0001515816 2018-01-01 2018-12-31 0001515816 2019-06-30 0001515816 2018-12-31 0001515816 2017-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2017-12-31 0001515816 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001515816 us-gaap:CommonStockMember 2017-12-31 0001515816 us-gaap:CommonStockMember 2018-12-31 0001515816 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001515816 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001515816 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001515816 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001515816 us-gaap:RetainedEarningsMember 2017-12-31 0001515816 us-gaap:RetainedEarningsMember 2018-12-31 0001515816 us-gaap:ParentMember 2018-01-01 2018-12-31 0001515816 us-gaap:ParentMember 2017-12-31 0001515816 us-gaap:ParentMember 2018-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2017-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2018-12-31 0001515816 2020-02-25 0001515816 us-gaap:SeriesBPreferredStockMember 2018-12-31 0001515816 us-gaap:SeriesBPreferredStockMember 2019-12-31 0001515816 plym:PreferredStockSeriesAMember 2018-01-01 2018-12-31 0001515816 plym:PreferredStockSeriesAMember 2017-12-31 0001515816 plym:PreferredStockSeriesAMember 2018-12-31 0001515816 plym:PreferredStockSeriesBMember 2018-01-01 2018-12-31 0001515816 plym:PreferredStockSeriesBMember 2018-12-31 0001515816 us-gaap:IPOMember 2018-07-01 2018-07-31 0001515816 us-gaap:BuildingMember srt:MinimumMember 2019-01-01 2019-12-31 0001515816 us-gaap:BuildingMember srt:MaximumMember 2019-01-01 2019-12-31 0001515816 us-gaap:BuildingImprovementsMember srt:MinimumMember 2019-01-01 2019-12-31 0001515816 us-gaap:BuildingImprovementsMember srt:MaximumMember 2019-01-01 2019-12-31 0001515816 us-gaap:CustomerRelationshipsMember 2018-12-31 0001515816 plym:LeasingCommissionMember 2018-12-31 0001515816 us-gaap:LeasesAcquiredInPlaceMember 2018-12-31 0001515816 us-gaap:AboveMarketLeasesMember 2018-12-31 0001515816 us-gaap:AboveMarketLeasesMember 2019-12-31 0001515816 us-gaap:CustomerRelationshipsMember 2019-12-31 0001515816 plym:LeasingCommissionMember 2019-12-31 0001515816 us-gaap:LeasesAcquiredInPlaceMember 2019-12-31 0001515816 plym:ClassbIndustrialPropertiesShadelandMember 2017-01-01 2017-12-31 0001515816 plym:ClassbIndustrialPropertiesShadelandMember 2017-12-31 0001515816 plym:CincinnatiOhioClassBindustrialPropertyMember 2018-01-01 2018-12-31 0001515816 plym:CincinnatiOhioClassBindustrialPropertyMember 2018-12-31 0001515816 plym:MilwaukeeWiPropertyMember 2018-01-01 2018-12-31 0001515816 plym:MilwaukeeWiPropertyMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigAssetManagementMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigAssetManagementMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigAssetManagementMember 2016-01-01 2016-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigAssetManagementMember 2016-12-31 0001515816 us-gaap:SecuredDebtMember plym:MwgPortfolioMember 2018-01-01 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:MinnesotaLifeLoanMember 2018-01-01 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:MinnesotaLifeLoanMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:KeyBankTermLoanMember 2018-01-01 2018-12-31 0001515816 plym:KeyBankNationalAssociationMember 2018-01-01 2018-12-31 0001515816 plym:KeyBankNationalAssociationMember 2018-12-31 0001515816 plym:KeyBankNationalAssociationMember 2019-01-01 2019-12-31 0001515816 plym:KeyBankNationalAssociationMember 2019-12-31 0001515816 plym:CommercialMortgageLoanMember plym:TransamericaLifeInsuranceCompanyMember 2018-01-01 2018-12-31 0001515816 plym:CommercialMortgageLoanMember plym:TransamericaLifeInsuranceCompanyMember 2018-12-31 0001515816 plym:FisherParkMortgageMember 2018-01-01 2018-12-31 0001515816 plym:FisherParkMortgageMember 2018-12-31 0001515816 plym:KeyBankBridgeLoanMember 2019-01-01 2019-12-31 0001515816 plym:MezzanineLoanMember 2018-01-01 2018-12-31 0001515816 plym:MezzanineLoanMember 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-03-31 0001515816 us-gaap:SeriesAPreferredStockMember 2018-04-01 2018-06-30 0001515816 us-gaap:SeriesAPreferredStockMember 2018-07-01 2018-09-30 0001515816 us-gaap:SeriesAPreferredStockMember 2018-10-01 2018-12-31 0001515816 plym:DividendsOneMember 2019-01-01 2019-12-31 0001515816 plym:DividendsTwoMember 2019-01-01 2019-12-31 0001515816 plym:DividendsThreeMember 2019-01-01 2019-12-31 0001515816 plym:DividendsFourMember 2019-01-01 2019-12-31 0001515816 us-gaap:SeriesAPreferredStockMember plym:DividendsOneMember 2018-01-01 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember plym:DividendsTwoMember 2018-01-01 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember plym:DividendsThreeMember 2018-01-01 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember plym:DividendsFourMember 2018-01-01 2018-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-12-31 0001515816 us-gaap:SeriesAPreferredStockMember us-gaap:OverAllotmentOptionMember 2017-12-31 0001515816 us-gaap:SeriesBPreferredStockMember us-gaap:PrivatePlacementMember 2018-01-01 2018-12-31 0001515816 us-gaap:SeriesBPreferredStockMember us-gaap:PrivatePlacementMember 2018-12-31 0001515816 us-gaap:SeriesBPreferredStockMember 2018-01-01 2018-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001515816 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001515816 us-gaap:NoncontrollingInterestMember 2018-10-01 2018-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001515816 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001515816 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001515816 us-gaap:WarrantMember 2019-01-01 2019-12-31 0001515816 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001515816 us-gaap:SubsequentEventMember plym:ChicagoIlClassBindustrialPropertyMember 2020-01-01 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ChicagoIlClassBindustrialPropertyMember 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertyIndianapolisInMember 2020-01-01 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertyIndianapolisInMember 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertiesAtlantaSavannahGaMember 2020-01-01 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertiesAtlantaSavannahGaMember 2020-01-31 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertiesAvonOhMember 2020-02-01 2020-02-14 0001515816 us-gaap:SubsequentEventMember plym:ClassbIndustrialPropertiesAvonOhMember 2020-02-14 0001515816 2019-01-01 2019-12-31 0001515816 2019-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2019-07-01 2019-09-30 0001515816 srt:MinimumMember 2019-12-31 0001515816 srt:MaximumMember 2019-12-31 0001515816 plym:PreferredStockSeriesAMember 2019-12-31 0001515816 plym:PreferredStockSeriesBMember 2019-01-01 2019-12-31 0001515816 plym:PreferredStockSeriesBMember 2019-12-31 0001515816 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001515816 us-gaap:CommonStockMember 2019-12-31 0001515816 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001515816 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001515816 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001515816 us-gaap:RetainedEarningsMember 2019-12-31 0001515816 us-gaap:ParentMember 2019-01-01 2019-12-31 0001515816 us-gaap:ParentMember 2019-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2019-12-31 0001515816 us-gaap:AccountingStandardsUpdate201602Member 2018-01-01 2018-12-31 0001515816 us-gaap:AccountingStandardsUpdate201602Member 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:IndianapolisInMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:IndianapolisInMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:StLouisMoMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:StLouisMoMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:MemphisTnMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:MemphisTnMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlTwoMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlTwoMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:CincinnatiColumbusOhMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:CincinnatiColumbusOhMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:AtlantaGaMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:AtlantaGaMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:StLouisMoTwoMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:StLouisMoTwoMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ShadelandInMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ShadelandInMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:IndianapolisInTwoMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:IndianapolisInTwoMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:FindlayOhMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:FindlayOhMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlMember 2018-01-01 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:ChicagoIlMember 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:ClevelandOhMember 2018-01-01 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:ClevelandOhMember 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:CincinnatiOhMember 2018-01-01 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:CincinnatiOhMember 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:JacksonvilleFlMember 2018-01-01 2018-12-31 0001515816 plym:BusinessAcquisitionMember plym:JacksonvilleFlMember 2018-12-31 0001515816 plym:BusinessAcquisitionMember 2019-01-01 2019-12-31 0001515816 plym:BusinessAcquisitionMember 2018-01-01 2018-12-31 0001515816 plym:BusinessAcquisitionMember 2019-12-31 0001515816 plym:BusinessAcquisitionMember 2018-12-31 0001515816 plym:BelowMarketLeaseValueMember 2019-12-31 0001515816 plym:BelowMarketLeaseValueMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigLoanMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigLoanMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AigLoanMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:TransamericaLoanMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:TransamericaLoanMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:TransamericaLoanMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:AllianzLoanMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AllianzLoanMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AllianzLoanMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:MinnesotaLifeLoanMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:MinnesotaLifeLoanMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:KeyBankBridgeLoanMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:KeyBankBridgeLoanMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember 2018-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember srt:MinimumMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember srt:MinimumMember 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember srt:MaximumMember 2019-01-01 2019-12-31 0001515816 us-gaap:SecuredDebtMember plym:AssumedMortgageLoansMember srt:MaximumMember 2019-12-31 0001515816 us-gaap:LineOfCreditMember 2019-01-01 2019-12-31 0001515816 us-gaap:LineOfCreditMember 2019-12-31 0001515816 us-gaap:LineOfCreditMember 2018-12-31 0001515816 plym:CommercialMortgageLoanMember plym:TransamericaLifeInsuranceCompanyMember 2019-01-01 2019-12-31 0001515816 plym:CommercialMortgageLoanMember plym:TransamericaLifeInsuranceCompanyMember 2019-12-31 0001515816 plym:FisherParkMortgageMember 2019-01-01 2019-12-31 0001515816 plym:FisherParkMortgageMember 2019-12-31 0001515816 plym:SouthParkMortgageMember 2019-01-01 2019-12-31 0001515816 plym:SouthParkMortgageMember 2019-12-31 0001515816 plym:OrangePointMortgageMember 2019-01-01 2019-12-31 0001515816 plym:OrangePointMortgageMember 2019-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2019-10-01 2019-12-31 0001515816 us-gaap:SeriesAPreferredStockMember 2019-04-01 2019-06-30 0001515816 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-03-31 0001515816 us-gaap:IPOMember 2019-05-01 2019-05-31 0001515816 us-gaap:IPOMember 2019-05-31 0001515816 us-gaap:IPOMember 2019-09-01 2019-09-30 0001515816 us-gaap:IPOMember 2019-09-30 0001515816 us-gaap:OverAllotmentOptionMember 2018-07-01 2018-07-31 0001515816 us-gaap:OverAllotmentOptionMember 2019-05-01 2019-05-31 0001515816 us-gaap:OverAllotmentOptionMember 2019-09-01 2019-09-30 0001515816 plym:AtmProgramMember 2019-01-01 2019-12-31 0001515816 plym:AtmProgramMember 2018-01-01 2018-12-31 0001515816 plym:AtmProgramMember 2019-10-01 2019-12-31 0001515816 plym:AtmProgramMember 2019-12-31 0001515816 plym:AtmProgramMember 2018-12-31 0001515816 plym:CommonStockWarrantMember 2019-01-01 2019-12-31 0001515816 plym:CommonStockWarrantMember 2018-01-01 2018-12-31 0001515816 plym:CommonStockWarrantMember 2019-12-31 0001515816 plym:CommonStockWarrantMember 2018-12-31 0001515816 us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-12-31 0001515816 us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-03-31 0001515816 us-gaap:SeriesBPreferredStockMember 2019-04-01 2019-06-30 0001515816 us-gaap:SeriesBPreferredStockMember 2019-07-01 2019-09-30 0001515816 us-gaap:SeriesBPreferredStockMember 2019-10-01 2019-12-31 0001515816 us-gaap:SeriesBPreferredStockMember 2018-12-14 2018-12-31 0001515816 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001515816 us-gaap:NoncontrollingInterestMember 2019-10-01 2019-12-31 0001515816 plym:AtlantaGa32DartRoadMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa32DartRoadMember 2019-12-31 0001515816 plym:AtlantaGa1665DogwoodDriveSwMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa1665DogwoodDriveSwMember 2019-12-31 0001515816 plym:AtlantaGa1715DogwoodDriveMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa1715DogwoodDriveMember 2019-12-31 0001515816 plym:AtlantaGa11236HarlandDriveMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa11236HarlandDriveMember 2019-12-31 0001515816 plym:AtlantaGa11236AharlandDriveMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa11236AharlandDriveMember 2019-12-31 0001515816 plym:ChicagoIl3940SternAvenueMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl3940SternAvenueMember 2019-12-31 0001515816 plym:ChicagoIl1875HolmesRoadMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl1875HolmesRoadMember 2019-12-31 0001515816 plym:ChicagoIl1355HolmesRoadMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl1355HolmesRoadMember 2019-12-31 0001515816 plym:ChicagoIl2401CommerceDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl2401CommerceDriveMember 2019-12-31 0001515816 plym:ChicagoIl189SeegersRoadMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl189SeegersRoadMember 2019-12-31 0001515816 plym:ChicagoIl11351w183rdStreetMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl11351w183rdStreetMember 2019-12-31 0001515816 plym:ChicagoIl7200MasonAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl7200MasonAveMember 2019-12-31 0001515816 plym:ChicagoIl6000West73rdStreetMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl6000West73rdStreetMember 2019-12-31 0001515816 plym:ChicagoIl6510West73rdStreetMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl6510West73rdStreetMember 2019-12-31 0001515816 plym:ChicagoIl6558West73rdStreetMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl6558West73rdStreetMember 2019-12-31 0001515816 plym:ChicagoIl6751SayreAvenueMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl6751SayreAvenueMember 2019-12-31 0001515816 plym:ChicagoIl11601CentralAvenueMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl11601CentralAvenueMember 2019-12-31 0001515816 plym:ChicagoIl13040SouthPulaskiAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl13040SouthPulaskiAveMember 2019-12-31 0001515816 plym:ChicagoIl1796SherwinAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl1796SherwinAveMember 2019-12-31 0001515816 plym:ChicagoIl14551645GreenleafAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl14551645GreenleafAveMember 2019-12-31 0001515816 plym:ChicagoIl28160NorthKeithDrMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl28160NorthKeithDrMember 2019-12-31 0001515816 plym:ChicagoIl13970WestLaurelDrMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl13970WestLaurelDrMember 2019-12-31 0001515816 plym:ChicagoIl38413865SwansonCourtMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl38413865SwansonCourtMember 2019-12-31 0001515816 plym:ChicagoIl1750SouthLincolnDrMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl1750SouthLincolnDrMember 2019-12-31 0001515816 plym:ChicagoIl440SouthMcleanMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl440SouthMcleanMember 2019-12-31 0001515816 plym:ChicagoIl1600FleetwoodDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl1600FleetwoodDriveMember 2019-12-31 0001515816 plym:ChicagoIl3WestCollegeDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl3WestCollegeDriveMember 2019-12-31 0001515816 plym:IndianapolisIn3035NorthShadelandAveMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn3035NorthShadelandAveMember 2019-12-31 0001515816 plym:IndianapolisIn3169NorthShadelandAveMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn3169NorthShadelandAveMember 2019-12-31 0001515816 plym:SouthBendIn5861WclevelandRdMember 2019-01-01 2019-12-31 0001515816 plym:SouthBendIn5861WclevelandRdMember 2019-12-31 0001515816 plym:SouthBendInWestBrickRoadMember 2019-01-01 2019-12-31 0001515816 plym:SouthBendInWestBrickRoadMember 2019-12-31 0001515816 plym:SouthBendIn4491NmayflowerRdMember 2019-01-01 2019-12-31 0001515816 plym:SouthBendIn4491NmayflowerRdMember 2019-12-31 0001515816 plym:SouthBendIn5855WestCarbonmillRdMember 2019-01-01 2019-12-31 0001515816 plym:SouthBendIn5855WestCarbonmillRdMember 2019-12-31 0001515816 plym:SouthBendIn4955AmeritechDrMember 2019-01-01 2019-12-31 0001515816 plym:SouthBendIn4955AmeritechDrMember 2019-12-31 0001515816 plym:JacksonvilleFlCenterPointBusinessParkMember 2019-01-01 2019-12-31 0001515816 plym:JacksonvilleFlCenterPointBusinessParkMember 2019-12-31 0001515816 plym:JacksonvilleFlLibertyBusinessParkMember 2019-01-01 2019-12-31 0001515816 plym:JacksonvilleFlLibertyBusinessParkMember 2019-12-31 0001515816 plym:JacksonvilleFlSalisburyBusinessParkMember 2019-01-01 2019-12-31 0001515816 plym:JacksonvilleFlSalisburyBusinessParkMember 2019-12-31 0001515816 plym:FlorenceKy7585EmpireDriveMember 2019-01-01 2019-12-31 0001515816 plym:FlorenceKy7585EmpireDriveMember 2019-12-31 0001515816 plym:PortlandMe56MillikenRoadMember 2019-01-01 2019-12-31 0001515816 plym:PortlandMe56MillikenRoadMember 2019-12-31 0001515816 plym:MarltonNj4EastStowRoadMember 2019-01-01 2019-12-31 0001515816 plym:MarltonNj4EastStowRoadMember 2019-12-31 0001515816 plym:CincinnatiOhMostellerDistributionCenterMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOhMostellerDistributionCenterMember 2019-12-31 0001515816 plym:CincinnatiOh4115ThunderbirdLandMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOh4115ThunderbirdLandMember 2019-12-31 0001515816 plym:CincinnatiOhFisherIndustrialParkMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOhFisherIndustrialParkMember 2019-12-31 0001515816 plym:ClevelandOh1755EnterpriseParkwayMember 2019-01-01 2019-12-31 0001515816 plym:ClevelandOh1755EnterpriseParkwayMember 2019-12-31 0001515816 plym:ClevelandOh30339DiamondParkwayMember 2019-01-01 2019-12-31 0001515816 plym:ClevelandOh30339DiamondParkwayMember 2019-12-31 0001515816 plym:ColumbusOh3500SouthwestBlvdMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh3500SouthwestBlvdMember 2019-12-31 0001515816 plym:ColumbusOh3100CreeksideParkwayMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh3100CreeksideParkwayMember 2019-12-31 0001515816 plym:ColumbusOh8288GreenMeadowsDrMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh8288GreenMeadowsDrMember 2019-12-31 0001515816 plym:ColumbusOh8273GreenMeadowsDrMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh8273GreenMeadowsDrMember 2019-12-31 0001515816 plym:ColumbusOh7001AmericanPkwyMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh7001AmericanPkwyMember 2019-12-31 0001515816 plym:ColumbusOh21202138NewWorldDrMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh21202138NewWorldDrMember 2019-12-31 0001515816 plym:JacksonTn210AmericanDrMember 2019-01-01 2019-12-31 0001515816 plym:JacksonTn210AmericanDrMember 2019-12-31 0001515816 plym:MemphisTn600560456075ShelbyDrMember 2019-01-01 2019-12-31 0001515816 plym:MemphisTn600560456075ShelbyDrMember 2019-12-31 0001515816 plym:MemphisTn3635KnightRoadMember 2019-01-01 2019-12-31 0001515816 plym:MemphisTn3635KnightRoadMember 2019-12-31 0001515816 plym:MemphisTn28102988BusinessParkDrMember 2019-01-01 2019-12-31 0001515816 plym:MemphisTn28102988BusinessParkDrMember 2019-12-31 0001515816 plym:MilwaukeeWi5110South6thStreetIlMember 2019-01-01 2019-12-31 0001515816 plym:MilwaukeeWi5110South6thStreetIlMember 2019-12-31 0001515816 plym:AtlantaGa611Highway74SMember 2019-01-01 2019-12-31 0001515816 plym:AtlantaGa611Highway74SMember 2019-12-31 0001515816 plym:ChicagoIl11746AustinAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl11746AustinAveMember 2019-12-31 0001515816 plym:ChicagoIl144TowerDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl144TowerDriveMember 2019-12-31 0001515816 plym:ChicagoIl16801ExchangeAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl16801ExchangeAveMember 2019-12-31 0001515816 plym:ChicagoIl330ArmoryDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl330ArmoryDriveMember 2019-12-31 0001515816 plym:ChicagoIl350ArmoryDriveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl350ArmoryDriveMember 2019-12-31 0001515816 plym:ChicagoIl4915West122ndStreetMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl4915West122ndStreetMember 2019-12-31 0001515816 plym:ChicagoIl7207MasonAvenueMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl7207MasonAvenueMember 2019-12-31 0001515816 plym:ChicagoIl7420MeadeAveMember 2019-01-01 2019-12-31 0001515816 plym:ChicagoIl7420MeadeAveMember 2019-12-31 0001515816 plym:CincinnatiOh27002758eKemperRoadMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOh27002758eKemperRoadMember 2019-12-31 0001515816 plym:CincinnatiOh28002888eKemperRoadMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOh28002888eKemperRoadMember 2019-12-31 0001515816 plym:CincinnatiOh45144548CornellRoadMember 2019-01-01 2019-12-31 0001515816 plym:CincinnatiOh45144548CornellRoadMember 2019-12-31 0001515816 plym:ClevelandOh14801CountryRd212Member 2019-01-01 2019-12-31 0001515816 plym:ClevelandOh14801CountryRd212Member 2019-12-31 0001515816 plym:ColumbusOh459OrangePointDriveMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh459OrangePointDriveMember 2019-12-31 0001515816 plym:ColumbusOh69006918FairfieldBusinessDriveMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh69006918FairfieldBusinessDriveMember 2019-12-31 0001515816 plym:ColumbusOh7719GraphicsWayMember 2019-01-01 2019-12-31 0001515816 plym:ColumbusOh7719GraphicsWayMember 2019-12-31 0001515816 plym:IndianapolisIn2900nShadelandAvenueMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn2900nShadelandAvenueMember 2019-12-31 0001515816 plym:IndianapolisIn4430SamJonesExpresswayMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn4430SamJonesExpresswayMember 2019-12-31 0001515816 plym:IndianapolisIn6535East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6535East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6555East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6555East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6575East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6575East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6585East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6585East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6701East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6701East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6737East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6737East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6751East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6751East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn6951East30thStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn6951East30thStreetMember 2019-12-31 0001515816 plym:IndianapolisIn7901W21stStreetMember 2019-01-01 2019-12-31 0001515816 plym:IndianapolisIn7901W21stStreetMember 2019-12-31 0001515816 plym:MemphisTn45404600PleasantHillRoadMember 2019-01-01 2019-12-31 0001515816 plym:MemphisTn45404600PleasantHillRoadMember 2019-12-31 0001515816 plym:StLouisMo26352645MetroBoulevardMember 2019-01-01 2019-12-31 0001515816 plym:StLouisMo26352645MetroBoulevardMember 2019-12-31 0001515816 plym:StLouisMo55315555PhantomDriveMember 2019-01-01 2019-12-31 0001515816 plym:StLouisMo55315555PhantomDriveMember 2019-12-31 0001515816 us-gaap:SubsequentEventMember plym:KeyBankNationalAssociationMember 2020-01-01 2020-01-22 0001515816 us-gaap:SubsequentEventMember plym:KeyBankNationalAssociationMember 2020-01-22 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure plym:Integer utr:sqft 161341811000 14736221 452610000 655788000 41279000 63877000 411331000 591911000 5394000 10465000 7808000 9453000 1759000 2480000 37940000 57088000 5931000 14084000 470163000 685481000 288993000 21500000 318558000 119592000 120000000 74214000 74620000 63115000 21272000 43984000 13873000 63115000 322177000 293108000 28187000 78900000 78900000 28187000 21996000 36284000 7067000 8314000 346243000 442056000 48868000 48868000 72192000 79793000 49000 141000 126327000 256259000 -137983000 -148403000 -11607000 107997000 14467000 6767000 470163000 685481000 0.01 0.01 100000000 100000000 2040000 2040000 4411764 4411764 240000 4411764 2040000 2040000 4411764 4411764 51000000 51000000 96689000 96574000 0.01 0.01 900000000 900000000 4821876 13406302 4821876 4821876 -2459000 -1518000 26788000 37381000 -996000 -1296000 -5393000 359000 7601000 -48000 181000 805000 1205000 239000 5724000 1208000 2005000 5717000 10371000 14867000 27717000 3850000 5326000 -141923000 -200467000 17843000 17843000 153518000 55857000 58756000 198315000 63115000 118914000 79800000 37500000 63115000 30000000 64630000 34682000 45225000 141097000 38000000 90750000 2566000 2233000 5054000 11083000 19930000 122854000 180187000 -4202000 7437000 13596000 13652000 1923000 5303000 358000 328000 124000 161000 114000 463000 -5393000 -804000 -593000 -3601000 359000 359000 359000 -359000 7601000 -7601000 7601000 7601000 2860000 11211000 39000 49000 123270000 126327000 -119213000 -137983000 4096000 -11607000 7115000 14467000 48931000 48868000 72192000 114764000 48868000 79793000 141000 256259000 -148403000 107997000 6767000 1262833 1262833 9057251 3425000 3450000 160369 425000 450000 10642000 10642000 8007000 10642000 10642000 -21175000 -18716000 -18716000 -2459000 -11938000 -10420000 -10420000 -1518000 263158 5054000 3000 4997000 54000 5054000 142635000 195141000 4562000 71770000 14961000 19163000 22398000 13907000 13907000 30582000 13907000 9577000 21005000 0.822 0.942 465940 276240 924036 408164 17800 73785 484879 129000 566281 1071129 591695 295693 59055 1747411 353000 405000 269999 400184 1100000 1133516 5776928 2903699 500000000 The Company entered into a distribution agreement with D.A. Davidson & Co., KeyBanc Capital Markets and National Securities Corporation (the "Agents"), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50,000 through an "at-the-market equity offering programs (the "ATM program"). 85 1 1 1 1 7 6 1 1 9 1 1 2 1 1 3 30 7 519000 668000 1823000 2156000 34332000 54603000 112000 293000 293000 112000 6232000 6718000 1754000 2227000 705000 1133000 35322000 35322000 487049000 602848000 Straight-line method 11 Years 40 Years 3 Years 13 Years 48683000 75290000 325933000 474492000 33270000 52998000 779000 859000 16477000 22633000 164575000 220115000 2608000 5608000 167183000 225723000 33938000 34810000 103570000 143313000 17760000 4819000 3659000 10231000 1225000 519000 5692000 4115000 21884000 28898000 3312000 2174000 3310000 3815000 35521000 56005000 10333000 15865000 8318000 12268000 1523000 3840000 59005000 91793000 21065000 34705000 37940000 57088000 9690000 12983000 2623000 4669000 18285000 12990000 7816000 6071000 3874000 6087000 -1616000 -1211000 -915000 -706000 -518000 -1383000 4562000 3953000 5168000 5389000 15176000 194562000 158970000 120000000 120000000 21500000 63115000 21500000 0.0408 0.0408 0.0378 0.0435 0.0523 0.0407 0.0378 0.0435 0.0523 0.0341 0.0414 2023-11-01 2023-11-01 2028-08-01 2027-01-01 2023-11-01 2028-08-01 2026-04-10 2028-05-01 2022-01-10 2027-01-01 2028-08-01 2027-01-01 2022-01-10 2024-08-01 Monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023. Monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023. Monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. Monthly interest-only payments through August 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment on August 1, 2028. Monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. Interest-only payments through April 2022. Thereafter, the Company will make monthly payments of principal plus accrued interest with a balloon payment on April 10, 2026. Monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. Monthly interest-only payments through August 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment on August 1, 2028. Monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. Monthly installments of principal plus accrued interest through January 10, 2022, at which time a balloon payment is required. Monthly installments of principal plus accrued interest through August 1, 2024, at which time a balloon payment is required. 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 the property. Secured by the property. Secured by the property. Secured by the property. The Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. The Company is in compliance with the respective covenants at December 31, 2019. The Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. The Company is required to meet certain financial covenants, 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 per the Fisher Park Mortgage. The Company is required to meet certain covenants, 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 Allianz Loan. The Company is in compliance with the respective covenants at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. The Company is in compliance with the respective covenants at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. The Company is in compliance with the respective covenants at December 31, 2019. The Company is required to meet certain financial covenants, 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 per the Fisher Park Mortgage. The Company is in compliance with all the respective covenants at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the South Park Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Orange Point Mortgage. The Company is in compliance with the respective covenants at December 31, 2019. 78000000 78000000 13873000 13661000 9507000 20816000 363000 2023-08-31 2023-08-31 2023-08-07 Bears 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 Borrower’s total leverage ratio. Bears 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 Borrower’s total leverage ratio. Secured by certain assets of the Operating Partnership and certain of its subsidiaries and includes the Company guarantee for the payment of all indebtedness under the Revolving Line of Credit. Secured by certain assets of the Operating Partnership and certain of its subsidiaries and includes the Company guarantee for the payment of all indebtedness under the Revolving Line of Credit. The Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay in full the MWG Loan. The Company used the proceeds of the Series B Preferred Offering to repay in full the KeyBank Term Loan. The Company used the proceeds from the Allianz Loan to retire secured borrowings of the same amount obtained under the secured Libor-based bridge loan by KeyBank. The Company used a portion of the proceeds from a senior secured LIBOR-based term loan with KeyBank to repay borrowings and accrued interest under the Mezzanine Loan previously obtained in 2016. Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. Contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Credit Agreement also contains financial covenants as defined within the Credit Agreement. 112000 160000 293000 303382000 0 0 -48000 181000 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 1334000 1334000 1807000 1808000 5027000 5303000 3257000 1923000 2019-03-14 2019-06-14 2019-09-13 2019-12-13 2019-03-01 2019-05-31 2019-08-30 2019-11-29 2019-03-29 2019-06-28 2019-09-30 2019-12-31 2019-03-15 2019-06-14 2019-09-13 2019-12-13 2019-04-30 2019-07-31 2019-10-31 2020-01-31 2019-04-01 2019-07-01 2019-09-30 2019-12-31 0.203508 0.203508 0.203508 0.4688 0.4688 0.4688 0.4688 0.4688 0.4688 0.4688 .4688 0.13813 0.13813 0.13813 0.13813 0.02609 956000 956000 956000 956000 956000 956000 956000 956000 610000 610000 610000 610000 115000 0.4688 0.4688 0.4688 0.4688 48868000 75000000 25.00 17.00 17.50 18.00 18.23 When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share ("Initial Rate")). The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. 71800000 On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. Payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. 2022-12-31 2022-12-31 0.375 0.375 0.375 0.375 0.375 0.375 0.375 0.375 124051 163157 162184 3000 90075 0 0 42106 51942 393000 158000 357000 393000 158000 158000 393000 328000 805000 1205000 2275000 P2Y10M 48000 1559000 16.00 17.31 303382 162184 As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $325 to $475 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. 190000 240000 18650000 8800000 34700000 15750000 452610000 303402000 655225000 5041000 6521000 3149000 1068000 112000 6808000 6934000 3933000 5712000 1868000 2046000 8001000 5294000 8350000 5769000 8634000 10030000 14757000 5218000 7463000 3257000 3145000 4029000 10466000 3580000 12275000 2272000 14135000 1032000 2266000 3590000 2711000 7047000 8107000 36476000 36409000 13423000 3313000 9228000 8608000 10925000 2424000 22392000 14602000 25627000 20173000 11280000 9902000 2765000 1829000 3487000 11823000 6945000 3274000 6147000 1832000 16843000 5482000 5069000 11359000 1846000 1277000 4488000 3495000 953000 6060000 6200000 8301000 14047000 8049000 2264000 4040000 19204000 15214000 3102000 8517000 1974000 2885000 762000 2467000 2792000 1747000 10714000 20229000 3232000 5109000 41279000 25013000 63779000 1447000 661000 295000 119000 1769000 1882000 1019000 1127000 354000 381000 711000 493000 653000 387000 646000 829000 1792000 521000 607000 255000 269000 326000 1000000 352000 809000 121000 1962000 190000 223000 364000 273000 703000 812000 1104000 1104000 419000 1364000 2506000 2282000 3779000 641000 1398000 2905000 1045000 4932000 2222000 3043000 647000 494000 496000 4690000 1805000 417000 873000 198000 145000 74000 163000 168000 19000 19000 56000 59000 15000 76000 77000 110000 76000 23000 37000 112000 390000 14000 45000 9000 13000 5000 12000 13000 8000 44000 189000 9000 83000 153305000 203213000 92628000 127439000 In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends. The shares of Series B Preferred Stock have a Liquidation Preference, which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. 21812000 Plymouth Industrial REIT Inc. 0001515816 10-K 2019-12-31 false --12-31 No No Yes false Accelerated Filer true FY 2019 false 001-38106 <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>1. Nature of the Business and Basis of Presentation</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0 6pt; text-align: justify"><b><i>Business</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Plymouth Industrial REIT, Inc., (the &#8220;Company&#8221;) 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 &#8220;Operating Partnership&#8221;). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2019 and 2018, the Company owned an 94.2% and 82.2%, respectively, common equity interest in the Operating Partnership.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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.&#160;As of December 31, 2019, the Company, through its subsidiaries, owns 85 industrial properties comprising approximately 17,800 square feet.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>2. Summary of Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;). The Company&#8217;s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Reclassifications</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For the year ended December 31, 2018, tenant recoveries totaling $12,051 on the Company&#8217;s Consolidated Statements of Operations were reclassified into rental revenue due to the adoption of ASU 2016-02,&#160;Leases (&#8220;ASU 2016-02&#8221;).</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; background-color: white"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants 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; background-color: white"><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"><b><i>New Accounting Standards Recently Adopted</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">We adopted ASU 2016-02, Leases, effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, <i>Leases (Topic 842): Targeted Improvements</i>. The package of practical expedients allows us not to reassess whether contracts are or contain leases, lease classification, and whether initial direct costs qualify for capitalization. The Company also elected the practical expedient to not separate non-lease components from lease components of our real estate leases.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our consolidated balance sheets upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $2,096 on the consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. The Company includes the right of use asset within other assets and the corresponding lease liability within accounts payable, accrued expenses and other liabilities in the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the consolidated financial statements.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>New Accounting Pronouncements Issued but not yet Adopted</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (&#8220;FASB&#8221;) 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&#8217;s financial statements.</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.&#160;&#160;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>Revenue Recognition and Tenant Receivables and Rental Revenue Components</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Minimum rental income 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. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Historically, the Company has experienced immaterial write-offs. At December 31, 2019 and 2018 the Company did not recognize an allowance for doubtful accounts. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheet. For the years ended December 31, 2019 and 2018, 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">Rental revenue is comprised of the following:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December&#160;31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Income from lease</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,603</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,332</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straight-line rent adjustment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,296</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">996</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Tenant recoveries</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17,903</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,051</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of above market leases</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(668</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(519</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of below market leases</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,156</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,823</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;&#160;&#160;&#160;&#160;Total</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">75,290</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">48,683</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Cash Equivalents and Restricted Cash</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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 December 31, 2019 and 2018. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2019, 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 consolidated balance sheet to amounts reported within our consolidated statement of cash flows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Cash as presented on balance sheet</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,465</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,394</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash held in escrow as presented on balance sheet</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">9,453</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,808</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash as presented on balance sheet</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,480</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash held in escrow and restricted cash as presented on cash flow statement</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,398</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,961</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Fair Value of Financial Instruments</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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&#8217;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:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Level 1&#8212; Quoted prices for identical instruments in active markets.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0 37.45pt; text-align: justify; background-color: white">Level 2&#8212; 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in; background-color: white">Level 3&#8212; Significant inputs to the valuation model are unobservable.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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&#160;3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at December 31, 2019 and 2018, respectively, discussed in Note 7.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Debt Issuance Costs</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the consolidated statements of operations. Debt issuance costs amounted to $6,718 and $6,232 at December 31, 2019 and 2018, respectively, and related accumulated amortization amounted to $2,227 and $1,754 at December 31, 2019 and 2018, respectively. At December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,133 related to the Line of Credit Agreement from Borrowings under line of credit, net to other assets in the consolidated balance sheet.</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>Loss per Share</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Consolidation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 <i>Property, Plant and Equipment</i> (ASC 360), and ASC 976, <i>Real Estate,</i> (ASC 976) as referenced by ASC 810, <i>Consolidation</i>, (ASC 810). See Note 9.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Income Taxes</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 operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company&#8217;s income tax returns is generally three years and as such, the Company&#8217;s returns that remain subject to examination would be primarily from 2016 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.</p> <p style="font: 10pt Times New Roman,serif; text-align: justify; margin: 6pt 0 0; text-indent: 0.25in">To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2018 of approximately $35,322. The Company will incur no federal taxable income during 2019 after utilizing the dividends paid deduction, resulting in net operating loss carryforwards to 2020 of approximately $35,322. NOLs generated from 2018 and onwards are not limited to 20 years and can be carried forward indefinitely with the exception that they can only offset up to 80% of federal taxable income in future years.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s net tax basis of real estate assets amounted to $602,848 and $487,049 as of December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Real Estate Property Acquisitions</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 &#8220;Business Combinations&#8221;, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company implemented ASU 2017-01 as of July 2017 and concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management&#8217;s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Real Estate and Depreciation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Real estate properties are stated at cost less accumulated depreciation.&#160;Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements.&#160; If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. &#160;Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred.&#160;&#160;Significant renovations and improvements that improve or extend the useful life of the assets are capitalized.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Amortization of Deferred Lease Intangibles - Assets and Liabilities</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Non-controlling Interests</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">As further discussed in Note 9, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company&#8217;s consolidated statements of operations.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>3. Real Estate Properties</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">Real estate properties consisted of the following at December 31, 2019 and 2018:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%">Land</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">127,439</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">92,628</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings, building improvements and tenant improvements</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">474,492</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">325,933</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Site improvements</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">52,998</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">33,270</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">859</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">779</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">655,788</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">452,610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(63,877</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(41,279</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Real estate properties</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">591,911</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">411,331</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-indent: 0.25in">Depreciation expense was $22,633 in 2019 and $16,477 in 2018.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b>Acquisitions of Real Estate</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">The Company made the following acquisitions of properties during the year ended December 31, 2019:</p> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic"><font style="font-size: 8pt; font-style: normal"><b>Location </b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Date <br /> Acquired</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Square <br /> Feet</b></font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Properties</b></font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Purchase Price<br /> &#160;(in thousands)<sup>(1)</sup></b></font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; width: 45%; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">January 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">73,785</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; width: 1%; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">$</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">&#160;&#160;5,425</font></td> <td style="vertical-align: top; width: 1%; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Indianapolis, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">June 10, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">484,879</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">17,100</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">St. Louis, MO</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">July 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">129,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">5,400</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Memphis, TN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">566,281</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">22,050</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><sup>(2)</sup></font></td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">1,071,129</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">7</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">32,250</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Cincinnati/Columbus, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 30, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">591,695</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">6</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">36,200</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><sup>(3)</sup></font></td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Atlanta, GA</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">October 30, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">295,693</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">19,400</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">St. Louis, MO</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">November&#160;21,&#160;2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">59,055</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">3,525</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Shadeland, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">1,747,411</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">9</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">49,815</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Indianapolis, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">353,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">12,150</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Findlay, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 20, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">405,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">16,800</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><b>Year ended December 31, 2019</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt double; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal"><b>5,776,928</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt double; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal"><b>30</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1.5pt double; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><b>$</b></font></td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt double; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal"><b>220,115</b></font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> </table> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0">(1) Purchase price does not include capitalized acquisition costs</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(2) The purchase price of $22,050 includes the assumption of approximately $9,577 of existing mortgage debt secured by the property.</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(3) The purchase price of $36,200 included the assumption of approximately $21,005 of existing mortgage debt secured by the property</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">The Company made the following acquisitions of properties during the year ended December 31, 2018:</p> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><font style="font-size: 8pt"><b>Market</b></font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date <br /> Acquired</b></font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white">&#160;</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Square <br /> Feet</b></font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white">&#160;</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Purchase Price<br /> (in&#160;thousands)<sup>(1)</sup></b></font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 45%"><font style="font-size: 10pt">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 13%"><font style="font-size: 10pt">April 9, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 10%"><font style="font-size: 10pt">269,999</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center; width: 11%"><font style="font-size: 10pt">2</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 11%"><font style="font-size: 10pt">15,675</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="background-color: White"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Cleveland, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">September 27, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">400,184</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">27,000</font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Cincinnati, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">October 15, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">1,100,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">24,800</font></td> <td><sup>(2)</sup></td></tr> <tr style="background-color: White"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Jacksonville, FL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">December 14, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">1,133,516</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">3</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">97,100</font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>Year ended December 31, 2018</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1.5pt double; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt"><b>2,903,699</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1.5pt double; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt"><b>7</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 1.5pt double; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1.5pt double; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt"><b>164,575</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0">(1) Purchase price does not include capitalized acquisition costs</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(2) The purchase price of $24,800 includes the assumption of approximately $13,907 of existing mortgage debt secured by the property and the issuance of 626,011 units of Operating Partnership units valued at approximately $10,642.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) &#8220;Business Combinations,&#8221; of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman,serif">Purchase price allocation</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Year ended <br /> December 31, 2019<br /> Purchase Price</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Year ended <br /> December 31, 2018<br /> Purchase Price</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">Total Purchase Price</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; width: 72%">Purchase Price</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">220,115</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">164,575</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Acquisition Costs</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">5,608</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,608</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">225,723</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">167,183</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif">Allocation of Purchase Price</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">Land</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">34,810</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">33,938</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">Building</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">143,313</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">103,570</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Site Improvements</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">19,727</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">11,823</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Total&#160;real estate properties</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">197,850</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">149,331</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Deferred lease intangibles</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Tenant relationships</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">5,692</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">4,819</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Leasing Commissions</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">4,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">3,659</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Above Market Lease Value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">519</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">1,225</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Below Market Lease Value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(3,312</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(2,174</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Lease in Place Value</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">21,884</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">10,231</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Net deferred lease intangibles</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">28,898</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">17,760</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;Assumed debt &#8211; market value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Above market debt</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(1,025</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Below market debt</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">92</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net assumed debt &#8211; market value</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(1,025</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">92</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">Totals</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">225,723</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">167,183</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><i>Sale of Real Estate</i></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">During the year ended December 31, 2018, the Company disposed of a single, 112,144 square foot property located in Milwaukee, WI with a net book value of approximately $3,953. Net proceeds from the sale were approximately $4,562, and the Company recognized a gain on the sale of approximately $1,004. There were no sales of real estate during the year ended December 31, 2019.</p> 69624000 59447000 47207000 37830000 28268000 58089000 300465000 P5Y2M P4Y8M P5Y3M 2104000 2096000 0.053 <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0"><b>4. Deferred Lease Intangibles</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">Deferred lease intangible assets consisted of the following at December 31, 2019 and 2018:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Above market lease</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,815</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,310</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease in place</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">56,005</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">35,521</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Tenant relationships</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,865</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,333</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasing commission</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,268</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">8,318</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasing commission after acquisition</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,840</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,523</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">91,793</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">59,005</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less Accumulated amortization</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(34,705</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(21,065</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred lease intangibles</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,088</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,940</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">Deferred lease intangible liabilities consisted of the following at December 31, 2019 and 2018:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Below market leases</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,983</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,690</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated amortization</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(4,669</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,623</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred lease intangibles</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,314</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,067</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Amortization of above and below market leases was recorded as an adjustment to revenues and amounted to $1,488 and $1,304 in 2019 and 2018, respectively. Amortization of all other deferred lease intangibles has been included in depreciation and amortization in the accompanying consolidated statements of operations and amounted to $14,748 and $10,311 in 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2019 is as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 8pt; font-weight: bold">Year</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Amortization <br /> Expense <br /> Related to <br /> Other Intangible <br /> Lease Assets <br /> and Liabilities<br /> (in thousands)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Net Increase to <br /> Rental Income <br /> Related to <br /> Above and Below <br /> Market Lease <br /> Amortization<br /> (in thousands)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 64%; text-align: left">2020</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,285</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(1,616</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">12,990</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(1,211</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">2022</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">7,816</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(915</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,071</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(706</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">2024</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3,874</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(518</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Thereafter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,087</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(1,383</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b>6. Borrowing Arrangements </b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><u>Secured Debt </u></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0">The following table sets forth a summary of the Company&#8217;s secured debt outstanding at December 31, 2019 and 2018:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Outstanding Balance at</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&#160;</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">December 31,<br /> 2019</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">December 31,<br /> 2018</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Interest rate at <br /> December 31, 2019</td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Final Maturity Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; width: 34%; text-align: left">AIG Loan</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">119,592</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">120,000</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 12%; text-align: center">4.08%</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 22%; text-align: right">November 1, 2023</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Transamerica Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">74,214</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">74,620</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">4.35%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">August 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">Allianz Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">63,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">4.07%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">April 10, 2026</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Minnesota Life Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">21,272</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">21,500</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">3.78%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">May 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">Assumed Mortgage Loans</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">43,984</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">13,873</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">3.41-5.23%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">January 10, 2022&#8211;January 1, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">KeyBank Bridge Loan</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">63,115</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt">-</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 1pt">-</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">322,177</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">293,108</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Unamortized debt issuance costs, net</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(4,491</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(4,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Unamortized premium/(discount), net</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">872</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">Secured debt, net</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">318,558</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">288,993</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Significant features of the Company&#8217;s secured debt borrowings are as follows:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; background-color: white"><b><i>AIG Loan</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On October 17, 2016, certain indirect subsidiaries of the Operating Partnership entered into a loan agreement with investment entities managed by AIG Asset Management (the &#8220;AIG Loan&#8221;), which provided the Company $120,000 of commercial mortgage loans. The AIG Loan bears interest at a fixed rate of 4.08% per annum. The Company was required to make monthly interest-only payments through November 1, 2019 and thereafter equal monthly payments of principal plus interest with a final balloon payment on November 1, 2023.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The borrowings under the AIG Loan are secured by first lien mortgages on the properties held by wholly-owned subsidiaries of Plymouth Industrial 20 LLC. The obligations under the AIG Loan are also guaranteed in certain circumstances by the Company and certain of the Operating Partnership&#8217;s wholly-owned subsidiaries. The Company has the right to prepay a portion of the AIG Loan subject to a prepayment penalty.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company is required to meet financial based covenants under the AIG Loan, which include the maintenance of minimum levels of liquidity and net worth. The Company is also required to meet certain negative covenants, including but not limited to the restrictions on additional indebtedness, restrictions on liens, fundamental changes in the business, including change in control, dispositions, restricted payments, transactions with affiliates and burdensome agreements. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; background-color: white"><b><i>Transamerica Loan</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On July 10, 2018, certain wholly-owned subsidiaries of the Operating Partnership (the &#8220;Transamerica Borrowers&#8221;) entered into a loan agreement with Transamerica Life Insurance Company (the &#8220;Transamerica Loan&#8221;), which provided the Company $78,000 of commercial mortgage loans.&#160;The Transamerica Loan bears interest at a fixed rate of 4.35% per annum. The Company was required to make monthly interest-only payments through August 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment on August 1, 2028. &#160;The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Each Transamerica Borrower has guaranteed the payment obligations of all the other Transamerica Borrowers under the Transamerica Loan. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Transamerica Loan. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Allianz Loan</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On March 21, 2019, certain wholly-owned subsidiaries of the Operating Partnership (the &#8220;Allianz Borrowers&#8221;) entered into a loan agreement with Allianz Life Insurance Company of North America (the &#8220;Allianz Loan&#8221;), which provided the Company $63,115 of commercial mortgage loans. The Allianz Loan bears interest at a fixed rate of 4.07% per annum. The Company is required to make interest-only payments through April 2022. Thereafter, the Company will make monthly payments of principal plus accrued interest with a balloon payment on April 10, 2026. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Each Allianz Borrower has guaranteed the payment obligations of all the other Allianz Borrowers under the Notes. The Company is required to meet certain covenants, 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 Allianz Loan. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Minnesota Life Loan</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On April 30, 2018, certain wholly-owned subsidiaries of the Operating Partnership (the Minnesota Life Borrowers&#8221;) entered into a secured loan agreement with Minnesota Life Insurance Company (the &#8220;Minnesota Life Loan&#8221;), which provided the Company $21,500 of commercial mortgage loans. The Minnesota Life Loan bears interest at 3.78% per annum. The Company was required to make monthly interest-only payments through April 30, 2019 and thereafter equal monthly payments of principal plus accrued interest with a balloon payment due on May 1, 2028. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the loan approaches maturity.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Each Minnesota Life Borrower has guaranteed the payment obligations of all the other Minnesota Life Borrowers under the Notes. The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Minnesota Life Loan. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Assumed Mortgage Loans</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">The Company has the following assumed mortgage loans outstanding:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0pt 0.1in; text-align: justify"><i>Fisher Park Mortgage</i></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On October 15, 2018, a wholly-owned subsidiary of the Operating Partnership (the &#8220;Fisher Park Borrower&#8221;) assumed a mortgage (the &#8220;Fisher Park Mortgage&#8221;) in the amount of $13,907 in connection with the Company&#8217;s acquisition of the property in greater Cincinnati. The Fisher Park Mortgage, held by JP Morgan Chase Bank bears interest at 5.23% and is secured by the property. The Fisher Park Mortgage requires monthly installments of principal plus accrued interest through January 1, 2027, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $13,661 and $13,873 at December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company is required to meet certain financial covenants, 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 per the Fisher Park Mortgage. The Company is in compliance with all the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0pt 0.1in; text-align: justify"><i>South Park Mortgage</i></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On August 29, 2019, a wholly-owned subsidiary of the Operating Partnership (the &#8220;South Park Borrower&#8221;) assumed a mortgage (the &#8220;South Park Mortgage&#8221;) in the amount of $9,577 in connection with the Company&#8217;s acquisition of a property in Memphis. The South Park Mortgage, held by Lincoln National, bears interest at 3.41% and is secured by the property. The South Park Mortgage requires monthly installments of principal plus accrued interest through January 10, 2022, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $9,507 at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the South Park Mortgage. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0pt 0.1in; text-align: justify"><i>Orange Point Mortgage</i></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On August 30, 2019, a wholly-owned subsidiary of the Operating Partnership (the &#8220;Orange Point Borrower&#8221;) assumed a mortgage (the &#8220;Orange Point Mortgage&#8221;) in the amount of $21,005 in connection with the Company&#8217;s acquisition of the 6-property portfolio in Cincinnati and Columbus. The Orange Point Mortgage, held by Ohio National Life Insurance Company, bears interest at 4.14% and is secured by the properties. The Orange Point Mortgage requires monthly installments of principal plus accrued interest through August 1, 2024, at which time a balloon payment is required. The Company has the right to prepay the borrowings outstanding, subject to a prepayment penalty in effect until the mortgage approaches maturity. Borrowings outstanding amounted to $20,816 at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company is required to meet certain covenants, customary events of default, including non-payment of principal or interest and bankruptcy per the Orange Point Mortgage. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><u>Revolving Line of Credit Facility</u></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify">The following table sets forth a summary of the Company&#8217;s borrowings outstanding under its line of credit at December 31, 2019 and 2018:</p> <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: white"> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Outstanding Balance at</b></font></td> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td rowspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Interest rate at December 31, 2019</b></font></td> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td rowspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Final Maturity Date</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>December 31, 2019</b></font></td> <td>&#160;</td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>December 31, 2018</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; width: 39%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 4%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 4%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 3%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 17%; font-family: Times New Roman,serif; text-align: justify">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: justify">Borrowings under line of credit, net </td> <td style="border-bottom: Black 1.5pt double; white-space: nowrap; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;78,900</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="border-bottom: Black 1.5pt double; white-space: nowrap; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;28,187</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">3.72%</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">August 7, 2023</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Operating Partnership has a revolving line of credit (the &#8220;Revolving Line of Credit&#8221;) with a lending syndicate led by KeyBank National Association (&#8220;KeyBank&#8221;). The Revolving Line of Credit provided up to $45,000 and was amended and restated August 7, 2019 and increased to $100,000. The maximum borrowings available under the Revolving Line of Credit may be increased to $200,000 in the event certain conditions are met by the Operating Partnership. The Revolving Line of Credit matures in August 2023 and includes two six-month renewal options through August 2024 subject to the agreement of the lenders.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Borrowings under the New Credit Agreement bear interest at either (1) the base rate (determined as the highest of (a) KeyBank&#8217;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 Borrower&#8217;s total leverage ratio.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Revolving Line of Credit is secured by certain assets of the Operating Partnership and certain of its subsidiaries and includes the Company guarantee for the payment of all indebtedness under the Revolving Line of Credit. The Revolving Line of Credit contains financial covenants as defined within the Revolving Line of Credit. The Company is also required to meet customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company is in compliance with the respective covenants at December 31, 2019.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Borrowings under the Revolving Line of Credit amounted to $78,900 and $28,550 at December 31, 2019 and 2018, respectively, offset by unamortized debt issuance costs of $363, at December 31, 2018.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><u>Repayments of Debt </u></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On March 21, 2019, the Company used proceeds of $63,115 from the Allianz Loan discussed above, to retire secured borrowings of the same amount obtained under a secured Libor-based bridge loan provided by KeyBank on December 14, 2018. The Company did not recognize any gain or loss on extinguishment of the debt.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On May 24, 2018, the Company used a portion of the proceeds from a $35,700 senior secured LIBOR-based term loan with KeyBank to repay borrowings and accrued interest under a 15% $30,000 Mezzanine Loan previously obtained in 2016. The Company recognized a $3,601 loss on extinguishment of debt, which included a pre-payment premium penalty of $2,896 and the write-off of unamortized deferred financing fees of $705.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On July 10, 2018, the Company used the proceeds of the Transamerica Loan, along with additional working capital, to repay $79,800 under a term loan with Special Situations Investing Group II, LLC (the &#8220;MWG Loan&#8221;). The Company recognized a loss on extinguishment of debt of $804, which represented the write off of unamortized deferred financing fees.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On December 14, 2018, the Company used the proceeds of the Series B Preferred Offering to fully repay borrowings in the amount of $37,500 under a term loan with KeyBank (the &#8220;KeyBank Term Loan&#8221;). The Company recognized a loss on extinguishment of debt of $593, which represented the write off of unamortized deferred financing fees.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><u>Future Principal Payments Of Debt</u></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify">Principal payments on the Company&#8217;s long-term debt due in each of the next five years and thereafter as of December 31, 2019 are as follows:</p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif; text-align: justify">Year ending December&#160;31:</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="width: 82%; font-family: Times New Roman,serif; text-align: justify">2020&#9;</td> <td style="width: 1%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif; text-align: justify">$</td> <td style="width: 14%; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;&#160;5,168</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">2021&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;&#160;5,389</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-align: justify">2022&#9;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;&#160;15,176</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">2023&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;194,562&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-align: justify">2024&#9;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;21,812</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">Thereafter&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;158,970</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b>7. Common Stock</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Follow-on Offerings</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On July 23, 2018, the Company completed a follow-on public offering of 1,262,833 shares of common stock, including 160,369 shares of common stock issued upon exercise of the underwriters&#8217; overallotment option, resulting in net proceeds of approximately $17,843.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">During May 2019, the Company completed a follow-on public offering of 3,425,000 shares of common stock, including 425,000 shares of common stock issued upon exercise of the underwriters&#8217; overallotment option, at $17.50 per share resulting in net proceeds of approximately $55,857.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">During September 2019, the Company completed a follow-on public offering of 3,450,000 shares of common stock, including 450,000 shares of common stock issued upon exercise of the underwriters&#8217; overallotment option, at $18.00 per share resulting in net proceeds of approximately $58,756.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>ATM Program</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On July 30, 2018, the Company and Operating Partnership filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) registering an aggregate of $500,000 of securities, consisting of an indeterminate amount of common stock, preferred stock, depository shares, warrants, rights to purchase our common stock and debt securities.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On August 24, 2018, the Company entered into a distribution agreement with D.A. Davidson &#38; Co., KeyBanc Capital Markets and National Securities Corporation (the &#8220;Agents&#8221;), 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 &#8220;at-the-market equity offering program&#8221; (the &#8220;ATM program&#8221;).</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">During the year ended December 31, 2019, the Company sold 2,182,251 securities for a weighted average share price of $18.23 under the ATM program, resulting in net proceeds of approximately $38,905, of which 562,900 shares were sold in the quarter ended December 31, 2019. As of December 31, 2019, the Company had approximately $10,216 available for issuance under the ATM program.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-indent: 0.25in">The Company did not sell any securities under the ATM Program during the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Common Stock Warrants</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 warrants outstanding to acquire 303,382 shares of the Company&#8217;s common stock at an exercise price of $18.96 per share, which expire in 2022. The warrants are accounted for as a liability on the accompanying consolidated balance sheet as they contain provisions that are considered outside of the Company&#8217;s control, such as the holders&#8217; option to receive cash in lieu and other securities in the event of a reorganization of the Company&#8217;s common stock underlying such warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value recognized as a change in fair value of warrant liability in the accompanying consolidated statements of operations.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">A roll-forward of the warrants is as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><b>Balance at January 1, 2018</b></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif"><b>$</b></td> <td style="font-family: Times New Roman,serif; text-align: right"><b>160</b></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; font-family: Times New Roman,serif">Issuance of common stock warrant</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 9%; font-family: Times New Roman,serif; text-align: right">&#8212;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Change in fair value</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">(48</td> <td style="vertical-align: bottom; padding-bottom: 1pt; font-family: Times New Roman,serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif"><b>Balance at December 31, 2018</b></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right"><b>112</b></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Issuance of common stock warrant</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#8212;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Change in fair value</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right">181</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif"><b>Balance at December 31, 2019</b></td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif"><b>$</b></td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><b>293</b></td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The warrants in the amount of $293 at December 31, 2019 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $18.96, volatility of 18.1%, an expected annual dividend of $1.50, a term of 2.5 years and an annual risk-free interest rate of 1.6%. The warrants in the amount of $112 at December 31, 2018 represent their fair value determined using a Binomial Valuation Model applying Level 3 inputs as described in Note 2. The significant inputs into the model were: exercise price of $21.06, volatility of 20.0%, an expected annual dividend of $1.50, a term of 3.5 years and an annual risk-free interest rate of 2.47%.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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 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 years ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Common Stock Dividends</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the common stock distributions that were declared during the years ended December 31, 2019 and 2018.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash&#160;Dividends<br /> Declared per Share</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Aggregate<br /> Amount</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2019</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 73%; padding-left: 9pt; font-family: Times New Roman,serif">First quarter&#9;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 9%; font-family: Times New Roman,serif; text-align: right">1,923</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">3,257</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; padding-left: 9pt; font-family: Times New Roman,serif">Third quarter&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">$</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">$</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">5,027</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">5,303</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2018</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">First quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">1,334</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">1,334</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">1,807</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.3750</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">1,808</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>&#160;Characterization of Common Stock Dividends</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company&#8217;s common stock for the year ended December 31, 2019.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 25%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Declaration Date</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date of Record</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Payable Date</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash </b></font><br /> <font style="font-size: 8pt"><b>Distribution</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Ordinary </b></font><br /> <font style="font-size: 8pt"><b>Dividend</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Return of<br /> Capital</b></font></td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">3/14/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">3/29/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">4/30/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">6/14/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">6/28/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">7/31/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">9/13/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">9/30/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">10/31/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">12/13/2019</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">12/31/2019</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">1/31/2020</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;$&#160;&#160;&#160;&#160;0.3750<sup>(1)</sup></td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">-</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">-</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><font style="font-size: 8pt">(1)</font>&#160;&#160;<font style="font-size: 8pt">This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2019.</font></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>8. Preferred Stock</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i><u>Series A Preferred Stock</u></i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">In the fourth quarter of 2017, the Company completed the offering of 2,040,000 shares of Series A Preferred Stock, including 240,000 shares exercised under the underwriter&#8217;s over-allotment, at a per share price of $25.00 for net cash proceeds of $48,868. The offering of the Series A Preferred Stock was registered with the SEC, pursuant to a registration statement on Form S-11 declared effective on October 18, 2017.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The relevant features of the Series A Preferred Stock are as follows:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Liquidation Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders on parity with Series B Preferred as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $25.00 per share, plus any accrued and unpaid dividends.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Redemption Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company&#8217;s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company&#8217;s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $25.00 per share, plus any accrued and unpaid dividends.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Conversion</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The shares of Series A Preferred Stock are not convertible.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Voting Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company&#8217;s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with the holders of the Series B Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Protective Rights </i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Dividend Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">When, as and if authorized by our board of directors, holders of Series&#160;A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of&#160;7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875&#160;per share (&#8220;Initial Rate&#8221;)).</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2019 and 2018.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash&#160;Dividends<br /> Declared per Share</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Aggregate<br /> Amount</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2019</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; padding-left: 9pt; font-family: Times New Roman,serif">First quarter&#9;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">956</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2018</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">First quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 9pt; font-family: Times New Roman,serif">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.4688</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">956</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Characterization of Series A Preferred Stock Dividends</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company&#8217;s Series A Preferred Stock for the year ended December 31, 2019.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Declaration Date</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date of Record</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Payable Date</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash </b></font><br /> <font style="font-size: 8pt"><b>Distribution</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Ordinary </b></font><br /> <font style="font-size: 8pt"><b>Dividend</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Return of<br /> Capital</b></font></td></tr> <tr style="vertical-align: top; background-color: rgb(230,239,255)"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">3/1/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">3/15/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">4/1/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 23%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">5/31/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">6/14/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">7/1/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="width: 13%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">8/30/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">9/13/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">9/30/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">11/29/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">12/13/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">12/31/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0"><b><i><u>Series B Preferred Stock</u></i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">On December 14, 2018, the Company in a private placement exempt from registration under the federal securities laws (the &#8220;Private Placement&#8221;), completed the offering of 4,411,764 shares of the Company&#8217;s Series B Convertible Redeemable Preferred Stock (the &#8220;Series B Preferred Stock&#8221;) at a purchase price of $17.00 per share for an aggregate consideration of $75,000 (the &#8220;Purchase Price&#8221;) or $71,800, net of issuance costs.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The relevant features of the Series B Preferred Stock are as follows:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify"><b><i>Liquidation Preference</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The Series B Preferred Stock ranks senior to the shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;), and ranks on a parity with the shares of the Company&#8217;s 7.50% Series A Cumulative Redeemable Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference,( Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. For the years ended December 31, 2019 and 2018, accretion recorded in relation to the 12% annual internal rate of return and offering costs is $7,601 and $359, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify"><b><i>Redemption Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company&#8217;s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify"><b><i>Conversion Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company&#8217;s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement, (December 14, 2018) as required by the NYSE American rules and regulations (&#8220;stockholder approval&#8221;), the Series B Preferred Stock may not be converted into more than 19.99% of the Company&#8217;s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company&#8217;s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock.&#160; To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however , that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 30px">&#160;</td> <td style="text-align: justify; width: 30px; font-family: Times New Roman,serif"><font style="font-family: Symbol">&#183;</font></td> <td style="text-align: justify; font-family: Times New Roman,serif">If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; font-family: Times New Roman,serif"><font style="font-family: Symbol">&#183;</font></td> <td style="text-align: justify; font-family: Times New Roman,serif">If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; padding-bottom: 6pt; font-family: Times New Roman,serif"><font style="font-family: Symbol">&#183;</font></td> <td style="text-align: justify; padding-bottom: 6pt; font-family: Times New Roman,serif">If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received.</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify"><b><i>Voting Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company&#8217;s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received).</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify"><b><i>Protective Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stoc to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE American with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a &#8220;poison pill&#8221; or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions.</p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 6pt"><b><i>Dividend Rights</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in">The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January&#160;1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the Series B preferred stock dividends that were declared during the year ended December 31, 2019 and the year ended December 31, 2018. The Company did not pay any dividends prior to the closing of the offering of its Series B Preferred Stock on December 14, 2018.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Cash&#160;Dividends</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Declared</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Aggregate</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">per Share</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Amount</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: justify">2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; text-align: justify">First quarter</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">0.13813</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">610</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">Second quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Third quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">Fourth quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: justify">2018</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Fourth quarter (commencing December 14, 2018 to December&#160;31, 2018)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.02609</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">115</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>9. Non-Controlling Interests</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>Operating Partnership Units Acquisitions</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0pt; text-align: justify; text-indent: 0.25in">In connection with the acquisition of the Shadeland Portfolio on August 11, 2017, the Company, through its Operating Partnership issued 421,438 Operating Partnership Units (&#8220;OP Units&#8221;) at $19.00 per OP Unit for a total of approximately $8,007 to the former owners of the Shadeland Portfolio. In connection with the Cincinnati, Ohio acquisition on October 15, 2018, the Company, through its Operating Partnership issued 626,011 OP Units at $17.00 per OP Unit for a total of approximately $10,642 to the former owners of the property. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2019 and 2018. The Company did not pay any distributions prior to the issuance of the OP Units in connection with the Shadeland Portfolio acquisition on August 11, 2017.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash&#160;Distributions<br /> Declared per <br /> OP Unit</b></font></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Aggregate<br /> Amount</b></font></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2019</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; font-family: Times New Roman,serif; text-indent: 10pt">First quarter&#9;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 11%; font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 9%; font-family: Times New Roman,serif; text-align: right">393</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">393</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">393</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td>&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">328</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 6pt">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2018</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">First quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif"><sup>(1)</sup></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">357</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 0">____________________</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 3%; font-family: Times New Roman,serif"><font style="font-size: 8pt">(1)</font></td> <td style="text-align: justify; width: 97%; font-family: Times New Roman,serif"><font style="font-size: 8pt">Distributions for the OP Units issued in connection with the Cincinnati, Ohio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $199 in the aggregate for the quarter ended December 31, 2018.</font></td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The proportionate share of the loss attributed to the partnership units was $1,518 and $2,459 for the year ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">During December 2019, 172,153 OP units were redeemed for 172,153 shares of our common stock. The Company adjusted the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company&#8217;s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying consolidated statements of changes in preferred stock and equity.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>10. Incentive Award Plan</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">In April 2014, the Company&#8217;s Board of Directors adopted, and in June 2014 the Company&#8217;s stockholders approved, the 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company&#8217;s common stock and/or LTIP units of partnership interest in the Company&#8217;s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 375,000 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires or is settled for cash, any shares/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. However, the following shares/LTIP units may not be used again for grant under the Plan: (1) shares/LTIP units tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award; (2) shares subject to a stock appreciation right, or SAR, that are not issued in connection with the stock settlement of the SAR on its exercise; and (3) shares purchased on the open market with the cash proceeds from the exercise of options. The maximum number of shares that may be issued under the Plan upon the exercise of incentive stock options is 375,000.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company&#8217;s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company&#8217;s Independent Board of Directors vest over the shorter of 1 year from the date of grant, or, the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2019 and 2018:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 86%; font-weight: bold; text-align: left">Unvested restricted stock at January&#160;1, 2018</td><td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; text-align: right">163,157</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;&#160;&#160;&#160;Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;&#160;&#160;&#160;Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&#160;&#160;&#160;&#160;Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(42,106</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-weight: bold; text-align: left">Unvested restricted stock at December 31, 2018</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">124,051</td><td style="font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;&#160;&#160;&#160;Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">90,075</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;&#160;&#160;&#160;Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&#160;&#160;&#160;&#160;Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(51,942</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Unvested restricted stock at December 31, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">162,184</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company recorded equity-based compensation in the amount of $1,205 and $805 for the years ended December 31, 2019 and 2018, respectively, which is included in general and administrative expenses in the accompanying consolidated statement of operations. Equity-based compensation expense for shares issued to employers and directors is based on the grant-date fair value of the award and recognized on a straight-line basis over the requisite period of the award. The unrecognized compensation expense associated with the Company&#8217;s restricted shares of common stock at December 31, 2019 was approximately $2,275 and is expected to be recognized over a weighted average period of approximately 2.8 years. The fair value of the 90,075 restricted shares granted during 2019 was approximately $1,559 with a weighted average fair value of $17.31 per share. The fair value of the 3,000 restricted shares granted during 2018 was approximately $48 with a weighted average fair value of $16.00 per share. The fair value related to the restricted stock was calculated based on the stock price on the date of the grant.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>11. Earnings per Share</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>Net loss per Common Share</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">Basic and diluted net loss per share attributable to common stockholders was calculated as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>Numerator</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; text-align: left">Net loss&#9;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(11,938</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(21,175</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: loss attributable to non-controlling interest</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,518</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,459</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss attributable to Plymouth Industrial REIT, Inc.</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(10,420</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(18,716</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Less: Preferred stock dividends</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6,263</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,940</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Series B preferred stock accretion to redemption value</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,601</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">359</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: amount allocated to participating securities</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">201</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,523</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23,216</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,503,375</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,027,329</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share attributable to common stockholders &#8211; basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2.88</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5.76</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic 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. Our unvested shares of restricted stock are accounted for as participating securities as they contain non-forfeitable rights to dividends.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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&#8217;s potential dilutive securities include the 303,382 shares of common stock warrants and 162,184 shares of restricted common stock. The stock warrants and restricted common shares have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect of including them would reduce the net loss per share.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>12. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Employment Agreements</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 entered into employment agreements with the Company&#8217;s Chief Executive Officer, President and Chief Investment Officer, and Executive Vice President and Chief Financial Officer. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $325 to $475 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Legal Proceedings</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Contingent Liability</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>13. Retirement Plan</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company in December, 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2019 in the amount of $240 and an amount of $190 for 2018, which is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets at December 31, 2019 and 2018, respectively. The Company has no control or administrative responsibility related to the individual accounts and is not obligated to fund them in future years.</p> 49217000 75290000 534000 48683000 75290000 4027329 8503375 -5.76 -2.88 -23216000 -24523000 201000 239000 3940000 6263000 -18716000 -10420000 -20075000 -15129000 1004000 15734000 14948000 50317000 72099000 6080000 7481000 26788000 37381000 17449000 27237000 2138000 1030000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December&#160;31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Income from lease</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,603</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,332</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straight-line rent adjustment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,296</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">996</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Tenant recoveries</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17,903</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,051</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of above market leases</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(668</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(519</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of below market leases</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,156</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,823</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;&#160;&#160;&#160;&#160;Total</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">75,290</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">48,683</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Cash as presented on balance sheet</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,465</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,394</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash held in escrow as presented on balance sheet</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">9,453</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,808</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash as presented on balance sheet</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,480</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash held in escrow and restricted cash as presented on cash flow statement</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,398</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,961</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%">Land</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">127,439</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">92,628</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings, building improvements and tenant improvements</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">474,492</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">325,933</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Site improvements</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">52,998</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">33,270</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">859</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">779</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">655,788</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">452,610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(63,877</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(41,279</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Real estate properties</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">591,911</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">411,331</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman,serif">Purchase price allocation</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Year ended <br /> December 31, 2019<br /> Purchase Price</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Year ended <br /> December 31, 2018<br /> Purchase Price</td><td style="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">Total Purchase Price</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; width: 72%">Purchase Price</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">220,115</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">164,575</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Acquisition Costs</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">5,608</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,608</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">225,723</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">167,183</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif">Allocation of Purchase Price</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">Land</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">34,810</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">33,938</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">Building</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">143,313</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">103,570</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Site Improvements</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">19,727</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">11,823</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Total&#160;real estate properties</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">197,850</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">149,331</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Deferred lease intangibles</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Tenant relationships</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">5,692</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">4,819</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Leasing Commissions</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">4,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">3,659</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Above Market Lease Value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">519</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">1,225</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Below Market Lease Value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(3,312</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(2,174</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Lease in Place Value</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">21,884</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">10,231</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Net deferred lease intangibles</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">28,898</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">17,760</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;Assumed debt &#8211; market value</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-indent: 10pt">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; text-indent: 10pt">Above market debt</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(1,025</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Below market debt</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">92</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net assumed debt &#8211; market value</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(1,025</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">92</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">Totals</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">225,723</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">167,183</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic"><font style="font-size: 8pt; font-style: normal"><b>Location </b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Date <br /> Acquired</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Square <br /> Feet</b></font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Properties</b></font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-size: 8pt; font-style: normal"><b>Purchase Price<br /> &#160;(in thousands)<sup>(1)</sup></b></font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; width: 45%; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">January 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">73,785</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; width: 1%; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">$</font></td> <td style="white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">&#160;&#160;5,425</font></td> <td style="vertical-align: top; width: 1%; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Indianapolis, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">June 10, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">484,879</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">17,100</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">St. Louis, MO</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">July 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">129,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">5,400</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Memphis, TN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">566,281</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">22,050</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><sup>(2)</sup></font></td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 29, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">1,071,129</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">7</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">32,250</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Cincinnati/Columbus, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">August 30, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">591,695</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">6</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">36,200</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><sup>(3)</sup></font></td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Atlanta, GA</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">October 30, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">295,693</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">19,400</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">St. Louis, MO</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">November&#160;21,&#160;2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">59,055</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">3,525</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Shadeland, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">1,747,411</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">9</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">49,815</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Indianapolis, IN</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 4, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">353,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">12,150</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: #E6EFFF"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal">Findlay, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">December 20, 2019</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">405,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal">16,800</font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><b>Year ended December 31, 2019</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right">&#160;</td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal"><b>5,776,928</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: center"><font style="font-style: normal"><b>30</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic">&#160;</td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; vertical-align: top; font-family: Times New Roman,serif; font-style: italic"><font style="font-style: normal"><b>$</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; font-style: italic; text-align: right"><font style="font-style: normal"><b>220,115</b></font></td> <td style="vertical-align: top; font-family: Times New Roman,serif; font-style: italic">&#160;</td></tr> </table> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0">(1) Purchase price does not include capitalized acquisition costs</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(2) The purchase price of $22,050 includes the assumption of approximately $9,577 of existing mortgage debt secured by the property.</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(3) The purchase price of $36,200 included the assumption of approximately $21,005 of existing mortgage debt secured by the property.</p> <p style="font: 8pt Times New Roman,serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><font style="font-size: 8pt"><b>Market</b></font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date <br /> Acquired</b></font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white">&#160;</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Square <br /> Feet</b></font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white">&#160;</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Purchase Price<br /> (in&#160;thousands)<sup>(1)</sup></b></font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 45%"><font style="font-size: 10pt">Chicago, IL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 13%"><font style="font-size: 10pt">April 9, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 10%"><font style="font-size: 10pt">269,999</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center; width: 11%"><font style="font-size: 10pt">2</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; width: 11%"><font style="font-size: 10pt">15,675</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="background-color: White"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Cleveland, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">September 27, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">400,184</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">27,000</font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Cincinnati, OH</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">October 15, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">1,100,000</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">1</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">24,800</font></td> <td><sup>(2)</sup></td></tr> <tr style="background-color: White"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt">Jacksonville, FL</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">December 14, 2018</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">1,133,516</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">3</font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="vertical-align: top; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt">97,100</font></td> <td>&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>Year ended December 31, 2018</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt"><b>2,903,699</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt"><b>7</b></font></td> <td style="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: top; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><font style="font-size: 10pt"><b>164,575</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 8pt Times New Roman,serif; margin: 6pt 0 0">(1) Purchase price does not include capitalized acquisition costs</p> <p style="font: 8pt Times New Roman,serif; margin: 0">(2) The purchase price of $24,800 includes the assumption of approximately $13,907 of existing mortgage debt secured by the property and the issuance of 626,011 units of Operating Partnership units valued at approximately $10,642.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>5. Leases</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>As a Lessor</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">We lease our properties to tenants under agreements that are 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 are recognized in <i>Rental revenue</i> in the 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. A minor number of the Company&#8217;s tenant leases are subject to changes in the Consumer Price Index (&#8220;CPI&#8221;).</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">As of December 31, 2019, undiscounted future minimum rental receipts due under non-cancellable operating leases for each of the next five years and thereafter were as follows (in thousands):</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Future&#160;Minimum<br /> Rental&#160;Receipts</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; width: 80%">2020</td> <td style="font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="font-family: Times New Roman,serif; width: 1%">$</td> <td style="font-family: Times New Roman,serif; text-align: right; width: 12%">69,624</td> <td style="font-family: Times New Roman,serif; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif">2021</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">59,447</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">2022</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">47,207</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif">2023</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">37,830</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">2024</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">28,268</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Thereafter</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right">58,089</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">Total minimum rental receipts</td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif">$</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif; text-align: right">300,465</td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>As a Lessee</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">At December 31, 2019, we have three, non-cancelable office space operating leases. These leases have remaining lease terms ranging from 4.7 years to 5.3 years. The lease agreements do not contain residual value guarantees or options to renew. As of December 31, 2019, total right of use assets and lease liabilities were approximately $2,104 and $2,141, respectively. In arriving at the lease liability as of December 31, 2019, we applied a weighted-average incremental borrowing rate of 5.3% over the weighted-average remaining lease term of 5.2 years. The incremental borrowing rate is the rate equal to our borrowings under the revolving line of credit facility at the time we enter into the respective lease agreement.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the operating lease expense recognized during the year ended December 31, 2019 included in the Company&#8217;s consolidated statements of operations.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Year ended<br /> December 31, <br /> 2019</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 86%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Operating lease expense included in general and administrative expense attributable to office leases</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">466</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">The following table summarizes supplemental cash flow information related to operating leases recognized during the year ended December 31, 2019 in the Company&#8217;s consolidated statements of cash flows.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Year ended<br /> December 31,<br /> 2019</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 86%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">429</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the minimum rental commitments under our non-cancelable leases, which is discounted by our incremental borrowing rate to calculate the lease liability for the operating leases in which we are the lessee (in thousands):</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31,<br /> 2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 86%; text-align: justify">2020</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">453</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">465</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">2022</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">474</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">483</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">2024</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">479</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">108</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">Total undiscounted rental commitments</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,462</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Present value adjustment using incremental borrowing rate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">321</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total lease liability</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,141</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">As December 31, 2019 and 2018, the Company had no finance leases.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Reclassifications</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For the year ended December 31, 2018, tenant recoveries totaling $12,051 on the Company&#8217;s Consolidated Statements of Operations were reclassified into rental revenue due to the adoption of ASU 2016-02,&#160;Leases (&#8220;ASU 2016-02&#8221;).</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; background-color: white"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets or real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants 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; background-color: white"><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"><b><i>New Accounting Standards Recently Adopted</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">We adopted ASU 2016-02, Leases, effective January 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients, both provided for under ASU 2018-11, <i>Leases (Topic 842): Targeted Improvements</i>. The package of practical expedients allows us not to reassess whether contracts are or contain leases, lease classification, and whether initial direct costs qualify for capitalization. The Company also elected the practical expedient to not separate non-lease components from lease components of our real estate leases.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For arrangements where the Company is the lessee, the adoption of ASU 2016-02 resulted in a material impact on our consolidated balance sheets upon the recognition of the right-of-use asset and the related lease liabilities. The Company recorded an initial right of use asset and lease liability of approximately $2,096 on the consolidated balance sheet upon adoption of ASU 2016-02 on January 1, 2019. The Company includes the right of use asset within other assets and the corresponding lease liability within accounts payable, accrued expenses and other liabilities in the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">For arrangements where the Company is the lessor, the Company concluded the new lease standard does not have a material impact on the consolidated financial statements.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>New Accounting Pronouncements Issued but not yet Adopted</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (&#8220;FASB&#8221;) 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&#8217;s financial statements.</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.&#160;&#160;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>Revenue Recognition and Tenant Receivables and Rental Revenue Components</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Minimum rental income 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. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Historically, the Company has experienced immaterial write-offs. At December 31, 2019 and 2018 the Company did not recognize an allowance for doubtful accounts. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheet. For the years ended December 31, 2019 and 2018, 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0; text-indent: 0.25in">Rental revenue is comprised of the following:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Year Ended</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December&#160;31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Income from lease</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,603</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,332</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straight-line rent adjustment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,296</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">996</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Tenant recoveries</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17,903</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,051</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of above market leases</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(668</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(519</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of below market leases</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,156</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,823</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;&#160;&#160;&#160;&#160;Total</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">75,290</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">48,683</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Cash Equivalents and Restricted Cash</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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 December 31, 2019 and 2018. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 6, cash held in escrow for real estate tax, insurance and tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2019, 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 consolidated balance sheet to amounts reported within our consolidated statement of cash flows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Cash as presented on balance sheet</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,465</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,394</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash held in escrow as presented on balance sheet</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">9,453</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,808</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash as presented on balance sheet</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,480</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash held in escrow and restricted cash as presented on cash flow statement</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,398</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,961</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Fair Value of Financial Instruments</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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&#8217;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:</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Level 1&#8212; Quoted prices for identical instruments in active markets.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0 37.45pt; text-align: justify; background-color: white">Level 2&#8212; 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in; background-color: white">Level 3&#8212; Significant inputs to the valuation model are unobservable.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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&#160;3 inputs are applied in determining the fair value of warrants to purchase common stock in the amount of $293 and $112 at December 31, 2019 and 2018, respectively, discussed in Note 7.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Financial instruments include cash, restricted cash, cash held in escrow and reserves, accounts receivable, secured debt, line of credit, accounts payable and accrued expenses and other current liabilities. The values of these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Debt Issuance Costs</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Debt issuance costs are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the consolidated statements of operations. Debt issuance costs amounted to $6,718 and $6,232 at December 31, 2019 and 2018, respectively, and related accumulated amortization amounted to $2,227 and $1,754 at December 31, 2019 and 2018, respectively. At December 31, 2019, the Company has classified net unamortized debt issuance costs of $1,133 related to the Line of Credit Agreement from Borrowings under line of credit, net to other assets in the consolidated balance sheet.</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>Loss per Share</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company follows the two-class method when computing net loss per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net 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.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0"><b><i>Consolidation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s consolidated financial statements include its financial statements, and those of its wholly-owned subsidiaries and controlling interests. All intercompany accounts and transactions have been eliminated in consolidation. The Company considers the issuance of member interests in entities that hold its properties under the guidance of ASC 360 <i>Property, Plant and Equipment</i> (ASC 360), and ASC 976, <i>Real Estate,</i> (ASC 976) as referenced by ASC 810, <i>Consolidation</i>, (ASC 810). See Note 9.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Income Taxes</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 operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company files income tax returns in the U.S federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company&#8217;s income tax returns is generally three years and as such, the Company&#8217;s returns that remain subject to examination would be primarily from 2016 and thereafter. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2018 of approximately $35,322. The Company will incur no federal taxable income during 2019 after utilizing the dividends paid deduction, resulting in net operating loss carryforwards to 2020 of approximately $35,322. NOLs generated from 2018 and onwards are not limited to 20 years and can be carried forward indefinitely with the exception that they can only offset up to 80% of federal taxable income in future years.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s net tax basis of real estate assets amounted to $602,848 and $487,049 as of December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Real Estate Property Acquisitions</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 &#8220;Business Combinations&#8221;, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. The Company implemented ASU 2017-01 as of July 2017 and concluded that the acquisition of properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management&#8217;s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Real Estate and Depreciation</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Real estate properties are stated at cost less accumulated depreciation.&#160;Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 40 years for buildings and 3 to 13 years for site improvements.&#160; If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. &#160;Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred.&#160;&#160;Significant renovations and improvements that improve or extend the useful life of the assets are capitalized.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Amortization of Deferred Lease Intangibles - Assets and Liabilities</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b><i>Non-controlling Interests</i></b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">As further discussed in Note 9, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company&#8217;s consolidated statements of operations.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Above market lease</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,815</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,310</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease in place</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">56,005</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">35,521</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Tenant relationships</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,865</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,333</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasing commission</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,268</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">8,318</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasing commission after acquisition</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,840</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,523</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">91,793</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">59,005</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less Accumulated amortization</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(34,705</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(21,065</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred lease intangibles</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,088</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,940</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left">Below market leases</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,983</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,690</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated amortization</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(4,669</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,623</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred lease intangibles</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,314</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,067</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 8pt; font-weight: bold">Year</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Amortization Expense <br /> Related to <br /> Other Intangible Lease <br /> Assets and Liabilities<br /> (in thousands)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Net Increase to Rental Income <br /> Related to <br /> Above and Below Market <br /> Lease Amortization<br /> (in thousands)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 62%; text-align: left">2020</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">18,285</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(1,616</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">12,990</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(1,211</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">2022</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">7,816</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(915</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,071</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(706</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">2024</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3,874</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(518</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Thereafter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,087</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(1,383</td><td style="text-align: left">)</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Future&#160;Minimum<br /> Rental&#160;Receipts</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; width: 80%">2020</td> <td style="font-family: Times New Roman,serif; width: 2%">&#160;</td> <td style="font-family: Times New Roman,serif; width: 1%">$</td> <td style="font-family: Times New Roman,serif; text-align: right; width: 12%">69,624</td> <td style="font-family: Times New Roman,serif; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif">2021</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">59,447</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">2022</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">47,207</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif">2023</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">37,830</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">2024</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">28,268</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Thereafter</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right">58,089</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">Total minimum rental receipts</td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif">$</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif; text-align: right">300,465</td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Year ended<br /> December 31, <br /> 2019</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 86%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Operating lease expense included in general and administrative expense attributable to office leases</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">466</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Year ended<br /> December 31, <br /> 2019</b></font></td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 86%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 2%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 10%; font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">429</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif; text-align: justify">Year ending December&#160;31:</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="width: 82%; font-family: Times New Roman,serif; text-align: justify">2020&#9;</td> <td style="width: 2%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif; text-align: justify">$</td> <td style="width: 14%; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;&#160;5,168</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">2021&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;&#160;5,389</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-align: justify">2022&#9;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;&#160;15,176</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">2023&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;194,562&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-align: justify">2024&#9;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;21,812</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: White"> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">Thereafter&#9;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&#160;158,970</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman,serif"><font style="font-size: 8pt">&#160;</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">Outstanding Balance at</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="font: 10pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="font: 10pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><font style="font-size: 8pt">&#160;</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">December 31,<br /> 2019</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">December 31,<br /> 2018</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">Interest rate at <br /> December 31, 2019</font></td><td style="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center"><font style="font-size: 8pt">Final Maturity Date</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; width: 34%; text-align: left">AIG Loan</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">119,592</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; width: 10%; text-align: right">120,000</td><td style="font: 10pt Times New Roman,serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 12%; text-align: center">4.08%</td><td style="font: 10pt Times New Roman,serif; width: 2%">&#160;</td> <td style="font: 10pt Times New Roman,serif; width: 22%; text-align: right">November 1, 2023</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Transamerica Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">74,214</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">74,620</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">4.35%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">August 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">Allianz Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">63,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">4.07%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">April 10, 2026</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Minnesota Life Loan</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">21,272</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">21,500</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">3.78%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">May 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left">Assumed Mortgage Loans</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">43,984</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">13,873</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center">3.41-5.23%</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right">January 10, 2022&#8211;January 1, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">KeyBank Bridge Loan</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">63,115</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt">-</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 1pt">-</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">322,177</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">$</td><td style="font: 10pt Times New Roman,serif; text-align: right">293,108</td><td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Unamortized debt issuance costs, net</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(4,491</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; text-align: right">(4,115</td><td style="font: 10pt Times New Roman,serif; text-align: left">)</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td><td style="font: 10pt Times New Roman,serif">&#160;</td> <td style="font: 10pt Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Unamortized premium/(discount), net</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">872</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">Secured debt, net</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">318,558</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">288,993</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td> <td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><b>Balance at January 1, 2018</b></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif"><b>$</b></td> <td style="font-family: Times New Roman,serif; text-align: right"><b>160</b></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; font-family: Times New Roman,serif">Issuance of common stock warrant</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 9%; font-family: Times New Roman,serif; text-align: right">&#8212;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Change in fair value</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">(48</td> <td style="vertical-align: bottom; padding-bottom: 1pt; font-family: Times New Roman,serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif"><b>Balance at December 31, 2018</b></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right"><b>112</b></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif">Issuance of common stock warrant</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#8212;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">Change in fair value</td> <td style="padding-bottom: 1pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right">181</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif"><b>Balance at December 31, 2019</b></td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif"><b>$</b></td> <td style="border-bottom: black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><b>293</b></td> <td style="padding-bottom: 2.5pt; font-family: Times New Roman,serif">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Cash&#160;Dividends<br /> Declared per Share</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Aggregate<br /> Amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: left">2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; text-align: left; padding-left: 9pt">First quarter&#9;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">0.3750</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,923</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Second quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3,257</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Third quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">5,027</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Fourth quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">5,303</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: left">2018</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">First quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,334</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Second quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,334</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Third quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,807</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Fourth quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.3750</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,808</td><td style="text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 25%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Declaration Date</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date of Record</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Payable Date</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash </b></font><br /> <font style="font-size: 8pt"><b>Distribution</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Ordinary </b></font><br /> <font style="font-size: 8pt"><b>Dividend</b></font></td> <td style="border-bottom: black 1pt solid; width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Return of<br /> Capital</b></font></td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">3/14/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">3/29/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">4/30/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">6/14/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">6/28/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">7/31/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">9/13/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">9/30/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">10/31/2019</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;0.3750</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;0171492</td> <td style="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.203508</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">12/13/2019</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">12/31/2019</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">1/31/2020</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">&#160;&#160;&#160;$&#160;&#160;&#160;&#160;0.3750<sup>(1)</sup></td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">-</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center">-</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">(1)&#160;&#160;This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2019.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Declaration Date</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Date of Record</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Payable Date</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash </b></font><br /> <font style="font-size: 8pt"><b>Distribution</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Ordinary </b></font><br /> <font style="font-size: 8pt"><b>Dividend</b></font></td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Return of<br /> Capital</b></font></td></tr> <tr style="vertical-align: top; background-color: rgb(230,239,255)"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">3/1/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">3/15/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">4/1/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 23%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">5/31/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">6/14/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">7/1/2019</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="width: 16%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="width: 13%; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">8/30/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">9/13/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">9/30/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">11/29/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">12/13/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">12/31/2019</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.4688</td> <td style="padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Cash&#160;Dividends<br /> Declared <br /> Per Share</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Aggregate<br /> Amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left"><b>Series A</b></td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left">2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 72%; text-align: left; padding-left: 9pt">First quarter&#9;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">0.4688</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">956</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Second quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Third quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Fourth quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left">2018</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">First quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Second quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">Third quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Fourth quarter&#9;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.4688</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-left: 9pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left"><b>Series B</b></td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: justify">2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; text-align: justify">First quarter</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">0.13813</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">610</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">Second quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Third quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: justify">Fourth quarter</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.13813</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-decoration: underline; text-align: justify">2018</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Fourth quarter (commencing December 14, 2018 to December&#160;31, 2018)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.02609</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">115</td><td style="text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Cash&#160;Distributions<br /> Declared per <br /> OP Unit</b></font></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Aggregate<br /> Amount</b></font></td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2019</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; font-family: Times New Roman,serif; text-indent: 10pt">First quarter&#9;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 11%; font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td> <td style="width: 1%; font-family: Times New Roman,serif">$</td> <td style="width: 9%; font-family: Times New Roman,serif; text-align: right">393</td> <td style="width: 1%; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">393</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">393</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td>&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">328</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 6pt">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif"><u>2018</u></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif; text-align: right">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">First quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Second quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="vertical-align: bottom; font-family: Times New Roman,serif">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Third quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">158</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> <tr style="background-color: rgb(230,239,255)"> <td style="font-family: Times New Roman,serif; text-indent: 10pt">Fourth quarter&#9;</td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">0.375</td> <td style="font-family: Times New Roman,serif"><sup>(1)</sup></td> <td style="font-family: Times New Roman,serif">&#160;</td> <td style="font-family: Times New Roman,serif">$</td> <td style="font-family: Times New Roman,serif; text-align: right">357</td> <td style="font-family: Times New Roman,serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 0">____________________</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 3%; font-family: Times New Roman,serif"><font style="font-size: 8pt">(1)</font></td> <td style="text-align: justify; width: 97%; font-family: Times New Roman,serif"><font style="font-size: 8pt">Distributions for the OP Units issued in connection with the Cincinnati, Ohio acquisition were paid on a pro-rated distribution equal to a quarterly distribution of $0.375 per OP Unit or $199 in the aggregate for the quarter ended December 31, 2018.</font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="width: 86%; font-weight: bold; text-align: left">Unvested restricted stock at January&#160;1, 2018</td><td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; text-align: right">163,157</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;&#160;&#160;&#160;Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;&#160;&#160;&#160;Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&#160;&#160;&#160;&#160;Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(42,106</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-weight: bold; text-align: left">Unvested restricted stock at December 31, 2018</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">124,051</td><td style="font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;&#160;&#160;&#160;Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">90,075</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;&#160;&#160;&#160;Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&#160;&#160;&#160;&#160;Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(51,942</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Unvested restricted stock at December 31, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">162,184</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>Numerator</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; text-align: left">Net loss&#9;</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(11,938</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(21,175</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: loss attributable to non-controlling interest</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,518</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,459</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss attributable to Plymouth Industrial REIT, Inc.</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(10,420</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(18,716</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left">Less: Preferred stock dividends</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6,263</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,940</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Series B preferred stock accretion to redemption value</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,601</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">359</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: amount allocated to participating securities</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">201</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,523</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23,216</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,503,375</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,027,329</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share attributable to common stockholders &#8211; basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2.88</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5.76</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify"><b>14. Subsequent Events</b></p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On January 22, 2020, the Company (the &#8220;borrower&#8221;) entered into a Credit Agreement with KeyBank National Association (&#8220;KeyBank&#8221;) and the other lenders that are parties thereto, with KeyBank, as Agent, and KeyBank Capital Markets, as Sole Lead Arranger and Sole Book Manager (the &#8220;Credit Agreement&#8221;). The Credit Agreement provides the Borrower with a term loan with a total commitment of $100 million, subject to certain conditions. The Credit Agreement matures on the earlier of (1) October 22, 2020 and (2) the date KeyBank ceases to serve as administrative agent under the Company&#8217;s Revolving Line of Credit, dated as of August 7, 2019. Borrowings under the Credit Agreement bear interest at either (1) the base rate (determined as the highest of (a) KeyBank&#8217;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 our total leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Credit Agreement also contains financial covenants as defined within the Credit Agreement.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On January 24, 2020, the Company acquired a single Class B industrial property, consisting of approximately 465,940 square feet, located in Chicago, Illinois for an aggregate purchase price of $18,650.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On January 27, 2020, the Company acquired a single Class B industrial property, consisting of approximately 276,240 square feet, located in Indianapolis, Indiana for an aggregate purchase price of $8,800.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On January 28, 2020, the Company acquired a five-property portfolio of Class B industrial properties, consisting of approximately 924,036 square feet, located in Atlanta and Savannah, Georgia for an aggregate purchase price of $34,700.</p> <p style="font: 10pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">On February 14, 2020, the Company acquired a three-property portfolio of Class B industrial properties, consisting of approximately 408,164 square feet, located in Avon, Ohio for an aggregate purchase price of $15,750.</p> 3819201 4821876 2040000 2040000 4411764 2040000 4411764 14141355 -63000 4411764 71833000 17843000 13000 17830000 17843000 153518000 90000 153428000 153518000 805000 805000 805000 1205000 1205000 1205000 3000 90075 11053000 10222000 10222000 831000 23281000 21774000 21774000 1507000 1000 1000 1000 172153 1000 2926000 2927000 -2927000 12051000 17903000 12051000 1 2019-01-04 2019-06-10 2019-07-29 2019-08-29 2019-08-29 2019-08-30 2019-10-30 2019-11-21 2019-12-04 2019-12-04 2019-12-20 2018-04-09 2018-09-27 2018-10-15 2018-12-14 9577000 21005000 13907000 626011 5425000 17100000 5400000 22050000 32250000 36200000 19400000 3525000 49815000 12150000 16800000 15675000 27000000 24800000 97100000 220115000 164575000 11823000 19727000 149331000 197850000 92000 -1025000 92000 -1025000 1004000 112144 1304000 1488000 10311000 14748000 466000 429000 453000 465000 483000 479000 108000 2462000 321000 2141000 4491000 4115000 872000 0.0408 0.0435 0.0407 0.0378 0.0341 0.0523 0.0372 <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: white"> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Outstanding Balance at</b></font></td> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td rowspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Interest rate at December 31, 2019</b></font></td> <td rowspan="2" style="white-space: nowrap">&#160;</td> <td rowspan="2" style="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>Final Maturity Date</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>December 31, 2019</b></font></td> <td>&#160;</td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 8pt"><b>December 31, 2018</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; width: 39%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 4%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 4%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 3%; font-family: Times New Roman,serif; text-align: justify">&#160;</td> <td style="white-space: nowrap; width: 17%; font-family: Times New Roman,serif; text-align: justify">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(230,239,255)"> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: justify">Borrowings under line of credit, net </td> <td style="border-bottom: Black 1.5pt double; white-space: nowrap; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;78,900</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="border-bottom: Black 1.5pt double; white-space: nowrap; font-family: Times New Roman,serif; text-align: center">$&#160;&#160;&#160;&#160;&#160;28,187</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">3.72%</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&#160;</td> <td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">August 7, 2023</td></tr> </table> 45000000 100000 100000000 28550000 78900000 2896000 0.171492 0.171492 0.171492 0.3750 0.3750 0.3750 0.3750 2182251 562900 38905000 10216000 18.96 21.06 P3Y Binomial Valuation Model Binomial Valuation Model 0.181 0.200 1.50 1.50 P2Y6M P3Y6M 0.016 0.0247 0.4688 0.4688 0.4688 0.4688 25.00 25.00 17.00 Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. 421438 626011 19.00 17.00 1748000 1748000 -1748000 172153 172153 375000 375000 474000 127439000 256000 494000 270000 159000 112000 1156000 1597000 1012000 486000 470000 361000 2519000 1891000 4229000 3444000 2891000 3479000 3520000 1542000 1926000 1614000 1447000 1640000 489000 1332000 2699000 728000 1966000 148000 234000 381000 289000 743000 856000 9848000 9347000 4354000 644000 1418000 1580000 1501000 275000 4147000 1411000 2815000 1488000 1203000 1107000 341000 331000 400000 928000 488000 422000 1511000 689000 3283000 1062000 866000 1905000 516000 442000 848000 887000 586000 847000 752000 998000 985000 1256000 244000 1297000 4632000 2644000 535000 1881000 566000 669000 334000 609000 709000 424000 1870000 1375000 656000 1133000 516172000 4454000 6027000 2879000 909000 5139000 5199000 2789000 4597000 1369000 1685000 5482000 3403000 4105000 2325000 5743000 6545000 11115000 3598000 5137000 1643000 1377000 2247000 9270000 2248000 9530000 1531000 11740000 884000 1966000 3209000 2422000 6269000 7251000 26411000 26978000 9049000 2658000 7482000 6954000 9424000 2093000 18147000 12281000 22792000 16730000 9603000 8413000 2266000 1416000 3007000 10442000 4919000 2820000 4352000 1014000 13560000 4420000 4174000 9454000 1330000 835000 3632000 2608000 367000 5196000 5448000 7281000