PLYMOUTH INDUSTRIAL REIT INC. : Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry Into a Material Definitive Agreement.

On January 22, 2020, Plymouth Industrial OP, LP (the "Borrower"), the operating partnership subsidiary of Plymouth Industrial REIT, Inc. (the "Company"), and the guarantors named therein entered into a Credit Agreement with KeyBank National Association ("KeyBank") 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 "Credit Agreement"). 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) Octoer 22, 2020 and the date KeyBank ceases to serve as administrative agent under the Company's Amended and Restated Credit Agreement, 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'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 such spread depending on the Borrower's total leverage ratio. The Credit Agreement is secured by the equity interests of certain of the Borrower's wholly-owned subsidiary property owners.

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 covenants limit the Borrower's use of proceeds to, among other things, repaying existing loans, funding acquisitions of additional properties, funding capital and construction expenditures, tenant improvements, leasing commissions and property and equipment acquisitions and for general working capital purposes. The Credit Agreement also contains financial covenants that require the Company to maintain a minimum fixed charge coverage ratio of 1.35 to 1.0, a maximum total indebtedness to total asset value of 65%, a minimum net worth of $275,603,597, plus 80% of any future issuance of equity by either the Company or the Borrower, and a minimum debt service coverage ratio of not less than 1.50 to 1.0.

In the event of a default by the Borrower, the agent may, and at the request of the requisite number of lenders, shall, declare all obligations under the Credit Agreement immediately due and payable, terminate the lenders' commitments to make loans under the Credit Agreement and enforce any and all rights of the lenders or the agent under the Credit Agreement and related documents.

A copy of the Credit Agreement is attached to this current report on Form 8-K as Exhibit 10.1 and is incorporated by reference as though it were fully set forth herein. The foregoing summary description of the Credit Agreement and the transaction contemplated thereby is not intended to be complete and is qualified in its entirety by the complete text of the Credit Agreement.

Item 2.02 Results of Operations and Financial Condition

On January 23, 2020, the Company issued a press release announcing that in the fourth quarter of 2019 the Company had (1) completed the purchase of 13 industrial buildings totaling approximately 2,857,000 square feet for total consideration of approximately $102.1 million and (2) entered into leases totaling an aggregate of 660,000 square feet, including renewal leases for approximately 288,000 square feet and new leases for approximately 372,000 square feet, resulting in an 8.7% increase in rental rates on a cash basis from the leases.

 Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant

The information contained in Item 1.01 above is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On January 23, 2020, the Company issued a press release announcing the matters described above. A copy of that press is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 to Form 8-K, the information contained in Item 7.01 of this Current Report on Form 8-K is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

 (d) Exhibits:




Exhibit No.     Description

10.1              Credit Agreement, dated January 22, 2020, by and among
                Plymouth Industrial OP, LP, the Guarantors from time to time
                party thereto, KeyBank National Association and the other
                Lenders party thereto

99.1              Press Release dated January 23, 2020

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