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Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the "Agents"), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an "at-the-market equity offering programs (the "ATM program"). 1 1 1 72 1 1 7 6 73785 485000 295693 14900000 129000 566281 1071129 591695 0 0 112000 293000 112000 293000 6232000 6722000 1754000 2011000 4478000 2737000 2312000 367000 1011000 90000 330000 1064000 82000 1005000 4711000 62000 944000 92628000 110287000 325933000 412300000 779000 1273000 33270000 41534000 17658000 83066000 8264000 108988000 2458000 2249000 11997000 14945000 204000 1963000 11817000 16052000 120000000 120000000 21500000 21500000 0.0408 0.0408 0.0378 0.0435 0.05229 0.0378 0.0435 0.05229 0.0407 0.0341 0.0414 2023-10-31 2023-10-31 2028-05-01 2028-08-01 2027-01-01 2028-05-01 2028-08-01 2027-01-01 2026-04-10 2022-01-31 2024-08-31 Monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period. Monthly payments of interest only for the first three years of the term and thereafter monthly principal and interest payments based on a 27-year amortization period. Monthly payments of interest only for the first year of the term and thereafter monthly principal and interest payments based on a 30-year amortization period. Monthly interest-only payments through August 2019 and thereafter the Transamerica Loan requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Transamerica Loan at any time following the first twelve full calendar months of the Transamerica Loan's term, subject to paying a premium equal to the greater of (a) 1% of the prepayment amount and (b) the "Yield Protection Amount," as defined in the Notes. Monthly installments of principal plus accrued interest based on a 30-year amortization. Monthly payments of interest only for the first year of the term and thereafter monthly principal and interest payments based on a 30-year amortization period. Monthly interest-only payments through August 2019 and thereafter equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The Borrowers may repay the Transamerica Loan at any time following the first twelve full calendar months of the Transamerica Loan's term, subject to paying a premium equal to the greater of (a) 1% of the prepayment amount and (b) the "Yield Protection Amount," as defined in the Notes. Monthly installments of principal plus accrued interest based on a 30-year amortization. Requires the borrowers to make monthly interest-only payments through April 2022 and thereafter the Note requires equal monthly installments of principal plus accrued interest based on a 30-year amortization period. The borrowers may repay the Allianz Loan at any time, subject to paying a premium equal to the greater of (i) one percent (1%) of the amount of the Principal Indebtedness being prepaid and (ii) the difference between (A) the present value at the time of prepayment of the remaining scheduled monthly payments plus the present value at the time of prepayment of the final installment of principal and interest due on the Maturity Date, both discounted on a monthly basis at the Index Rate (as defined in the Note), and (B) the unpaid principal balance of the Note at the time of prepayment, but not less than zero. Requires monthly installments of principal plus accrued interest based on a 30-year amortization. Requires monthly installments of principal plus accrued interest based on a 25-year amortization. Secured by first lien mortgages on the properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC. Secured by first lien mortgages on the properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC. Secured by first lien mortgages on seven on the Company's properties. Secured by the property. Secured by first lien mortgages on seven on the Company's properties. Secured by the property. Secured by the property. Secured by the properties. The negative covenants include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements. The AIG Loan contains financial covenants that require minimum liquidity and Net Worth. The negative covenants include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements. The AIG Loan contains financial covenants that require minimum liquidity and Net Worth. Contains customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. Contain customary events of default, including non-payment of principal or interest and bankruptcy. Any default under the Transamerica Loan or any Note will constitute a default under each of the other Notes. Each Borrower has guaranteed the payment obligations of all the other Borrowers under the Notes. Contains customary events of default, including non-payment of principal or interest and bankruptcy and certain trigger events to occur upon the Debt Service Coverage Ratio going below certain thresholds as defined within the loan agreement. Contains customary affirmative and negative covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. Contain customary events of default, including non-payment of principal or interest and bankruptcy. Any default under the Transamerica Loan or any Note will constitute a default under each of the other Notes. Each Borrower has guaranteed the payment obligations of all the other Borrowers under the Notes. Contains customary events of default, including non-payment of principal or interest and bankruptcy and certain trigger events to occur upon the Debt Service Coverage Ratio going below certain thresholds as defined within the loan agreement. Contains customary events of default, including non-payment of principal or interest and bankruptcy and certain trigger events to occur upon the Debt Service Coverage Ratio going below certain thresholds as defined within the loan agreement. Contains certain financial covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019. Contains certain financial covenants, customary events of default, including non-payment of principal or interest and bankruptcy. The borrower is in compliance with all covenants at September 30, 2019. 78000000 78000000 63115000 117263000 117688000 21133000 73609000 13783000 21041000 73455000 13634000 62110000 9622000 21898000 2023-08-31 Bears interest at either (1) the base rate (determined from 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 200 and 250 basis points depending on our total leverage ratio. Secured by certain assets of the Company's operating partnership and certain of its subsidiaries and includes a Company's guarantee for the payment of all indebtedness under the Line of Credit Agreement. Contains customary affirmative and negative and financial covenants, including limitations with respect to indebtedness, liens, investments, distributions, mergers and transactions with affiliates as outlined within the Line of Credit Agreement. 63115000 21.06 18.98 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 1923000 1334000 1334000 1807000 1808000 3257000 5027000 0.200 0.181 1.50 1.50 P3Y6M P2Y9M 0.0247 0.0156 602000 875000 2605000 303029 163762 As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $200 to $300 annually with discretionary cash performance awards. 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Management makes significant estimates regarding the allocation of tangible and intangible assets or business acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrant liability. These estimates and assumptions are based on management&#8217;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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Risks and Uncertainties</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The state of the overall economy can significantly impact the Company&#8217;s operational performance and thus impact its financial position.&#160;&#160;Should the Company experience a significant decline in operational performance, it may affect the Company&#8217;s ability to make distributions to its stockholders, service debt, or meet other financial obligations.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; background-color: white"><b><i>Segments</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company has one reportable segment&#8211;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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Stock Based Compensation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Comprehensive Loss</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Comprehensive loss includes net loss as well as other changes in equity (deficit) that result from transactions and economic events other than those with members. There was no difference between net loss and comprehensive loss for the periods ended September 30, 2019 and 2018.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Derivative Instrument</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company uses an interest rate cap as a derivative instrument to manage interest rate risk and is recognized on the balance sheet at fair value. 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With two six-month extensions through August 2024. With the ability to increase up to $200,000, subject to certain conditions. 1,194,032 shares were sold in the quarter ended September 30, 2019.