a weighted average of 4.520% and the one-month term SOFR for our borrowings under line of credit was at a weighted average of 4.338%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment.[2]As of December 31, 2024, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, 1.527% respectively.

Indebtedness - schedule of fair

Indebtedness - schedule of fair value of debt instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Secured debt	$ 176,400	$ 267,964
Secured debt, fair value	166,165	254,114
Unsecured debt	450,000	450,000
Unsecured debt, fair value	450,000	455,229
Borrowings under line of credit, net	20,000	155,400
Borrowings under line of credit, net, fair value	20,000	155,599
Total	646,400	873,364
Total, fair value	636,165	864,942
Unamortized debt issuance cost, net	(2,667)	(3,184)
Unamortized premium/(discount), net	(12)	97
Total carrying value	$ 643,721	$ 870,277

Indebtedness - schedule of futu

Indebtedness - schedule of future principal payments due on long-term debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 3,246
2026	60,951
2027	365,783
2028	216,420
2029
Thereafter
Total aggregate principal payments	$ 646,400

Indebtedness (Details Narrative

Indebtedness (Details Narrative) - USD ($) $ in Thousands	Nov. 13, 2024	Nov. 06, 2024	Aug. 02, 2024	Nov. 01, 2023
Short-Term Debt [Line Items]
Credit facilit description		Company entered into a $600 million amended and restated unsecured credit facility, comprised of (1) a revolving credit facility that expands from $350 million to $500 million, maturing in November 2028 and has one, one-year extension option, subject to certain conditions; and (2) a $100 million term loan that matures in November 2028 and has one, one-year extension option, subject to certain conditions. The $100 million term loan replaces the current $100m KeyBank Term Loan set to mature August 11, 2026. The amended and restated unsecured credit facility includes an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility and term loans up to an aggregate of $1.5 billion, subject to certain conditions. Borrowings under the credit agreement, as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0%) or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio.
Midland National Life Insurance Mortgage
Short-Term Debt [Line Items]
Repayment of debt	$ 10,470
Transamerica Loan
Short-Term Debt [Line Items]
Repayment of debt	$ 56,684
Ohio National Life Mortgage | KeyBank Unsecured Line of Credit
Short-Term Debt [Line Items]
Repayment of debt			$ 18,087
AIG Loan
Short-Term Debt [Line Items]
Repayment of debt				$ 110,019

Derivative financial instrume_3

Derivative financial instruments - schedule of interest rate swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Capital One, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Feb. 11, 2027
Notional value	[1]	$ 200,000	$ 200,000
Fair value	[2]	$ 10,113	12,539
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		1.527%
JPMorgan Chase Bank, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		July 13, 2022
Effective date		Jul. 01, 2022
Maturity date		Aug. 08, 2026
Notional value	[1]	$ 100,000	100,000
Fair value	[2]	$ 3,962	5,692
JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		1.504%
JPMorgan Chase Bank, N.A. #2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 75,000	75,000
Fair value	[2]	$ 1,843	1,723
JPMorgan Chase Bank, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 921	861
Wells Fargo Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Capital One, N.A. #2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date		Aug. 19, 2022
Effective date		Sep. 01, 2022
Maturity date		May 02, 2027
Notional value	[1]	$ 37,500	37,500
Fair value	[2]	$ 921	852
Capital One, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate		2.904%
Wells Fargo Bank Na Two [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date	[3]	Nov. 10, 2023
Effective date	[3]	Nov. 10, 2023
Maturity date	[3]	Nov. 01, 2025
Notional value	[1],[3]	$ 50,000	50,000
Fair value	[2],[3]	$ (258)	(577)
Wells Fargo Bank Na Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate	[3]	4.75%
Jp Morgan Chase Bank Na Three [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date	[3]	Nov. 10, 2023
Effective date	[3]	Nov. 10, 2023
Maturity date	[3]	Nov. 01, 2025
Notional value	[1],[3]	$ 25,000	25,000
Fair value	[2],[3]	$ (131)	(292)
Jp Morgan Chase Bank Na Three [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate	[3]	4.758%
Capital One, N.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trade date	[3]	Nov. 10, 2023
Effective date	[3]	Nov. 10, 2023
Maturity date	[3]	Nov. 01, 2025
Notional value	[1],[3]	$ 25,000	25,000
Fair value	[2],[3]	$ (131)	$ (292)
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SOFR interest strike rate	[3]	4.758%
[1]Represents the notional value of interest rate swaps effective as of December 31, 2024.[2]As of December 31, 2024, the fair value of five of the interest rate swaps were in an asset position of approximately $17.8 million and the remaining three interest rate swaps were in a liability position of approximately $0.5 million. As of December 31, 2023, the fair value of five of the interest rate swaps were in an asset position of approximately $21.7 million and the remaining three interest rate swaps were in a liability position of approximately $1.2 million.[3]As of December 31, 2024, these interest rate swaps have been de-designated as a result of the hedge transactions related to these swaps no longer being probable of occurring.

Derivative financial instrume_4

Derivative financial instruments - schedule of interest rate swaps in cash flow hedging relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Amount of unrealized gain (loss) recognized in AOCI on derivatives	$ (3,227)	$ (9,609)	$ 30,115
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 14,988	$ 13,959	$ 3,643

Derivative financial instrume_5

Derivative financial instruments - schedule of interest rate swaps on a recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Amount of gain (loss) recognized in net income on derivatives	$ (62)
Interest Rate Swap [Member]
Offsetting Assets [Line Items]
Amount of gain (loss) recognized in net income on derivatives	$ (62)

Derivative Financial Instrume_6

Derivative Financial Instruments (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Decrease to interest expense	$ 13,009
Net loss	139,344	$ 13,660	$ (16,886)
Interest expense	37,412	$ 38,278	$ 32,217
Cash Flow Hedging [Member]
Offsetting Assets [Line Items]
Unrealized loss	62
Interest Rate Swap [Member]
Offsetting Assets [Line Items]
Net loss	481
Unrealized loss	39
Interest expense	$ 23

Common stock - schedule of stoc

Common stock - schedule of stockholders' equity note, warrants (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 23, 2022	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Balance at beginning	$ 5,517	$ 3,757			$ 5,517
Appreciation/(depreciation)	(1,760)				(1,760)
Conversion of common stock warrants		(3,757)			3,758
Ending at beginning	$ 3,757

Common stock - schedule of comm

Common stock - schedule of common stock dividends declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Cash dividends declared per share	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.9600	$ 0.9000
Common stock dividends declared, aggregate amount	$ 10,926	$ 10,927	$ 10,928	$ 10,904	$ 10,193	$ 10,193	$ 9,709	$ 9,682	$ 43,685	$ 39,777

Common stock - schedule of divi

Common stock - schedule of dividends payable (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares
Dividends #1
Dividends Payable [Line Items]
Declaration date	Feb. 21, 2024
Date of record	Mar. 28, 2024
Payable date	Apr. 30, 2024
Cash distribution	$ 0.240000
Ordinary dividend
Capital Gain Distribution	0.240000
Return of capital
Dividends #2
Dividends Payable [Line Items]
Declaration date	Jun. 14, 2024
Date of record	Jun. 28, 2024
Payable date	Jul. 31, 2024
Cash distribution	$ 0.240000
Ordinary dividend
Capital Gain Distribution	0.240000
Return of capital
Dividends #3
Dividends Payable [Line Items]
Declaration date	Sep. 13, 2024
Date of record	Sep. 30, 2024
Payable date	Oct. 31, 2024
Cash distribution	$ 0.240000
Ordinary dividend
Capital Gain Distribution	0.240000
Return of capital
Dividends #4
Dividends Payable [Line Items]
Declaration date	Dec. 13, 2024
Date of record	Dec. 31, 2024
Payable date	Jan. 31, 2025
Cash distribution	$ 0.240000
Ordinary dividend
Capital Gain Distribution	0.240000
Return of capital

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 26, 2024	Mar. 23, 2022	Dec. 31, 2024	Feb. 27, 2024
Subsidiary, Sale of Stock [Line Items]
Common stock transferred		139,940
Fair value of warrants	$ 89,856	$ 3,757,000	$ 45,908
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding			354,230
Exercise price of warrants issued			$ 16.24
The 2024 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program			$ 200,000,000
The 2023 Two Hundred Million Atm Program [Member]
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program				$ 200,000,000
At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Common stock issued			0
Proceeds from sale of shares, net			$ 200,000,000

Preferred stock - schedule of s

Preferred stock - schedule of series a preferred stock dividends declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Cash Dividends Declared per Share		$ 0.346470	$ 0.468750	$ 0.468750	$ 1.283970
Aggregate Amount		$ 677	$ 916	$ 916	$ 2,509

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Aug. 12, 2022	Dec. 14, 2018	Dec. 31, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred stock			2,040,000
Price per share			$ 25
Proceeds from issuance of preferred stock			$ 48,868
Redemption price, per share				$ 25
Dividend amount, per share				$ 0.34647
Number of shares repurchased and retired					1,730
Redemption rights, description			The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends.
Dividend rights, description			When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)).
Dividend payment terms			On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding.
Series A Preferred Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of Preferred stock			240,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rights, description				The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day.
Liquidation rights, description				The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be.
Accretion						$ 4,621
Preferred stock, terms of conversion				The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted.
Series B Preferred Stock [Member] | Private Placement [Member]
Class of Stock [Line Items]
Issuance of Preferred stock		4,411,764
Price per share		$ 17
Proceeds from issuance of preferred stock		$ 75,000
Proceeds from issuance of preferred stock, net of issuance costs		$ 71,800
Series B Convertible Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Remaining shares to be converted	2,205,882
Settlement number of shares	1,915,511
Settlement amount	$ 15,000

Non-controlling interest - sche

Non-controlling interest - schedule of redeemable non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash Distributions Declared per OP Unit	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.9600	$ 0.9000
Aggregate amount	$ 118	$ 118	$ 118	$ 118	$ 110	$ 110	$ 110	$ 110	$ 472	$ 440
Series C Preferred Stock [Member] | Cash Dividends [Member]
Cash Distributions Declared per OP Unit	$ 10.14	$ 4			$ 7.54	$ 3			$ 14.14	$ 10.54
Aggregate amount	$ 618	$ 243			$ 459	$ 183			$ 861	$ 642

Non-Controlling interest- Sched

Non-Controlling interest- Schedule of roll-forward of the Forward contract asset (Details) $ in Thousands	4 Months Ended
	Dec. 31, 2024 USD ($)
Noncontrolling Interest [Abstract]
Beginning balance upon issuance	$ 10,200
Unrealized loss or (gain)	(6,542)
Ending balance upon issuance	$ 3,658

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 26, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating partnership units, outstanding		490,299	490,299	490,299
Net Income (Loss) Attributable to Noncontrolling Interest		$ 1,520	$ 147	$ (210)
Contract with customer, asset, after allowance for credit loss	$ 10,200	$ 3,658
Forward contract asset description		The significant inputs into the model were: a volatility of 20.0%, a term of 20.0 years and an estimated credit spread of 5.51%. The forward contract asset in the amount of $3,658 at December 31, 2024 represents their fair value determined using a Black-Derman-Toy model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: a volatility of 20.0%, a term of 20.0 years and an estimated credit spread of 3.35%.
Cash Distribution Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of distribution rate		The Cash Distribution Rate is a rate per annum equal to (a) 4.0% within the first 5 years after August 26, 2024, the (“Original Issue Date”), (b) 8.0% in the 6th and 7th years after the Original Issue Date, and (c) 12.0% starting from the 8th year after the Original Issue Date and each subsequent year thereafter.
Series C Cumulative Perpetual Preferred Units [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating Partnership	the Company, through its Operating Partnership, issued 60,910 Non-Convertible Cumulative Series C Preferred Units (“Series C Preferred Units”), at a price of $1,000 per Series C Preferred Unit, for gross proceeds of $60,910, net of $7,280 in investor fees to be paid in four equal installments at closing and each anniversary over the next three years and $4,068 issuance costs, to the Investor pursuant to the Securities Purchase Agreement (“Purchase Agreement”). Bundled with the issuance of 60,910 Series C Preferred Units, the Company, through its Operating Partnership, also issued (i) a forward contract, pursuant to which the Operating Partnership will sell an additional 79,090 Series C Preferred Units at a price of $1,000 per Series C Preferred Unit within 270 days upon execution of the Purchase Agreement, and (ii) warrants that are exercisable into 11,760,000 of OP Units (“Warrants”). Refer to Note 14 for details.
Loss on issuance	$ 19,400
Series C Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-Convertible Units	60,910
Per share	$ 1,000
Shares issued	60,910
Sale of stock	79,090
Sale of stock, price per share	$ 1,000
O P Units [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest		$ 1,520	$ 147	$ 210

Incentive award plan - schedule

Incentive award plan - schedule of nonvested restricted stock shares activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	146,102	200,095	141,000
Weighted average grant date fair value per shares, Granted	$ 21.85	$ 21.59	$ 26.34
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvasted restricted stock at beginning	370,843	280,074	227,356
Weighted average grant date fair value per shares, beginning	$ 21.81	$ 21.11	$ 16.35
Granted	146,102	200,095	141,000
Weighted average grant date fair value per shares, Granted	$ 21.85	$ 21.59	$ 26.34
Forfeited	(7,100)		(8,750)
Weighted average grant date fair value per shares, Forfeited	$ 22.66		$ 20.50
Vested	(140,170)	(109,326)	(79,532)
Weighted average grant date fair value per shares, Vested	$ 20.97	$ 19.59	$ 16.87
Unvasted restricted stock at Ending	369,675	370,843	280,074
Weighted average grant date fair value per shares, Ending	$ 22.13	$ 21.81	$ 21.11

Incentive award plan - schedu_2

Incentive award plan - schedule of unvested performance stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	146,102	200,095	141,000
Weighted average grant date fair value per unit, Granted	$ 21.85	$ 21.59	$ 26.34
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvasted restricted stock at beginning	51,410
Weighted average grant date fair value per shares, beginning	$ 30.15
Granted	85,983	51,410
Weighted average grant date fair value per unit, Granted	$ 20.44	$ 30.15
Vested
Weighted average grant date fair value per unit, Vested
Forfeited
Weighted average grant date fair value per unit, Forfeited
Unvasted restricted stock at Ending	137,393	51,410
Weighted average grant date fair value per shares, Ending	$ 24.07	$ 30.15

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Aug. 26, 2024	Apr. 15, 2024	Jun. 15, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense				$ 3,128	$ 2,636	$ 2,603
Unrecognized compensation expense				$ 5,348	$ 5,442	$ 3,758
Weighted average period for recognition				2 years 6 months	2 years 8 months 12 days	2 years 8 months 12 days
Restricted shares granted				146,102	200,095	141,000
Weighted average fair value				$ 3,192	$ 4,320	$ 3,714
Weighted average fair value, per share				$ 21.85	$ 21.59	$ 26.34
Volatility	28%			28%
Dividend	4.30%			4.60%
Risk free interest rate	3.70%			4.40%
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense				$ 1,908
Restricted shares granted				85,983	51,410
Weighted average fair value		$ 1,757	$ 1,550
Weighted average fair value, per share				$ 20.44	$ 30.15
Shares granted		85,983	51,410
Volatility		29%	29%
Dividend		4.20%	4.20%
Risk free interest rate		4.87%	4.20%
Equity-based compensation expenses				$ 1,069	$ 330	$ 0
2014 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive award plan, shares available for grant							1,375,000

Earnings per share - schedule o

Earnings per share - schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income (loss)		$ 142,367	$ 13,807	$ (17,096)
Less: Net income (loss) attributable to non-controlling interest		1,520	147	(210)
Less: Net income (loss) attributable to redeemable non-controlling interest – Series C Preferred Units		1,503
Net income (loss) attributable to Plymouth Industrial REIT, Inc.		139,344	13,660	(16,886)
Less: Preferred Stock dividends			2,509	4,866
Less: Series B Preferred Stock accretion to redemption value				4,621
Less: Loss on extinguishment/redemption of Series A Preferred Stock			2,023	99
Less: Amount allocated to participating securities		1,478	337	256
Net income (loss) attributable to common stockholders		$ 137,866	$ 8,791	$ (26,728)
Denominator
Weighted-average common shares outstanding — basic		44,989,288	43,554,504	39,779,128
Effect of dilutive securities
Add: Stock-based compensation	[1]	57,144	77,189
Weighted-average common shares outstanding — diluted		45,046,432	43,631,693	39,779,128
Net income (loss) per share — basic and diluted
Net income (loss) per share attributable to common stockholders — basic		$ 3.06	$ 0.20	$ (0.67)
Net income (loss) per share attributable to common stockholders — diluted		$ 3.06	$ 0.20	$ (0.67)
[1]During the years ended December 31, 2024 and 2023, there were approximately 33,175 and 69,903, respectively, 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 year ended December 31, 2022, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders.

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	369,675	370,843
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	137,393	67,967

Warrant Liability- Schedule of

Warrant Liability- Schedule of roll-forward of the warrant (Details) $ in Thousands	4 Months Ended
	Dec. 31, 2024 USD ($)
Warrant Liability
Beginning balance upon issuance	$ 89,856
Unrealized loss or (gain)	(43,948)
Ending balance upon issuance	$ 45,908

Warrant Liability (Details Narr

Warrant Liability (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 26, 2024	Mar. 23, 2022	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair Value Adjustment of Warrants	$ 89,856	$ 3,757,000	$ 45,908
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	28%		28%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	4.30%		4.60%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	3.70%		4.40%
Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants and Rights Outstanding, Term	5 years		4 years 8 months 12 days
Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants and Rights Outstanding, Term	7 years		6 years 8 months 12 days
First Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	$ 25.25		$ 25.25
Second Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	26.25		26.25
Third Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	$ 27.25		$ 27.25
Warrant Agreement [Member] | First Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant issued	4,410,000		4,517,676
Exercise price	$ 25.25		$ 24.65
Warrant Agreement [Member] | Second Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant issued	2,940,000		3,011,784
Exercise price	$ 26.25		$ 25.62
Warrant Agreement [Member] | Third Tranche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant issued	4,410,000		4,517,676
Exercise price	$ 27.25		$ 26.60

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - ft²	12 Months Ended
	Dec. 31, 2024	Jul. 06, 2023
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.
Real estate properites, approximate square feet	1,879,323
Atlanta, GA [Member]
Real estate properites, approximate square feet		297,583
MIR JV II LLC [Member]
Equity Method Investment, Ownership Percentage		98%

Retirement Plan (Details Narrat

Retirement Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Amount funded to individual SEP IRA retirement accounts	$ 457	$ 403

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	Feb. 20, 2025 USD ($) ft²	Dec. 31, 2024 USD ($) ft²
Real Estate Properties [Line Items]
Real estate properites, approximate square feet | ft²		1,879,323
Purchase price | $		$ 120,649
Industrial Properties
Real Estate Properties [Line Items]
Real estate properites, approximate square feet | ft²	263,000	29,300,000
Purchase price | $	$ 23,300

Schedule III real estate proper

Schedule III real estate properties and accumulated depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Total real estate properties gross		$ 1,418,305	$ 1,567,866	$ 1,555,846	$ 1,254,007
Accumulated Depreciation		261,608	$ 268,046	$ 205,629	$ 142,192
Atlanta, GA - 32 Dart Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		256
Initial cost of building and improvements		4,454
Costs Capitalized Subsequent to Acquisition		2,348
Gross amounts of land		256
Gross amounts of building and improvements		6,802
Total real estate properties gross	[1]	7,058
Accumulated Depreciation	[2]	$ 2,942
Year Built/Renovated	[3]	1988/2014
Depreciable Life (in years)	[4]	18 years
Year Acquired		2014
Atlanta, GA - 111236 Harland Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		271
Initial cost of building and improvements		909
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		271
Gross amounts of building and improvements		910
Total real estate properties gross	[1]	1,181
Accumulated Depreciation	[2]	$ 396
Year Built/Renovated	[3]	1988
Depreciable Life (in years)	[4]	20 years
Year Acquired		2017
Atlanta, GA - 1665 Dogwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		494
Initial cost of building and improvements		6,027
Costs Capitalized Subsequent to Acquisition		31
Gross amounts of land		494
Gross amounts of building and improvements		6,058
Total real estate properties gross	[1]	6,552
Accumulated Depreciation	[2]	$ 2,318
Year Built/Renovated	[3]	1973
Depreciable Life (in years)	[4]	20 years
Year Acquired		2017
Atlanta, GA - 1715 Dogwood Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		270
Initial cost of building and improvements		2,879
Costs Capitalized Subsequent to Acquisition		105
Gross amounts of land		270
Gross amounts of building and improvements		2,984
Total real estate properties gross	[1]	3,254
Accumulated Depreciation	[2]	$ 1,037
Year Built/Renovated	[3]	1973
Depreciable Life (in years)	[4]	22 years
Year Acquired		2017
Atlanta, GA - 611 Highway 74 S.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 3,283
Initial cost of building and improvements		13,560
Costs Capitalized Subsequent to Acquisition		908
Gross amounts of land		3,283
Gross amounts of building and improvements		14,468
Total real estate properties gross	[1]	17,751
Accumulated Depreciation	[2]	$ 4,770
Year Built/Renovated	[3]	1979-2013
Depreciable Life (in years)	[4]	25 years
Year Acquired		2019
Atlanta, GA - 40 Pinyon Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 794
Initial cost of building and improvements		2,669
Costs Capitalized Subsequent to Acquisition		35
Gross amounts of land		794
Gross amounts of building and improvements		2,704
Total real estate properties gross	[1]	3,498
Accumulated Depreciation	[2]	$ 678
Year Built/Renovated	[3]	1997
Depreciable Life (in years)	[4]	28 years
Year Acquired		2020
Atlanta, GA - 665 Highway 74 South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,237
Initial cost of building and improvements		6,952
Costs Capitalized Subsequent to Acquisition		977
Gross amounts of land		1,237
Gross amounts of building and improvements		7,929
Total real estate properties gross	[1]	9,166
Accumulated Depreciation	[2]	$ 1,306
Year Built/Renovated	[3]	1989
Depreciable Life (in years)	[4]	36 years
Year Acquired		2020
Atlanta, GA - 665 Highway 74 South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,876
Initial cost of building and improvements		7,599
Costs Capitalized Subsequent to Acquisition		17
Gross amounts of land		2,876
Gross amounts of building and improvements		7,616
Total real estate properties gross	[1]	10,492
Accumulated Depreciation	[2]	$ 2,806
Year Built/Renovated	[3]	1981-2022/1996&2017
Depreciable Life (in years)	[4]	20 years
Year Acquired		2020
Atlanta, GA - 6739 New Calhoun Highway NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		26,814
Costs Capitalized Subsequent to Acquisition		660
Gross amounts of land
Gross amounts of building and improvements		27,474
Total real estate properties gross	[1]	27,474
Accumulated Depreciation	[2]	$ 1,148
Year Built/Renovated	[3]	2022
Depreciable Life (in years)	[4]	40 years
Year Acquired		2023
Atlanta, GA - 1099 Dodds Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 975
Initial cost of building and improvements		8,481
Costs Capitalized Subsequent to Acquisition		138
Gross amounts of land		975
Gross amounts of building and improvements		8,619
Total real estate properties gross	[1]	9,594
Accumulated Depreciation	[2]	$ 1,015
Year Built/Renovated	[3]	2005
Depreciable Life (in years)	[4]	32 years
Year Acquired		2022
Atlanta, GA - 1413 Lovers Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 669
Initial cost of building and improvements		12,446
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		669
Gross amounts of building and improvements		12,446
Total real estate properties gross	[1]	13,115
Accumulated Depreciation	[2]	$ 1,463
Year Built/Renovated	[3]	1999
Depreciable Life (in years)	[4]	25 years
Year Acquired		2022
Boston, MA - 54-56 Milliken Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,418
Initial cost of building and improvements		7,482
Costs Capitalized Subsequent to Acquisition		10,520
Gross amounts of land		1,418
Gross amounts of building and improvements		18,002
Total real estate properties gross	[1]	19,420
Accumulated Depreciation	[2]	$ 5,231
Year Built/Renovated	[3]	1966-2022/1995, 2005,2013,2022
Year Acquired		2014
Boston, MA - 54-56 Milliken Road | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	40 years
Boston, MA - 54-56 Milliken Road | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	20 years
Charlotte, NC - 1570 East P St. Extension
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 5,878
Initial cost of building and improvements		13,121
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		5,878
Gross amounts of building and improvements		13,121
Total real estate properties gross	[1]	18,999
Accumulated Depreciation	[2]	$ 1,464
Year Built/Renovated	[3]	2005
Depreciable Life (in years)	[4]	30 years
Year Acquired		2022
Cncinnati, OH - 4115 Thunderbird Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 275
Initial cost of building and improvements		2,093
Costs Capitalized Subsequent to Acquisition		192
Gross amounts of land		275
Gross amounts of building and improvements		2,285
Total real estate properties gross	[1]	2,560
Accumulated Depreciation	[2]	$ 1,219
Year Built/Renovated	[3]	1991
Depreciable Life (in years)	[4]	22 years
Year Acquired		2014
Cincinnati, OH - 7585 Empire Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 644
Initial cost of building and improvements		2,658
Costs Capitalized Subsequent to Acquisition		1,336
Gross amounts of land		644
Gross amounts of building and improvements		3,994
Total real estate properties gross	[1]	4,638
Accumulated Depreciation	[2]	$ 2,538
Year Built/Renovated	[3]	1973
Depreciable Life (in years)	[4]	11 years
Year Acquired		2014
Cncinnati, OH - Mosteller Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,501
Initial cost of building and improvements		9,424
Costs Capitalized Subsequent to Acquisition		137
Gross amounts of land		1,501
Gross amounts of building and improvements		9,561
Total real estate properties gross	[1]	11,062
Accumulated Depreciation	[2]	$ 6,976
Year Built/Renovated	[3]	1959
Depreciable Life (in years)	[4]	14 years
Year Acquired		2014
Cncinnati, OH - Fisher Industrial Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,147
Initial cost of building and improvements		18,147
Costs Capitalized Subsequent to Acquisition		23,503
Gross amounts of land		4,147
Gross amounts of building and improvements		41,650
Total real estate properties gross	[1]	45,797
Accumulated Depreciation	[2]	$ 8,372
Year Built/Renovated	[3]	1946,2023
Year Acquired		2018
Cncinnati, OH - Fisher Industrial Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	40 years
Cncinnati, OH - Fisher Industrial Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	20 years
Cncinnati, OH - 2700-2758 E Kemper Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 847
Initial cost of building and improvements		5,196
Costs Capitalized Subsequent to Acquisition		341
Gross amounts of land		847
Gross amounts of building and improvements		5,537
Total real estate properties gross	[1]	6,384
Accumulated Depreciation	[2]	$ 1,342
Year Built/Renovated	[3]	1990
Depreciable Life (in years)	[4]	35 years
Year Acquired		2019
Cncinnati, OH - 2800-2888 E Kemper Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 752
Initial cost of building and improvements		5,448
Costs Capitalized Subsequent to Acquisition		565
Gross amounts of land		752
Gross amounts of building and improvements		6,013
Total real estate properties gross	[1]	6,765
Accumulated Depreciation	[2]	$ 1,429
Year Built/Renovated	[3]	1989
Depreciable Life (in years)	[4]	35 years
Year Acquired		2019
Cncinnati, OH - 4514-4548 Cornell Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 998
Initial cost of building and improvements		7,281
Costs Capitalized Subsequent to Acquisition		817
Gross amounts of land		998
Gross amounts of building and improvements		8,098
Total real estate properties gross	[1]	9,096
Accumulated Depreciation	[2]	$ 2,068
Year Built/Renovated	[3]	1976
Depreciable Life (in years)	[4]	28 years
Year Acquired		2019
Cncinnati, OH - 6900-6918 Fairfield Business Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 244
Initial cost of building and improvements		2,020
Costs Capitalized Subsequent to Acquisition		355
Gross amounts of land		244
Gross amounts of building and improvements		2,375
Total real estate properties gross	[1]	2,619
Accumulated Depreciation	[2]	$ 403
Year Built/Renovated	[3]	1990
Depreciable Life (in years)	[4]	38 years
Year Acquired		2019
Cincinnati, OH - 3741 Port Union Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 418
Initial cost of building and improvements		3,381
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		418
Gross amounts of building and improvements		3,381
Total real estate properties gross	[1]	3,799
Accumulated Depreciation	[2]	$ 377
Year Built/Renovated	[3]	1995/2001
Depreciable Life (in years)	[4]	30 years
Year Acquired		2022
Cincinnati, OH - 4225-4331 Dues Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,260
Initial cost of building and improvements		16,300
Costs Capitalized Subsequent to Acquisition		454
Gross amounts of land		2,260
Gross amounts of building and improvements		16,754
Total real estate properties gross	[1]	19,014
Accumulated Depreciation	[2]	$ 2,919
Year Built/Renovated	[3]	1972
Depreciable Life (in years)	[4]	18 years
Year Acquired		2022
Cincinnati OH - 1-45 Techview Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,185
Initial cost of building and improvements		4,909
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,185
Gross amounts of building and improvements		4,909
Total real estate properties gross	[1]	6,094
Accumulated Depreciation	[2]
Year Built/Renovated	[3]	1981-1982
Depreciable Life (in years)	[4]	20 years
Year Acquired		2024
Cincinnati OH - 1220-1230 Hillsmith Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 859
Initial cost of building and improvements		2,363
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		859
Gross amounts of building and improvements		2,363
Total real estate properties gross	[1]	3,222
Accumulated Depreciation	[2]
Year Built/Renovated	[3]	1975
Depreciable Life (in years)	[4]	20 years
Year Acquired		2024
Cincinnati OH - 3825 Symmes Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 555
Initial cost of building and improvements		2,838
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		555
Gross amounts of building and improvements		2,838
Total real estate properties gross	[1]	3,393
Accumulated Depreciation	[2]
Year Built/Renovated	[3]	1990/1994
Depreciable Life (in years)	[4]	25 years
Year Acquired		2024
Cincinnati OH 613-637 Redna Terrace
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,324
Initial cost of building and improvements		4,318
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,324
Gross amounts of building and improvements		4,318
Total real estate properties gross	[1]	5,642
Accumulated Depreciation	[2]
Year Built/Renovated	[3]	1965
Year Acquired		2024
Cincinnati OH 613-637 Redna Terrace | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	22 years
Cincinnati OH 613-637 Redna Terrace | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	18 years
Cincinnati OH - 8080 Reading Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 279
Initial cost of building and improvements		490
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		279
Gross amounts of building and improvements		490
Total real estate properties gross	[1]	769
Accumulated Depreciation	[2]
Year Built/Renovated	[3]	2007
Depreciable Life (in years)	[4]	18 years
Year Acquired		2024
Cleveland, OH - 1755 Enterprise Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,411
Initial cost of building and improvements		12,281
Costs Capitalized Subsequent to Acquisition		1,840
Gross amounts of land		1,411
Gross amounts of building and improvements		14,121
Total real estate properties gross	[1]	15,532
Accumulated Depreciation	[2]	$ 6,216
Year Built/Renovated	[3]	1978/2005
Depreciable Life (in years)	[4]	27 years
Year Acquired		2014
Cleveland, OH - 30339 Diamond Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,815
Initial cost of building and improvements		22,792
Costs Capitalized Subsequent to Acquisition		458
Gross amounts of land		2,815
Gross amounts of building and improvements		23,250
Total real estate properties gross	[1]	26,065
Accumulated Depreciation	[2]	$ 5,333
Year Built/Renovated	[3]	2007
Depreciable Life (in years)	[4]	34 years
Year Acquired		2018
Cleveland, OH - 14801 Country Rd 212
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 985
Initial cost of building and improvements		13,062
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		985
Gross amounts of building and improvements		13,063
Total real estate properties gross	[1]	14,048
Accumulated Depreciation	[2]	$ 3,341
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	25 years
Year Acquired		2019
Cleveland, OH - 1200 Chester Industrial Parkway North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,213
Initial cost of building and improvements		6,602
Costs Capitalized Subsequent to Acquisition		202
Gross amounts of land		1,213
Gross amounts of building and improvements		6,804
Total real estate properties gross	[1]	8,017
Accumulated Depreciation	[2]	$ 1,561
Year Built/Renovated	[3]	2007/2009
Depreciable Life (in years)	[4]	27 years
Year Acquired		2020
Cleveland, OH - 1200 Chester Industrial Parkway South
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 562
Initial cost of building and improvements		2,689
Costs Capitalized Subsequent to Acquisition		200
Gross amounts of land		562
Gross amounts of building and improvements		2,889
Total real estate properties gross	[1]	3,451
Accumulated Depreciation	[2]	$ 792
Year Built/Renovated	[3]	1991
Depreciable Life (in years)	[4]	23 years
Year Acquired		2020
Cleveland, OH - 1350 Moore Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 809
Initial cost of building and improvements		2,860
Costs Capitalized Subsequent to Acquisition		104
Gross amounts of land		809
Gross amounts of building and improvements		2,964
Total real estate properties gross	[1]	3,773
Accumulated Depreciation	[2]	$ 937
Year Built/Renovated	[3]	1997
Depreciable Life (in years)	[4]	20 years
Year Acquired		2020
Cleveland, OH - 1366 Commerce Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,069
Initial cost of building and improvements		4,363
Costs Capitalized Subsequent to Acquisition		(220)
Gross amounts of land		847
Gross amounts of building and improvements		4,365
Total real estate properties gross	[1]	5,212
Accumulated Depreciation	[2]	$ 1,606
Year Built/Renovated	[3]	1960
Depreciable Life (in years)	[4]	13 years
Year Acquired		2020
Cleveland, OH - 2210 International Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		14,818
Costs Capitalized Subsequent to Acquisition		39
Gross amounts of land
Gross amounts of building and improvements		14,857
Total real estate properties gross	[1]	14,857
Accumulated Depreciation	[2]	$ 2,328
Year Built/Renovated	[3]	2000
Depreciable Life (in years)	[4]	31 years
Year Acquired		2020
Cleveland, OH - 2210 International Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land
Initial cost of building and improvements		15,033
Costs Capitalized Subsequent to Acquisition		32
Gross amounts of land
Gross amounts of building and improvements		15,065
Total real estate properties gross	[1]	15,065
Accumulated Depreciation	[2]	$ 2,418
Year Built/Renovated	[3]	2001
Depreciable Life (in years)	[4]	27 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,775
Initial cost of building and improvements		6,541
Costs Capitalized Subsequent to Acquisition		215
Gross amounts of land		1,775
Gross amounts of building and improvements		6,756
Total real estate properties gross	[1]	8,531
Accumulated Depreciation	[2]	$ 2,021
Year Built/Renovated	[3]	1961-1978
Depreciable Life (in years)	[4]	17 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,671
Initial cost of building and improvements		14,959
Costs Capitalized Subsequent to Acquisition		172
Gross amounts of land		2,671
Gross amounts of building and improvements		15,131
Total real estate properties gross	[1]	17,802
Accumulated Depreciation	[2]	$ 4,337
Year Built/Renovated	[3]	1994-1998
Depreciable Life (in years)	[4]	22 years
Year Acquired		2020
Cleveland, OH - Gilchrist Road III
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 977
Initial cost of building and improvements		12,416
Costs Capitalized Subsequent to Acquisition		198
Gross amounts of land		977
Gross amounts of building and improvements		12,614
Total real estate properties gross	[1]	13,591
Accumulated Depreciation	[2]	$ 2,595
Year Built/Renovated	[3]	1994/1998
Depreciable Life (in years)	[4]	22 years
Year Acquired		2020
Cleveland, OH - 4211 Shuffel Street NW
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,086
Initial cost of building and improvements		12,287
Costs Capitalized Subsequent to Acquisition		3
Gross amounts of land		1,086
Gross amounts of building and improvements		12,290
Total real estate properties gross	[1]	13,376
Accumulated Depreciation	[2]	$ 3,126
Year Built/Renovated	[3]	1994
Depreciable Life (in years)	[4]	21 years
Year Acquired		2020
Cleveland, OH - 31000 Viking Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,458
Initial cost of building and improvements		5,494
Costs Capitalized Subsequent to Acquisition		344
Gross amounts of land		1,458
Gross amounts of building and improvements		5,838
Total real estate properties gross	[1]	7,296
Accumulated Depreciation	[2]	$ 1,015
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	29 years
Year Acquired		2021
Cleveland, OH - 1120 West 130th St
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,058
Initial cost of building and improvements		7,205
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,058
Gross amounts of building and improvements		7,205
Total real estate properties gross	[1]	8,263
Accumulated Depreciation	[2]	$ 776
Year Built/Renovated	[3]	2000
Depreciable Life (in years)	[4]	28 years
Year Acquired		2022
Cleveland, OH - 22209 Rockside Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,198
Initial cost of building and improvements		13,265
Costs Capitalized Subsequent to Acquisition		499
Gross amounts of land		2,198
Gross amounts of building and improvements		13,764
Total real estate properties gross	[1]	15,962
Accumulated Depreciation	[2]	$ 1,645
Year Built/Renovated	[3]	2008
Depreciable Life (in years)	[4]	31 years
Year Acquired		2022
Columbus, OH - 3100 Creekside Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,203
Initial cost of building and improvements		9,603
Costs Capitalized Subsequent to Acquisition		555
Gross amounts of land		1,203
Gross amounts of building and improvements		10,158
Total real estate properties gross	[1]	11,361
Accumulated Depreciation	[2]	$ 4,228
Year Built/Renovated	[3]	2000
Depreciable Life (in years)	[4]	27 years
Year Acquired		2014
Columbus, OH - 7001 American Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 331
Initial cost of building and improvements		1,416
Costs Capitalized Subsequent to Acquisition		28
Gross amounts of land		331
Gross amounts of building and improvements		1,444
Total real estate properties gross	[1]	1,775
Accumulated Depreciation	[2]	$ 890
Year Built/Renovated	[3]	1986/2007&2012
Depreciable Life (in years)	[4]	20 years
Year Acquired		2014
Columbus, OH - 8273 Green Meadows Dr
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 341
Initial cost of building and improvements		2,266
Costs Capitalized Subsequent to Acquisition		1,137
Gross amounts of land		341
Gross amounts of building and improvements		3,403
Total real estate properties gross	[1]	3,744
Accumulated Depreciation	[2]	$ 1,456
Year Built/Renovated	[3]	1996/2007
Depreciable Life (in years)	[4]	27 years
Year Acquired		2014
Columbus, OH - 8288 Green Meadows Dr
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,107
Initial cost of building and improvements		8,413
Costs Capitalized Subsequent to Acquisition		1,035
Gross amounts of land		1,107
Gross amounts of building and improvements		9,448
Total real estate properties gross	[1]	10,555
Accumulated Depreciation	[2]	$ 5,636
Year Built/Renovated	[3]	1988
Depreciable Life (in years)	[4]	17 years
Year Acquired		2014
Columbus, OH - 2120-2138 New World Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		400
Initial cost of building and improvements		3,007
Costs Capitalized Subsequent to Acquisition		99
Gross amounts of land		400
Gross amounts of building and improvements		3,106
Total real estate properties gross	[1]	3,506
Accumulated Depreciation	[2]	$ 1,481
Year Built/Renovated	[3]	1971
Depreciable Life (in years)	[4]	18 years
Year Acquired		2017
Columbus, OH - 459 Orange Point Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,256
Initial cost of building and improvements		6,793
Costs Capitalized Subsequent to Acquisition		528
Gross amounts of land		1,256
Gross amounts of building and improvements		7,321
Total real estate properties gross	[1]	8,577
Accumulated Depreciation	[2]	$ 1,366
Year Built/Renovated	[3]	2001
Depreciable Life (in years)	[4]	40 years
Year Acquired		2019
Columbus, OH - 7719 Graphics Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,297
Initial cost of building and improvements		2,743
Costs Capitalized Subsequent to Acquisition		111
Gross amounts of land		1,297
Gross amounts of building and improvements		2,854
Total real estate properties gross	[1]	4,151
Accumulated Depreciation	[2]	$ 617
Year Built/Renovated	[3]	2000
Depreciable Life (in years)	[4]	40 years
Year Acquired		2019
Columbus, OH - 100 Paragon Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 582
Initial cost of building and improvements		9,130
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		582
Gross amounts of building and improvements		9,131
Total real estate properties gross	[1]	9,713
Accumulated Depreciation	[2]	$ 3,271
Year Built/Renovated	[3]	1995
Depreciable Life (in years)	[4]	17 years
Year Acquired		2020
Columbus, OH - 1650-1654 Williams Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,581
Initial cost of building and improvements		23,818
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,581
Gross amounts of building and improvements		23,818
Total real estate properties gross	[1]	25,399
Accumulated Depreciation	[2]	$ 5,194
Year Built/Renovated	[3]	1973/1974&1975
Depreciable Life (in years)	[4]	20 years
Year Acquired		2021
Columbus, OH - 1520-1530 Experiment Farm Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 576
Initial cost of building and improvements		7,164
Costs Capitalized Subsequent to Acquisition		20
Gross amounts of land		576
Gross amounts of building and improvements		7,184
Total real estate properties gross	[1]	7,760
Accumulated Depreciation	[2]	$ 1,064
Year Built/Renovated	[3]	1997
Depreciable Life (in years)	[4]	25 years
Year Acquired		2021
Columbus, OH - 2180 Corporate Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 586
Initial cost of building and improvements		8,311
Costs Capitalized Subsequent to Acquisition		48
Gross amounts of land		586
Gross amounts of building and improvements		8,359
Total real estate properties gross	[1]	8,945
Accumulated Depreciation	[2]	$ 1,220
Year Built/Renovated	[3]	1996
Depreciable Life (in years)	[4]	27 years
Year Acquired		2021
Columbus, OH - 2800 Howard Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,306
Initial cost of building and improvements		20,266
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,306
Gross amounts of building and improvements		20,266
Total real estate properties gross	[1]	21,572
Accumulated Depreciation	[2]	$ 2,344
Year Built/Renovated	[3]	2016
Depreciable Life (in years)	[4]	31 years
Year Acquired		2021
Columbus, OH - 952 Dorset Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 242
Initial cost of building and improvements		3,492
Costs Capitalized Subsequent to Acquisition		85
Gross amounts of land		242
Gross amounts of building and improvements		3,577
Total real estate properties gross	[1]	3,819
Accumulated Depreciation	[2]	$ 524
Year Built/Renovated	[3]	1988
Depreciable Life (in years)	[4]	25 years
Year Acquired		2021
Columbus, OH - 2626 Port Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,149
Initial cost of building and improvements		8,212
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		1,149
Gross amounts of building and improvements		8,212
Total real estate properties gross	[1]	9,361
Accumulated Depreciation	[2]	$ 1,076
Year Built/Renovated	[3]	1994
Depreciable Life (in years)	[4]	26 years
Year Acquired		2022
Indianapolis, IN - 3035 North Shadeland Ave
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		1,966
Initial cost of building and improvements		11,740
Costs Capitalized Subsequent to Acquisition		1,764
Gross amounts of land		1,966
Gross amounts of building and improvements		13,504
Total real estate properties gross	[1]	15,470
Accumulated Depreciation	[2]	$ 6,134
Year Built/Renovated	[3]	1962/2001&2004
Depreciable Life (in years)	[4]	17 years
Year Acquired		2017
Indianapolis, IN - 3169 North Shadeland Ave
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		148
Initial cost of building and improvements		884
Costs Capitalized Subsequent to Acquisition		(20)
Gross amounts of land		148
Gross amounts of building and improvements		864
Total real estate properties gross	[1]	1,012
Accumulated Depreciation	[2]	$ 474
Year Built/Renovated	[3]	1979/1993
Depreciable Life (in years)	[4]	17 years
Year Acquired		2017
Indianapolis, IN - 2900 N. Shadeland Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,632
Initial cost of building and improvements		14,572
Costs Capitalized Subsequent to Acquisition		1,308
Gross amounts of land		4,632
Gross amounts of building and improvements		15,880
Total real estate properties gross	[1]	20,512
Accumulated Depreciation	[2]	$ 7,152
Year Built/Renovated	[3]	1957/1992
Depreciable Life (in years)	[4]	15 years
Year Acquired		2019
Indianapolis, IN - 4430 Sam Jones Expressway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,644
Initial cost of building and improvements		12,570
Costs Capitalized Subsequent to Acquisition		622
Gross amounts of land		2,644
Gross amounts of building and improvements		13,192
Total real estate properties gross	[1]	15,836
Accumulated Depreciation	[2]	$ 3,851
Year Built/Renovated	[3]	1970
Depreciable Life (in years)	[4]	22 years
Year Acquired		2019
Indianapolis, IN - 6555 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,881
Initial cost of building and improvements		6,636
Costs Capitalized Subsequent to Acquisition		635
Gross amounts of land		1,881
Gross amounts of building and improvements		7,271
Total real estate properties gross	[1]	9,152
Accumulated Depreciation	[2]	$ 2,927
Year Built/Renovated	[3]	1969/1997
Depreciable Life (in years)	[4]	17 years
Year Acquired		2019
Indianapolis, IN - 6575 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 566
Initial cost of building and improvements		1,408
Costs Capitalized Subsequent to Acquisition		32
Gross amounts of land		566
Gross amounts of building and improvements		1,440
Total real estate properties gross	[1]	2,006
Accumulated Depreciation	[2]	$ 548
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	19 years
Year Acquired		2019
Indianapolis, IN - 6585 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 669
Initial cost of building and improvements		2,216
Costs Capitalized Subsequent to Acquisition		385
Gross amounts of land		669
Gross amounts of building and improvements		2,601
Total real estate properties gross	[1]	3,270
Accumulated Depreciation	[2]	$ 924
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	19 years
Year Acquired		2019
Indianapolis, IN - 6635 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 535
Initial cost of building and improvements		2,567
Costs Capitalized Subsequent to Acquisition		284
Gross amounts of land		535
Gross amounts of building and improvements		2,851
Total real estate properties gross	[1]	3,386
Accumulated Depreciation	[2]	$ 877
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	19 years
Year Acquired		2019
Indianapolis, IN - 6701 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 334
Initial cost of building and improvements		428
Costs Capitalized Subsequent to Acquisition		2
Gross amounts of land		334
Gross amounts of building and improvements		430
Total real estate properties gross	[1]	764
Accumulated Depreciation	[2]	$ 290
Year Built/Renovated	[3]	1990
Depreciable Life (in years)	[4]	17 years
Year Acquired		2019
Indianapolis, IN - 6737 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 609
Initial cost of building and improvements		1,858
Costs Capitalized Subsequent to Acquisition		69
Gross amounts of land		609
Gross amounts of building and improvements		1,927
Total real estate properties gross	[1]	2,536
Accumulated Depreciation	[2]	$ 764
Year Built/Renovated	[3]	1995
Depreciable Life (in years)	[4]	17 years
Year Acquired		2019
Indianapolis, IN - 6751 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 709
Initial cost of building and improvements		2,083
Costs Capitalized Subsequent to Acquisition		233
Gross amounts of land		709
Gross amounts of building and improvements		2,316
Total real estate properties gross	[1]	3,025
Accumulated Depreciation	[2]	$ 812
Year Built/Renovated	[3]	1997
Depreciable Life (in years)	[4]	18 years
Year Acquired		2019
Indianapolis, IN - 6951 East 30th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 424
Initial cost of building and improvements		1,323
Costs Capitalized Subsequent to Acquisition		68
Gross amounts of land		424
Gross amounts of building and improvements		1,391
Total real estate properties gross	[1]	1,815
Accumulated Depreciation	[2]	$ 537
Year Built/Renovated	[3]	1995
Depreciable Life (in years)	[4]	21 years
Year Acquired		2019
Indianapolis, IN - 7901 W. 21st Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,870
Initial cost of building and improvements		8,844
Costs Capitalized Subsequent to Acquisition		2,017
Gross amounts of land		1,870
Gross amounts of building and improvements		10,861
Total real estate properties gross	[1]	12,731
Accumulated Depreciation	[2]	$ 3,014
Year Built/Renovated	[3]	1985/1994
Depreciable Life (in years)	[4]	20 years
Year Acquired		2019
Indianapolis, IN - 3333 N. Franklin Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,363
Initial cost of building and improvements		6,525
Costs Capitalized Subsequent to Acquisition		205
Gross amounts of land		1,363
Gross amounts of building and improvements		6,730
Total real estate properties gross	[1]	8,093
Accumulated Depreciation	[2]	$ 2,463
Year Built/Renovated	[3]	1967
Depreciable Life (in years)	[4]	15 years
Year Acquired		2020
Indianapolis, IN - 3701 David Howarth Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 938
Initial cost of building and improvements		21,471
Costs Capitalized Subsequent to Acquisition		85
Gross amounts of land		938
Gross amounts of building and improvements		21,556
Total real estate properties gross	[1]	22,494
Accumulated Depreciation	[2]	$ 2,315
Year Built/Renovated	[3]	2008/2019
Depreciable Life (in years)	[4]	35 years
Year Acquired		2021
Indianapolis, IN - 7750 Georgetown Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,943
Initial cost of building and improvements		5,605
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		1,943
Gross amounts of building and improvements		5,611
Total real estate properties gross	[1]	7,554
Accumulated Depreciation	[2]	$ 774
Year Built/Renovated	[3]	2006
Depreciable Life (in years)	[4]	32 years
Year Acquired		2021
Indianapolis, IN - 3525 South Arlington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,569
Initial cost of building and improvements		10,764
Costs Capitalized Subsequent to Acquisition		10
Gross amounts of land		2,569
Gross amounts of building and improvements		10,774
Total real estate properties gross	[1]	13,343
Accumulated Depreciation	[2]	$ 1,583
Year Built/Renovated	[3]	1990
Depreciable Life (in years)	[4]	23 years
Year Acquired		2022
Jacksonville, FL - Center Point Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		9,848
Initial cost of building and improvements		26,411
Costs Capitalized Subsequent to Acquisition		837
Gross amounts of land		9,848
Gross amounts of building and improvements		27,248
Total real estate properties gross	[1]	37,096
Accumulated Depreciation	[2]	$ 6,515
Year Built/Renovated	[3]	1990-1997
Depreciable Life (in years)	[4]	35 years
Year Acquired		2018
Jacksonville, FL - Liberty Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		9,347
Initial cost of building and improvements		26,978
Costs Capitalized Subsequent to Acquisition		17,433
Gross amounts of land		9,347
Gross amounts of building and improvements		44,411
Total real estate properties gross	[1]	53,758
Accumulated Depreciation	[2]	$ 7,132
Year Built/Renovated	[3]	1996-1999,2023
Year Acquired		2018
Jacksonville, FL - Liberty Business Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	40 years
Jacksonville, FL - Liberty Business Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	38 years
Jacksonville, FL - Salisbury Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		4,354
Initial cost of building and improvements		9,049
Costs Capitalized Subsequent to Acquisition		6,637
Gross amounts of land		4,354
Gross amounts of building and improvements		15,686
Total real estate properties gross	[1]	20,040
Accumulated Depreciation	[2]	$ 2,704
Year Built/Renovated	[3]	2001-2012,2023
Year Acquired		2018
Jacksonville, FL - Salisbury Business Park | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	40 years
Jacksonville, FL - Salisbury Business Park | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	32 years
Jacksonville, FL - 265 Industrial Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 931
Initial cost of building and improvements		4,950
Costs Capitalized Subsequent to Acquisition		410
Gross amounts of land		931
Gross amounts of building and improvements		5,360
Total real estate properties gross	[1]	6,291
Accumulated Depreciation	[2]	$ 1,676
Year Built/Renovated	[3]	1988/1999
Depreciable Life (in years)	[4]	18 years
Year Acquired		2020
Jacksonville Fl 338 Industrial Blvd [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,205
Initial cost of building and improvements		9,095
Costs Capitalized Subsequent to Acquisition		24
Gross amounts of land		1,205
Gross amounts of building and improvements		9,119
Total real estate properties gross	[1]	10,324
Accumulated Depreciation	[2]	$ 2,236
Year Built/Renovated	[3]	1996/2001
Depreciable Life (in years)	[4]	18 years
Year Acquired		2020
Jacksonville FL - 430 Industrial Blvd
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 426
Initial cost of building and improvements		1,071
Costs Capitalized Subsequent to Acquisition		1
Gross amounts of land		426
Gross amounts of building and improvements		1,072
Total real estate properties gross	[1]	1,498
Accumulated Depreciation	[2]	$ 583
Year Built/Renovated	[3]	1988
Depreciable Life (in years)	[4]	18 years
Year Acquired		2020
Jacksonville, FL - 8451 Western Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,240
Initial cost of building and improvements		13,983
Costs Capitalized Subsequent to Acquisition		97
Gross amounts of land		4,240
Gross amounts of building and improvements		14,080
Total real estate properties gross	[1]	18,320
Accumulated Depreciation	[2]	$ 2,441
Year Built/Renovated	[3]	1968/1975&1987
Depreciable Life (in years)	[4]	32 years
Year Acquired		2020
Jacksonville, FL - 8000-8001 Belfort Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,836
Initial cost of building and improvements		9,460
Costs Capitalized Subsequent to Acquisition		90
Gross amounts of land		1,836
Gross amounts of building and improvements		9,550
Total real estate properties gross	[1]	11,386
Accumulated Depreciation	[2]	$ 955
Year Built/Renovated	[3]	1999
Depreciable Life (in years)	[4]	40 years
Year Acquired		2022
Memphis, TN - 210 American Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 928
Initial cost of building and improvements		10,442
Costs Capitalized Subsequent to Acquisition		919
Gross amounts of land		928
Gross amounts of building and improvements		11,361
Total real estate properties gross	[1]	12,289
Accumulated Depreciation	[2]	$ 8,600
Year Built/Renovated	[3]	1967/1981&2012
Depreciable Life (in years)	[4]	13 years
Year Acquired		2014
Memphis, TN - 6005, 6045 & 6075 Shelby Dr.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 488
Initial cost of building and improvements		4,919
Costs Capitalized Subsequent to Acquisition		2,700
Gross amounts of land		488
Gross amounts of building and improvements		7,619
Total real estate properties gross	[1]	8,107
Accumulated Depreciation	[2]	$ 4,148
Year Built/Renovated	[3]	1989
Depreciable Life (in years)	[4]	19 years
Year Acquired		2014
Memphis, TN - 3635 Knight Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		422
Initial cost of building and improvements		2,820
Costs Capitalized Subsequent to Acquisition		142
Gross amounts of land		422
Gross amounts of building and improvements		2,962
Total real estate properties gross	[1]	3,384
Accumulated Depreciation	[2]	$ 1,333
Year Built/Renovated	[3]	1986
Depreciable Life (in years)	[4]	18 years
Year Acquired		2017
Memphis, TN - Airport Business Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,511
Initial cost of building and improvements		4,352
Costs Capitalized Subsequent to Acquisition		4,023
Gross amounts of land		1,511
Gross amounts of building and improvements		8,375
Total real estate properties gross	[1]	9,886
Accumulated Depreciation	[2]	$ 3,385
Year Built/Renovated	[3]	1985-1989
Depreciable Life (in years)	[4]	26 years
Year Acquired		2017
Memphis, TN - 4540-4600 Pleasant Hill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,375
Initial cost of building and improvements		18,854
Costs Capitalized Subsequent to Acquisition		(161)
Gross amounts of land		1,207
Gross amounts of building and improvements		18,861
Total real estate properties gross	[1]	20,068
Accumulated Depreciation	[2]	$ 3,027
Year Built/Renovated	[3]	1991/2005
Depreciable Life (in years)	[4]	37 years
Year Acquired		2019
Memphis, TN - 1700-1710 Dunn Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 916
Initial cost of building and improvements		5,018
Costs Capitalized Subsequent to Acquisition		1,807
Gross amounts of land		916
Gross amounts of building and improvements		6,825
Total real estate properties gross	[1]	7,741
Accumulated Depreciation	[2]	$ 2,185
Year Built/Renovated	[3]	1957-1959/1963&1973
Depreciable Life (in years)	[4]	13 years
Year Acquired		2021
Memphis, TN - 2950 Brother Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,089
Initial cost of building and improvements		7,515
Costs Capitalized Subsequent to Acquisition		392
Gross amounts of land		1,089
Gross amounts of building and improvements		7,907
Total real estate properties gross	[1]	8,996
Accumulated Depreciation	[2]	$ 1,976
Year Built/Renovated	[3]	1987/2019
Depreciable Life (in years)	[4]	17 years
Year Acquired		2021
Memphis, TN - 6290 Shelby View Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 163
Initial cost of building and improvements		4,631
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		163
Gross amounts of building and improvements		4,631
Total real estate properties gross	[1]	4,794
Accumulated Depreciation	[2]	$ 520
Year Built/Renovated	[3]	1999/2003
Depreciable Life (in years)	[4]	36 years
Year Acquired		2021
Memphis, TN - 10455 Marina Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		613
Initial cost of building and improvements		6,154
Costs Capitalized Subsequent to Acquisition		988
Gross amounts of land		613
Gross amounts of building and improvements		7,142
Total real estate properties gross	[1]	7,755
Accumulated Depreciation	[2]	$ 1,287
Year Built/Renovated	[3]	1986
Depreciable Life (in years)	[4]	20 years
Year Acquired		2022
Memphis, TN - 10682 Ridgewood Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		261
Initial cost of building and improvements		3,513
Costs Capitalized Subsequent to Acquisition		225
Gross amounts of land		261
Gross amounts of building and improvements		3,738
Total real estate properties gross	[1]	3,999
Accumulated Depreciation	[2]	$ 560
Year Built/Renovated	[3]	1985
Depreciable Life (in years)	[4]	23 years
Year Acquired		2022
Memphis, TN - 1814 S Third Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		469
Initial cost of building and improvements		2,510
Costs Capitalized Subsequent to Acquisition		29
Gross amounts of land		469
Gross amounts of building and improvements		2,539
Total real estate properties gross	[1]	3,008
Accumulated Depreciation	[2]	$ 726
Year Built/Renovated	[3]	1966
Depreciable Life (in years)	[4]	14 years
Year Acquired		2022
Memphis, TN - 3650 Distriplex Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		704
Initial cost of building and improvements		12,847
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		704
Gross amounts of building and improvements		12,847
Total real estate properties gross	[1]	13,551
Accumulated Depreciation	[2]	$ 1,793
Year Built/Renovated	[3]	1997
Depreciable Life (in years)	[4]	24 years
Year Acquired		2022
Memphis, TN - 3670 South Perkins Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		215
Initial cost of building and improvements		2,242
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		215
Gross amounts of building and improvements		2,242
Total real estate properties gross	[1]	2,457
Accumulated Depreciation	[2]	$ 415
Year Built/Renovated	[3]	1974
Depreciable Life (in years)	[4]	18 years
Year Acquired		2022
Memphis, TN - 3980 Premier Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		354
Initial cost of building and improvements		3,835
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		354
Gross amounts of building and improvements		3,835
Total real estate properties gross	[1]	4,189
Accumulated Depreciation	[2]	$ 770
Year Built/Renovated	[3]	1964
Depreciable Life (in years)	[4]	17 years
Year Acquired		2022
Memphis, TN - 5846 Distribution Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		164
Initial cost of building and improvements		2,092
Costs Capitalized Subsequent to Acquisition		226
Gross amounts of land		164
Gross amounts of building and improvements		2,318
Total real estate properties gross	[1]	2,482
Accumulated Depreciation	[2]	$ 355
Year Built/Renovated	[3]	1984
Depreciable Life (in years)	[4]	30 years
Year Acquired		2022
Memphis, TN - 7560 Priority Lane
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		159
Initial cost of building and improvements		1,561
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		159
Gross amounts of building and improvements		1,561
Total real estate properties gross	[1]	1,720
Accumulated Depreciation	[2]	$ 285
Year Built/Renovated	[3]	1988
Depreciable Life (in years)	[4]	21 years
Year Acquired		2022
Memphis, TN - 8970 Deerfield Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		241
Initial cost of building and improvements		2,256
Costs Capitalized Subsequent to Acquisition		340
Gross amounts of land		241
Gross amounts of building and improvements		2,596
Total real estate properties gross	[1]	2,837
Accumulated Depreciation	[2]	$ 472
Year Built/Renovated	[3]	1977
Depreciable Life (in years)	[4]	22 years
Year Acquired		2022
Memphis, TN - Collins Industrial Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		950
Initial cost of building and improvements		12,889
Costs Capitalized Subsequent to Acquisition		1,434
Gross amounts of land		950
Gross amounts of building and improvements		14,323
Total real estate properties gross	[1]	15,273
Accumulated Depreciation	[2]	$ 2,105
Year Built/Renovated	[3]	1989-2001
Year Acquired		2022
Memphis, TN - Collins Industrial Memphis | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	32 years
Memphis, TN - Collins Industrial Memphis | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	16 years
Memphis, TN - Outland Center Memphis I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		678
Initial cost of building and improvements		9,227
Costs Capitalized Subsequent to Acquisition		1,138
Gross amounts of land		678
Gross amounts of building and improvements		10,365
Total real estate properties gross	[1]	11,043
Accumulated Depreciation	[2]	$ 1,523
Year Built/Renovated	[3]	1988
Year Acquired		2022
Memphis, TN - Outland Center Memphis I | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	25 years
Memphis, TN - Outland Center Memphis I | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	21 years
Memphis, TN - Outland Center Memphis II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		892
Initial cost of building and improvements		7,424
Costs Capitalized Subsequent to Acquisition		1,417
Gross amounts of land		892
Gross amounts of building and improvements		8,841
Total real estate properties gross	[1]	9,733
Accumulated Depreciation	[2]	$ 1,695
Year Built/Renovated	[3]	1989
Year Acquired		2022
Memphis, TN - Outland Center Memphis II | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	22 years
Memphis, TN - Outland Center Memphis II | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	15 years
Memphis, TN - Outland/Burbank Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		924
Initial cost of building and improvements		12,805
Costs Capitalized Subsequent to Acquisition		878
Gross amounts of land		924
Gross amounts of building and improvements		13,683
Total real estate properties gross	[1]	14,607
Accumulated Depreciation	[2]	$ 2,122
Year Built/Renovated	[3]	1969-1996
Year Acquired		2022
Memphis, TN - Outland/Burbank Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	23 years
Memphis, TN - Outland/Burbank Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	20 years
Memphis, TN - Place Industrial Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		342
Initial cost of building and improvements		3,529
Costs Capitalized Subsequent to Acquisition		433
Gross amounts of land		342
Gross amounts of building and improvements		3,962
Total real estate properties gross	[1]	4,304
Accumulated Depreciation	[2]	$ 796
Year Built/Renovated	[3]	1980-1988
Year Acquired		2022
Memphis, TN - Place Industrial Memphis | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	25 years
Memphis, TN - Place Industrial Memphis | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	20 years
Memphis, TN - Shelby Distribution II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		312
Initial cost of building and improvements		4,564
Costs Capitalized Subsequent to Acquisition		357
Gross amounts of land		312
Gross amounts of building and improvements		4,921
Total real estate properties gross	[1]	5,233
Accumulated Depreciation	[2]	$ 657
Year Built/Renovated	[3]	1998
Year Acquired		2022
Memphis, TN - Shelby Distribution II | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	27 years
Memphis, TN - Shelby Distribution II | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	25 years
Memphis, TN - Willow Lake Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		231
Initial cost of building and improvements		2,861
Costs Capitalized Subsequent to Acquisition		355
Gross amounts of land		231
Gross amounts of building and improvements		3,216
Total real estate properties gross	[1]	3,447
Accumulated Depreciation	[2]	$ 470
Year Built/Renovated	[3]	1989
Depreciable Life (in years)	[4]	23 years
Year Acquired		2022
Memphis, TN - AE Beaty Drive/Appling Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 850
Initial cost of building and improvements		6,589
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		850
Gross amounts of building and improvements		6,589
Total real estate properties gross	[1]	7,439
Accumulated Depreciation	[2]	$ 580
Year Built/Renovated	[3]	2006
Depreciable Life (in years)	[4]	45 years
Year Acquired		2022
Memphis TN 1590-1680 Century Center Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 7,084
Initial cost of building and improvements		38,576
Costs Capitalized Subsequent to Acquisition		46
Gross amounts of land		7,084
Gross amounts of building and improvements		38,622
Total real estate properties gross	[1]	45,706
Accumulated Depreciation	[2]	$ 878
Year Built/Renovated	[3]	1990-2004
Year Acquired		2024
Memphis TN 1590-1680 Century Center Parkway | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	36 years
Memphis TN 1590-1680 Century Center Parkway | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	20 years
Memphis TN - 4370-4450 South Mendenhall Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,693
Initial cost of building and improvements		24,784
Costs Capitalized Subsequent to Acquisition		44
Gross amounts of land		4,693
Gross amounts of building and improvements		24,828
Total real estate properties gross	[1]	29,521
Accumulated Depreciation	[2]	$ 718
Year Built/Renovated	[3]	1985
Year Acquired		2024
Memphis TN - 4370-4450 South Mendenhall Road | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	29 years
Memphis TN - 4370-4450 South Mendenhall Road | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Depreciable Life (in years)	[4]	18 years
Memphis TN - 4575 Pleasant Hill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,677
Initial cost of building and improvements		9,345
Costs Capitalized Subsequent to Acquisition		82
Gross amounts of land		1,677
Gross amounts of building and improvements		9,427
Total real estate properties gross	[1]	11,104
Accumulated Depreciation	[2]	$ 274
Year Built/Renovated	[3]	1991
Depreciable Life (in years)	[4]	20 years
Year Acquired		2024
Memphis TN - 4740-4800 East Shelby Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,011
Initial cost of building and improvements		4,003
Costs Capitalized Subsequent to Acquisition		34
Gross amounts of land		1,011
Gross amounts of building and improvements		4,037
Total real estate properties gross	[1]	5,048
Accumulated Depreciation	[2]	$ 139
Year Built/Renovated	[3]	1991
Depreciable Life (in years)	[4]	20 years
Year Acquired		2024
South Bend In - 4491 N Mayflower Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 289
Initial cost of building and improvements		2,422
Costs Capitalized Subsequent to Acquisition		153
Gross amounts of land		289
Gross amounts of building and improvements		2,575
Total real estate properties gross	[1]	2,864
Accumulated Depreciation	[2]	$ 929
Year Built/Renovated	[3]	2000
Depreciable Life (in years)	[4]	27 years
Year Acquired		2017
South Bend IN - 4955 Ameritech Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 856
Initial cost of building and improvements		7,251
Costs Capitalized Subsequent to Acquisition		447
Gross amounts of land		856
Gross amounts of building and improvements		7,698
Total real estate properties gross	[1]	8,554
Accumulated Depreciation	[2]	$ 2,782
Year Built/Renovated	[3]	2004
Depreciable Life (in years)	[4]	27 years
Chicago, IL - 4955 Ameritech Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Year Acquired		2017
South Bend IN - 5855 West Carbonmill Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 743
Initial cost of building and improvements		6,269
Costs Capitalized Subsequent to Acquisition		166
Gross amounts of land		743
Gross amounts of building and improvements		6,435
Total real estate properties gross	[1]	7,178
Accumulated Depreciation	[2]	$ 2,241
Year Built/Renovated	[3]	2002
Depreciable Life (in years)	[4]	27 years
Year Acquired		2017
South Bend IN - 5861 W Cleveland Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 234
Initial cost of building and improvements		1,966
Costs Capitalized Subsequent to Acquisition		133
Gross amounts of land		234
Gross amounts of building and improvements		2,099
Total real estate properties gross	[1]	2,333
Accumulated Depreciation	[2]	$ 729
Year Built/Renovated	[3]	1994
Depreciable Life (in years)	[4]	27 years
Year Acquired		2017
South Bend IN - West Brick Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 381
Initial cost of building and improvements		3,209
Costs Capitalized Subsequent to Acquisition		193
Gross amounts of land		381
Gross amounts of building and improvements		3,402
Total real estate properties gross	[1]	3,783
Accumulated Depreciation	[2]	$ 1,183
Year Built/Renovated	[3]	1998
Depreciable Life (in years)	[4]	27 years
Year Acquired		2017
St. Louis, MO - 2635-2645 Metro Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,576
Costs Capitalized Subsequent to Acquisition		40
Gross amounts of land		656
Gross amounts of building and improvements		2,616
Total real estate properties gross	[1]	3,272
Accumulated Depreciation	[2]	$ 557
Year Built/Renovated	[3]	1979
Depreciable Life (in years)	[4]	30 years
Year Acquired		2019
St. Louis, MO - 5531-5555 Phantom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,133
Initial cost of building and improvements		3,976
Costs Capitalized Subsequent to Acquisition		1,295
Gross amounts of land		1,133
Gross amounts of building and improvements		5,271
Total real estate properties gross	[1]	6,404
Accumulated Depreciation	[2]	$ 1,091
Year Built/Renovated	[3]	1971
Depreciable Life (in years)	[4]	22 years
Year Acquired		2019
St. Louis, MO - Grissom Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 656
Initial cost of building and improvements		2,780
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		656
Gross amounts of building and improvements		2,780
Total real estate properties gross	[1]	3,436
Accumulated Depreciation	[2]	$ 765
Year Built/Renovated	[3]	1970
Depreciable Life (in years)	[4]	19 years
Year Acquired		2020
St. Louis, MO - St. Louis Commerce Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		3,927
Initial cost of building and improvements		20,995
Costs Capitalized Subsequent to Acquisition		452
Gross amounts of land		3,927
Gross amounts of building and improvements		21,447
Total real estate properties gross	[1]	25,374
Accumulated Depreciation	[2]	$ 3,502
Year Built/Renovated	[3]	1999-2001
Depreciable Life (in years)	[4]	33 years
Year Acquired		2020
St, Louis, MO - 11646 Lakeside Crossing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,282
Initial cost of building and improvements		9,293
Costs Capitalized Subsequent to Acquisition		6
Gross amounts of land		1,282
Gross amounts of building and improvements		9,299
Total real estate properties gross	[1]	10,581
Accumulated Depreciation	[2]	$ 983
Year Built/Renovated	[3]	2005
Depreciable Life (in years)	[4]	35 years
Year Acquired		2021
St, Louis, MO - 160-275 Corporate Woods Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,183
Initial cost of building and improvements		5,956
Costs Capitalized Subsequent to Acquisition		226
Gross amounts of land		2,183
Gross amounts of building and improvements		6,182
Total real estate properties gross	[1]	8,365
Accumulated Depreciation	[2]	$ 1,437
Year Built/Renovated	[3]	1990
Depreciable Life (in years)	[4]	19 years
Year Acquired		2021
St, Louis, MO - 3919 Lakeview Corporate Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 4,265
Initial cost of building and improvements		46,225
Costs Capitalized Subsequent to Acquisition		247
Gross amounts of land		4,265
Gross amounts of building and improvements		46,472
Total real estate properties gross	[1]	50,737
Accumulated Depreciation	[2]	$ 4,609
Year Built/Renovated	[3]	2019
Depreciable Life (in years)	[4]	37 years
Year Acquired		2021
St, Louis, MO - 3051 Gateway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		3,148
Initial cost of building and improvements		29,791
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,148
Gross amounts of building and improvements		29,791
Total real estate properties gross	[1]	32,939
Accumulated Depreciation	[2]	$ 3,139
Year Built/Renovated	[3]	2016
Depreciable Life (in years)	[4]	36 years
Year Acquired		2021
St, Louis, MO - 349 Gateway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Encumbrances	[5]
Initial Costs of Land		3,255
Initial cost of building and improvements		36,451
Costs Capitalized Subsequent to Acquisition
Gross amounts of land		3,255
Gross amounts of building and improvements		36,451
Total real estate properties gross	[1]	39,706
Accumulated Depreciation	[2]	$ 5,143
Year Built/Renovated	[3]	2016
Depreciable Life (in years)	[4]	36 years
Year Acquired		2021
St, Louis, MO - 4848 Park 370 Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,041
Initial cost of building and improvements		6,127
Costs Capitalized Subsequent to Acquisition		95
Gross amounts of land		1,041
Gross amounts of building and improvements		6,222
Total real estate properties gross	[1]	7,263
Accumulated Depreciation	[2]	$ 765
Year Built/Renovated	[3]	2006
Depreciable Life (in years)	[4]	32 years
Year Acquired		2021
St, Louis, MO - 9150 Latty Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 1,674
Initial cost of building and improvements		5,076
Costs Capitalized Subsequent to Acquisition		307
Gross amounts of land		1,674
Gross amounts of building and improvements		5,383
Total real estate properties gross	[1]	7,057
Accumulated Depreciation	[2]	$ 1,132
Year Built/Renovated	[3]	1965/2018
Depreciable Life (in years)	[4]	22 years
Year Acquired		2021
St. Louis, MO - 1901-1939 Belt Way Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 2,492
Initial cost of building and improvements		5,109
Costs Capitalized Subsequent to Acquisition		165
Gross amounts of land		2,492
Gross amounts of building and improvements		5,274
Total real estate properties gross	[1]	7,766
Accumulated Depreciation	[2]	$ 776
Year Built/Renovated	[3]	1986
Depreciable Life (in years)	[4]	26 years
Year Acquired		2022
Total Real Estate Owned
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]
Initial Costs of Land		$ 180,671
Initial cost of building and improvements		1,121,680
Costs Capitalized Subsequent to Acquisition		106,181
Gross amounts of land		180,281
Gross amounts of building and improvements		1,228,251
Total real estate properties gross	[1]	1,408,532
Accumulated Depreciation	[2]	$ 259,869
[1]Total does not include development projects of $1,981, corporate office leasehold improvements of $2,479, Columbus property management office of $4,495 and the finance lease right of use asset of $818 related to the ground sublease at 2100 International Parkway.[2]Total does not include accumulated depreciation related to corporate office leasehold improvements of $1,262 and Columbus property management office of $477.[3]Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems.[4]Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 4-20 years for improvements.[5]These properties secure the $175,980 Secured Debt.

Schedule III Real Estate Prop_2

Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate
Balance at the beginning of the year	$ 1,567,866	$ 1,555,846	$ 1,254,007
Additions during the year	130,659	29,615	302,265
Disposals during the year	(280,220)	(17,595)	(426)
Balance at the end of the year	1,418,305	1,567,866	1,555,846
Accumulated Depreciation
Balance at the beginning of the year	268,046	205,629	142,192
Depreciation expense	65,789	67,920	63,557
Disposals during the year	(72,227)	(5,503)	(120)
Balance at the end of the year	$ 261,608	$ 268,046	$ 205,629

Schedule III (Details Narrative

Schedule III (Details Narrative) $ in Thousands	Dec. 31, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate federal income tax basis	$ 1,638,395