Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large ~~Accelerated Filer~~☐ ~~Accelerated Filer~~ ☑ ~~Non-accelerated~~accelerated filer ☐ Accelerated filer ☐Non-accelerated Filer☑Smaller ~~Reporting Company~~reporting company ☑ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). ~~YES~~Yes ☐ NONo ☑

As of ~~October 31, 2020,~~November 1, 2021, the Registrant had outstanding ~~24,714,833~~34,605,459 shares of common stock.

	September 30,			December 31,			September 30,			December 31,
	2020			2019			2021			2020

Assets
Real estate properties	$	786,425		$	655,788		$	1,062,748		$	886,681
Less accumulated depreciation		(89,059	)		(63,877	)		(129,910	)		(98,283	)
Real estate properties, net		697,366			591,911			932,838			788,398

Cash		15,352			10,465			63,712			15,668
Cash held in escrow		10,026			9,453			10,488			11,939
Restricted cash		4,265			2,480			4,743			4,447
Deferred lease intangibles, net		58,693			57,088			68,703			66,116
Investment in unconsolidated joint venture								6,008			6,683
Other assets		21,122			14,084			35,948			27,019
Total assets	$	806,824		$	685,481		$	1,122,440		$	920,270

Liabilities, Preferred stock and Equity
Liabilities, Preferred Stock and Equity
Liabilities:
Secured debt, net	$	411,003		$	318,558		$	336,225		$	328,908
Unsecured debt, net								247,729			99,254
Borrowings under line of credit		—			78,900			—			90,000
Accounts payable, accrued expenses and other liabilities		45,491			36,284			61,074			49,335
Deferred lease intangibles, net		9,060			8,314			9,679			11,350
Financing lease liability								2,221			2,207
Total liabilities		465,554			442,056			656,928			581,054
Commitments and contingencies (Note 11)
Commitments and contingencies (Note 12)

Preferred stock, par value $0.01 per share, 100,000,000 shares authorized,
Series A: 2,040,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 (aggregate liquidation preference of $51,000 at September 30, 2020 and December 31, 2019)		48,868			48,868
Series B: 4,411,764 shares issued and outstanding at September 30, 2020 and December 31, 2019, (aggregate liquidation preference of $97,230 and $96,574 at September 30, 2020 and December 31, 2019, respectively)		85,355			79,793
Series A: 2,023,551 and 2,023,999 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively (aggregate liquidation preference of $50,589 and $50,600 at September 30, 2021 and December 31, 2020, respectively)								48,473			48,485
Series B: 4,411,764 shares issued and outstanding at September 30, 2021 and December 31, 2020, (aggregate liquidation preference of $97,277 and $97,230 at September 30, 2021 and December 31, 2020, respectively)								92,630			87,209

Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 24,714,833 and 14,141,355 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively		247			141
Common stock, $0.01 par value: 900,000,000 shares authorized; 34,273,244 and 25,344,161 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively								343			253
Additional paid in capital		364,560			256,259			492,003			360,752
Accumulated deficit		(159,739	)		(148,403	)		(172,671	)		(162,250	)
Total stockholders' equity		205,068			107,997			319,675			198,755
Non-controlling interest		1,979			6,767			4,734			4,767
Total equity		207,047			114,764			324,409			203,522
Total liabilities, preferred stock and equity	$	806,824		$	685,481		$	1,122,440		$	920,270

The accompanying notes are an integral part of the condensed consolidated financial statements.

PLYMOUTH INDUSTRIAL REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED


	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,						For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019			2021			2020			2021			2020

Rental revenue	$	27,518		$	19,123		$	79,884		$	52,807		$	35,877		$	27,518		$	100,468		$	79,884
Management fee revenue and other income														85			—			265			—
Total revenues		27,518			19,123			79,884			52,807			35,962			27,518			100,733			79,884

Operating expenses:
Property		10,064			6,920			28,101			19,216			12,032			10,064			34,398			28,101
Depreciation and amortization		13,985			9,399			41,602			26,307			18,305			13,985			50,984			41,602
General and administrative		2,280			2,135			7,378			5,472			3,264			2,280			9,582			7,378
Total operating expenses		26,329			18,454			77,081			50,995			33,601			26,329			94,964			77,081

Other income (expense):
Interest expense		(4,538	)		(3,643	)		(14,309	)		(11,061	)		(4,906	)		(4,538	)		(14,489	)		(14,309	)
Impairment on real estate lease		(311	)		—			(311	)		—			—			(311	)		—			(311	)
Unrealized appreciation/(depreciation) of warrants		(103	)		—			(103	)		(181	)
Total other expense, net		(4,952	)		(3,643	)		(14,723	)		(11,242	)
Earnings (loss) in investment of unconsolidated joint venture														(178	)		—			(675	)		—
Gain on sale of real estate														—			—			590			—
Unrealized (appreciation) depreciation of warrants														(926	)		(103	)		(1,809	)		(103	)
Total other income (expense)														(6,010	)		(4,952	)		(16,383	)		(14,723	)

Net loss		(3,763	)		(2,974	)		(11,920	)		(9,430	)		(3,649	)		(3,763	)		(10,614	)		(11,920	)
Less: loss attributable to non-controlling interest		(130	)		(308	)		(584	)		(1,341	)
Less: Loss attributable to non-controlling interest														(57	)		(130	)		(193	)		(584	)
Net loss attributable to Plymouth Industrial REIT, Inc.		(3,633	)		(2,666	)		(11,336	)		(8,089	)		(3,592	)		(3,633	)		(10,421	)		(11,336	)
Less: Preferred stock dividends		1,613			1,566			4,839			4,698			1,652			1,613			4,956			4,839
Less: Series B preferred stock accretion to redemption value		1,854			1,900			5,562			5,701			1,807			1,854			5,421			5,562
Less: amount allocated to participating securities		38			62			144			177
Less: Amount allocated to participating securities														48			38			153			144
Net loss attributable to common stockholders	$	(7,138	)	$	(6,194	)	$	(21,881	)	$	(18,665	)	$	(7,099	)	$	(7,138	)	$	(20,951	)	$	(21,881	)
Net loss basic and diluted per share attributable to common stockholders	$	(0.36	)	$	(0.68	)	$	(1.35	)	$	(2.73	)	$	(0.22	)	$	(0.36	)	$	(0.71	)	$	(1.35	)

Weighted-average common shares outstanding basic and diluted		19,631,443			9,081,180			16,232,420			6,847,950			32,301,693			19,631,443			29,636,996			16,232,420

The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY ~~(DEFICIT)~~


	Preferred Stock			Preferred Stock																					Preferred Stock Series A $0.01 Par Value						Preferred Stock Series B $0.01 Par Value				Common Stock, $0.01 Par Value				Additional Paid in			Accumulated			Stockholders’ Equity			Non- controlling			Total Equity
	Series A			Series B			Common Stock			Additional						Stockholders'			Non-			Total			Shares			Amount			Shares		Amount		Shares		Amount		Capital			Deficit			(Deficit)			Interest			(Deficit)
	$0.01 Par Value			$0.01 Par Value			$0.01 Par Value			Paid in			Accumulated			Equity			controlling			Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Capital			Deficit			(Deficit)			Interest			(Deficit)
														Accumulated Deficit			Stockholders’ Equity (Deficit)
Balance, January 1, 2020	2,040,000	$	48,868	4,411,764	$	79,793	14,141,355	$	141	$	256,259		$	(148,403	)	$	107,997		$	6,767		$	114,764
Balance January 1, 2021																										2,023,999		$	48,485			4,411,764	$	87,209		25,344,161	$	253	$	360,752		$	(162,250	)	$	198,755		$	4,767		$	203,522
Repurchase and extinguishment of Series A Preferred stock																										(448	)		(12	)		—		—		—		—		—			—			—			—			—
Series B Preferred stock accretion to redemption value																										—			—			—		1,807		—		—		(1,807	)		—			(1,807	)		—			(1,807	)
Net proceeds from common stock																										—			—			—		—		2,883,794		30		42,480			—			42,510			—			42,510
Stock based compensation																										—			—			—		—		—		—		418			—			418			—			418
Restricted shares issued																										—			—			—		—		110,000		—		—			—			—			—			—
Dividends and distributions																										—			—			—		—		—		—		(7,320	)		—			(7,320	)		(121	)		(7,441	)
Net loss																										—			—			—		—		—		—		—			(2,919	)		(2,919	)		(65	)		(2,984	)
Balance, March 31, 2021																										2,023,551		$	48,473			4,411,764	$	89,016		28,337,955	$	283	$	394,523		$	(165,169	)	$	229,637		$	4,581		$	234,218
Series B Preferred stock accretion to redemption value	—		—	—		1,854	—		—		(1,854	)		—			(1,854	)		—			(1,854	)		—			—			—		1,807		—		—		(1,807	)		—			(1,807	)		—			(1,807	)
Net proceeds from common stock	—		—	—		—	593,705		6		10,808			—			10,814			—			10,814			—			—			—		—		2,646,854		26		48,558			—			48,584			—			48,584
Stock based compensation	—		—	—		—	—		—		349			—			349			—			349			—			—			—		—		—		—		461			—			461			—			461
Restricted shares issued	—		—	—		—	44,900		—		—			—			—			—			—			—			—			—		—		5,000		—		—			—			—			—			—
Redemption of partnership units	—		—	—		—	11,477		1		194			—			195			(195	)		—			—			—			—		—		99,118		1		1,684			—			1,685			(1,685	)		—
Reallocation of non-controlling interest							—		—		(193	)		—			(193	)		193			—			—			—			—		—		—		—		(1,078	)		—			(1,078	)		1,078			—
Dividends and distributions	—		—	—		—	—		—		(7,159	)		—			(7,159	)		(324	)		(7,483	)		—			—			—		—		—		—		(8,180	)		—			(8,180	)		(106	)		(8,286	)
Net loss	—		—	—		—	—		—					(4,027	)		(4,027	)		(245	)		(4,272	)		—			—			—		—		—		—		—			(3,910	)		(3,910	)		(71	)		(3,981	)
Balance, March 31, 2020	2,040,000	$	48,868	4,411,764	$	81,647	14,791,437	$	148	$	258,404		$	(152,430	)	$	106,122		$	6,196		$	112,318
Balance, June 30, 2021																										2,023,551		$	48,473			4,411,764	$	90,823		31,088,927	$	310	$	434,161		$	(169,079	)	$	265,392		$	3,797		$	269,189
Series B Preferred stock accretion to redemption value	—		—	—		1,854	—		—		(1,854	)		—			(1,854	)		—			(1,854	)		—			—			—		1,807		—		—		(1,807	)		—			(1,807	)		—			(1,807	)
Net proceeds from common stock	—		—	—		—	1,060,300		11		12,525			—			12,536			—			12,536			—			—			—		—		3,173,883		32		69,258			—			69,290			—			69,290
Stock based compensation	—		—	—		—	—		—		383			—			383			—			383			—			—			—		—		—		—		340			—			340			—			340
Restricted shares issued	—		—	—		—	—		—		—			—			—			—			—			—			—			—		—		10,434		1		—			—			1			—			1
Redemption of partnership units	—		—	—		—	45,907		—		780			—			780			(780	)		—			—			—			—		—		—		—		—			—			—			—			—
Reallocation of non-controlling interest							—		—		328			—			328			(328	)		—			—			—			—		—		—		—		(1,100	)		—			(1,100	)		1,100			—
Dividends and distributions	—		—	—		—	—		—		(4,792	)		—			(4,792	)		(164	)		(4,956	)		—			—			—		—		—		—		(8,849	)		—			(8,849	)		(106	)		(8,955	)
Net loss	—		—	—		—	—		—		—			(3,676	)		(3,676	)		(209	)		(3,885	)		—			—			—		—		—		—		—			(3,592	)		(3,592	)		(57	)		(3,649	)
Balance, June 30, 2020	2,040,000	$	48,868	4,411,764	$	83,501	15,897,644	$	159	$	265,774		$	(156,106	)	$	109,827		$	4,715		$	114,542
Series B Preferred stock accretion to redemption value	—		—	—		1,854	—		—		(1,854	)		—			(1,854	)		—			(1,854	)
Net proceeds from common stock	—		—	—		—	8,625,000		86		104,402			—			104,488			—			104,488
Stock based compensation	—		—	—		—	—		—		324			—			324			—			324
Restricted shares issued	—		—	—		—	51,337		—		—			—			—			—			—
Redemption of partnership units	—		—	—		—	140,852		2		2,392			—			2,394			(2,394	)		—
Reallocation of non-controlling interest							—		—		77			—			77			(77	)		—
Dividends and distributions	—		—	—		—	—		—		(6,555	)		—			(6,555	)		(135	)		(6,690	)
Net loss	—		—	—		—	—		—		—			(3,633	)		(3,633	)		(130	)		(3,763	)
Balance, September 30, 2020	2,040,000	$	48,868	4,411,764	$	85,355	24,714,833	$	247	$	364,560		$	(159,739	)	$	205,068		$	1,979		$	207,047
Balance, September 30, 2021																										2,023,551		$	48,473			4,411,764	$	92,630		34,273,244	$	343	$	492,003		$	(172,671	)	$	319,675		$	4,734		$	324,409

PLYMOUTH INDUSTRIAL REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY
UNAUDITED
(In thousands, except share and per share amounts)

The accompanying notes are an integral part of the condensed consolidated financial statements.

PLYMOUTH INDUSTRIAL REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(In thousands)

The accompanying notes are an integral part of the condensed consolidated financial statements.

~~The accompanying notes are an integral part of the condensed consolidated financial statements.~~

Plymouth Industrial REIT, Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of September 30, ~~2020,~~2021, and December 31, ~~2019,~~2020, the Company owned a ~~97.3~~98.5% and ~~94.2~~97.7%, respectively, equity interest in the Operating Partnership.

The Company is a ~~full service, vertically integrated, self-administered and self-managed organization. The Company focuses~~real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant ~~Class B~~ industrial properties, including distribution centers, warehouses, ~~and~~ light industrial and small bay industrial properties, ~~primarily~~ located in primary and secondary markets within the main industrial, distribution and ~~select primary markets across~~logistics corridors of the ~~U.S.~~United States. As of September 30, ~~2020,~~2021, the Company, through its subsidiaries, ~~owns~~owned 99 117industrial properties comprising ~~130~~ 152buildings with an aggregate of approximately ~~20.8~~26.6 million square feet.

The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited financial statements for the years ended December 31, ~~2019~~2020 and ~~2018.~~2019. Additional information regarding the Company’s significant accounting policies related to the accompanying interim financial statements is as follows:

The Company’s interim condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company's financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. These interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2019~~2020 as filed with the United States Securities and Exchange Commission on February ~~27, 2020.~~26, 2021.

~~The Company’s~~We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our condensed consolidated financial ~~statements include~~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 ~~financial statements, and those of its wholly-owned subsidiaries and controlling interests. Interests~~investment in the Operating Partnership, ~~held by unrelated 3rd parties~~therefore, substantially all of the Company’s assets and liabilities are ~~identified as~~ the ~~“Non-controlling interest”. All intercompany accounts~~assets and ~~transactions have been eliminated~~liabilities of the Operating Partnership.

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in ~~consolidation for all periods presented.~~thousands, except share and per share data)

AsThe COVID-19 pandemic continues to be a ~~result~~potential significant risk facing the Company and its tenants. While the Company did not incur any significant disruptions during the three and nine months ended September 30, 2021, it will continue to monitor rent collections and evaluate any tenant rent relief requests on an individual basis. Given the continued uncertainty surrounding the COVID-19 pandemic and the emergence of variants of the ~~ongoing~~virus, the Company is unable to predict the future impacts from the COVID-19 pandemic, public health officials have recommended and mandated precautions to mitigate the spread of COVID-19, including prohibitions on congregating in heavily populated areas and shelter-in-place orders or similar measures. A number of our tenants have been impacted by such measures as they either temporarily closed down their operations or are scaling back activity in order to comply, causing a strain on their ability to generate revenue.pandemic. As such, our future operating results may be adversely impacted by future developments that impact our tenants’ ~~inability~~ability to generate revenue and pay their rent ~~due~~ as a result of the shut-downs and other actions taken to contain or treat the impact of COVID-19. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted.due.

The state of the overall economy beyond the current impacts of the COVID-19 pandemic can also significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets ~~for~~of real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock ~~warrant~~warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.

The Company has one reportable segment–industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment.

Revenue Recognition ~~and Tenant Receivables and Rental Revenue Components~~

Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. In accordance to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. Management fee revenue related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at September 30, ~~2020~~2021 and December 31, ~~2019.~~2020. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 5,6, cash held in escrow for real estate tax, insurance, ~~and~~ tenant capital improvements and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of September 30, ~~2020,~~2021, the Company has not realized any losses in such cash accounts and believes it ~~is not exposed to any significant~~mitigates its risk of ~~loss.~~loss by depositing its cash and restricted cash in highly rated financial institutions.

The following table presents a reconciliation of cash, cash held in escrow and restricted cash reported within our condensed consolidated balance sheet to amounts reported within our condensed consolidated statement of cash flows:

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

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 2—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.

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $2,205 and $396 at September 30, ~~2020~~2021 and $~~293~~ at December 31, ~~2019, as~~2020, respectively, discussed in Note 6.

Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities, ~~and~~which are considered Level 1 in the fair value hierarchy. The amounts reported on the balance sheet for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.

The fair value of our ~~secured~~ debt and borrowings under line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market interest rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity.

The following table summarizes the aggregate principal outstanding under the Company’s ~~secured debt and borrowings under line of credit~~indebtedness and the corresponding estimate of fair value as of September 30, ~~2020~~2021 and December 31, ~~2019:~~2020:

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments


	September 30, 2020					December 31, 2019					September 30, 2021					December 31, 2020
Indebtedness (in thousands)	Principal Outstanding			Fair Value		Principal Outstanding			Fair Value		Principal Outstanding			Fair Value		Principal Outstanding			Fair Value
Secured debt	$	414,324		$	432,141	$	322,177		$	319,376	$	338,812		$	357,047	$	332,011		$	351,744
Borrowings under line of credit		—			—		78,900			77,571
Unsecured debt												250,000			250,000		100,000			100,000
Borrowings under line of credit, net												—			—		90,000			90,000
Total		414,324		$	432,141		401,077		$	396,947		588,812		$	607,047		522,011		$	541,744
Unamortized debt issuance cost, net												(5,357	)				(4,507	)
Unamortized premium/(discount), net		(4,032	)				(4,491	)				499					658
Unamortized debt issuance cost, net		711					872
Total carrying value	$	411,003				$	397,458				$	583,954				$	518,162

Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated statements of operations.

Debt issuance costs amounted to $~~7,233~~9,709 and $~~6,718~~8,018 at September 30, ~~2020~~2021 and December 31, ~~2019,~~2020, respectively, and related accumulated amortization amounted to $~~3,201~~4,352 and $~~2,227~~3,511 at September 30, ~~2020~~2021 and December 31, ~~2019,~~2020, respectively. At September 30, ~~2020~~2021 and December 31, ~~2019,~~2020, the Company has classified net unamortized debt issuance costs of $~~891~~2,573 and $~~1,133~~2,371, respectively, related to borrowings under the revolving line of credit ~~facility from borrowings under line of credit, net~~ to other assets in the condensed consolidated balance sheets.

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

The Company grants stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock. The Company measures stock-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. Forfeitures of unvested shares are recognized in the period the forfeiture occurs.

The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented.

~~Plymouth Industrial REIT, Inc.~~Investment in Unconsolidated Joint Venture

~~Notes~~Investment in unconsolidated joint venture represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to ~~Condensed Consolidated Financial Statements~~

(~~all dollar amounts~~determine whether to consolidate the investment in ~~thousands, except~~unconsolidated joint ventures. We have concluded that we have the ability to exercise significant influence; however, we do not have control or kick out rights and therefore the investment in the unconsolidated joint venture is accounted for under the equity method of accounting. Accordingly, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets will be amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Our net equity investment in the joint venture is reflected within the condensed consolidated balance sheets, and our share ~~and per share data~~)of net income or loss from the joint venture is included within the condensed consolidated statements of operations.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 was effective for the Company for reporting periods beginning after December 15, ~~2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.~~2019.

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is in the process of evaluating the impact of the ~~guidance and may apply certain elections as applicable as additional changes in the market occur.~~

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Real estate properties consisted of the following at September 30, ~~2020~~2021 and December 31, ~~2019:~~2020:

	September 30,			December 31,			September 30,			December 31,
	2020			2019			2021			2020
Land	$	150,795		$	127,439		$	183,852		$	159,681
Buildings, building improvements and tenant improvements		565,895			474,492
Buildings and improvements								778,103			652,191
Site improvements		66,997			52,998			87,606			74,129
Construction in progress		2,738			859			13,187			680
		786,425			655,788			1,062,748			886,681
Less accumulated depreciation		(89,059	)		(63,877	)
Real estate properties	$	697,366		$	591,911
Less: accumulated depreciation								(129,910	)		(98,283	)
Real estate properties, net							$	932,838		$	788,398

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

Depreciation expense was $~~8,607~~11,466 and $~~5,655~~8,607 for the three months ended September 30, ~~2020~~2021 and ~~2019,~~2020, respectively, and $~~25,182~~32,368 and $~~16,052~~25,182 for the nine months ended September 30, ~~2020~~2021 and ~~2019,~~2020, respectively.

The Company made the following acquisitions of properties during the nine months ended September 30, ~~2020:~~2021:

The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board, (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows:

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

	Purchase Price (in thousands)
				Nine Months Ended September 30, 2021
Purchase price allocation				Purchase Price			Weighted Average Amortization Period (years) of Intangibles at Acquisition
Total Purchase Price
Purchase price	$	139,068		$	175,827		N/A
Acquisition costs		1,430			1,367		N/A
Total	$	140,498		$	177,194

Allocation of Purchase Price
Land	$	23,355		$	24,855		N/A
Building		88,440			121,741		N/A
Site improvements		14,000			13,708		N/A
Total real estate properties		125,795			160,304

Deferred lease intangibles
Deferred Lease Intangibles
Tenant relationships		3,079			3,002		3.7
Leasing commissions		2,610			2,585		3.6
Above market lease value		1,896			160		11.0
Below market lease value		(2,784	)		(742	)	7.3
Lease in place value		9,902			11,885		4.2
Net deferred lease intangibles		14,703			16,890

Total	$	140,498
Totals				$	177,194

All acquisitions completed during the nine months ended September 30, 2021 were considered asset acquisitions under ASC 805.

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

During the nine months ended September 30, 2021, the Company sold a single, 98,340 square foot property located in Chicago, IL for approximately $2,037, recognizing a net gain of $590. The Company also completed the sale of a small piece of land located in Memphis, TN for $167. No gain or loss was recognized on the sale of the land. There were no sales of real estate during the nine months ended September 30, 2020.

On October 23, 2020, a wholly owned subsidiary of the Operating Partnership entered into a $150,000 equity joint venture agreement (the “MIR JV”) with an unrelated third-party partner (the “MIR JV Partner”). The purpose of the MIR JV agreement is to acquire value-add/opportunistic industrial properties that meet certain criteria as outlined within the MIR JV agreement. The Operating Partnership owns a 20% interest in the MIR JV. The Operating Partnership is responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and is entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement.The MIR JV completed its initial investment of a 28-property portfolio of industrial properties totaling approximately 2.3 million square feet in metropolitan Memphis, Tennessee on December 17, 2020 for $86,000. The initial investment was funded by the MIR JV via $30,000 cash equity contributions to the MIR JV on a 20%/80% pro-rata basis and a 7-year secured mortgage for $56,000.

For the nine months ended September 30, 2021, we recognized fees of $248 from the MIR JV related to asset management services we provided to the MIR JV and other cost recoveries in the amount of $85.

We lease our properties to tenants under agreements classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the condensed consolidated statements of operations. Some of our tenant leases ~~contain options to extend leases at a fair market rate and may also include options to terminate. Some of our tenants’ leases~~ are subject to changes in the Consumer Price Index (“CPI”).

As of September 30, 2020, undiscounted future minimum fixed rental receipts due under non-cancellable operating leases for each of the next five years and total thereafter were as follows (in thousands):

~~Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases~~

~~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 condensed consolidated balance ~~sheet.~~sheets. For the nine months ended September 30, ~~2020~~2021 and ~~2019,~~2020, 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.


	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019			2021			2020			2021			2020
Income from leases	$	20,191		$	13,810		$	58,968		$	38,279		$	26,008		$	20,191		$	73,320		$	58,968
Straight-line rent adjustments		492			297			1,453			778			966			492			2,726			1,453
Tenant recoveries		6,387			4,642			18,028			12,691			8,423			6,387			22,833			18,028
Amortization of above market leases		(204	)		(164	)		(605	)		(483	)		(237	)		(204	)		(824	)		(605	)
Amortization of below market leases		652			538			2,040			1,542			717			652			2,413			2,040
Total	$	27,518		$	19,123		$	79,884		$	52,807		$	35,877		$	27,518		$	100,468		$	79,884

Tenant recoveries included within rental revenue for the ~~three and~~ nine months ~~ending~~ended September 30, ~~2020~~2021 and ~~2019~~2020 are variable in nature.

On April 8, 2020, the FASB provided feedback on technical inquires received from stakeholders regarding certain accounting topics affected by the COVID-19 pandemic, including guidance as to whether any concessions granted by a landlord to tenants results in a modification of a lease in accordance to ASC 842. The FASB concluded that a company can, as a policy election, treat any COVID-19 related rent concessions as a provision included within the pre-concession lease arrangement, and therefore, not be classified as a lease modification per ASC 842. In order to be considered a COVID-19 related concession, cash flows may be less than or equal to those prior to the concession, but not substantially greater. ~~As of~~For the three months ended September 30, ~~2020,~~2021, the Company ~~has~~did not enter into any COVID-19 related concessions. For the nine months ended September 30, 2021, the Company entered into a ~~small number of such~~single COVID-19 related rent deferral ~~concessions~~concession and ~~has elected~~concluded that such concession was not ~~to treat such concessions as~~ a modification of the respective lease.

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

At September 30, ~~2020,~~2021, we have ~~four, non-cancelable~~five office space operating leases and a single ground operating sublease. ~~These leases have remaining lease terms ranging from~~ ~~3.9~~ ~~years to~~ ~~10.1~~ ~~years.~~ The office lease agreements do not contain residual value guarantees or an option to renew. The ground sublease agreement does not contain residual value guarantees and includes multiple options to extend the sublease between nineteen and twenty years for each respective option. The operating leases have remaining lease terms ranging from 2.7 years to 34.3 years, which includes the exercise of a single twenty-year renewal option pertaining to the ground sublease. As of September 30, ~~2020,~~2021, total operating right of use assets and lease liabilities were approximately $~~6,426~~6,761 and $~~8,235~~8,066, respectively. The operating lease liability as of September 30, ~~2020~~2021 represents a weighted-average incremental borrowing rate of ~~3.9~~4.1% over the weighted-average remaining lease term of ~~8.8~~9.4 years. The incremental borrowing rate is our estimated borrowing rate on a fully-collateralized basis for the term of the respective leases.

On September 10, 2020, the Company entered into a sublease agreement related to the space previously occupied as its headquarters. The Company's decision to re-locate its headquarters was identified as a triggering event requiring the reassessment of the recoverability of the associated right of use asset which is recorded in other assets. As the Company would not be utilizing this space in the subsequent period, the right of use asset was de-linked from the previously accrued operating lease liability. Following the Company's analysis, it was determined that a fair value assessment was necessary. The Company utilized a discounted cash flow model to determine the net present value of the remaining right of use asset related to the Company’s previously occupied headquarters. The Company concluded that the fair market value of the right of use asset was not fully recoverable and recorded an impairment charge of $~~311~~ ~~during the third quarter to reflect the fair market value of the right of use asset associated with the primary lease as of September 30, 2020.~~

The following table summarizes the operating lease expense recognized during the three and nine months ended September 30, ~~2020~~2021 included in the Company’s condensed consolidated statements of ~~operations:~~operations.

	Three Months Ended			Nine Months Ended
	September 30,			September 30,			Three Months Ended September 30,					Nine Months Ended September 30,
	2020			2020			2021		2020			2021		2020
Operating lease expense included in general and administrative expense attributable to office leases	$	283		$	791		$	216	$	283		$	586	$	791
Operating lease expense included in property expense attributable to ground sublease								9		—			38		—
Non-cash adjustment due to straight-line rent adjustments		(154	)		(416	)		18		(154	)		122		(416	)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	129		$	375		$	243	$	129		$	746	$	375

The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in Accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated balance sheets for the operating leases in which we are the lessee (in thousands):

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases

As of September 30, ~~2020,~~2021, we have a single finance lease in which we are the sublessee for a ground lease. The Company includes the financing lease right of use asset within real estate properties and ~~December 31, 2019,~~ the ~~Company had no finance leases.~~corresponding liability within financing lease liability in the condensed consolidated balance sheet. The ground sublease agreement does not contain a residual value guarantee and includes multiple options to extend the sublease between nineteen and twenty years for each respective option. The lease has a remaining lease term of approximately 34.3 years, which includes the exercise of a single twenty-year renewal options. The financing lease liability as of September 30, 2021 represents a weighted-average incremental borrowing rate of 7.8% over the weighted-average remaining lease term of 34.3 years. The incremental borrowing rate is our estimated borrowing rate on a fully-collateralized basis for the term of the respective lease.

5. The following table summarizes the financing lease expense recognized during the three and nine months ended September 30, 2021 included in the Company’s condensed consolidated statements of operations. There were no financing leases for the three and nine months ended September 30, 2020.

The following table sets forth a summary of the Company’s borrowings outstanding under its secured ~~debt outstanding at~~and unsecured loans and unsecured line of credit as of September 30, ~~2020~~2021 and December 31, ~~2019:~~2020.

~~Borrowing Arrangements~~Indebtedness - Schedule of Secured and Unsecured Debt Outstanding

										Outstanding Balance at
	Outstanding Balance at
	September 30, 2020			December 31, 2019			Interest rate at September 30, 2020		Final Maturity Date
Loan										September 30, 2021			December 31, 2020			Interest rate at September 30, 2021		Final Maturity Date
Secured loans:
AIG Loan	$	117,723		$	119,592			4.08%	November 1, 2023	$	115,139		$	117,087		4.08%		November 1, 2023
Transamerica Loan		73,278			74,214			4.35%	August 1, 2028		71,983			72,960		4.35%		August 1, 2028
Allianz Loan		63,115			63,115			4.07%	April 10, 2026		63,115			63,115		4.07%		April 10, 2026
Minnesota Life Loan		20,972			21,272			3.78%	May 1, 2028		20,558			20,870		3.78%		May 1, 2028
JPMorgan Chase Loan		13,498			13,661			5.23%	January 1, 2027		13,266			13,440		5.23%		January 1, 2027
Lincoln Life Mortgage		9,344			9,507			3.41%	January 10, 2022		9,121			9,289		3.41%		January 10, 2022
Ohio National Life Mortgage		20,394			20,816			4.14%	August 1, 2024		19,810			20,250		4.14%		August 1, 2024
KeyBank Term Loan ⁽¹⁾		81,000			0			2.41% ⁽²⁾	October 22, 2020
Nationwide Loan ⁽³⁾		15,000			—			2.97%	October 1, 2027
	$	414,324		$	322,177
Nationwide Loan											15,000			15,000		2.97%		October 1, 2027
Midland National Life Insurance Mortgage ⁽³⁾											10,820			—		3.50%		March 10, 2028
Total secured loans										$	338,812		$	332,011
Unamortized debt issuance costs, net		(4,032	)		(4,491	)					(3,086	)		(3,761	)
Unamortized premium/(discount), net		711			872						499			658
Secured debt, net	$	411,003		$	318,558
Total secured loans, net										$	336,225		$	328,908

Unsecured loans:
$100m KeyBank unsecured term loan ⁽¹⁾											100,000			100,000		1.58%	⁽²⁾	August 11, 2026
$200m KeyBank unsecured term loan ⁽¹⁾											150,000			—		1.58%	⁽²⁾	February 11, 2027
Total unsecured loans										$	250,000		$	100,000
Unamortized debt issuance costs, net											(2,271	)		(746	)
Total unsecured loans, net										$	247,729		$	99,254

Borrowings under line of credit facility:
KeyBank unsecured line of credit ⁽¹⁾											—			90,000		1.63%	⁽²⁾	August 11, 2025
Total borrowings under line of credit										$	—		$	90,000

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

On August 21, 2020, the Company fully repaid the outstanding balance on the revolving line of credit with KeyBank with proceeds from the follow-on offering (see Note 6). The following table sets forth a summary of the Company’s borrowings outstanding under its line of credit at September 30, 2020 and December 31, 2019:

The Company is in compliance with all respective financial covenants for our secured and unsecured debt and revolving line of credit facility as of September 30, ~~2020 and December 31, 2019.~~2021.

~~On August 28, 2020, the Company completed a follow-on public offering of~~ ~~8,625,000~~ ~~shares of common stock, including~~ ~~1,125,000~~ ~~shares of common stock issued upon exercise of the underwriters’ overallotment option at $12.85~~ ~~per share resulting in net proceeds of approximately $104,488~~.

~~On July 30, 2018, the Company and the Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $500,000~~ ~~of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities.~~

On August 24, 2018, the Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the “Agents”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $~~50,000~~ ~~through a “at-the-market equity offering program” (the “Prior ATM Program”).~~

On February 27, 2020, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Barclays Capital Inc., J.P. Morgan Securities, LLC, Capital One Securities, Inc., Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., D.A. Davidson & Co. and National Securities Corporation pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $100,000, through an “at-the-market” equity offering program (the ~~“$100~~“2020 $100 Million ATM Program”). ~~All~~

On May 26, 2021, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities Inc., JMP Securities LLC, J.P. Morgan Securities, LLC, National Securities Corporation and Wedbush Securities Inc pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $~~50,000~~125,000 ~~of common shares available~~through an “at-the-market” equity offering program (the “2021 $125 Million ATM Program”).

On August 10, 2021, the Company entered into an amendment to the 2021 $125 Million ATM Program (the “2021 Amended ATM Program”) to reference the Company’s shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on June 11, 2021. The Company, under the ~~Prior~~2021 Amended ATM Program, ~~were issued prior~~may issue and sell, from time to ~~establishing the $100 Million ATM Program.~~time, shares of its common stock, with aggregate gross sales proceeds of up to $82,288 through an “at-the-market” equity offering program.

During the nine months ended September 30, ~~2020,~~2021, the Company issued ~~1,654,005~~8,704,531 shares of its common stock under ~~both~~the 2020 $100 Million ATM ~~programs at a weighted average share price of $14.40, resulting in~~Program, 2021 $125 Million ATM Program, and the 2021 Amended ATM Program for aggregate net proceeds of approximately $~~23,350~~160,386. As of September 30, 2021, the Company has approximately $27,976 available for issuance under the 2021 Amended ATM Program.

The Company has warrants outstanding to acquire ~~349,537~~354,230 shares of the Company’s common stock at an exercise price of $~~16.46~~16.24 per share, which expire in 2022. The warrants are accounted for as a liability within accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance sheet as they contain provisions that are considered outside of the Company’s control, such as the holders’ option to receive cash in lieu and other securities in the event of a reorganization of the Company’s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as ~~a change in fair value~~an unrealized appreciation/depreciation of ~~warrant liability in the accompanying condensed consolidated statements of operations.~~

~~The warrants in the amount of $396~~ at September 30, 2020 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs and assumptions into the model were: exercise price of $~~16.46, volatility of~~ ~~40.1%, an expected annual dividend of $0.80, a term of~~ ~~1.7~~ ~~years and an annual risk-free interest rate of~~ ~~0.13%. The warrants in the amount of $293~~ at December 31, 2019 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $~~18.96, volatility of~~ ~~18.1%, an expected annual dividend of $1.50, a term of~~ ~~2.5~~ ~~years and an annual risk-free interest rate of~~ ~~1.6~~%.

~~The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability~~ in the accompanying condensed consolidated statements of operations. The warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented since the Company recorded a net loss during the ~~three and~~ nine months ended September 30, ~~2020~~2021 and ~~2019.~~2020.

The warrants in the amount of $2,205 at September 30, 2021 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $16.24, volatility of 15.7%, an expected annual dividend of $0.84, a term of 0.71 years and an annual risk-free interest rate of 0.05%. The warrants in the amount of $396 at December 31, 2020 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $16.39, volatility of 27.4%, an expected annual dividend of $0.80, a term of 1.45 years and an annual risk-free interest rate of 0.13%.

The following table sets forth the common stock distributions that were declared during the nine months ended September 30, ~~2020~~2021 and the year ended December 31, ~~2019:~~2020.

					Cash Dividends Declared per Share		Aggregate Amount
2021
First quarter					$	0.2000	$	5,668
Second quarter					$	0.2100	$	6,528
Third quarter					$	0.2100	$	7,197
	Cash Dividends Declared per Share		Aggregate Amount
2020
First quarter	$	0.37500	$	5,546	$	0.3750	$	5,545
Second quarter	$	0.20000	$	3,179	$	0.2000	$	3,179
Third quarter	$	0.20000	$	4,943	$	0.2000	$	4,943

2019
First quarter	$	0.37500	$	1,923
Second quarter	$	0.37500	$	3,257
Third quarter	$	0.37500	$	5,027
Fourth quarter	$	0.37500	$	5,303	$	0.2000	$	5,069

The table below sets forth the Company’s outstanding Series A Preferred Stock ~~issuance~~ as of September 30, ~~2020:~~2021:

Preferred Stock Issuance

Issuance
Date

Number
of Shares

Liquidation Value
per Share

Dividend
Rate

Issuance
Date

Number
of Shares

Liquidation Value
per Share

Dividend
Rate

7.5% Series A Preferred Stock

10/25/2017

2,040,000

$ 25.00

7.5%

10/25/2017

2,023,551

25.00

7.5%

The following table sets forth the 7.5% Series A preferred stock distributions that were declared during the nine months ended September 30, ~~2020~~2021 and the year ended December 31, ~~2019:~~2020.

					Cash Dividends Declared per Share		Aggregate Amount
2021
First quarter					$	0.4688	$	949
Second quarter					$	0.4688	$	949
Third quarter					$	0.4688	$	949
	Cash Dividends Declared per Share		Aggregate Amount
2020
First quarter	$	0.46875	$	956	$	0.4688	$	956
Second quarter	$	0.46875	$	956	$	0.4688	$	956
Third quarter	$	0.46875	$	956	$	0.4688	$	956

2019
First quarter	$	0.46875	$	956
Second quarter	$	0.46875	$	956
Third quarter	$	0.46875	$	956
Fourth quarter	$	0.46875	$	956	$	0.4688	$	949

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

The table below sets forth the Company’s outstanding Series B Convertible Redeemable Preferred Stock ~~issuance~~ as of September 30, ~~2020:~~2021.

Preferred Stock Issuance

Issuance
Date

Number
of Shares

Liquidation Value
per Share

Current
Dividend
Rate

Issuance
Date

Number
of Shares

Liquidation Value
per Share

Current
Dividend
Rate

Series B Convertible Redeemable Preferred Stock

12/14/2018

4,411,764

$ 22.04

3.50%

12/14/2018

4,411,764

22.05

3.75%

The following table sets forth the Series B preferred stock dividends ~~that were declared during~~for the nine months ended September 30, ~~2020~~2021 and the year ended December 31, ~~2019:~~2020.

					Cash Dividends Declared per Share		Aggregate Amount
2021
First quarter					$	0.159375	$	703
Second quarter					$	0.159375	$	703
Third quarter					$	0.159375	$	703
	Cash Dividends Declared per Share		Aggregate Amount
2020
First quarter	$	0.14875	$	657	$	0.148750	$	657
Second quarter	$	0.14875	$	657	$	0.148750	$	657
Third quarter	$	0.14875	$	657	$	0.148750	$	657

2019
First quarter	$	0.13813	$	610
Second quarter	$	0.13813	$	610
Third quarter	$	0.13813	$	610
Fourth quarter	$	0.13813	$	610	$	0.148750	$	656

In connection with ~~the acquisition~~prior acquisitions of ~~the Shadeland Portfolio on August 11, 2017,~~real estate property, the Company, through its Operating Partnership, had issued~~421,438~~ Operating Partnership Units (“OP Units”) ~~at $19.00~~ ~~per OP Unit for a total~~to the former owners as part of ~~approximately $8,007. In connection with~~ the ~~Cincinnati, Ohio~~ acquisition ~~on October 15, 2018, the Company, through its Operating Partnership issued~~ ~~626,011~~ ~~OP Units at $17.00~~ ~~per OP Unit for a total of approximately $10,642~~.price. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The holders of the OP Units can ~~be converted to~~also convert their respective OP Units for the Company’s common stock on a ~~1:1~~1-to-1 basis. Upon conversion, ~~rate after one year. During~~ the ~~nine months ended~~Company adjusts the carrying value of noncontrolling 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 noncontrolling interest on the accompanying condensed consolidated statements of changes in preferred stock and equity. OP Units outstanding as of September 30, ~~2020,~~ ~~198,236~~ ~~OP units were redeemed for~~ ~~198,236~~ ~~shares of our common stock. During the year ended~~2021 and December 31, ~~2019,~~2020, were ~~172,153~~507,514 ~~OP units were redeemed for~~and ~~172,153~~606,632 ~~shares of our common stock.~~, respectively.

The following table sets forth the OP Unit distributions that were declared during the nine months ended September 30, ~~2020~~2021 and the year ended December 31, ~~2019:~~2020.

					Cash Distributions Declared per OP Unit		Aggregate Amount
2021
First quarter					$	0.200	$	121
Second quarter					$	0.210	$	106
Third quarter					$	0.210	$	106
	Cash Distributions Declared per OP Unit		Aggregate Amount
2020
First quarter	$	0.37500	$	324	$	0.375	$	324
Second quarter	$	0.20000	$	164	$	0.200	$	164
Third quarter	$	0.20000	$	135	$	0.200	$	135
2019
First quarter	$	0.37500	$	393
Second quarter	$	0.37500	$	393
Third quarter	$	0.37500	$	393
Fourth quarter	$	0.37500	$	328	$	0.200	$	121

Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

The proportionate share of the loss attributed to the ~~OP Units~~partnership units was $~~130~~57 and $~~308~~130 for the three months ~~ending~~ended September 30, ~~2020~~2021 and ~~2019,~~2020, respectively, and $~~584~~193 and $~~1,341~~584 for the nine months ~~ending~~ended September 30, ~~2020~~2021 and ~~2019,~~2020, respectively.

The following table is a summary of the total restricted shares granted, forfeited and vested for the nine months ended September 30, ~~2020:~~2021:

The Company recorded equity-based compensation expense in the amount of $~~1,056~~1,219 and $~~875~~1,056 for the nine months ended September 30, ~~2020~~2021 and ~~2019,~~2020, respectively, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Equity-based compensation expense for shares issued to employees and directors is based on the grant-date fair value of the award and recognized on a straight-line basis over the requisite period of the award. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at September 30, ~~2020~~2021 was approximately $~~2,787~~3,168 and is expected to be recognized over a weighted average period of approximately ~~3.17~~3.0 years. The fair value of the 126,434 restricted shares granted during the nine months ended September 30, 2021 was approximately $1,982 with a weighted average fair value of $15.80 per share.

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:

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 ~~non-forfeitable~~nonforfeitable rights to dividends.

In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities at September 30, ~~2020~~2021 include the ~~349,537~~354,230 shares of common stock warrants and ~~191,281~~228,408 shares of restricted common stock. The stock warrants and restricted common stock have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share.

~~11.~~Plymouth Industrial REIT, Inc.
Notes to Condensed Consolidated Financial Statements
Unaudited
(all dollar amounts in thousands, except share and per share data)

The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, ~~Executive Vice President and~~ Chief Financial Officer, and Executive Vice President Asset Management. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

The Company is not currently party to any significant 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.

In conjunction with the issuance of the OP Units for acquisitions, the agreements contain a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction.

~~Subsequent to September 30, 2020,~~On October 5, 2021, the ~~United States continues to be severely impacted by the COVID-19 pandemic~~Company acquired a single-building, single-tenant industrial property, consisting of approximately 100,021 square feet, located in St. Louis, Missouri for an aggregate purchase price of $11,100 and ~~by the economic effects~~a single-building, multi-tenant industrial property, consisting of ~~government responses, such as “stay-at-home” and “phased-reopening” orders and continued restrictions on certain business activities. Through the date~~approximately 76,042 square feet, located in St. Louis, Missouri for an aggregate price of this filing we have not provided any additional rent deferrals or other rent concessions for rents due during Q4 2020. The extent that the pandemic impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted including the scope, severity and duration of the pandemic, the actions taken to contain the virus and to mitigate the personal and financial impacts.$7,700.

On October ~~8, 2020,~~7, 2021, the Company ~~entered into~~acquired a ~~new $~~multi-building, multi-tenant industrial property, consisting of approximately ~~300~~1,145,330 ~~million~~ ~~unsecured credit facility, comprised of $200 million revolving credit facility and $100 million term loan.~~ KeyBanc Capital Markets, as Lead Arranger, arranged the new facility and term loan. Syndicate lenders include Barclays Bank PLC, JPMorgan Chase Bank N.A., Bank of Montreal, and Capital One National Association with KeyBank National Association serving as administrative agent. The unsecured credit facility replaces an existing $100 million secured facility that was set to maturesquare feet, located in ~~August 2023, and the $100 million unsecured term loan replaces a $100 million secured term loan that was set to mature on October 22, 2020.~~ ~~The new unsecured revolving credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility and term loan up to~~St. Louis, Missouri for an aggregate purchase price of ~~$500 million, subject to certain conditions.~~$75,100. The ~~new credit facility matures in October 2024 and has two, six-month extension options, subject to certain conditions, and~~purchase price included the ~~new term loan matures in October 2025.~~ ~~Amounts outstanding under~~assumption of existing mortgage debt secured by the ~~facility and the term loan~~ ~~bear interest at LIBOR (at a floor~~property of ~~0.30%) plus a margin between 145 to 200 basis points~~$28,800~~, depending on the Company’s total leverage ratio, per the agreement.~~.

On October ~~23, 2020,~~12, 2021, the Company ~~formed a~~repaid in full, the outstanding principal and interest balance of approximately $~~150~~ 9,149~~million equity joint venture with Madison International Realty (“Madison”) to pursue~~ on the ~~acquisition of value-add and opportunistic industrial properties in key target markets. The Company will own a~~ 20~~% interest in the joint venture, and Madison will own an~~ 80% interest. The Company will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1% of the total equity contributed to the joint venture by the partners as well as a promote based on return thresholds. Additionally,Lincoln Life Mortgage.

On October 26, 2021, the Company ~~has options to purchase properties out~~acquired a single-building, multi-tenant industrial property, consisting of ~~the joint venture over time.~~ For its initial investment, the joint venture has entered into a purchase and sale agreement with an unaffiliated seller, to acquire a 28-property portfolio of Class B industrial properties totaling 2.3 millionapproximately 294,730 square feet, located in metropolitan Memphis, Tennessee. The acquisition is expected to close by year end 2020, but is subject to customary closing conditions and may not close within the time period indicated or at all. The acquisition is expected to be funded with a combinationIndianapolis, Indiana for an aggregate purchase price of ~~equity and secured financing.~~

~~Item~~ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We make statements in this Quarterly Report on Form 10-Q that are forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Additionally, unforeseen factors emerge from time to time, and we cannot predict which factors will arise or their ultimate impact on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. One of these factors is the outbreak of the novel coronavirus (COVID-19), the impact of which is difficult to fully assess at this time due to, among other factors, continued uncertainty regarding the severity and duration of the outbreak domestically and internationally and the effectiveness of efforts to contain the spread of the virus and its resulting direct and indirect impact on the U.S. economy and economic activity. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation:

Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following discussion and analysis is based on, and should be read in conjunction with our unaudited financial statements and notes thereto for the periods ended September 30, ~~2020~~2021 and ~~2019~~2020 included elsewhere in this Quarterly Report, as well as information contained in our Annual Report on Form 10-K for the year ended December 31, ~~2019~~2020 (the ~~“2019~~“2020 10-K“) filed with the United States Securities and Exchange Commission (the “SEC”) on February ~~27, 2020,~~26, 2021, including the audited historical financial statements and related notes thereto as of and for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 contained therein, which is accessible on the SEC’s website at www.sec.gov.

~~We are~~The Company is a ~~full service, vertically integrated, self-administered and self-managed REIT~~real estate investment trust strategically focused on the acquisition, ownership and management of single and multi-tenant ~~Class B~~ industrial properties, including distribution centers, warehouses, ~~and~~ light industrial ~~properties. The Company’s portfolio at~~and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States. As of September 30, ~~2020 consists of 99~~2021, the Company, through its subsidiaries, owned 117 industrial properties ~~(the “Company Portfolio”)~~ comprising ~~of 130~~152 buildings ~~located in eleven states~~ with an aggregate of approximately ~~20.8~~26.6 million ~~rentable~~ square ~~feet leased to 331 different tenants.~~feet.

~~Our~~We are also evaluating diversifying our portfolio of real estate assets to include the origination or acquisition of mortgage, bridge or mezzanine loans, all of which would be collateralized by properties that meet investment criteria that are substantially the same as our real estate portfolio or that are complementary to our existing assets. The Company believes expanding its investment strategy is to ~~acquire, own and manage single and multi-tenant Class B~~include these types of real estate-related assets will enable it to deploy its capital efficiently to continue to grow at times when acquisitions of industrial properties ~~located primarily in secondary markets across the U.S.; however, we may make opportunistic acquisitions of Class A industrial properties~~are limited due either to availability or ~~industrial properties located in primary markets.~~ cost.

We seek to generate attractive risk-adjusted returns for our stockholders through a combination of dividends and capital appreciation.

Our core investment strategy is to acquire ~~primarily Class B~~ industrial properties ~~predominantly~~located in primary and secondary markets across the U.S. We expect to acquire these properties through third-party purchases and structured sale-leasebacks where we believe we can achieve high initial yields and strong ongoing cash-on-cash returns. ~~In addition, we may make opportunistic acquisitions of Class A industrial properties or industrial properties in primary markets that offer similar return characteristics.~~

Our target markets are ~~comprised primarily of~~located in primary and secondary markets because we believe these markets tend to have less occupancy and rental rate volatility and less buyer competition relative to ~~primary~~gateway markets. We also believe that the systematic aggregation of such properties will result in a diversified portfolio that will produce sustainable risk-adjusted returns. Future results of operations may be affected, either positively or negatively, by our ability to effectively execute this strategy.

We also intend to ~~pursue~~continue pursuing joint venture arrangements with institutional partners which could provide management fee income as well as residual profit-sharing income. Such joint ventures may involve investing in industrial assets that would be characterized as opportunistic or value-add investments. These may involve development or ~~re-development~~redevelopment strategies that may require significant up-front capital expenditures, lengthy lease-up periods and result in inconsistent cash flows. As such, these properties’ risk profiles and return metrics would likely differ from the non-joint venture properties that we target for acquisition.

~~While we are~~The Company did not ~~able~~incur any significant disruptions during the three and nine months ended September 30, 2021 related to ~~estimate the ultimate impact of~~ the COVID-19 pandemic on our operating results at this time, the following discussion provides certain information regarding the impacts of the COVID-19 pandemic on our business and an overview of management’s efforts to respond to anticipated impacts.pandemic. While our results for the ~~first three quarters~~third quarter of ~~2020~~2021 were in line with our expectations, the continuation of the COVID-19 pandemic and the significant and wide-ranging efforts of ~~international,~~ federal, state, and local public health and governmental authorities in regions across the United States ~~and the world~~ to combat the spread of the virus ~~including substantial restrictions on the daily activities of individuals~~ and ~~the operations of many businesses, have significantly reduced economic activity throughout the country and~~provide stimulus to their respective economies has increased volatility inwithin the financial ~~markets, which could negatively impact our results of operations during the remainder of 2020 and in future periods.~~markets.

As a result of the continued uncertainty surrounding the economic environment due to the COVID-19 pandemic, we expect that such statistical and other information provided below ~~will~~may change, potentially significantly, going forward and may not be indicative of the actual impact of the COVID-19 pandemic on our business, operations, cash flows and financial condition for ~~the third quarter of 2020 and~~ future periods.

In an effort to stabilize our operations and ~~attempt to~~ manage the impact of COVID-19, we ~~have taken~~continue to take a number of proactive measures to maintain the strength of our business, including the following:

We receive income primarily from rental revenue from our properties. The amount of rental revenue generated by the ~~Company Portfolio~~Company’s portfolio depends principally on the occupancy levels and lease rates at our properties, our ability to lease currently available space and space that becomes available as a result of lease expirations and on the rental rates at our properties. As of September 30, ~~2020,~~2021, the ~~Company Portfolio~~Company’s portfolio was approximately ~~95.5%~~96.3% occupied. Our occupancy rate is impacted by general market conditions in the geographic areas which our properties are located and the financial condition of tenants in our target markets.

Our ability to re-lease space subject to expiring leases will impact our results of operations and will be affected by economic and competitive conditions in the markets in which we operate and by the desirability of our individual properties. During the period from October 1, ~~2020~~2021 through to December 31, ~~2022,~~2023, an aggregate of ~~33.3%~~27.3% of the annualized base rent leases in the ~~Company Portfolio~~Company’s portfolio are scheduled to expire, which we believe will provide us an opportunity to adjust below market rates as market conditions continue to improve.

During the nine months ended September 30, 2020, leases for space totaling 2,516,939 square feet (12.1% of the Company Portfolio) either was subject to renewal or expired. Of this space 1,556,608 square feet was renewed (61.8%), 397,830 square feet was leased to new tenants (15.8%) and 562,501 square feet went vacant (22.4%). Additionally, 191,090 square feet of previously vacant square feet was leased to new tenants. As of September 30, 2020, the vacancy rate of the Company Portfolio was 4.5%.

During the year ended December 31, 2019 and nine months ended September 30, 2020, lease negotiation efforts resulted in 100 leases commencing with durations in excess of six months encompassing 4,450,431 square feet and 10 leases commencing with a duration of less than 6 months encompassing 529,542 square feet. Renewed leases made up 64.7% of the square footage covered by the 100 leases in excess of 6 months, and the rent under the renewed leases increased an average of 6.9% over the prior leases. Leases to new tenants comprised the other 35.3% of the square footage covered by the 100 leases in excess of 6 months, and the rent under the new leases increased an average of 22.6% over the prior leases. The rental rates under all of the 100 leases in excess of 6 months entered into during 2019 and 2020, increased by an average of 11.8% over the rates of the prior leases.

The table below reflects certain data about our new and renewed leases with terms of greater than six months executed in the ~~year ended December 31, 2019 and the~~ nine months ended September 30, ~~2020.~~2021.

The ~~Company Portfolio~~Company’s portfolio is located ~~primarily~~ in various primary and secondary markets inwithin the ~~eastern half~~main industrial distribution and logistics corridors of the ~~U.S.~~United States. Positive or negative changes in economic or other conditions, adverse weather conditions and natural disasters in these markets are likely to affect our overall performance.

Our rental expenses generally consist of utilities, real estate taxes, insurance and ~~site~~ repair and maintenance costs. For the majority of the ~~Company Portfolio,~~Company’s portfolio, property expenses are controlled, in part, by either the triple net provisions or modified gross lease expense reimbursement provisions in tenant leases. However, the terms of our tenant leases vary and in some instances the leases may provide that we are responsible for certain property expenses. Accordingly, our overall financial results will be impacted by the extent to which we are able to pass-through property expenses to our tenants.

We expect to incur increased general and administrative expenses, including legal, accounting and other expenses related to corporate governance and public reporting and compliance. In addition, we anticipate that our staffing levels will increase from current levels as of September 30, ~~2020~~2021 during the subsequent 12 to 24 months and, as a result, our general and administrative expenses will increase further.

Our financial statements are prepared in accordance with GAAP. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or business acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.

During the nine months ended September 30, ~~2020,~~2021, there were no material changes to our critical accounting policies. Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Judgments and Estimates” in our Annual Report on Form 10-K filed with the SEC on February ~~27, 2020~~26, 2021 and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. We believe that the following critical accounting policies involve the most judgment and complexity:

Accordingly, we believe the policies set forth in our ~~2019~~2020 10-K are critical to fully understand and evaluate our financial condition and results of operations. If actual results or events differ materially from the estimates, judgments and assumptions used by us in applying these policies, our reported financial condition and results of operations could be materially affected.

Given the Company’s continued focus on its balance sheet and liquidity position, effective with the second quarter dividend declared in June 2020 our Board of Directors revised the common stock dividend policy to adjust the quarterly dividend, if declared, to $0.20 per diluted share, or an annualized rate of $0.80 per diluted share. The Board of Directors and management will continue to assess the Company’s common stock dividend policy in light of the uncertainty resulting from COVID-19 and the requirements to maintain the Company’s REIT compliance. Accordingly, there can be no assurances as to the timing or amount of dividends for future periods.

Our consolidated results of operations are often not comparable from period to period due to the effect of property acquisitions and dispositions completed during the comparative reporting periods. Our Total Portfolio represents all of the properties owned during the reported periods. To eliminate the effect of changes in our Total Portfolio due to acquisitions, dispositions and ~~dispositions~~other, and to highlight the operating results of our on-going business, we have separately presented the results of our Same Store Properties Portfolio and ~~Acquisitions/Dispositions.~~Acquisitions, Dispositions and Other.

For the three and nine months ended September 30, ~~2020~~2021 and ~~2019,~~2020, we define the Same Store Portfolio as a subset of our Total Portfolio and includes properties that were wholly-owned by us for the entire period presented. We define ~~Acquisitions/~~Acquisitions, Dispositions and Other as any properties that were acquired, sold or sold during the period from July 1, 2019 through September 30, 2020. For the nine months ended September 30, 2020 and 2019, we define the Same Store Portfolio as a subset of our Total Portfolio and includes properties that were wholly-owned by usheld for ~~the entire period presented. We define Acquisitions/Dispositions as any properties that were acquired~~development or ~~sold~~repurposing during the period from January 1, ~~2019~~2020 through September 30, ~~2020.~~2021.

Three Months Ended September 30, ~~2020~~2021 Compared to September 30, ~~2019~~2020

The following table summarizes the results of operations for our Same Store Portfolio, our acquisitions, dispositions and ~~dispositions~~other and total portfolio for the three months ended September 30, ~~2020~~2021 and ~~2019~~2020 (dollars in thousands):

	Same Store Portfolio							Acquisitions/Dispositions							Total Portfolio										Same Store Portfolio							Acquisitions, Dispositions and Other							Total Portfolio
	Three Months Ended September 30,				Change			Three Months Ended September 30,				Change			Three Months Ended September 30,						Change				Three Months Ended September 30,				Change			Three Months Ended September 30,				Change			Three Months Ended September 30,						Change
	2020		2019		$		%	2020		2019		$		%	2020			2019			$			%	2021		2020		$		%	2021		2020		$		%	2021			2020			$			%
Revenue:
Rental revenue	$	18,075	$	17,721	$	354	2.0%	$	9,443	$	1,402	$	8,041	574%	$	27,518		$	19,123		$	8,395		43.9%	$	24,778	$	23,986	$	792	3.3%	$	11,099	$	3,532	$	7,567	214.2%	$	35,877		$	27,518		$	8,359		30.4%
Management fee revenue and other income																										—		—		—	—		85		—		85	—		85			—			85		—
Total revenues																										24,778		23,986		792	3.3%		11,184		3,532		7,652	216.6%		35,962			27,518			8,444		30.7%

Property expenses		6,998		6,487		511	7.9%		3,066		433		2,633	608%		10,064			6,920			3,144		45.4%		9,363		9,015		348	3.9%		2,669		1,049		1,620	154.4%		12,032			10,064			1,968		19.6%
Depreciation and amortization																13,985			9,399			4,586		48.8%																18,305			13,985			4,320		30.9%
General and administrative																2,280			2,135			145		6.8%																3,264			2,280			984		43.2%
Total operating expenses																26,329			18,454			7,875		42.7%																33,601			26,329			7,272		27.6%

Other income (expense)
Other income (expense):
Interest expense																(4,538	)		(3,643	)		(895	)	24.6%																(4,906	)		(4,538	)		(368	)	8.1%
Impairment on real estate lease																(311	)		—			(311	)	0.0%																—			(311	)		311		100.0%
Unrealized appreciation/(depreciation) of warrants																(103	)		—			(103	)	0.0%
Total other expense																(4,952	)		(3,643	)		(1,309	)	35.9%
Earnings (loss) in investment of unconsolidated joint venture																																								(178	)		—			(178	)	—
Unrealized (appreciation) depreciation of warrants																																								(926	)		(103	)		(823	)	799.0%
Total other income (expense)																																								(6,010	)		(4,952	)		(1,058	)	21.4%

Net loss															$	(3,763	)	$	(2,974	)	$	(789	)	26.5%															$	(3,649	)	$	(3,763	)	$	114		(3.0%	)

Rental ~~revenue~~revenue: : Rental revenue increased by ~~approximately $8,395~~$8,359 to $35,877 for the three months ended September 30, 2021 as compared to $27,518 for the three months ended September 30, ~~2020 as compared to $19,123 for the three months ended September 30, 2019. The increase~~2020. This was primarily related to a net increase of $7,567 within acquisitions, dispositions and other due to an increase in rental revenue from acquisitions, ~~of $8,041 and~~ an increase of ~~$354~~$792 from same store properties primarily from an increase in rent income of ~~$485~~$105 due to scheduled rent steps, leasing activities, and an increase of $691 in tenant reimbursements ~~and~~partially offset by a decrease in non-cash rent adjustments of ~~$131~~$4 for the three months ended September 30, ~~2020.~~2021.

Property expenses: Property expenses increased ~~$3,144~~$1,968 for the three months ended September 30, ~~2020~~2021 to ~~$10,064~~$12,032 as compared to ~~$6,920~~$10,064 for the three months ended September 30, ~~2019~~2020. This was primarily due to ana net increase inof $1,620 within acquisitions, dispositions and other due to property expenses related to ~~acquisitions of $2,633.~~acquisitions. Property expenses for the same store properties increased approximately ~~$511 primarily due to increases~~$348 driven by an increase in real estate ~~taxes.~~taxes and operating expenses.

Depreciation and ~~amortization~~amortization: : Depreciation and amortization expense increased by ~~approximately $4,586~~$4,320 to ~~approximately~~$18,305 for the three months ended September 30, 2021 as compared to $13,985 for the three months ended September 30, 2020, ~~as compared to $9,399 for the three months ended September 30, 2019,~~ primarily due to ana net increase ~~from~~of $5,831 within acquisitions, ~~of $5,487~~dispositions and other, partially offset by a decrease of ~~$901~~$1,511 for the same store properties.

General and administrative: General and administrative expenses increased approximately ~~$145~~$984 to $3,264 for the three months ended September 30, 2021 as compared to $2,280 for the three months ended September 30, ~~2020 as compared to $2,135 for the three months ended September 30, 2019.~~2020. The increase is attributable primarily to increased compensation expense of $396 due to increased head count, an increase in non-cash stock compensation of ~~$42~~$16 and an increase ~~of $143 due to non-cash rent expense, offset by a decrease~~ in ~~professional~~director’s fees of ~~$32.~~$50.

Interest expense: Interest expense increased by approximately ~~$895~~$368 to $4,906 for the three months ended September 30, 2021, as compared to $4,538 for the three months ended September 30, ~~2020, as compared to $3,643 for the three months ended September 30, 2019.~~2020. The increase is primarily due to additional borrowings associated with our acquisition ~~activity.~~activity during the three months ended September 30, 2021 compared to the three months ended September 30, 2020. The schedule below is a comparative analysis of the components of interest expense for the three months ended September 30, ~~2020~~2021 and ~~2019.~~2020.

	Three Months Ended September 30,					Three Months Ended September 30,
	2020			2019		2021		2020
Accrued interest	$	(169	)	$	325
Changes in accrued interest						$	41	$	(169	)
Amortization of debt related costs		386			274		424		386
Total accretion of interest and deferred interest		217			599
Total change in accrued interest and amortization of debt related costs							465		217
Cash interest paid		4,321			3,044		4,441		4,321
Total interest expense	$	4,538		$	3,643	$	4,906	$	4,538

Impairment on real estate lease: Change in impairment on real estate lease represents a non-cash impairment against the carrying value of the right of use asset associated with the primary lease for our prior ~~head-quarters.~~head-quarters recorded during the three months ending September 30, 2020. There were no impairment on real estate leases during the three months ending September 30, 2021.

Earnings (loss) in investment of unconsolidated joint venture: Earnings (loss) in investment of unconsolidated joint venture represents the Company’s pro-rata share of the net loss recognized by the MIR JV of $178 during the three months ending September 30, 2021. There was no pro-rata share of net loss recognized for the MIR JV during the three months ended September 30, 2020.

Unrealized ~~appreciation/(depreciation)~~(appreciation) depreciation of warrants: ~~Change in fair value~~Unrealized appreciation of ~~warrant derivative~~warrants represents the change in the fair market value of our common stock warrants. The fair value of warrant derivative adjustment ofincreased by approximately $823 to $926 for the three months ended September 30, 2021, as compared to $103 for the three months ended September 30, ~~2020~~2020. The increase was due to an increase in the common stock warrant liability during the third quarter of ~~2020. There was no adjustment to the fair value of the warrant derivative during the three months ended September 30, 2019.~~2021.

Nine Months Ended September 30, ~~2020~~2021 Compared to September 30, ~~2019~~2020

The following table summarizes the results of operations for our Same Store Portfolio, our acquisitions, dispositions and ~~dispositions~~other and total portfolio for the nine months ended September 30, ~~2020~~2021 and ~~2019~~2020 (dollars in thousands):

	Same Store Portfolio							Acquisitions/Dispositions							Total Portfolio										Same Store Portfolio							Acquisitions, Dispositions and Other							Total Portfolio
	Nine Months Ended September 30,				Change			Nine Months Ended September 30,				Change			Nine Months Ended September 30,						Change				Nine Months Ended September 30,				Change			Nine Months Ended September 30,				Change			Nine Months Ended September 30,						Change
	2020		2019		$		%	2020		2019		$		%	2020			2019			$			%	2021		2020		$		%	2021		2020		$		%	2021			2020			$			%
Revenue:
Rental revenue	$	53,153	$	51,405	$	1,748	3.4%	$	26,731	$	1,402	$	25,329	1,806%	$	79,884		$	52,807		$	27,077		51.3%	$	73,099	$	71,048	$	2,051	2.9%	$	27,369	$	8,836	$	18,533	209.7%	$	100,468		$	79,884		$	20,584		25.8%
Management fee revenue and other income																										—		—		—	—		265		—		265	—		265			—			265		—
Total revenues																										73,099		71,048		2,051	2.9%		27,634		8,836		18,798	212.7%		100,733			79,884			20,849		26.1%

Property expenses		19,338		18,740		598	3.2%		8,763		476		8,287	1,741%		28,101			19,216			8,885		46.2%		27,633		25,454		2,179	8.6%		6,765		2,647		4,118	155.6%		34,398			28,101			6,297		22.4%
Depreciation and amortization																41,602			26,307			15,295		58.1%																50,984			41,602			9,382		22.6%
General and administrative																7,378			5,472			1,906		34.8%																9,582			7,378			2,204		29.9%
Total operating expenses																77,081			50,995			26,086		51.2%																94,964			77,081			17,883		23.2%

Other income (expense)
Other income (expense):
Interest expense																(14,309	)		(11,061	)		(3,248	)	29.4%																(14,489	)		(14,309	)		(180	)	1.3%
Impairment on real estate lease																(311	)		—			(311	)	0.0%																—			(311	)		311		100.0%
Unrealized appreciation/(depreciation) of warrants																(103	)		(181	)		78		-43.1%
Total other expense																(14,723	)		(11,242	)		(3,481	)	31.0%
Earnings (loss) in investment of unconsolidated joint venture																																								(675	)		—			(675	)	—
Unrealized (appreciation) depreciation of warrants																																								(1,809	)		(103	)		(1,706	)	1,656.3%
Gain on sale of real estate																																								590			—			590		—
Total other income (expense)																																								(16,383	)		(14,723	)		(1,660	)	11.3%

Net loss															$	(11,920	)	$	(9,430	)	$	(2,490	)	26.4%															$	(10,614	)	$	(11,920	)	$	1,306		(11.0%	)

Rental ~~revenue~~revenue: : Rental revenue increased by ~~approximately $27,077~~$20,584 to $100,468 for the nine months ended September 30, 2021 as compared to $79,884 for the nine months ended September 30, ~~2020 as compared to $52,807 for the nine months ended September 30, 2019. The increase~~2020. This was primarily related to a net increase of $18,533 within acquisitions, dispositions and other due to an increase in rental revenue from acquisitions, ~~of $25,329 and~~ an increase of ~~$1,748~~$2,051 from same store properties primarily from an increase in rent income of ~~$1,194~~$431 due to scheduled rent steps and leasing activities, ~~and~~ an increase of ~~$867~~$1,252 in tenant reimbursements, ~~offset by a decrease~~and an increase in non-cash rent adjustments of ~~$313~~$367 for the nine months ended September 30, ~~2020.~~2021.

Property expenses: Property expenses increased ~~$8,885~~$6,297 for the nine months ended September 30, ~~2020~~2021 to ~~$28,101~~$34,398 as compared to ~~$19,216~~$28,101 for the nine months ended September 30, ~~2019~~2020. This was primarily due to ana net increase inof $4,118 within acquisitions, dispositions and other due to property expenses related to ~~acquisitions of $8,287.~~acquisitions. Property expenses for the same store properties increased approximately ~~$598 primarily due to increases~~$2,179 driven by an increase in real estate ~~taxes.~~taxes and operating expenses.

Depreciation and ~~amortization~~amortization: : Depreciation and amortization expense increased by ~~approximately $15,295~~$9,382 to ~~approximately~~$50,984 for the nine months ended September 30, 2021 as compared to $41,602 for the nine months ended September 30, 2020, ~~as compared to $26,307 for the nine months ended September 30, 2019,~~ primarily due to ana net increase ~~from~~of $13,237 within acquisitions, ~~of $16,388~~dispositions and other, partially offset by a decrease of ~~$1,093~~$3,852 for the same store properties.

General and administrative: General and administrative expenses increased approximately ~~$1,906~~$2,204 to $9,582 for the nine months ended September 30, 2021 as compared to $7,378 for the nine months ended September 30, ~~2020 as compared to $5,472 for the nine months ended September 30, 2019.~~2020. The increase is attributable primarily to increased ~~professional fees of $495 due to compliance, increased~~ compensation expense of ~~$669~~$1,140 due to increased head count, ~~and compensation increases,~~ an increase in non-cash stock compensation of ~~$182~~$162 and an increase in director’s fees of ~~$393 due to non-cash rent expense.~~$139.

Interest expense: Interest expense increased by approximately ~~$3,248~~$180 to $14,489 for the nine months ended September 30, 2021, as compared to $14,309 for the nine months ended September 30, ~~2020, as compared to $11,061 for the nine months ended September 30, 2019.~~2020. The increase is primarily due to additional borrowings associated with our acquisition ~~activity.~~activity during the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. The schedule below is a comparative analysis of the components of interest expense for the nine months ended September 30, ~~2020~~2021 and ~~2019.~~2020.

	Nine Months Ended September 30,					Nine Months Ended September 30,
	2020			2019		2021			2020
Accrued interest	$	(79	)	$	232
Change in accrued interest						$	(31	)	$	(79	)
Amortization of debt related costs		1,051			783		1,163			1,051
Total accretion of interest and deferred interest		972			1,015
Total change in accrued interest and amortization of debt related costs							1,132			972
Cash interest paid		13,337			10,046		13,357			13,337
Total interest expense	$	14,309		$	11,061	$	14,489		$	14,309

Impairment on real estate lease: Change in impairment on real estate lease represents a non-cash impairment against the carrying value of the right of use asset associated with the primary lease for our prior ~~head-quarters.~~head-quarters recorded during the nine months ending September 30, 2020. There were no impairment on real estate leases during the nine months ending September 30, 2021.

22 Earnings (loss) in investment of unconsolidated joint venture: Earnings (loss) in investment of unconsolidated joint venture represents the Company’s pro-rata share of the net loss recognized by the MIR JV of $675 during the nine months ending September 30, 2021. There was no pro-rata share of net loss recognized for the MIR JV during the nine months ended September 30, 2020.

Unrealized ~~appreciation/(depreciation)~~(appreciation) depreciation of warrants: ~~Change in fair value~~Unrealized appreciation of ~~warrant derivative~~warrants represents the change in the fair market value of our common stock warrants. The fair value of warrant derivative adjustment ~~of $103 and $181~~increased by approximately $1,706 to $1,809 for the nine months ended September 30, ~~2020 and 2019, respectively,~~2021, as compared to $103 for the nine months ended September 30, 2020. The increase was due to an increase in the common stock warrant liability during the first three quarters of 2021.

Gain on sale of real estate: Gain on sale of real estate of $590 represents the gain realized on the sale of real estate during the nine months ended September 30, 2021. There were no sales of ~~2020 and 2019.~~real estate during the nine months ended September 30, 2020.

~~Non-GAAP Financial~~Supplemental Earnings Measures ~~(dollars~~(dollars in thousands)

~~In this quarterly report on Form 10-Q, we disclose~~Investors in and industry analysts following the real estate industry utilize supplemental earnings measures such as net operating income (“NOI), earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”), funds from operations (“FFO”), core funds from operations (“Core FFO”) and adjusted funds from operations (“AFFO”) as supplemental operating performance measures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America ("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting with measures such as NOI, EBITDAre, FFO, Core FFO and AFFO, ~~each of which meet the definition of “non-GAAP financial measure” set forth in Item 10(e) of Regulation S-K promulgated by the SEC. As a result, we are required~~among others. We provide information related to ~~include in this report a statement of why management believes that presentation of these measures provides useful information to investors.~~

~~None of~~ NOI, EBITDAre, FFO, Core FFO and AFFO both because such industry analysts are interested in such information, and because our management believes NOI, EBITDAre, FFO, Core FFO and AFFO are important performance measures. NOI, EBITDAre, FFO, Core FFO and AFFO are factors used by management in measuring our performance. Neither NOI, EBITDAre, FFO, Core FFO or AFFO should be considered as ~~an alternative to~~a substitute for net income, ~~(determined~~or any other measures derived in accordance with ~~GAAP) as an indication of our performance, and we believe that to understand our performance further~~GAAP. Neither NOI, EBITDAre, FFO, ~~and~~Core FFO or AFFO ~~should be compared with our reported net income or net loss and considered in addition to~~represents cash ~~flows~~generated from operating activities in accordance with GAAP and neither should be considered as ~~presented in~~an alternative to cash flow from operating activities as a measure of our ~~condensed consolidated financial statements.~~liquidity, nor is either indicative of funds available for our cash needs, including our ability to make cash distributions.

We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant ~~reimbursements, and other income)~~reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.

The following is a reconciliation from historical reported net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to NOI:

	For the Three Months						For the Nine Months						For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,						Ended September 30,						Ended September 30,
NOI:	2020			2019			2020			2019
NOI:													2021			2020			2021			2020
Net loss	$	(3,763	)	$	(2,974	)	$	(11,920	)	$	(9,430	)	$	(3,649	)	$	(3,763	)	$	(10,614	)	$	(11,920	)
General and administrative		2,280			2,135			7,378			5,472			3,264			2,280			9,582			7,378
Depreciation and amortization		13,985			9,399			41,602			26,307			18,305			13,985			50,984			41,602
Interest expense		4,538			3,643			14,309			11,061			4,906			4,538			14,489			14,309
Impairment on real estate lease		311			—			311			—			—			311			—			311
Unrealized appreciation/(depreciation) of warrants		103			—			103			181
Gain on sale of real estate														—			—			(590	)		—
Unrealized appreciation (depreciation) of warrants														926			103			1,809			103
(Earnings) loss in investment of unconsolidated joint venture														178			—			675			—
Management fee revenue and other income														(85	)		—			(265	)		—
NOI	$	17,454		$	12,203		$	51,783		$	33,591		$	23,845		$	17,454		$	66,070		$	51,783

We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties. The following table sets forth a reconciliation of our historical net loss to EBITDArefor the periods presented:

	For the Three Months						For the Nine Months						For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,						Ended September 30,						Ended September 30,
EBITDAre:	2020			2019			2020			2019			2021			2020			2021			2020
Net loss	$	(3,763	)	$	(2,974	)	$	(11,920	)	$	(9,430	)	$	(3,649	)	$	(3,763	)	$	(10,614	)	$	(11,920	)
Depreciation and amortization		13,985			9,399			41,602			26,307			18,305			13,985			50,984			41,602
Interest expense		4,538			3,643			14,309			11,061			4,906			4,538			14,489			14,309
Unrealized appreciation/(depreciation) of warrants		103			—			103			—
Unrealized appreciation (depreciation) of warrants														926			103			1,809			103
Gain on sale of real estate														—			—			(590	)		—
EBITDAre	$	14,863		$	10,068		$	44,094		$	27,938		$	20,488		$	14,863		$	56,078		$	44,094

Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (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.

We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. Core FFO ~~attributable to common stockholders and unit holders~~ represents FFO reduced by dividends paid (or declared) to holders of our preferred ~~stock.~~stock and excludes certain non-cash operating expenses such as impairment on real estate lease, unrealized appreciation/(depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

The following table sets forth a reconciliation of our historical net loss to FFO ~~attributable to common stockholders~~ and ~~unit holders~~Core FFO for the periods presented:

	For the Three Months						For the Nine Months						For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,						Ended September 30,						Ended September 30,
FFO:	2020			2019			2020			2019
FFO:													2021			2020			2021			2020
Net loss	$	(3,763	)	$	(2,974	)	$	(11,920	)	$	(9,430	)	$	(3,649	)	$	(3,763	)	$	(10,614	)	$	(11,920	)
Gain on sale of real estate														—			—			(590	)		—
Depreciation and amortization		13,985			9,399			41,602			26,307			18,305			13,985			50,984			41,602
Depreciation and amortization from unconsolidated joint venture														374			—			1,176			—
FFO:	$	10,222		$	6,425		$	29,682		$	16,877		$	15,030		$	10,222		$	40,956		$	29,682
Preferred stock dividends		(1,613	)		(1,566	)		(4,839	)		(4,698	)		(1,652	)		(1,613	)		(4,956	)		(4,839	)
FFO attributable to common stockholders and unit holders	$	8,609		$	4,859		$	24,843		$	12,179
Unrealized appreciation (depreciation) of warrants														926			103			1,809			103
Core FFO													$	14,304		$	8,712		$	37,809		$	24,946

Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, acquisition and transaction related costs for transactions not completed and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, ~~impairment losses,~~ non-cash equity compensation and non-cash interest expense.

We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance.

As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

The following table sets forth a reconciliation of FFO attributable to common stockholders and unit holders to AFFO.

	For the Three Months						For the Nine Months						For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,						Ended September 30,						Ended September 30,
AFFO:	2020			2019			2020			2019			2021			2020			2021			2020
FFO attributable to common stockholders and unit holders	$	8,609		$	4,859			24,843		$	12,179
Core FFO													$	14,304		$	8,712			37,809		$	24,946
Amortization of debt related costs		386			274			1,051			783			424			386			1,163			1,051
Non-cash interest expense		(169	)		325			(79	)		232			41			(169	)		(31	)		(79	)
Stock compensation		324			282			1,056			875			340			324			1,219			1,056
Unrealized appreciation/(depreciation) of warrants		103			—			103			181
Impairment on real estate lease		311			—			311			—			—			311			—			311
Straight line rent		(492	)		(298	)		(1,453	)		(778	)		(966	)		(492	)		(2,726	)		(1,453	)
Above/below market lease rents		(449	)		(373	)		(1,435	)		(1,059	)		(480	)		(449	)		(1,589	)		(1,435	)
Recurring capital expenditures (1)		(749	)		(976	)		(2,504	)		(2,222	)		(3,312	)		(749	)		(6,727	)		(2,504	)
AFFO:	$	7,874		$	4,093		$	21,893		$	10,191		$	10,351		$	7,874		$	29,118		$	21,893

A summary of our cash flows for the nine months ended September 30, ~~2020~~2021 and ~~2019~~2020 are as follows:

	Nine Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2021			2020
Net cash provided by operating activities	$	30,773		$	17,702		$	34,547		$	30,773
Net cash used in investing activities	$	(145,076	)	$	(95,598	)	$	(179,800	)	$	(145,076	)
Net cash provided by financing activities	$	121,548		$	99,736		$	192,142		$	121,548

Operating activities: Net cash provided by operating activities for the nine months ended September 30, ~~2020~~2021 increased approximately ~~$13,071~~$3,774 compared to the nine months ended September 30, ~~2019.~~2020. The increase was primarily attributable to incremental operating cash flows from acquisitions completed between Q3 ~~2019~~2020 and ~~Q3 2020~~Q2 2021 and same store properties.

Investing activities: Net cash used in investing activities for the nine months ended September 30, ~~2020~~2021 increased approximately ~~$49,478~~$34,724 compared to the nine months ended September 30, ~~2019~~2020 primarily due to property acquisitions completed during the first nine months in ~~2020~~2021 totaling ~~$140,498~~$166,374 as opposed to ~~$92,327~~$140,498 during the first nine months of ~~2019 and~~2020, an increase in capital expenditures ~~as a result~~ of ~~our expanded portfolio totaling $1,307.~~$11,052, and proceeds from the sale of real estate property and land parcel of $2,204 during the first nine months of 2021. There were no sales of real estate property for the first nine months of 2020.

Financing activities:Net cash provided by financing activities for the nine months ended September 30, ~~2020~~2021 increased ~~$21,812~~$70,594 compared to the nine months ended September 30, ~~2019.~~2020. The change was predominantly driven by an increase of ~~$42,187 in net proceeds from secured debt and the line of credit and a decrease in debt issuance costs of $1,794, offset by an increase of $6,693 in dividends paid and a decrease~~$32,547 in net proceeds from the issuance of common stock, an increase of ~~$15,476.~~$42,735 in net proceeds from secured and unsecured debt and the line of credit, offset by an increase in debt offering costs of $1,181 and an increase of $3,495 in dividends paid.

We intend to make reserve ~~allocations~~contributions as necessary to aid our objective of preserving capital for our investors by supporting the maintenance and viability of ~~our~~ properties we acquire in the future. If reserves and any other available income become insufficient to cover our operating expenses and liabilities, it may be necessary to obtain additional funds by borrowing, refinancing properties or liquidating our investments.

Our short-term liquidity requirements consist primarily of funds to pay for operating expenses and other expenditures directly associated with our properties, including:

In addition, we will require funds for future dividends required to be paid on our Series A and Series B Preferred Stock.

We intend to satisfy our short-term liquidity requirements through our existing cash, cash flow from operating activities and the net proceeds of any potential future offerings.

Our long-term liquidity needs consist primarily of funds necessary to pay for acquisitions, recurring and non-recurring capital expenditures and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, long-term secured and unsecured borrowings, future issuances of equity and debt securities, property dispositions and joint venture transactions, and, in connection with acquisitions of additional properties, the issuance of OP units.

The COVID-19 pandemic continues to create social and economic uncertainty for the Company, its tenants, and stakeholders. Given the wide-ranging impacts of the pandemic, coupled with external factors that are outside the control of the Company, the extent of such impacts from the COVID-19 pandemic continues to be dependent on various future developments, which are ~~highly~~ uncertain and cannot be readily predicted. The Company continues to monitor potential liquidity restraints resulting from the COVID-19 pandemic, including the evaluation and potential of delayed non-essential capital ~~and operating expenditures~~ that dodoes not impact the safety or ability to lease and/or renew space and maintaining sufficient availability under our revolving line of credit. ~~The updated dividend policy effective with the second quarter of 2020 has provided the Company with additional liquidity to fund its short and long-term needs.~~

As of September 30, ~~2020,~~2021, we had available liquidity of approximately ~~$125.4~~$163.1 million, comprised of ~~$25.4~~$63.7 million in cash and cash equivalents and ~~$100~~$99.4 million ~~available~~of borrowing capacity on our KeyBank unsecured line of credit. The Company anticipates it will have sufficient liquidity and access to capital resources to meet its current obligations and to meet any scheduled debt maturities.

The following is a schedule of our indebtedness as of September 30, ~~2020 (dollars in thousands~~):2021:

	Outstanding Balance			Interest rate at September 30, 2020	Final Maturity Date	Outstanding Balance			Interest rate at September 30, 2021	Final Maturity Date
Secured debt:
AIG Loan	$	117,723		4.08%	November 1, 2023	$	115,139		4.08%	November 1, 2023
Transamerica Loan		73,278		4.35%	August 1, 2028		71,983		4.35%	August 1, 2028
Allianz Loan		63,115		4.07%	April 10, 2026		63,115		4.07%	April 10, 2026
Minnesota Life Loan		20,972		3.78%	May 1, 2028		20,558		3.78%	May 1, 2028
JPMorgan Chase Loan		13,498		5.23%	January 1, 2027		13,266		5.23%	January 1, 2027
Lincoln Life Mortgage		9,344		3.41%	January 10, 2022		9,121		3.41%	January 10, 2022
Ohio National Life Mortgage		20,394		4.14%	August 1, 2024		19,810		4.14%	August 1, 2024
KeyBank Term Loan		81,000		2.41%⁽¹⁾	October 22, 2020
Nationwide Loan		15,000		2.97%	October 1, 2027		15,000		2.97%	October 1, 2027
Midland National Life Insurance Mortgage⁽³⁾							10,820		3.50%	March 10, 2028
Total secured debt	$	414,324					338,812
Unamortized debt issuance costs, net		(4,032	)				(3,086	)
Unamortized premium/(discount), net		711					499
Secured debt, net		411,003					336,225

Revolving line of credit facility:
Borrowings under line of credit		—		2.41%⁽¹⁾	August 7, 2023
Borrowings under line of credit, net	$	—
Unsecured debt:
$100m KeyBank Term Loan ⁽¹⁾							100,000		1.58% ⁽²⁾	August 11, 2026
$200m KeyBank Term Loan ⁽¹⁾							150,000		1.58% ⁽²⁾	February 11, 2027
Total unsecured debt							250,000
Unamortized debt issuance costs, net							(2,271	)
Unsecured debt, net							247,729

~~The Company has approximately $203,534 available for issuance under its Registration Statement on Form S-3 filed on July 30, 2018 with the SEC. The registration statement allows~~On June 11, 2021, the Company ~~to offer debt or equity securities (or a combination thereof) from time to time.~~

On August 28, 2020, the Company completed a follow-on public offering of 8,625,000 shares of common stock, including 1,125,000 shares of common stock issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds of approximately $104,488

~~On August 24, 2018, the Company~~and Operating Partnership filed a ~~prospectus supplement to its~~shelf registration statement on Form S-3 ~~which enabled~~(“2021 $750 Million S3 Filing”) with the U.S. Securities and Exchange Commission (“SEC”) registering an aggregate of $750,000 of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities. As of September 30, 2021, the Company ~~at its discretion from time to time, to sell up to $50,000 worth of shares of its common stock by way of an “at-the-market” offering (the “Prior~~ has $750,000 available for issuance under the 2021 $750 Million S3 Filing.

On February 27, 2020, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Barclays Capital Inc., J.P. Morgan Securities, LLC, Capital One Securities, Inc., Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., D.A. Davidson & Co. and National Securities Corporation pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $100,000, through an “at-the-market” equity offering program. (the ~~“$100~~“2020 $100 Million ATM Program”). ~~All $50,000~~

On May 26, 2021, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities Inc., JMP Securities LLC, J.P. Morgan Securities, LLC, National Securities Corporation and Wedbush Securities Inc pursuant to which the Company may issue and sell, from time to time, shares of its common ~~shares available~~stock, with aggregate gross sales proceeds of up to $125,000 through an “at-the-market” equity offering program (the “2021 $125 Million ATM Program”).

On August 10, 2021, the Company entered into an amendment to the 2021 $125 Million ATM Program (the “2021 Amended ATM Program”) to reference the Company’s shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on June 11, 2021. The Company, under the ~~Prior~~2021 Amended ATM Program ~~were issued prior~~may issue and sell, from time to ~~establishing the $100 Million ATM Program.~~time, shares of its common stock, with aggregate gross sales proceeds of up to $82,288 through an “at-the-market” equity offering program.

During the nine months ~~ending~~ended September 30, ~~2020,~~2021, the Company ~~has~~ issued ~~1,654,005~~8,704,531 shares of its common stock under ~~both~~the 2020 $100 Million ATM ~~programs~~Program, 2021 $125 Million ATM Program, and the 2021 Amended ATM Program for aggregate net proceeds of approximately ~~$23,350.~~$160,386. The Company has approximately ~~$86,403~~$27,976 available for issuance under the ~~$100 Million~~2021 Amended ATM ~~program.~~Program.

At September 30, 2021, we have an investment in the MIR JV with our ownership percentage at 20%. We exercise significant influence over, but do not control, the entity. As a result, we account for this investment using the equity method of accounting. As of September 30, 2021 and December 31, 2020, the aggregate carrying amount of non-recourse debt including both our and our partners’ share incurred by the MIR JV was approximately $56,000 and $56,000, respectively, (of which our proportionate share is approximately $11,200 and $11,200 at September 30, 2021 and December 31, 2020, respectively). The ~~Company has no off-balance sheet arrangements.~~table below summarizes the outstanding debt of the MIR JV properties at September 30, 2021.

The majority of our leases are either triple net or provide for tenant reimbursement for costs related to real estate taxes and operating expenses. In addition, most of the leases provide for fixed rent increases. We believe that inflationary increases may be at least partially offset by the contractual rent increases and tenant payment of taxes and expenses described above. We do not believe that inflation has had a material impact on our historical financial position or results of operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (amounts in thousands)

We are exposed to market risk from changes in interest rates. Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under ~~our Line~~the $100m and $200m KeyBank unsecured term loans and the KeyBank unsecured line of ~~Credit Agreement,~~credit, which bear interest at a variable rate.

At September 30, ~~2020,~~2021, we had ~~$81,000~~$250,000 of outstanding variable rate debt, which was subject to a weighted average interest rate of ~~2.42%~~1.58% during the ~~three~~nine months ended September 30, ~~2020.~~2021. Based on the variable rate borrowings outstanding during the ~~three~~nine months ended September 30, ~~2020,~~2021, we estimate that had the average interest rate on our weighted average borrowings increased by 100 basis points for the ~~three~~nine months ended September 30, ~~2020,~~2021, our interest expense for the quarter would have increased by approximately ~~$283.~~$544. This estimate assumes the interest rate of each borrowing is raised by 100 basis points. The impact on future interest expense as a result of future changes in interest rates will depend largely on the gross amount of our borrowings at that time.

ASC 815, Derivatives and Hedging requires us to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value and the changes in fair value must be reflected as income or expense. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income, which is a component of stockholders’ equity. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. As of September 30, ~~2020,~~2021, the Company has no derivative or hedging contracts.

No assurance can be given that any future hedging activities by us will have the desired beneficial effect on our results of operations or financial condition.

Our management has evaluated, under supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, ~~2020. Based on the evaluation, our Chief Executive Officer~~2021. Our CEO and ~~Chief Financial Officer~~CFO concluded that our disclosure controls and procedures were not effective as of September 30, 2021 because of a material weakness in our internal control over financial reporting as described below.

Additionally, at the time that our Annual Report on Form 10-K for the ~~period ending September~~year ended December 31, 2020 was filed on February 26, 2021, and at the time that our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, ~~2020,~~2021 were filed on May 7, 2021 and August 6, 2021, respectively, our CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, 2020, March 31, 2021 and June 30, 2021. Subsequent to ~~provide~~these evaluations, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of December 31, 2020, March 31, 2021 and June 30, 2021, because of a material weakness in our internal control over financial reporting as described below.

Notwithstanding this material weakness, the Company has concluded that no material misstatements exist in the consolidated financial statements as previously filed and included in this Form 10-Q and such financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and the results of its operations and its cash flows for the year then ended, as of March 31, 2021, June 30, 2021 and September 30, 2021, and the results of its operations and its cash flows for the three-month period, three and six-month periods and three and nine-month periods then ended, respectively in conformity with accounting principles generally accepted in the United States of America.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable ~~assurance~~possibility that ~~information required~~a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

We have determined that we did not design and maintain effective controls related to user access controls to adequately restrict user access and the ability to modify financial data within certain financial applications, including ensuring appropriate segregation of duties relating to the preparation and review of journal entries in these financial applications. This control deficiency did not result in a misstatement of the Company’s consolidated financial statements. However, this control deficiency could result in misstatements of interim or annual consolidated financial statements and disclosures that would result in a material misstatement that would not be ~~disclosed~~prevented or detected. Therefore, management has concluded that this control deficiency constitutes a material weakness.

The Company and its Board of Directors are committed to maintaining a strong internal control environment. Management has evaluated the material weakness described above and has made significant progress updating its design and implementation of internal control over financial reporting to remediate the aforementioned material weakness and enhance the Company’s internal control environment. The remediation plan is being developed and implemented and includes reviewing and adjusting the access permissions to its financial applications to more appropriately segregate access, in ~~reports~~particular, for those individuals who are also responsible for the review and approval of new or modified financial data, coupled with additional controls and procedures over the review of journal entries. We are committed to continuing to improve our internal control processes and will continue to review, optimize and enhance our financial reporting controls and procedures. As we ~~file~~continue to evaluate and work to improve our internal control over financial reporting, we may take additional measures to address control deficiencies, or ~~submit under~~we may modify, or in appropriate circumstances not complete, certain of the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosures.remediation measures described above.

There were no changes in our internal control over financial reporting ~~or in other factors~~ during the quarter ended September 30, ~~2020,~~2021, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

The nature of our business exposes our properties, us and our Operating Partnership to the risk of claims and litigation in the normal course of business. Other than routine litigation arising out of the ordinary course of business, we are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on our behalf by the undersigned, hereunto duly authorized.

Maryland		27-5466153
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

20 Custom House Street, 11th Floor, Boston, MA 02110		(617) 340-3814
(Address of principal executive offices)		(Registrant’s telephone number)

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	PLYM	New York Stock Exchange
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	PLYM-PrA	NYSE American

~~Securities registered pursuant to Section 12(b) of the Act:~~

~~Title of Each Class~~	~~Trading Symbol~~	~~Name of Each Exchange~~ ~~on Which Registered~~
~~Common Stock, par value $0.01 per share~~	~~PLYM~~	~~New York Stock Exchange~~
~~7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share~~	~~PLYM-PrA~~	~~NYSE American~~

PART II.	FINANCIAL INFORMATION	PAGE

ITEM 1.1.	Financial Statements

	Condensed Consolidated Balance Sheets at September 30, ~~2020~~2021 and December 31, ~~2019~~2020	1

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, ~~2020~~2021 and ~~2019~~2020	2

	Condensed Consolidated Statements of Changes in Preferred Stock and Equity ~~(Deficit)~~ for the Three and Nine Months Ended September 30, ~~2020~~2021 and ~~2019~~2020	3

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, ~~2020~~2021 and ~~2019~~2020	45

	Notes to Condensed Consolidated Financial Statements	56

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1719

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	2729

ITEM 44..	Controls and Procedures	2729

PART IIII.	OTHER INFORMATION	2731

SIGNATURES		2932


	For the Nine Months Ended September 30,
	2020			2019
Operating activities
Net loss	$	(11,920	)	$	(9,430	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		41,602			26,307
Straight line rent adjustment		(1,453	)		(778	)
Intangible amortization in rental revenue, net		(1,435	)		(1,059	)
Amortization of debt related costs		1,051			783
Unrealized appreciation/(depreciation) of warrants		103			181
Impairment on real estate lease		311			—
Stock based compensation		1,056			875
Changes in operating assets and liabilities:
Other assets		(6,138	)		(3,291	)
Deferred leasing costs		(1,424	)		(1,740	)
Accounts payable, accrued expenses and other liabilities		9,020			5,854
Net cash provided by operating activities		30,773			17,702
Investing activities
Acquisition of real estate properties		(140,498	)		(92,327	)
Real estate improvements		(4,578	)		(3,271	)
Net cash used in investing activities		(145,076	)		(95,598	)
Financing activities
Proceeds from issuance of common stock, net		127,839			143,315
Proceeds from issuance of secured debt		96,000			63,115
Repayment of secured debt		(3,854	)		(63,503	)
Proceeds from line of credit facility		41,500			57,697
Repayment of line of credit facility		(120,400	)		(86,250	)
Debt issuance costs		(510	)		(2,304	)
Dividends paid		(19,027	)		(12,334	)
Net cash provided by financing activities		121,548			99,736
Net increase in cash, cash held in escrow, and restricted cash		7,245			21,840
Cash, cash held in escrow, and restricted cash at beginning of period		22,398			14,961
Cash, cash held in escrow, and restricted cash at end of period	$	29,643		$	36,801
Supplemental Cash Flow Disclosures:
Cash paid for interest	$	13,337		$	10,046
Supplemental Non-Cash Investing and Financing Activities:
Dividends declared included in dividends payable	$	5,586		$	5,637
Distribution payable to non-controlling interest holder	$	135		$	393
Series B accretion to redemption value	$	5,562		$	5,701
Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities	$	423		$	647
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities	$	182		$	33
Assumption of mortgage notes	$	—		$	30,581

Location	Date Acquired	Square Feet		Properties		Purchase Price (in thousands) ⁽¹⁾
Chicago, IL	January 24, 2020		465,940		1	$	18,650
Indianapolis, IN	January 27, 2020		276,240		1		8,800
Atlanta/Savannah, GA	January 28, 2020		924,036		5		34,700
Avon, OH	February 14, 2020		406,863		3		15,750
Atlanta, GA	March 13, 2020		117,000		1		10,056
St Louis, MO	September 2, 2020		487,150		1		27,000
St Louis, MO	September 3, 2020		79,258		1		3,712
Jacksonville, FL	September 10, 2020		288,750		1		20,400
Total			3,045,237		14	$	139,068

(1)	Purchase price does not include capitalized acquisition costs.
(2)	The purchase price of $55,200 included the assumption of $10,820 of existing debt secured by the property.

	Future Minimum Fixed Rental Receipts

2020	$	20,858
2021		76,836
2022		65,098
2023		53,539
2024		42,768
Thereafter		80,797
Total minimum rental receipts	$	339,896


October 1, 2021 – December 31, 2021	$	317
2022		1,286
2023		1,311
2024		1,280
2025		894
Thereafter		5,111
Total minimum operating lease payments	$	10,199
Less imputed interest		(2,133	)
Total operating lease liability	$	8,066

	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Depreciation/amortization of financing lease right-of-use assets	$	6	$	19
Interest expense for financing lease liability		43		130
Total financing lease cost	$	49	$	149

(1)	On ~~January 22, 2020,~~August 11, 2021, the ~~Operating Partnership (the “KeyBank Term Loan Borrower”)~~Company entered into a combined $500 million unsecured credit ~~agreement~~facility, which is comprised of an amended $200 million revolving credit facility (the “KeyBank ~~Term Loan”~~unsecured line of credit”) ~~with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a~~, an amended $100 million term loan ~~with~~(the “$100m KeyBank unsecured term loan”), and a new $200 million term loan (the “$200m KeyBank unsecured term loan”). The combined unsecured credit facility has an accordion feature enabling the Company to increase the total ~~commitment~~borrowing capacity under the credit facility up to an aggregate of $~~100,000~~,$1 billion, subject to certain conditions. The amended KeyBank ~~Term Loan~~unsecured line of credit matures on ~~October 22, 2020. Borrowings~~in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. Amounts outstanding under the ~~Credit Agreement~~ KeyBank unsecured line of credit bear interest at ~~either (1)~~LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the ~~base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate~~$100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus ~~0.50%~~a margin between 130 and ~~(c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus,~~185 basis points, in either case ~~a spread between 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount of such spread~~ depending on the ~~KeyBank Term Loan Borrower’s total leverage ratio.~~ ~~The credit agreement is~~ ~~secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary property owners.~~ ~~The credit agreement contains financial covenants as defined within the KeyBank Term Loan agreement. On October 8, 2020, the Company repaid the KeyBank Term Loan with proceeds from the new $300~~ ~~million unsecured credit facility (see Note 12).~~Company’s leverage.
~~(2)~~
(2)	The 1-month LIBOR rate as of September 30, ~~2020~~2021 was ~~0.15%~~0.08%. The spread over the applicable rate for the $100m and $200m KeyBank ~~Term Loan~~unsecured term loans and the KeyBank unsecured line of credit is based on the Company’s total leverage ratio.
~~(3)~~
(3)	On ~~September 2, 2020,~~August 12, 2021, a wholly-owned subsidiary of the Operating Partnership ~~entered into~~assumed a ~~loan agreement~~mortgage (the ~~“Nationwide Loan”~~“Midland Mortgage”) ~~in the amount~~with a balance of $~~15,000~~ ~~in connection with the Company’s~~$10,820 as part of our acquisition of athe property in ~~St. Louis.~~Chicago, Illinois. The ~~Nationwide Loan,~~Midland Mortgage, held by ~~Nationwide~~Midland National Life Insurance Company, ~~(“Nationwide”),~~matures on March 10, 2028, bears interest at ~~2.97~~%3.5% and is secured by the property. The ~~Nationwide Loan~~Midland Mortgage requires monthly installments of interest only through ~~October 1,~~March 10, 2023 and afterwards, monthly installments of principal plus accrued interest through ~~October 1, 2027,~~March 10, 2028, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.

	~~(1)~~	~~On October 8, 2020, the Company replaced the revolving line of credit with KeyBank with the new $300~~ ~~million~~ ~~unsecured credit facility (see Note 12).~~
	~~(2)~~	~~The 1-month LIBOR rate as of September 30, 2020 was 0.15%. The spread over the applicable rate for the revolving line of credit with KeyBank is based on the Company’s total leverage ratio.~~


Balance at January 1, 2020	$	293
Change in fair value		103
Balance at September 30, 2020	$	396


Balance at January 1, 2021	$	396
Unrealized appreciation (depreciation)		1,809
Balance at September 30, 2021	$	2,205

	Shares
Unvested restricted stock at January 1, ~~2020~~2021		~~162,184~~190,225
Granted		~~101,540~~126,434
Forfeited		(~~5,303~~1,000	)
Vested		(~~67,140~~87,251	)
Unvested restricted stock at September 30, ~~2020~~2021		~~191,281~~228,408

	•	uncertainty surrounding the social and economic impacts of the current COVID-19 pandemic, including, without limitation, its impact on the Company’s ability to pay common stock dividends and/or the amount and frequency of those dividends;
	•	the competitive environment in which we operate;
	•	real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
	•	decreased rental rates or increasing vacancy rates;
	•	potential defaults on or non-renewal of leases by tenants;
	•	potential bankruptcy or insolvency of tenants;
	•	acquisition risks, including failure of such acquisitions to perform in accordance with projections;
	•	the timing of acquisitions and dispositions;
	•	potential natural disasters such as earthquakes, wildfires or floods;
	•	national, international, regional and local economic conditions;
	•	the general level of interest rates;
	•	potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or REIT tax laws, and potential increases in real property tax rates;
	•	financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
	•	lack of or insufficient amounts of insurance;
	•	our ability to maintain our qualification as a REIT;
	•	litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and
	•	possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.

	·•	As of September 30, ~~2020,~~2021, we have collected approximately ~~97%~~99.3% of recurring base rents and tenant recoveries billed for the third quarter of ~~2020~~;2021; however, collections to-date may not be indicative of collections in any future period.
	·•	~~We have received some rent relief requests from tenants at our properties, most often in the form~~As of ~~rent deferral requests, including some from tenants that~~September 30, 2021, we ~~believe are being opportunistic.~~ ~~During the second quarter of 2020, the Company has~~ entered into a ~~small number of such~~single COVID-19 related rent deferral ~~concessions~~ representing ~~1.5% or $1.25~~0.1% of $106.7 million of ~~ABR.~~annualized base rent (“ABR”). ABR is defined/calculated as the annualized monthly contractual base rent per the ~~leases,~~lease, excluding any rent abatements, as of September 30, ~~2020. The majority of~~2021. All deferred rent concessions the ~~deferred balances are scheduled to be paid by December 31, 2020. Through the date of this filing, we have not provided any additional rent deferrals or other rent concessions.~~Company granted during 2020 were fully repaid.

	·•	The health and safety of our employees and their families is a top priority. We have adapted our operations to protect employees, including by implementing a work from home policy, and our systems have enabled our team to work seamlessly.
	·•	We are in frequent communication with our tenants and we are assisting them in identifying state and federal resources that may be available to support their businesses and employees during the pandemic, including stimulus funds that may be available under the Coronavirus Aid, Relief, and Economic Security Act of 2020.
	·•	We have approximately ~~$25.4~~$63.7 million in cash and cash equivalents and approximately ~~$100~~$99.4 million ~~available~~of borrowing capacity on our KeyBank unsecured line of credit as of September 30, ~~2020~~2021 to address near-term working capital and other liquidity needs.
	·	~~We have delayed non-essential capital and operating expenses that do not impact the safety of our tenants or our ability to lease and/or renew leasing space.~~

Year	Type	Square Footage	% of Total Square Footage	Expiring Rent		New Rent		% Change	Tenant Improvements $/SF/YR		Lease Commissions $/SF/YR

2019	Renewals	1,380,839	58.4%	$	4.17	$	4.51	7.9%	$	0.19	$	0.14
	New Leases	982,116	41.6%	$	2.88	$	3.43	19.1%	$	0.27	$	0.23
	Total	2,362,955	100.0%	$	3.64	$	4.06	11.6%	$	0.22	$	0.17

2020	Renewals	1,498,556	71.8%	$	3.63	$	3.84	5.8%	$	0.09	$	0.08
	New Leases	588,920	28.2%	$	3.71	$	4.72	27.2%	$	0.21	$	0.12
	Total	2,087,476	100.0%	$	3.65	$	4.09	12.1%	$	0.12	$	0.09

Total	Renewals	2,879,395	64.7%	$	3.89	$	4.16	6.9%	$	0.14	$	0.11
	New Leases	1,571,036	35.3%	$	3.19	$	3.91	22.6%	$	0.25	$	0.19
	Total	4,450,431	100.0%	$	3.64	$	4.07	11.8%	$	0.18	$	0.14

Period	Type	Square Footage	% of Total Square Footage	Expiring Rent		New Rent		% Change	Tenant Improvements $/SF/YR		Lease Commissions $/SF/YR
Nine Months Ended September 30, 2021
	Renewals	2,284,695	51.3%	$	4.11	$	4.36	6.1%	$	0.19	$	0.09
	New Leases	2,169,348	48.7%	$	3.83	$	4.36	13.8%	$	0.22	$	0.22
	Total/weighted average	4,454,043	100%	$	3.98	$	4.36	9.5%	$	0.20	$	0.14

	·•	Investments in Real ~~estate property acquisitions, capitalization and depreciation~~Estate
	·	~~Income taxes~~
	·	~~Amortization of deferred lease intangibles – assets and liabilities~~
	·•	Impairment of Long-lived assets
	·•	Consolidation

	·•	property expenses that are not borne by our tenants under our leases;
	·•	principal and interest expense on outstanding indebtedness;
	·•	general and administrative expenses; and
	·•	capital expenditures for tenant improvements and leasing commissions.

(1)	~~(1)~~On August 11, 2021, the Company entered into a combined $500 million unsecured credit facility, which is comprised of an amended $200 million revolving credit facility (the “KeyBank unsecured line of credit”), an amended $100 million term loan (the “$100m KeyBank unsecured term loan”), and a new $200 million term loan (“the $200m KeyBank unsecured term loan”). The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. Amounts outstanding under the KeyBank unsecured line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points, in either case depending on the Company’s leverage.
(2)	The 1-month LIBOR rate as of September 30, ~~2020~~2021 was ~~0.15%~~0.08%. The spread over the applicable rate for the $100m and $200m KeyBank ~~Term Loan~~unsecured term loans and the ~~revolving~~KeyBank unsecured line of credit ~~with KeyBank~~ is based on the Company’s total leverage ratio.
(3)	On August 12, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Midland Mortgage”) with a balance of $10,820 as part of our acquisition of the property in Chicago, Illinois. The Midland Mortgage, held by Midland National Life Insurance Company, matures on March 10, 2028, bears interest at 3.5% and is secured by the property. The Midland Mortgage requires monthly installments of interest only through March 10, 2023 and afterwards, monthly installments of principal plus accrued interest through March 10, 2028, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.

		Venture Ownership %				Stated Interest Rate				Stated Principal Amount				Deferred Financing Costs, Net				Carrying Amount				Carrying Amount (Our Share)				Maturity Date
Memphis Industrial Portfolio			20%				3.15%			$	56,000			$	(565	)		$	55,435			$	11,088			1/1/2028

3.1	Third Amended and Restated Bylaws of Plymouth Industrial REIT, Inc., Plymouth Industrial OP, LP and the Sales Agents named therein (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No, 001-38106) filed on September 9, 2021)

10.1	First Amendment to Credit Agreement, dated as of August 11, 2021, by and among Plymouth Industrial OP, LP, the Guarantors named therein, KeyBank National Association and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-38106) filed on August 17, 2021.

10.2	Term Loan Credit Agreement, dated as of August 11, 2021, by and among Plymouth Industrial OP, LP, the Guarantors named therein, KeyBank National Association and the other lenders party thereto (incorporated by referenced to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-38106) filed on August 17, 2021.

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002

101	The financial information from the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, ~~2020~~2021 formatted in Inline XBRL: (i) Condensed Consolidated Balance ~~Sheet,~~Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Changes in Preferred Stock and Equity (Deficit), (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.

104	Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.