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PLYM Plymouth Industrial Reit

Cover

Cover - shares9 Months Ended
Sep. 30, 2020Oct. 31, 2020
Document Type10-Q
Amendment Flagfalse
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateSep. 30,
2020
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2020
Current Fiscal Year End Date--12-31
Entity File Number001-38106
Entity Registrant NamePLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key0001515816
Entity Tax Identification Number27-5466153
Entity Incorporation, State or Country CodeMD
Entity Address, Address Line One20 Custom House Street
Entity Address, City or TownBoston
Entity Address, State or ProvinceMA
Entity Address, Postal Zip Code02110
City Area Code(617)
Local Phone Number340-3814
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding24,714,833
Common Stock, par value $0.01 per share
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Trading SymbolPLYM
Security Exchange NameNYSE
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Title of 12(b) Security7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading SymbolPLYM-PrA
Security Exchange NameNYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Assets
Real estate properties $ 786,425 $ 655,788
   Less accumulated depreciation(89,059)(63,877)
   Real estate properties, net697,366 591,911
Cash15,352 10,465
Cash held in escrow10,026 9,453
Restricted cash4,265 2,480
Deferred lease intangibles, net58,693 57,088
Other assets21,122 14,084
Total assets806,824 685,481
Liabilities:
Secured debt, net411,003 318,558
Borrowings under line of credit 78,900
Accounts payable, accrued expenses and other liabilities45,491 36,284
Deferred lease intangibles, net9,060 8,314
Total liabilities465,554 442,056
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, respectively247 141
Additional paid in capital364,560 256,259
Accumulated deficit(159,739)(148,403)
Total stockholders' equity205,068 107,997
Non-controlling interest1,979 6,767
Total equity207,047 114,764
Total liabilities, preferred stock and equity806,824 685,481
Series A Preferred Stock [Member]
Liabilities:
Preferred stock48,868 48,868
Series B Preferred Stock [Member]
Liabilities:
Preferred stock $ 85,355 $ 79,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized100,000,000 100,000,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized900,000,000 900,000,000
Common stock, shares issued24,714,833 14,141,355
Common stock, shares outstanding24,714,833 14,141,355
Series A Preferred Stock [Member]
Preferred stock, shares issued2,040,000 2,040,000
Preferred stock, shares outstanding2,040,000 2,040,000
Preferred stock, liquidation preference $ 51,000 $ 51,000
Series B Preferred Stock [Member]
Preferred stock, shares issued4,411,764 4,411,764
Preferred stock, shares outstanding4,411,764 4,411,764
Preferred stock, liquidation preference $ 97,230 $ 96,574

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Income Statement [Abstract]
Rental revenue $ 27,518 $ 19,123 $ 79,884 $ 52,807
Total revenues27,518 19,123 79,884 52,807
Operating expenses:
Property10,064 6,920 28,101 19,216
Depreciation and amortization13,985 9,399 41,602 26,307
General and administrative2,280 2,135 7,378 5,472
Total operating expenses26,329 18,454 77,081 50,995
Other income (expense):
Interest expense(4,538)(3,643)(14,309)(11,061)
Impairment on real estate lease(311) (311)
Unrealized appreciation/(depreciation) of warrants(103) (103)(181)
Total other expense, net(4,952)(3,643)(14,723)(11,242)
Net loss(3,763)(2,974)(11,920)(9,430)
Less: loss attributable to non-controlling interest(130)(308)(584)(1,341)
Net loss attributable to Plymouth Industrial REIT, Inc.(3,633)(2,666)(11,336)(8,089)
Less: Preferred stock dividends1,613 1,566 4,839 4,698
Less: Series B preferred stock accretion to redemption value1,854 1,900 5,562 5,701
Less: amount allocated to participating securities38 62 144 177
Net loss attributable to common stockholders $ (7,138) $ (6,194) $ (21,881) $ (18,665)
Net loss basic and diluted per share attributable to common stockholders $ (0.36) $ (0.68) $ (1.35) $ (2.73)
Weighted-average common shares outstanding basic and diluted19,631,443 9,081,180 16,232,420 6,847,950

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Preferred Stock and Equity (Deficit) (Unaudited) - USD ($) $ in ThousandsPreferred Stock Series APreferred Stock Series BCommon Stock [Member]Additional Paid-in Capital [Member]Accumulated DeficitStockholders’ Equity (Deficit)Noncontrolling Interest [Member]Total
Beginning balance, value at Dec. 31, 2018 $ 48,868 $ 72,192 $ 49 $ 126,327 $ (137,983) $ (11,607) $ 14,467 $ 2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 20182,040,000 4,411,764 4,821,876
Series B Preferred stock accretion to redemption value $ 1,900 (1,900) (1,900) (1,900)
Net proceeds from common stock $ 2 4,513 4,515 4,515
Net proceeds from common stock, shares278,302
Stock based compensation 288 288 288
Restricted shares issued
Restricted shares issued, shares29,192
Dividends and distributions (3,489) (3,489)(393)(3,882)
Net loss (2,946)(2,946)(653)(3,599)
Ending balance, value at Mar. 31, 2019 $ 48,868 $ 74,092 $ 51 125,739 (140,929)(15,139)13,421 (1,718)
Shares, Outstanding, Ending Balance at Mar. 31, 20192,040,000 4,411,764 5,129,370
Beginning balance, value at Dec. 31, 2018 $ 48,868 $ 72,192 $ 49 126,327 (137,983)(11,607)14,467 2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 20182,040,000 4,411,764 4,821,876
Series B Preferred stock accretion to redemption value(5,701)
Net proceeds from common stock143,315
Net loss(9,430)
Ending balance, value at Sep. 30, 2019 $ 48,868 $ 77,893 $ 134 249,827 (146,072)103,889 11,947 115,836
Shares, Outstanding, Ending Balance at Sep. 30, 20192,040,000 4,411,764 13,406,302
Beginning balance, value at Dec. 31, 2018 $ 48,868 $ 72,192 $ 49 126,327 (137,983)(11,607)14,467 $ 2,860
Shares, Outstanding, Beginning Balance at Dec. 31, 20182,040,000 4,411,764 4,821,876
Redemption of partnership units, shares172,153
Ending balance, value at Dec. 31, 2019 $ 48,868 $ 79,793 $ 141 256,259 (148,403)107,997 6,767 $ 114,764
Shares, Outstanding, Ending Balance at Dec. 31, 20192,040,000 4,411,764 14,141,355
Beginning balance, value at Mar. 31, 2019 $ 48,868 $ 74,092 $ 51 125,739 (140,929)(15,139)13,421 (1,718)
Shares, Outstanding, Beginning Balance at Mar. 31, 20192,040,000 4,411,764 5,129,370
Series B Preferred stock accretion to redemption value $ 1,901 (1,901) (1,901) (1,901)
Net proceeds from common stock $ 36 58,237 58,273 58,273
Net proceeds from common stock, shares3,572,017
Stock based compensation 305 305 305
Restricted shares issued $ 1 1 1
Restricted shares issued, shares53,395
Dividends and distributions (4,823) (4,823)(393)(5,216)
Net loss (2,477)(2,477)(380)(2,857)
Ending balance, value at Jun. 30, 2019 $ 48,868 $ 75,993 $ 88 177,557 (143,406)34,239 12,648 46,887
Shares, Outstanding, Ending Balance at Jun. 30, 20192,040,000 4,411,764 8,754,782
Series B Preferred stock accretion to redemption value $ 1,900 (1,900) (1,900) (1,900)
Net proceeds from common stock $ 46 80,481 80,527 80,527
Net proceeds from common stock, shares4,644,032
Stock based compensation 282 282 282
Restricted shares issued
Restricted shares issued, shares7,488
Dividends and distributions (6,593) (6,593)(393)(6,986)
Net loss (2,666)(2,666)(308)(2,974)
Ending balance, value at Sep. 30, 2019 $ 48,868 $ 77,893 $ 134 249,827 (146,072)103,889 11,947 115,836
Shares, Outstanding, Ending Balance at Sep. 30, 20192,040,000 4,411,764 13,406,302
Beginning balance, value at Dec. 31, 2019 $ 48,868 $ 79,793 $ 141 256,259 (148,403)107,997 6,767 114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 20192,040,000 4,411,764 14,141,355
Series B Preferred stock accretion to redemption value $ 1,854 (1,854) (1,854) (1,854)
Net proceeds from common stock $ 6 10,808 10,814 10,814
Net proceeds from common stock, shares593,705
Stock based compensation 349 349 349
Restricted shares issued
Restricted shares issued, shares44,900
Redemption of partnership units $ 1 194 195 (195)
Redemption of partnership units, shares11,477
Reallocation of non-controlling interest (193) (193)193
Dividends and distributions (7,159) (7,159)(324)(7,483)
Net loss (4,027)(4,027)(245)(4,272)
Ending balance, value at Mar. 31, 2020 $ 48,868 $ 81,647 $ 148 258,404 (152,430)106,122 6,196 112,318
Shares, Outstanding, Ending Balance at Mar. 31, 20202,040,000 4,411,764 14,791,437
Beginning balance, value at Dec. 31, 2019 $ 48,868 $ 79,793 $ 141 256,259 (148,403)107,997 6,767 114,764
Shares, Outstanding, Beginning Balance at Dec. 31, 20192,040,000 4,411,764 14,141,355
Series B Preferred stock accretion to redemption value(5,562)
Net proceeds from common stock $ 127,839
Redemption of partnership units, shares198,236
Net loss $ (11,920)
Ending balance, value at Sep. 30, 2020 $ 48,868 $ 85,355 $ 247 364,560 (159,739)205,068 1,979 207,047
Shares, Outstanding, Ending Balance at Sep. 30, 20202,040,000 4,411,764 24,714,833
Beginning balance, value at Mar. 31, 2020 $ 48,868 $ 81,647 $ 148 258,404 (152,430)106,122 6,196 112,318
Shares, Outstanding, Beginning Balance at Mar. 31, 20202,040,000 4,411,764 14,791,437
Series B Preferred stock accretion to redemption value $ 1,854 (1,854) (1,854) (1,854)
Net proceeds from common stock $ 11 12,525 12,536 12,536
Net proceeds from common stock, shares1,060,300
Stock based compensation 383 383 383
Restricted shares issued
Redemption of partnership units 780 780 (780)
Redemption of partnership units, shares45,907
Reallocation of non-controlling interest 328 328 (328)
Dividends and distributions (4,792) (4,792)(164)(4,956)
Net loss (3,676)(3,676)(209)(3,885)
Ending balance, value at Jun. 30, 2020 $ 48,868 $ 83,501 $ 159 265,774 (156,106)109,827 4,715 114,542
Shares, Outstanding, Ending Balance at Jun. 30, 20202,040,000 4,411,764 15,897,644
Series B Preferred stock accretion to redemption value $ 1,854 (1,854) (1,854) (1,854)
Net proceeds from common stock $ 86 104,402 104,488 104,488
Net proceeds from common stock, shares8,625,000
Stock based compensation 324 324 324
Restricted shares issued
Restricted shares issued, shares51,337
Redemption of partnership units $ 2 2,392 2,394 (2,394)
Redemption of partnership units, shares140,852
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)
Ending balance, value at Sep. 30, 2020 $ 48,868 $ 85,355 $ 247 $ 364,560 $ (159,739) $ 205,068 $ 1,979 $ 207,047
Shares, Outstanding, Ending Balance at Sep. 30, 20202,040,000 4,411,764 24,714,833

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Operating activities
Net loss $ (11,920) $ (9,430)
   Adjustments to reconcile net loss to net cash provided by operating activities:
   Depreciation and amortization41,602 26,307
   Straight line rent adjustment(1,453)(778)
   Intangible amortization in rental revenue, net(1,435)(1,059)
   Amortization of debt related costs1,051 783
   Unrealized appreciation/(depreciation) of warrants103 181
   Impairment on real estate lease311
   Stock based compensation1,056 875
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 liabilities9,020 5,854
Net cash provided by operating activities30,773 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, net127,839 143,315
   Proceeds from issuance of secured debt96,000 63,115
   Repayment of secured debt(3,854)(63,503)
   Proceeds from line of credit facility41,500 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 activities121,548 99,736
Net increase in cash, cash held in escrow, and restricted cash7,245 21,840
Cash, cash held in escrow, and restricted cash at beginning of period22,398 14,961
Cash, cash held in escrow, and restricted cash at end of period29,643 36,801
Supplemental Cash Flow Disclosures:
   Cash paid for interest13,337 10,046
   Dividends declared included in dividends payable5,586 5,637
   Distribution payable to non-controlling interest holder135 393
   Series B accretion to redemption value5,562 5,701
   Fixed asset acquisitions included in accounts payable, accrued expenses and other liabilities423 647
   Deferred leasing costs included in accounts payable, accrued expenses and other liabilities182 33
   Assumption of mortgage notes $ 30,581

Nature of the Business and Basi

Nature of the Business and Basis of Presentation9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT,
Inc., (the “Company”, “we” or the “REIT”) is a Maryland corporation formed on March 7, 2011.
The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets
and conducts substantially all of its business through its operating partnership, Plymouth Industrial Operating Partnership, L.P.,
a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership,
controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership.
As of September 30, 2020, and December 31, 2019, the Company owned a 97.3 94.2 The Company is a full service,
vertically integrated, self-administered and self-managed organization. The Company focuses on the acquisition, ownership and
management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial
properties, primarily located in secondary and select primary markets across the U.S. As of September 30, 2020, the Company,
through its subsidiaries, owns 99
130
20.8 million

Summary of Significant Accounti

Summary of Significant Accounting Policies9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies The accounting policies
underlying the accompanying unaudited condensed consolidated financial statements are those set forth in the Company's audited
financial statements for the years ended December 31, 2019 and 2018. Additional information regarding the Company’s
significant accounting policies related to the accompanying interim financial statements is as follows: Basis of Presentation The Company’s interim
condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries.
The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting
principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed
consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly
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 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31,
2019 as filed with the United States Securities and Exchange Commission on February 27, 2020. Consolidation The Company’s
condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling
interests. Interests in the Operating Partnership held by unrelated 3rd parties are identified as the “Non-controlling interest”.
All intercompany accounts and transactions have been eliminated in consolidation for all periods presented. Risks and Uncertainties As a result of the ongoing
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. As such, our future operating results may be adversely impacted by
our tenants’ inability 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. 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. Use of Estimates The preparation of the condensed
consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant
estimates regarding the allocation of tangible and intangible assets for real estate acquisitions, impairments of long-lived assets and its common stock warrant liability. These estimates and assumptions are based on management’s
best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience
and other factors, including the 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Segments 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. Cash Equivalents and Restricted Cash The Company considers all
highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents
at September 30, 2020 and December 31, 2019. The Company maintains cash and restricted cash, which includes tenant security deposits
and cash collateral for its borrowings discussed in Note 5, 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, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk
of loss. 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
September 30, December 31,
2020 2019
Cash as presented on balance sheet $ 15,352 $ 10,465
Cash held in escrow as presented on balance sheet 10,026 9,453
Restricted cash as presented on balance sheet 4,265 2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,643 $ 22,398 Fair Value of Financial Instruments The Company applies various
valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the
use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available.
Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained
from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the
inputs that market participants would use in pricing the asset or liability and are developed based on the best information available
in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1— Quoted prices for identical
instruments in active markets. Level 2— Quoted prices for similar
instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived
valuations whose inputs are observable or whose significant value drivers are observable. Level 3— Significant inputs to the
valuation model are unobservable. The availability of observable
inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models
or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain
cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial
statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is
based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining
the fair value of warrants to purchase common stock in the amount of $ 396 293 Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Financial instruments include
cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other
current liabilities and 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 and the corresponding
estimate of fair value as of September 30, 2020 and December 31, 2019: Summary of
Significant Accounting Policies - Schedule of Fair Value of Debt Instruments
September 30, 2020 December 31, 2019
Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value
Secured debt $ 414,324 $ 432,141 $ 322,177 $ 319,376
Borrowings under line of credit — — 78,900 77,571
Total 414,324 $ 432,141 401,077 $ 396,947
Unamortized premium/(discount), net (4,032 ) (4,491 )
Unamortized debt issuance cost, net 711 872
Total carrying value $ 411,003 $ 397,458 Debt Issuance Costs Debt issuance costs other
than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in
the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated
statements of operations. Debt issuance costs amounted
to $ 7,233 6,718 3,201 2,227 891 1,133 Stock Based Compensation The Company grants stock-based
compensation awards to our employees and directors typically in the form of restricted shares of common stock. 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. Earnings (Loss) per Share The Company follows the
two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition
of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities
according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires
income available to common stockholders for the period to be allocated between common and participating securities based upon
their respective rights to receive dividends as if all income for the period had been distributed. 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. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data New Accounting Pronouncements 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. 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

Real Estate Properties9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]
Real Estate Properties3. Real Estate Properties Real estate properties consisted
of the following at September 30, 2020 and December 31, 2019: Real Estate Properties -
Schedule of Real Estate Properties
September 30, December 31,
2020 2019
Land $ 150,795 $ 127,439
Buildings, building improvements and tenant improvements 565,895 474,492
Site improvements 66,997 52,998
Construction in progress 2,738 859
786,425 655,788
Less accumulated depreciation (89,059 ) (63,877 )
Real estate properties $ 697,366 $ 591,911 Depreciation expense was
$ 8,607 5,655 25,182 16,052 Acquisition of Properties The Company made the following
acquisitions of properties during the nine months ended September 30, 2020: Real Estate Properties - Schedule of Real Estate Acquisitions
Location Date Square Properties Purchase Price (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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data 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
Total Purchase Price
Purchase price $ 139,068
Acquisition costs 1,430
Total $ 140,498
Allocation of Purchase Price
Land $ 23,355
Building 88,440
Site improvements 14,000
Total real estate properties 125,795
Deferred lease intangibles
Tenant relationships 3,079
Leasing commissions 2,610
Above market lease value 1,896
Below market lease value ( 2,784 )
Lease in place value 9,902
Net deferred lease intangibles 14,703
Total $ 140,498

Leases

Leases9 Months Ended
Sep. 30, 2020
Leases [Abstract]
Leases4. Leases As a Lessor 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
Future Minimum
2020 $ 20,858
2021 76,836
2022 65,098
2023 53,539
2024 42,768
Thereafter 80,797
Total minimum rental receipts $ 339,896 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. For the
nine months ended September 30, 2020 and 2019, 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Rental revenue is comprised
of the following: Leases - Schedule of Rental Revenue Components
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Income from leases $ 20,191 $ 13,810 $ 58,968 $ 38,279
Straight-line rent adjustments 492 297 1,453 778
Tenant recoveries 6,387 4,642 18,028 12,691
Amortization of above market leases (204 ) (164 ) (605 ) (483 )
Amortization of below market leases 652 538 2,040 1,542
Total $ 27,518 $ 19,123 $ 79,884 $ 52,807 Tenant recoveries included
within rental revenue for the three and nine months ending September 30, 2020 and 2019 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 September 30, 2020, the Company has entered into a small number of such COVID-19 related rent
deferral concessions and has elected not to treat such concessions as a modification of the respective lease. As a Lessee At September 30, 2020,
we have four, non-cancelable office space operating leases 3.9 10.1 6,426 8,235 3.9 8.8 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 The following table summarizes
the operating lease expense recognized during the three and nine months ended September 30, 2020 included in the Company’s
condensed consolidated statements of operations: Leases - Schedule of Lease Costs
Three Months Ended Nine Months Ended
September 30, September 30,
2020 2020
Operating lease expense included in general and administrative expense attributable to office leases $ 283 $ 791
Non-cash adjustment due to straight-line rent adjustments (154 ) (416 )
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 129 $ 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
for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases
September 30, December 31,
2020 2019
2020 $ 287 $ 453
2021 1,161 465
2022 1,184 474
2023 1,208 483
2024 1,217 479
Thereafter 4,441 108
Total undiscounted rental commitments $ 9,498 $ 2,462
Present value adjustment using incremental borrowing rate 1,263 321
Total lease liability $ 8,235 $ 2,141 As of September 30, 2020,
and December 31, 2019, the Company had no finance leases. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data

Borrowing Arrangements

Borrowing Arrangements9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements5. Borrowing Arrangements Secured Debt The following table sets forth
a summary of the Company’s secured debt outstanding at September 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Secured Debt Outstanding
Outstanding Balance at
September 30, December 31, Interest rate at Final Maturity Date
AIG Loan $ 117,723 $ 119,592 4.08% November 1, 2023
Transamerica Loan 73,278 74,214 4.35% August 1, 2028
Allianz Loan 63,115 63,115 4.07% April 10, 2026
Minnesota Life Loan 20,972 21,272 3.78% May 1, 2028
JPMorgan Chase Loan 13,498 13,661 5.23% January 1, 2027
Lincoln Life Mortgage 9,344 9,507 3.41% January 10, 2022
Ohio National Life Mortgage 20,394 20,816 4.14% August 1, 2024
KeyBank Term Loan (1) 81,000 — 2.41% (2) October 22, 2020
Nationwide Loan (3) 15,000 — 2.97% October 1, 2027
$ 414,324 $ 322,177
Unamortized debt issuance costs, net (4,032 ) (4,491 )
Unamortized premium/(discount), net 711 872
Secured debt, net $ 411,003 $ 318,558 _______________
(1) On January 22, 2020, the Operating
Partnership (the “KeyBank Term Loan Borrower”) entered into a credit agreement (the “KeyBank Term Loan”)
with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a term loan with
a total commitment of $ 100,000 October 22, 2020 bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime
rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary
property owners. 300
(2) The 1-month LIBOR rate as of September 30, 2020 was 0.15%.
(3) On September 2, 2020, a wholly-owned subsidiary of the
Operating Partnership entered into a loan agreement (the “Nationwide Loan”) in the amount of $ 15,000 2.97 Revolving Line of Credit Facility 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: Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding
Outstanding
Balance at
September 30, December 31, Interest rate at Final Maturity Date
Borrowings under line of credit (1)
$ — $ 78,900 2.41% (2) August 7, 2023 _______________
(1) On October 8, 2020, the Company replaced the revolving
line of credit with KeyBank with the new $ 300
(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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Financial Covenant Considerations The Company is in compliance
with all respective financial covenants for our secured debt and revolving line of credit facility as of September 30, 2020 and
December 31, 2019.

Common Stock

Common Stock9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Common Stock6. Common Stock Follow-on Offerings On August 28, 2020,
the Company completed a follow-on public offering of 8,625,000 1,125,000 12.85 104,488 ATM Program 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 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 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 50,000 During the nine months ended
September 30, 2020, the Company issued 1,654,005 14.40 23,350 Common Stock Warrants The Company has warrants
outstanding to acquire 349,537 16.46 A roll-forward of the warrants
is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants
Balance at January 1, 2020 $ 293
Change in fair value 103
Balance at September 30, 2020 $ 396 The warrants in the amount
of $ 396 16.46 40.1 0.80 1.7 0.13 293 18.96 18.1 1.50 2.5 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 and 2019. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Common Stock Dividends The following table sets forth
the common stock distributions that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Common Stock - Schedule of Common Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.37500 $ 5,546
Second quarter $ 0.20000 $ 3,179
Third quarter $ 0.20000 $ 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

Preferred Stock

Preferred Stock9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Preferred Stock7. Preferred Stock Series A Preferred Stock The table below sets forth
the Company’s outstanding Series A Preferred Stock issuance as of September 30, 2020: Preferred Stock - Schedule of
Series A Preferred Stock Outstanding
Preferred Stock Issuance Issuance Number Liquidation Value Dividend
7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 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 and the year
ended December 31, 2019: Preferred
Stock - Schedule of Series A Preferred Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.46875 $ 956
Second quarter $ 0.46875 $ 956
Third quarter $ 0.46875 $ 956
2019
First quarter $ 0.46875 $ 956
Second quarter $ 0.46875 $ 956
Third quarter $ 0.46875 $ 956
Fourth quarter $ 0.46875 $ 956 Series B Preferred Stock The table below sets forth
the Company’s outstanding Series B Convertible Redeemable Preferred Stock issuance as of September 30, 2020: Preferred Stock - Schedule of
Series B Preferred Stock Outstanding
Preferred Stock Issuance Issuance Number Liquidation Value Current
Series B Convertible Redeemable Preferred Stock 12/14/2018 4,411,764 $ 22.04 3.50% Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data The following table sets forth
the Series B preferred stock dividends that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Preferred Stock - Schedule of
Series B Preferred Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.14875 $ 657
Second quarter $ 0.14875 $ 657
Third quarter $ 0.14875 $ 657
2019
First quarter $ 0.13813 $ 610
Second quarter $ 0.13813 $ 610
Third quarter $ 0.13813 $ 610
Fourth quarter $ 0.13813 $ 610

Non-Controlling Interests

Non-Controlling Interests9 Months Ended
Sep. 30, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interests8. Non-Controlling Interests Operating Partnership Unit Acquisitions In connection with the acquisition
of the Shadeland Portfolio on August 11, 2017, the Company, through its Operating Partnership issued 421,438 19.00 8,007 626,011 17.00 10,642 198,236 198,236 172,153 172,153 The following table sets forth
the OP Unit distributions that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest
Cash Distributions Aggregate
2020
First quarter $ 0.37500 $ 324
Second quarter $ 0.20000 $ 164
Third quarter $ 0.20000 $ 135
2019
First quarter $ 0.37500 $ 393
Second quarter $ 0.37500 $ 393
Third quarter $ 0.37500 $ 393
Fourth quarter $ 0.37500 $ 328 The proportionate share of
the loss attributed to the OP Units was $ 130 308 584 1,341

Incentive Award Plan

Incentive Award Plan9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan9. Incentive Award Plan The following table is a summary
of the total restricted shares granted, forfeited and vested for the nine months ended September 30, 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity
Shares
Unvested restricted stock at January 1, 2020 162,184
Granted 101,540
Forfeited (5,303 )
Vested (67,140 )
Unvested restricted stock at September 30, 2020 191,281 Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data The Company recorded equity-based
compensation in the amount of $ 1,056 875 2,787 3.17

Earnings per Share

Earnings per Share9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share10. Earnings per Share Net loss per Common Share Basic and diluted net loss
per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share
Three months Ended September 30, Nine months Ended September 30,
2020 2019 2020 2019
Numerator
Net loss $ (3,763 ) $ (2,974 ) $ (11,920 ) $ (9,430 )
Less: loss attributable to non-controlling interest (130 ) (308 ) (584 ) (1,341 )
Net loss attributable to Plymouth Industrial REIT, Inc. (3,633 ) (2,666 ) (11,336 ) (8,089 )
Less: Preferred stock dividends 1,613 1,566 4,839 4,698
Less: Series B Preferred stock accretion to redemption value 1,854 1,900 5,562 5,701
Less: amount allocated to participating securities 38 62 144 177
Net loss attributable to common stockholders $ (7,138 ) $ (6,194 ) $ (21,881 ) $ (18,665 )
Denominator
Weighted-average common shares outstanding basic and diluted 19,631,443 9,081,180 16,232,420 6,847,950
Net loss per share attributable to common stockholders – basic and diluted $ (0.36 ) $ (0.68 ) $ (1.35 ) $ (2.73 ) 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 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
include 349,537 191,281

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies11. Commitments and Contingencies Employment Agreements 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. Legal Proceedings 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Contingent Liability 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 Events

Subsequent Events9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events12. Subsequent Events Subsequent to September
30, 2020, the United States continues to be severely impacted by the COVID-19 pandemic and by the economic effects of government
responses, such as “stay-at-home” and “phased-reopening” orders and continued restrictions on certain business
activities. Through the date 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. On October 8, 2020,
the Company entered into a new $ 300 unsecured credit facility, comprised of $200 million revolving credit facility and $100 million term loan. 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 an aggregate of $500 million, subject to certain conditions. The
new credit facility matures in October 2024 and has two, six-month extension options, subject to certain conditions, and the
new term loan matures in October 2025. bear
interest at LIBOR (at a floor of 0.30%) plus a margin between 145 to 200 basis points On October 23, 2020, the
Company formed a $ 150
20 80 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 million square feet 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 combination of equity and secured
financing.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The Company’s interim
condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries.
The interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting
principles ("GAAP"). All significant intercompany transactions have been eliminated in consolidation. These interim condensed
consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly
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 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31,
2019 as filed with the United States Securities and Exchange Commission on February 27, 2020.
ConsolidationConsolidation The Company’s
condensed consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling
interests. Interests in the Operating Partnership held by unrelated 3rd parties are identified as the “Non-controlling interest”.
All intercompany accounts and transactions have been eliminated in consolidation for all periods presented.
Risks and UncertaintiesRisks and Uncertainties As a result of the ongoing
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. As such, our future operating results may be adversely impacted by
our tenants’ inability 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. 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.
Use of EstimatesUse of Estimates The preparation of the condensed
consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant
estimates regarding the allocation of tangible and intangible assets for real estate acquisitions, impairments of long-lived assets and its common stock warrant liability. These estimates and assumptions are based on management’s
best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience
and other factors, including the 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. Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data
SegmentsSegments 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 ComponentsRevenue 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.
Cash Equivalents and Restricted CashCash Equivalents and Restricted Cash The Company considers all
highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents
at September 30, 2020 and December 31, 2019. The Company maintains cash and restricted cash, which includes tenant security deposits
and cash collateral for its borrowings discussed in Note 5, 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, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk
of loss. 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
September 30, December 31,
2020 2019
Cash as presented on balance sheet $ 15,352 $ 10,465
Cash held in escrow as presented on balance sheet 10,026 9,453
Restricted cash as presented on balance sheet 4,265 2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,643 $ 22,398
Fair Value of Financial InstrumentsFair Value of Financial Instruments The Company applies various
valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the
use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available.
Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained
from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the
inputs that market participants would use in pricing the asset or liability and are developed based on the best information available
in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1— Quoted prices for identical
instruments in active markets. Level 2— Quoted prices for similar
instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived
valuations whose inputs are observable or whose significant value drivers are observable. Level 3— Significant inputs to the
valuation model are unobservable. The availability of observable
inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models
or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain
cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial
statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is
based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining
the fair value of warrants to purchase common stock in the amount of $ 396 293 Plymouth Industrial REIT, Inc. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data Financial instruments include
cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other
current liabilities and 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 and the corresponding
estimate of fair value as of September 30, 2020 and December 31, 2019: Summary of
Significant Accounting Policies - Schedule of Fair Value of Debt Instruments
September 30, 2020 December 31, 2019
Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value
Secured debt $ 414,324 $ 432,141 $ 322,177 $ 319,376
Borrowings under line of credit — — 78,900 77,571
Total 414,324 $ 432,141 401,077 $ 396,947
Unamortized premium/(discount), net (4,032 ) (4,491 )
Unamortized debt issuance cost, net 711 872
Total carrying value $ 411,003 $ 397,458
Debt Issuance CostsDebt Issuance Costs Debt issuance costs other
than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in
the form of a debt discount. Amortization of this expense is included in interest expense in the condensed consolidated
statements of operations. Debt issuance costs amounted
to $ 7,233 6,718 3,201 2,227 891 1,133
Stock Based CompensationStock Based Compensation 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.
Earnings (Loss) per ShareEarnings (Loss) per Share The Company follows the
two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition
of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities
according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires
income available to common stockholders for the period to be allocated between common and participating securities based upon
their respective rights to receive dividends as if all income for the period had been distributed. 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. Notes to Condensed Consolidated Financial Statements Unaudited ( all dollar amounts in thousands, except share
and per share data
New Accounting PronouncementsNew Accounting Pronouncements 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. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted CashThe 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
September 30, December 31,
2020 2019
Cash as presented on balance sheet $ 15,352 $ 10,465
Cash held in escrow as presented on balance sheet 10,026 9,453
Restricted cash as presented on balance sheet 4,265 2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,643 $ 22,398
Summary of Significant Accounting Policies - Schedule of Fair Value of Debt InstrumentsThe following table summarizes
the aggregate principal outstanding under the Company’s secured debt and borrowings under line of credit and the corresponding
estimate of fair value as of September 30, 2020 and December 31, 2019: Summary of
Significant Accounting Policies - Schedule of Fair Value of Debt Instruments
September 30, 2020 December 31, 2019
Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value
Secured debt $ 414,324 $ 432,141 $ 322,177 $ 319,376
Borrowings under line of credit — — 78,900 77,571
Total 414,324 $ 432,141 401,077 $ 396,947
Unamortized premium/(discount), net (4,032 ) (4,491 )
Unamortized debt issuance cost, net 711 872
Total carrying value $ 411,003 $ 397,458

Real Estate Properties (Tables)

Real Estate Properties (Tables)9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]
Real Estate Properties - Schedule of Real Estate PropertiesReal estate properties consisted
of the following at September 30, 2020 and December 31, 2019: Real Estate Properties -
Schedule of Real Estate Properties
September 30, December 31,
2020 2019
Land $ 150,795 $ 127,439
Buildings, building improvements and tenant improvements 565,895 474,492
Site improvements 66,997 52,998
Construction in progress 2,738 859
786,425 655,788
Less accumulated depreciation (89,059 ) (63,877 )
Real estate properties $ 697,366 $ 591,911
Real Estate Properties - Schedule of Real Estate AcquisitionsThe Company made the following
acquisitions of properties during the nine months ended September 30, 2020: Real Estate Properties - Schedule of Real Estate Acquisitions
Location Date Square Properties Purchase Price (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.
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe 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
Total Purchase Price
Purchase price $ 139,068
Acquisition costs 1,430
Total $ 140,498
Allocation of Purchase Price
Land $ 23,355
Building 88,440
Site improvements 14,000
Total real estate properties 125,795
Deferred lease intangibles
Tenant relationships 3,079
Leasing commissions 2,610
Above market lease value 1,896
Below market lease value ( 2,784 )
Lease in place value 9,902
Net deferred lease intangibles 14,703
Total $ 140,498

Leases (Tables)

Leases (Tables)9 Months Ended
Sep. 30, 2020
Leases [Abstract]
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable LeasesAs 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
Future Minimum
2020 $ 20,858
2021 76,836
2022 65,098
2023 53,539
2024 42,768
Thereafter 80,797
Total minimum rental receipts $ 339,896
Leases - Schedule of Rental Revenue ComponentsRental revenue is comprised
of the following: Leases - Schedule of Rental Revenue Components
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Income from leases $ 20,191 $ 13,810 $ 58,968 $ 38,279
Straight-line rent adjustments 492 297 1,453 778
Tenant recoveries 6,387 4,642 18,028 12,691
Amortization of above market leases (204 ) (164 ) (605 ) (483 )
Amortization of below market leases 652 538 2,040 1,542
Total $ 27,518 $ 19,123 $ 79,884 $ 52,807
Leases - Schedule of Lease CostsThe following table summarizes
the operating lease expense recognized during the three and nine months ended September 30, 2020 included in the Company’s
condensed consolidated statements of operations: Leases - Schedule of Lease Costs
Three Months Ended Nine Months Ended
September 30, September 30,
2020 2020
Operating lease expense included in general and administrative expense attributable to office leases $ 283 $ 791
Non-cash adjustment due to straight-line rent adjustments (154 ) (416 )
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 129 $ 375
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable LeasesThe following table summarizes
the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability
for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases
September 30, December 31,
2020 2019
2020 $ 287 $ 453
2021 1,161 465
2022 1,184 474
2023 1,208 483
2024 1,217 479
Thereafter 4,441 108
Total undiscounted rental commitments $ 9,498 $ 2,462
Present value adjustment using incremental borrowing rate 1,263 321
Total lease liability $ 8,235 $ 2,141

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements - Schedule of Secured Debt OutstandingThe following table sets forth
a summary of the Company’s secured debt outstanding at September 30, 2020 and December 31, 2019: Borrowing Arrangements - Schedule of Secured Debt Outstanding
Outstanding Balance at
September 30, December 31, Interest rate at Final Maturity Date
AIG Loan $ 117,723 $ 119,592 4.08% November 1, 2023
Transamerica Loan 73,278 74,214 4.35% August 1, 2028
Allianz Loan 63,115 63,115 4.07% April 10, 2026
Minnesota Life Loan 20,972 21,272 3.78% May 1, 2028
JPMorgan Chase Loan 13,498 13,661 5.23% January 1, 2027
Lincoln Life Mortgage 9,344 9,507 3.41% January 10, 2022
Ohio National Life Mortgage 20,394 20,816 4.14% August 1, 2024
KeyBank Term Loan (1) 81,000 — 2.41% (2) October 22, 2020
Nationwide Loan (3) 15,000 — 2.97% October 1, 2027
$ 414,324 $ 322,177
Unamortized debt issuance costs, net (4,032 ) (4,491 )
Unamortized premium/(discount), net 711 872
Secured debt, net $ 411,003 $ 318,558 _______________
(1) On January 22, 2020, the Operating
Partnership (the “KeyBank Term Loan Borrower”) entered into a credit agreement (the “KeyBank Term Loan”)
with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a term loan with
a total commitment of $ 100,000 October 22, 2020 bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime
rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary
property owners. 300
(2) The 1-month LIBOR rate as of September 30, 2020 was 0.15%.
(3) On September 2, 2020, a wholly-owned subsidiary of the
Operating Partnership entered into a loan agreement (the “Nationwide Loan”) in the amount of $ 15,000 2.97
Borrowing Arrangements - Schedule of Line of Credit Borrowings OutstandingOn 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: Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding
Outstanding
Balance at
September 30, December 31, Interest rate at Final Maturity Date
Borrowings under line of credit (1)
$ — $ 78,900 2.41% (2) August 7, 2023 _______________
(1) On October 8, 2020, the Company replaced the revolving
line of credit with KeyBank with the new $ 300
(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.

Common Stock (Tables)

Common Stock (Tables)9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Common Stock - Schedule of Stockholders' Equity Note, WarrantsA roll-forward of the warrants
is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants
Balance at January 1, 2020 $ 293
Change in fair value 103
Balance at September 30, 2020 $ 396
Common Stock - Schedule of Common Stock Dividends DeclaredThe following table sets forth
the common stock distributions that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Common Stock - Schedule of Common Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.37500 $ 5,546
Second quarter $ 0.20000 $ 3,179
Third quarter $ 0.20000 $ 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

Preferred Stock (Tables)

Preferred Stock (Tables)9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Preferred Stock - Schedule of Series A Preferred Stock OutstandingThe table below sets forth
the Company’s outstanding Series A Preferred Stock issuance as of September 30, 2020: Preferred Stock - Schedule of
Series A Preferred Stock Outstanding
Preferred Stock Issuance Issuance Number Liquidation Value Dividend
7.5% Series A Preferred Stock 10/25/2017 2,040,000 $ 25.00 7.5%
Preferred Stock - Schedule of Series A Preferred Stock Dividends DeclaredThe following table sets forth
the 7.5% Series A preferred stock distributions that were declared during the nine months ended September 30, 2020 and the year
ended December 31, 2019: Preferred
Stock - Schedule of Series A Preferred Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.46875 $ 956
Second quarter $ 0.46875 $ 956
Third quarter $ 0.46875 $ 956
2019
First quarter $ 0.46875 $ 956
Second quarter $ 0.46875 $ 956
Third quarter $ 0.46875 $ 956
Fourth quarter $ 0.46875 $ 956
Preferred Stock - Schedule of Series B Preferred Stock OutstandingThe table below sets forth
the Company’s outstanding Series B Convertible Redeemable Preferred Stock issuance as of September 30, 2020: Preferred Stock - Schedule of
Series B Preferred Stock Outstanding
Preferred Stock Issuance Issuance Number Liquidation Value Current
Series B Convertible Redeemable Preferred Stock 12/14/2018 4,411,764 $ 22.04 3.50%
Preferred Stock - Schedule of Series B Preferred Stock Dividends DeclaredThe following table sets forth
the Series B preferred stock dividends that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Preferred Stock - Schedule of
Series B Preferred Stock Dividends Declared
Cash Dividends Aggregate
2020
First quarter $ 0.14875 $ 657
Second quarter $ 0.14875 $ 657
Third quarter $ 0.14875 $ 657
2019
First quarter $ 0.13813 $ 610
Second quarter $ 0.13813 $ 610
Third quarter $ 0.13813 $ 610
Fourth quarter $ 0.13813 $ 610

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)9 Months Ended
Sep. 30, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interest - Schedule of Redeemable Non-Controlling InterestThe following table sets forth
the OP Unit distributions that were declared during the nine months ended September 30, 2020 and the year ended December 31,
2019: Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest
Cash Distributions Aggregate
2020
First quarter $ 0.37500 $ 324
Second quarter $ 0.20000 $ 164
Third quarter $ 0.20000 $ 135
2019
First quarter $ 0.37500 $ 393
Second quarter $ 0.37500 $ 393
Third quarter $ 0.37500 $ 393
Fourth quarter $ 0.37500 $ 328

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares ActivityThe following table is a summary
of the total restricted shares granted, forfeited and vested for the nine months ended September 30, 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity
Shares
Unvested restricted stock at January 1, 2020 162,184
Granted 101,540
Forfeited (5,303 )
Vested (67,140 )
Unvested restricted stock at September 30, 2020 191,281

Earnings per Share (Tables)

Earnings per Share (Tables)9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share - Schedule of Earnings per ShareBasic and diluted net loss
per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share
Three months Ended September 30, Nine months Ended September 30,
2020 2019 2020 2019
Numerator
Net loss $ (3,763 ) $ (2,974 ) $ (11,920 ) $ (9,430 )
Less: loss attributable to non-controlling interest (130 ) (308 ) (584 ) (1,341 )
Net loss attributable to Plymouth Industrial REIT, Inc. (3,633 ) (2,666 ) (11,336 ) (8,089 )
Less: Preferred stock dividends 1,613 1,566 4,839 4,698
Less: Series B Preferred stock accretion to redemption value 1,854 1,900 5,562 5,701
Less: amount allocated to participating securities 38 62 144 177
Net loss attributable to common stockholders $ (7,138 ) $ (6,194 ) $ (21,881 ) $ (18,665 )
Denominator
Weighted-average common shares outstanding basic and diluted 19,631,443 9,081,180 16,232,420 6,847,950
Net loss per share attributable to common stockholders – basic and diluted $ (0.36 ) $ (0.68 ) $ (1.35 ) $ (2.73 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details Narrative)9 Months Ended12 Months Ended
Sep. 30, 2020ft²NumberDec. 31, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of Real Estate Properties99
Number of Units in Real Estate Property130
Industrial properties acquired, approximate square feet | ft²20,800,000
Plymouth Industrial Operating Partners, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership equity interest in Operating Partnership97.30%94.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019Sep. 30, 2019Dec. 31, 2018
Accounting Policies [Abstract]
Cash as presented on balance sheet $ 15,352 $ 10,465
Cash held in escrow as presented on balance sheet10,026 9,453
Restricted cash as presented on balance sheet4,265 2,480
Cash and cash held in escrow and restricted cash as presented on cash flow statement $ 29,643 $ 22,398 $ 36,801 $ 14,961

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Secured debt $ 414,324 $ 322,177
Fair value of secured debt432,141 319,376
Borrowings under line of credit 78,900
Fair value of borrowings under line of credit 77,571
   Total414,324 401,077
Fair value of debt432,141 396,947
    Unamortized premium/(discount), net(4,032)(4,491)
    Unamortized debt issuance cost, net711 872
Total carrying value $ 411,003 $ 397,458

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Class of Warrant or Right [Line Items]
Debt Issuance Costs, Net $ 7,233 $ 6,718
Accumulated Amortization, Debt Issuance Costs3,201 2,227
Revolving Credit Facility [Member]
Class of Warrant or Right [Line Items]
Unamortized Debt Issuance Expense891 1,133
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Class of Warrant or Right [Line Items]
Fair value of warrants $ 396 $ 293

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Real Estate [Abstract]
Land $ 150,795 $ 127,439
Buildings, building improvements and tenant improvements565,895 474,492
Site improvements66,997 52,998
Construction in progress2,738 859
Real estate properties at cost786,425 655,788
Less accumulated depreciation(89,059)(63,877)
Real estate properties $ 697,366 $ 591,911

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands9 Months Ended
Sep. 30, 2020USD ($)ft²Number
Square feet | ft²20,800,000
Properties | Number99
Chicago, IL
Date acquiredJan. 24,
2020
Square feet | ft²465,940
Properties | Number1
Purchase price | $ $ 18,650 [1]
Indianapolis, IN
Date acquiredJan. 27,
2020
Square feet | ft²276,240
Properties | Number1
Purchase price | $ $ 8,800 [1]
Atlanta/Savannah, GA
Date acquiredJan. 28,
2020
Square feet | ft²924,036
Properties | Number5
Purchase price | $ $ 34,700 [1]
Avon, OH
Date acquiredFeb. 14,
2020
Square feet | ft²406,863
Properties | Number3
Purchase price | $ $ 15,750 [1]
Atlanta, GA
Date acquiredMar. 13,
2020
Square feet | ft²117,000
Properties | Number1
Purchase price | $ $ 10,056 [1]
St. Louis, MO
Date acquiredSep. 2,
2020
Square feet | ft²487,150
Properties | Number1
Purchase price | $ $ 27,000 [1]
St. Louis, MO #2
Date acquiredSep. 3,
2020
Square feet | ft²79,258
Properties | Number1
Purchase price | $ $ 3,712 [1]
Jacksonville, FL
Date acquiredSep. 10,
2020
Square feet | ft²288,750
Properties | Number1
Purchase price | $ $ 20,400 [1]
Real Estate Property Acquired
Square feet | ft²3,045,237
Properties | Number14
Purchase price | $ $ 139,068 [1]
[1]Purchase price does not include capitalized acquisition costs.

Real Estate Properties - Sche_3

Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in ThousandsSep. 30, 2020USD ($)
Total Purchase Price
Purchase price $ 139,068
Acquisition costs1,430
Total140,498
Allocation of Purchase Price
Land23,355
Building88,440
Site improvements14,000
Total real estate properties125,795
Deferred lease intangibles
Net deferred lease intangibles14,703
Total140,498
Customer Relationships [Member]
Deferred lease intangibles
Net deferred lease intangibles3,079
Leasing Commissions
Deferred lease intangibles
Net deferred lease intangibles2,610
Above Market Leases [Member]
Deferred lease intangibles
Net deferred lease intangibles1,896
Below Market Lease Value
Deferred lease intangibles
Net deferred lease intangibles2,784
Leases, Acquired-in-Place [Member]
Deferred lease intangibles
Net deferred lease intangibles $ 9,902

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Real Estate [Abstract]
Depreciation $ 8,607 $ 5,655 $ 25,182 $ 16,052

Leases - Schedule of Lessor Fut

Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in ThousandsSep. 30, 2020USD ($)
Leases [Abstract]
2020 $ 20,858
202176,836
202265,098
202353,539
202442,768
Thereafter80,797
Total minimum rental receipts $ 339,896

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Leases [Abstract]
Income from leases $ 20,191 $ 13,810 $ 58,968 $ 38,279
Straight-line rent adjustments492 297 1,453 778
Tenant recoveries6,387 4,642 18,028 12,691
Amortization of above market leases(204)(164)(605)(483)
Amortization of below market leases652 538 2,040 1,542
Total $ 27,518 $ 19,123 $ 79,884 $ 52,807

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2020
Leases [Abstract]
Operating lease expense included in general and administrative expense attributable to office leases $ 283 $ 791
Non-cash adjustment due to straight-line rent adjustments(154)(416)
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 129 $ 375

Leases - Schedule of Lessee Fut

Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Leases [Abstract]
2020 $ 287 $ 453
20211,161 465
20221,184 474
20231,208 483
20241,217 479
Thereafter4,441 108
Total undiscounted rental commitments9,498 2,462
Present value adjustment using incremental borrowing rate1,263 321
Total lease liability $ 8,235 $ 2,141

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Lessee, Operating Lease, Descriptionfour, non-cancelable office space operating leases
Operating Lease, Right-of-Use Asset $ 6,426
Operating Lease, Liability $ 8,235 $ 2,141
Operating Lease, Weighted Average Discount Rate, Percent3.90%
Operating Lease, Weighted Average Remaining Lease Term8 years 9 months 18 days
Asset impairment charge $ 311
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term3 years 10 months 24 days
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term10 years 1 month 6 days

Borrowing Arrangements - Schedu

Borrowing Arrangements - Schedule of Secured Debt Outstanding (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Debt Instrument [Line Items]
Secured debt $ 411,003 $ 318,558
Unamortized debt issuance costs, net(711)(872)
Unamortized premium/(discount), net(4,032)(4,491)
Secured Debt [Member]
Debt Instrument [Line Items]
Secured debt414,324 322,177
Unamortized debt issuance costs, net(4,032)(4,491)
Unamortized premium/(discount), net711 872
Secured Debt [Member] | Nationwide Loan
Debt Instrument [Line Items]
Secured debt[1] $ 15,000
Interest rate[1]2.97%
Maturity dateOct. 1,
2027
Secured Debt [Member] | KeyBank Term Loan
Debt Instrument [Line Items]
Secured debt[2] $ 81,000 0
Interest rate[2],[3]2.41%
Maturity date[2]Oct. 22,
2020
Secured Debt [Member] | Ohio National Life Mortgage
Debt Instrument [Line Items]
Secured debt $ 20,394 20,816
Interest rate4.14%
Maturity dateAug. 1,
2024
Secured Debt [Member] | Lincoln Life Mortgage
Debt Instrument [Line Items]
Secured debt $ 9,344 9,507
Interest rate3.41%
Maturity dateJan. 10,
2022
Secured Debt [Member] | JP Morgan Chase Loan
Debt Instrument [Line Items]
Secured debt $ 13,498 13,661
Interest rate5.23%
Maturity dateJan. 1,
2027
Secured Debt [Member] | Minnesota Life Loan
Debt Instrument [Line Items]
Secured debt $ 20,972 21,272
Interest rate3.78%
Maturity dateMay 1,
2028
Secured Debt [Member] | Allianz Loan
Debt Instrument [Line Items]
Secured debt $ 63,115 63,115
Interest rate4.07%
Maturity dateApr. 10,
2026
Secured Debt [Member] | Transamerica Loan
Debt Instrument [Line Items]
Secured debt $ 73,278 74,214
Interest rate4.35%
Maturity dateAug. 1,
2028
Secured Debt [Member] | AIG Loan
Debt Instrument [Line Items]
Secured debt $ 117,723 $ 119,592
Interest rate4.08%
Maturity dateNov. 1,
2023
[1]On September 2, 2020, a wholly-owned subsidiary of the
Operating Partnership entered into a loan agreement (the “Nationwide Loan”) in the amount of $ 15,000 2.97
[2]On January 22, 2020, the Operating
Partnership (the “KeyBank Term Loan Borrower”) entered into a credit agreement (the “KeyBank Term Loan”)
with KeyBank National Association (“KeyBank”) to provide the KeyBank Term Loan Borrower with a term loan with
a total commitment of $ 100,000 October 22, 2020 bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime
rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, 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. secured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary
property owners. 300
[3]The 1-month LIBOR rate as of September 30, 2020 was 0.15%.

Borrowing Arrangements - Sche_2

Borrowing Arrangements - Schedule of Line of Credit Borrowings Outstanding (Details) - USD ($) $ in Thousands1 Months Ended9 Months Ended
Jan. 22, 2020Sep. 30, 2020Oct. 08, 2020Dec. 31, 2019
Line of Credit Facility [Line Items]
Line of credit $ 78,900
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit[1] $ 78,900
Interest rate[1],[2]2.41%
Line of credit maturity dateOct. 22,
2020
Aug. 7,
2023
[1]
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of credit $ 300,000
[1]On October 8, 2020, the Company replaced the revolving
line of credit with KeyBank with the new $ 300
[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.

Borrowing Arrangements (Details

Borrowing Arrangements (Details Narrative) - USD ($) $ in ThousandsOct. 08, 2020Jan. 22, 2020Sep. 30, 2020Dec. 31, 2019
Line of Credit Facility [Line Items]
Line of credit $ 78,900
Secured debt411,003 318,558
Secured Debt [Member]
Line of Credit Facility [Line Items]
Secured debt414,324 322,177
Secured Debt [Member] | Nationwide Loan
Line of Credit Facility [Line Items]
Secured debt[1] $ 15,000
Interest rate[1]2.97%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing $ 100,000
Line of credit facility, interest rate descriptionbear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime
rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, 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.
Line of credit facility, collateralsecured by the equity interests of certain of the KeyBank Term Loan Borrower’s wholly-owned subsidiary
property owners.
Line of credit[2] $ 78,900
Variable rate basis1-month LIBOR rate as of September 30, 2020 was 0.15%.
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate descriptionbear
interest at LIBOR (at a floor of 0.30%) plus a margin between 145 to 200 basis points
Line of credit $ 300,000
[1]On September 2, 2020, a wholly-owned subsidiary of the
Operating Partnership entered into a loan agreement (the “Nationwide Loan”) in the amount of $ 15,000 2.97
[2]On October 8, 2020, the Company replaced the revolving
line of credit with KeyBank with the new $ 300

Common Stock - Schedule of Stoc

Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) shares in Thousands, $ in Thousands9 Months Ended
Sep. 30, 2020USD ($)shares
Equity [Abstract]
Balance at January 1, 2020293
Change in fair value | $ $ 103
Balance at September 30, 2020396

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Equity [Abstract]
Cash dividends declared, per share $ 0.20000 $ 0.20000 $ 0.37500 $ 0.37500 $ 0.37500 $ 0.37500 $ 0.37500
Common stock dividends declared, aggregate amount $ 4,943 $ 3,179 $ 5,546 $ 5,303 $ 5,027 $ 3,257 $ 1,923

Preferred Stock - Schedule of S

Preferred Stock - Schedule of Series A Preferred Stock Outstanding (Details) - Series A Preferred Stock [Member] - $ / shares9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock issued, issuance date10/25/2017
Preferred stock, shares issued2,040,000 2,040,000
Liquidation value per share $ 25
Dividend rate7.50%

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share $ 0.46875 $ 0.46875 $ 0.46875 $ 0.46875 $ 0.46875 $ 0.46875 $ 0.46875
Preferred stock dividends declared, aggregate amount $ 956 $ 956 $ 956 $ 956 $ 956 $ 956 $ 956

Preferred Stock - Schedule of_3

Preferred Stock - Schedule of Series B Preferred Stock Outstanding (Details) - Series B Preferred Stock [Member] - $ / shares9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock issued, issuance date12/14/2018
Preferred stock, shares issued4,411,764 4,411,764
Liquidation value per share $ 22.04
Dividend rate3.50%

Preferred Stock - Schedule of_4

Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Class of Stock [Line Items]
Preferred stock cash dividends declared, per share $ 0.14875 $ 0.14875 $ 0.14875 $ 0.13813 $ 0.13813 $ 0.13813 $ 0.13813
Preferred stock dividends declared, aggregate amount $ 657 $ 657 $ 657 $ 610 $ 610 $ 610 $ 610

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands9 Months Ended12 Months Ended
Sep. 30, 2020Dec. 31, 2019Feb. 27, 2020Aug. 24, 2018Jul. 30, 2018
Subsidiary, Sale of Stock [Line Items]
Cmmon stock, shares issued24,714,833 14,141,355
Warrants outstanding396,000 293,000
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding349,537
Exercise price of warrants $ 16.46
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants $ 16.46 $ 18.96
Warrants Not Settleable in Cash, Fair Value Disclosure $ 396 $ 293
Volatility rate40.10%18.10%
Expected annual dividend $ 0.80 $ 1.50
Expected term1 year 8 months 12 days2 years 6 months
Risk-free interest rate0.13%1.60%
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock issued8,625,000
Cmmon stock, shares issued1,125,000
Sale of stock, price per share $ 12.85
Net proceeds from IPO $ 104,488
At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Common stock issued1,654,005
Available for issue under the ATM program $ 500,000
Weighted average share price $ 14.40
Proceeds from sale of shares, net $ 23,350
Prior At-The-Market Equity Offering Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program $ 50,000
Common shares issued, value $ 50,000
100 Million ATM Program
Subsidiary, Sale of Stock [Line Items]
Available for issue under the ATM program $ 100,000

Non-Controlling Interest - Sche

Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Noncontrolling Interest [Abstract]
Cash distribution declared per OP unit $ 0.20000 $ 0.20000 $ 0.37500 $ 0.37500 $ 0.37500 $ 0.37500 $ 0.37500
Aggregate amount $ 135 $ 164 $ 324 $ 328 $ 393 $ 393 $ 393

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Narrative) - USD ($) $ / shares in Units, $ in ThousandsOct. 15, 2018Aug. 11, 2017Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Issuance of partnership units
Redemption of partnership units, shares198,236 172,153
Common stock issued as a result of redemption of partnership units198,236 172,153
Loss attributed to non-controlling interest $ 130 $ 308 $ 584 $ 1,341
Shadeland Portfolio
Issuance of operating partnership units421,438
Issuance of operating partnership units, price per unit $ 19
Issuance of partnership units $ 8,007
Cincinnati, OH/Class B Industrial Properties
Issuance of operating partnership units626,011
Issuance of operating partnership units, price per unit $ 17
Issuance of partnership units $ 10,642

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity (Details) shares in Thousands9 Months Ended
Sep. 30, 2020shares
Share-based Payment Arrangement [Abstract]
Unvested restricted stock at January 1, 2020162,184
    Granted101,540
    Forfeited(5,303)
    Vested(67,140)
Unvested restricted stock at September 30, 2020191,281

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-based compensation expense $ 1,056 $ 875
Unrecognized compensation expense $ 2,787
Weighted average period for recognition3 years 2 months 1 day

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Sep. 30, 2020Sep. 30, 2019
Numerator
Net loss $ (3,763) $ (3,885) $ (4,272) $ (2,974) $ (2,857) $ (3,599) $ (11,920) $ (9,430)
Less: loss attributable to non-controlling interest(130)(308)(584)(1,341)
Net loss attributable to Plymouth Industrial REIT, Inc.(3,633)(2,666)(11,336)(8,089)
Less: Preferred stock dividends1,613 1,566 4,839 4,698
Less: Series B Preferred stock accretion to redemption value1,854 $ 1,854 $ 1,854 1,900 $ 1,901 $ 1,900 5,562 5,701
Less: amount allocated to participating securities38 62 144 177
Net loss attributable to common stockholders $ (7,138) $ (6,194) $ (21,881) $ (18,665)
Denominator
Weighted-average common shares outstanding basic and diluted19,631,443 9,081,180 16,232,420 6,847,950
Net loss per share attributable to common stockholders – basic and diluted $ (0.36) $ (0.68) $ (1.35) $ (2.73)

Earnings per Share (Details Nar

Earnings per Share (Details Narrative)9 Months Ended
Sep. 30, 2020shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities349,537
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities191,281

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Employment agreementsAs 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.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in ThousandsOct. 08, 2020Oct. 23, 2020Jan. 22, 2020Sep. 30, 2020Dec. 31, 2019
Subsequent Event [Line Items]
Long-term Line of Credit $ 78,900
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Long-term Line of Credit[1] $ 78,900
Line of Credit Facility, Interest Rate Descriptionbear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime
rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, 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.
Subsequent Event [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Subsequent Event [Line Items]
Equity Method Investments $ 150,000
Equity Method Investment, Description of Principal ActivitiesFor 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 million square feet 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 combination of equity and secured
financing.
Subsequent Event [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Plymouth Industrial
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage20.00%
Subsequent Event [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Madison International Realty
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage80.00%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Long-term Line of Credit $ 300,000
Unsecured credit facility breakdown, descriptionunsecured credit facility, comprised of $200 million revolving credit facility and $100 million term loan.
Accordian feature enabling increase of borrowing capacity, descriptionThe
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 an aggregate of $500 million, subject to certain conditions.
Credit facility maturity date, descriptionThe
new credit facility matures in October 2024 and has two, six-month extension options, subject to certain conditions, and the
new term loan matures in October 2025.
Line of Credit Facility, Interest Rate Descriptionbear
interest at LIBOR (at a floor of 0.30%) plus a margin between 145 to 200 basis points
[1]On October 8, 2020, the Company replaced the revolving
line of credit with KeyBank with the new $ 300