Black Creek Diversified Property Fund 10-K 7 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	1,327,978
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		89,954,512
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,105,897
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		611,766
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,506,734
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,288,995

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Net investment in real estate properties	$ 1,540,270	$ 1,711,411
Debt-related investments, net	11,147	15,209
Cash and cash equivalents	10,475	13,864
Restricted cash	8,541	7,282
Other assets	37,673	35,962
Total assets	1,608,106	1,783,728
Liabilities
Accounts payable and accrued expenses	22,334	34,085
Long-term Debt	1,012,108	1,048,801
Finite-Lived Intangible Liabilities, Net	52,629	59,545
Other liabilities	28,309	33,206
Total liabilities	1,115,380	1,175,637
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,224,061	1,361,638
Distributions in excess of earnings	(818,608)	(839,896)
Accumulated other comprehensive loss	(909)	(6,905)
Total stockholders’ equity	405,869	516,343
Noncontrolling interests	86,857	91,748
Total equity	492,726	608,091
Total liabilities and equity	1,608,106	1,783,728
Class E
Stockholders’ equity:
Common stock	937	1,123
Class T
Stockholders’ equity:
Common stock	21	20
Class S
Stockholders’ equity:
Common stock	1	0
Class D
Stockholders’ equity:
Common stock	25	23
Class I
Stockholders’ equity:
Common stock	$ 341	$ 340

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class E
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	93,695,000	112,325,000
Common stock, shares outstanding	93,695,000	112,325,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	2,062,000	2,001,000
Common stock, shares outstanding	2,062,000	2,001,000
Class S
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	64,000	0
Common stock, shares outstanding	64,000	0
Class D
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	2,510,000	2,271,000
Common stock, shares outstanding	2,510,000	2,271,000
Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	34,135,000	34,039,000
Common stock, shares outstanding	34,135,000	34,039,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental revenues									$ 196,518	$ 215,227	$ 218,278
Debt-related income									828	943	6,922
Total revenues	$ 44,670	$ 49,672	$ 50,265	$ 52,739	$ 53,956	$ 53,493	$ 52,939	$ 55,782	197,346	216,170	225,200
Operating expenses:
Rental expenses									66,532	65,587	59,590
Real estate-related depreciation and amortization									68,070	80,105	83,114
General and administrative expenses									9,235	9,450	10,720
Advisory fees, related party									13,285	14,857	17,083
Acquisition expenses									0	667	2,644
Impairment of real estate property									1,116	2,677	8,124
Total operating expenses	34,692	40,477	41,950	41,119	43,286	44,567	42,313	43,177	158,238	173,343	181,275
Other income (expenses):
Interest expense									(42,305)	(40,782)	(47,508)
Gain on sale of real property									83,057	45,660	134,218
Other income (expense)									(462)	2,207	2,192
Gain (loss) on extinguishment of debt									0	5,136	(1,168)
Total other income (expenses)	61,323	(11,340)	100	(9,793)	(7,313)	(5,608)	(10,491)	35,633	40,290	12,221	87,734
Net income	71,301	(2,145)	8,415	1,827	3,357	3,318	135	48,238	79,398	55,048	131,659
Net income attributable to noncontrolling interests									(7,182)	(5,072)	(7,404)
Net income attributable to common stockholders	$ 65,710	$ (1,960)	$ 6,805	$ 1,661	$ 3,112	$ 2,965	$ 117	$ 43,782	$ 72,216	$ 49,976	$ 124,255
Weighted-average shares outstanding-basic (in shares)									142,349,000	159,648,000	175,938,000
Weighted average shares outstanding-diluted (in shares)									154,156,000	172,046,000	188,789,000
Net income per common share—basic and diluted (usd per share)	$ 0.49	$ (0.01)	$ 0.05	$ 0.01	$ 0.02	$ 0.02	$ 0	$ 0.27	$ 0.51	$ 0.31	$ 0.70

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 79,398	$ 55,048	$ 131,659
Other comprehensive income (loss):
Change from cash flow hedging derivatives	6,337	4,416	(977)
Comprehensive income	85,735	59,464	130,682
Comprehensive income attributable to noncontrolling interests	(7,523)	(5,379)	(7,321)
Comprehensive income attributable to common stockholders	$ 78,212	$ 54,085	$ 123,361

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning Balances (in shares) at Dec. 31, 2014		178,400
Beginning balance at Dec. 31, 2014	$ 763,980	$ 1,784	$ 1,586,444	$ (893,791)	$ (10,120)	$ 79,663
Comprehensive income (loss):
Net income	131,659			124,255		7,404
Unrealized loss on derivative instruments	(977)				(922)	(55)
Common stock:
Issuance of common stock, net of offering costs (in shares)		14,262
Issuance of common stock, net of offering costs	96,949	$ 142	96,807
Issuance of common stock, share-based compensation, net of forfeitures (in shares)		618
Issuance of common stock, share-based compensation, net of forfeitures	1,263	$ 6	1,257
Redemptions of common stock (in shares)		(29,156)
Redemptions of common stock	(213,796)	$ (291)	(213,505)
Amortization of share-based compensation	32		32
Noncontrolling interests:
Distributions declared to noncontrolling interests	(67,834)			(63,145)		(4,689)
Contributions from noncontrolling interest	17,337					17,337
Redemptions of noncontrolling interests	(2,662)		(176)	0	28	(2,514)
Ending Balances (in shares) at Dec. 31, 2015		164,124
Ending balance at Dec. 31, 2015	725,951	$ 1,641	1,470,859	(832,681)	(11,014)	97,146
Comprehensive income (loss):
Net income	55,048			49,976		5,072
Unrealized loss on derivative instruments	4,416				4,109	307
Common stock:
Issuance of common stock, net of offering costs (in shares)		14,952
Issuance of common stock, net of offering costs	100,447	$ 150	100,297
Issuance of common stock, share-based compensation, net of forfeitures (in shares)		32
Issuance of common stock, share-based compensation, net of forfeitures	306		306
Redemptions of common stock (in shares)		(28,472)
Redemptions of common stock	(210,572)	$ (285)	(210,287)
Amortization of share-based compensation	1,109		1,109
Noncontrolling interests:
Distributions declared to noncontrolling interests	(66,197)			(57,191)		(9,006)
Contributions from noncontrolling interest	3,225					3,225
Redemptions of noncontrolling interests	(5,642)		(646)			(4,996)
Ending Balances (in shares) at Dec. 31, 2016		150,636
Ending balance at Dec. 31, 2016	608,091	$ 1,506	1,361,638	(839,896)	(6,905)	91,748
Comprehensive income (loss):
Net income	79,398			72,216		7,182
Unrealized loss on derivative instruments	6,337				5,996	341
Common stock:
Issuance of common stock, net of offering costs (in shares)		5,752
Issuance of common stock, net of offering costs	40,531	$ 58	40,473
Issuance of common stock, share-based compensation, net of forfeitures (in shares)		(99)
Issuance of common stock, share-based compensation, net of forfeitures	(648)	$ (1)	(647)
Redemptions of common stock (in shares)		(23,823)
Redemptions of common stock	(178,432)	$ (238)	(178,194)
Amortization of share-based compensation	1,730		1,730
Noncontrolling interests:
Distributions declared to noncontrolling interests	(57,804)			(50,928)		(6,876)
Contributions from noncontrolling interest	106					106
Redemptions of noncontrolling interests	(6,583)		(939)			(5,644)
Ending Balances (in shares) at Dec. 31, 2017		132,466
Ending balance at Dec. 31, 2017	$ 492,726	$ 1,325	$ 1,224,061	$ (818,608)	$ (909)	$ 86,857

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income	$ 79,398	$ 55,048	$ 131,659
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate-related depreciation and amortization	68,070	80,105	83,114
Gain on disposition of real estate property	(83,057)	(45,660)	(134,218)
Impairment of real estate property	1,116	2,677	8,124
Collection of accrued interest from debt investments	0	0	6,421
(Gain) loss on extinguishment of debt	0	(5,136)	1,168
Other	3,279	8,120	4,660
Changes in operating assets and liabilities	(4,584)	(4,858)	4,602
Net cash provided by operating activities	64,222	90,296	105,530
Investing activities:
Real estate acquisitions	(39,538)	(65,861)	(319,577)
Capital expenditures	(34,086)	(28,951)	(26,204)
Proceeds from disposition of real estate property	176,887	208,604	359,817
Principal collections on debt-related investments	4,020	469	64,769
Other	(2,132)	8,269	(4,384)
Net cash provided by investing activities	105,151	122,530	74,421
Financing activities:
Proceeds from mortgage notes	299,469	84,045	70,626
Repayments of mortgage notes	(162,461)	(314,816)	(136,658)
Defeasance of mortgage note borrowings	0	0	(53,267)
Net (repayments of) proceeds from line of credit	(94,000)	69,000	92,000
Net proceeds from term loan	0	124,411	80,000
Other secured borrowing repayments	0	0	(25,796)
Redemption of common shares	(178,496)	(212,878)	(225,720)
Distributions on common stock	(37,530)	(37,647)	(42,439)
Proceeds from issuance of common stock	19,861	88,206	80,609
Offering costs for issuance of common stock	(4,706)	(5,417)	(4,602)
Distributions to noncontrolling interest holders	(7,607)	(6,641)	(4,591)
Redemption of OP Unit holder interests	(6,206)	(5,309)	(2,750)
Other	(1,086)	2,315	(6,055)
Net cash used in financing activities	(172,762)	(214,731)	(178,643)
Net (decrease) increase in cash and cash equivalents	(3,389)	(1,905)	1,308
Cash and cash equivalents, at beginning of period	13,864	15,769	14,461
Cash and cash equivalents, at end of period	10,475	13,864	15,769
Supplemental disclosure of non-cash investing and financing activities:
Interest paid	37,473	38,161	45,321
Distributions reinvested in common stock	23,282	20,576	21,347
Non-cash repayment of mortgage note and other secured borrowings from disposition proceeds	0	0	139,236
Non-cash disposition of real property	$ 0	$ 7,830	$ 128,008

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Unless the context otherwise requires, “we,” “our” and “us” refer to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. Black Creek Diversified Property Fund Inc. is a Maryland corporation formed on April 11, 2005. We are primarily focused on investing in and operating a diverse portfolio of real property. Although we generally target investments in four primary property categories (office, retail, industrial and multifamily), our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate related equity securities. As of December 31, 2017 , we owned a real estate portfolio of 48 properties. We operate three reportable segments: retail, office and industrial. See “Note 12” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, Black Creek Diversified Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “Note 7” for detail regarding our public offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain amounts included in the consolidated financial statements for 2016 and 2015 have been reclassified to conform to the 2017 financial statement presentation with no effect on previously reported net income or equity. Specifically, investment in real estate properties and accumulated depreciation and amortization are included in net investment in real estate properties, as well as mortgage notes and unsecured borrowings are included in debt. Investments in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-places leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2017 and 2016 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred and allocated to land, building and intangible lease assets on a relative fair value basis. The results of operations for acquired properties are included in the consolidated statements of income from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2017 and 2016 , we recorded $2.1 million and $1.7 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. We recorded an insignificant amount of adjustments related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations during the year ended December 31, 2015 . Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative costs if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2017, 2016 and 2015. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Straight-Line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. We record an allowance for estimated losses that may result from the inability of certain of our tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2017 and 2016, our straight-line rent and tenant receivables were approximately $28.4 million and $29.4 million , respectively, and our allowance for doubtful accounts was approximately $1.1 million and $1.0 million , respectively. These amounts are included in our other assets on the consolidated balance sheets. Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, and are initially reported as other comprehensive income in the consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments in order to estimate the cash flows of the designated hedged item or transaction. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $6.5 million and $4.9 million as of December 31, 2017 and 2016 , respectively. Our interest expense for the years ended December 31, 2017 , 2016 and 2015 included $2.8 million , $1.8 million and $2.4 million , respectively, of amortization of financing costs. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “Note 9” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. Additionally, as of December 31, 2016, we had consolidated joint ventures for purposes of operating real estate properties. As our joint venture partners’ interests in the consolidated joint ventures were not redeemable, we classified our joint venture partners’ interest as noncontrolling interests. We did not own any joint ventures as of December 31, 2017 as we had sold our remaining investments in any joint ventures during the year. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Revenue Recognition We record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2017 , 2016 and 2015 , tenant reimbursement revenue recognized in rental revenues was approximately $42.6 million , $43.6 million and $38.9 million , respectively. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks, rewards and title have transferred to the purchaser and we no longer have substantial continuing involvement with the real estate that was sold. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income Per Share Basic net income per common share is determined by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”). See “Note 10” for additional information regarding net income per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2017, there was only one tenant that individually represented 10.1% of our total annualized base rent. Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards update (“ASU”) No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. We expect most of our acquisitions to qualify as asset acquisitions under the standard, which requires the capitalization of transaction costs to the basis of the acquired assets. While ASU 2017-01 is effective for periods beginning after December 15, 2017, we early adopted this standard effective January 1, 2017, as permitted. Under this new standard, all acquisition costs are being capitalized instead of recorded as an expense. For the year ended December 31, 2017, approximately $0.2 million of acquisition costs were capitalized in net investment in real estate properties on the consolidated balance sheets under this new standard instead of recorded as an expense as in prior periods. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. We plan to adopt the standard when it becomes effective for us, as of the reporting period beginning January 1, 2018. Rental revenues and certain tenant reimbursement revenue earned from leasing our operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). The revised lease accounting standard includes a package of practical expedients that allows an entity to avoid reassessing the accounting for lease components, including the allocations between lease and nonlease components in contracts restated under ASU 2014-09. We expect to elect this package of practical expedients, and accordingly will not reallocate contract consideration to lease components within the scope of the existing lease guidance when we adopt ASU 2014-09. Based on our analysis, the adoption of ASU 2014-09 will not have a material effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We plan to adopt the standard when it becomes effective for us, as of the reporting period beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard. Under the practical expedients election, we would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements, as well as result in the expensing of certain costs to negotiate and arrange lease agreements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. We also plan to adopt ASU 2018-01 when it becomes effective for us, as of the reporting period beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard. Our initial analysis of our lease contracts indicates that the adoption of these standards will not have a material effect on our consolidated financial statements. We are still in the process of evaluating the impact of ASU 2016-02, primarily as it relates to the lease and non-lease components, as well as ASU 2018-01, and related amendments impacting the practical expedients. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. The guidance will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides specific guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We plan on adopting ASU 2016-15 as of the reporting period beginning January 1, 2018. We do not anticipate the adoption of ASU 2016-15 to have a significant impact on our consolidated financial statements. Upon the adoption of ASU 2016-18, we will update the presentation of restricted cash in our current statement of cash flows to conform to the new requirements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities.” The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require us to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While we continue to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements. We plan on adopting ASU 2017-12 as of the reporting period beginning on January 1, 2018.

Investments in Real Estate Prop

Investments in Real Estate Properties	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Investments in Real Estate Properties	INVESTMENTS IN REAL ESTATE PROPERTIES The following tables summarize our consolidated investments in real estate properties: As of December 31, (in thousands) 2017 2016 Land $ 422,564 $ 473,970 Buildings and improvements 1,266,069 1,364,878 Intangible lease assets 340,273 365,474 Investment in real estate properties 2,028,906 2,204,322 Accumulated depreciation and amortization (488,636 ) (492,911 ) Net investment in real estate properties $ 1,540,270 $ 1,711,411 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2017 and 2016 include the following: As of December 31, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 299,406 $ (240,844 ) $ 58,562 $ 322,882 $ (239,070 ) $ 83,812 Above-market lease assets 40,867 (38,740 ) 2,127 42,592 (37,983 ) 4,609 Below-market lease liabilities (86,085 ) 33,456 (52,629 ) (90,980 ) 31,435 (59,545 ) The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2017 , for the next five years and thereafter: Estimated Net Amortization (in thousands) 2018 2019 2020 2021 2022 Thereafter Total Intangible lease assets $ 16,282 $ 12,267 $ 7,361 $ 5,760 $ 4,965 $ 11,927 $ 58,562 Above-market lease assets 707 627 207 193 184 209 2,127 Below-market lease liabilities (4,615 ) (3,857 ) (3,158 ) (2,738 ) (2,636 ) (35,625 ) (52,629 ) Acquisitions We acquired 100% of the following properties during the years ended December 31, 2017 and 2016 : (in thousands) Location Property Acquisition Purchase 2017 Acquisitions: Vasco Road East Bay Industrial 7/21/2017 $ 16,248 Northgate Las Vegas Industrial 7/26/2017 24,500 $ 40,748 2016 Acquisitions: Suniland Shopping Center South Florida Retail 5/27/2016 $ 66,500 Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the respective date of each acquisition, were 8.2 years. Dispositions During the years ended December 31, 2017 and 2016 , we disposed of the following properties: (in thousands) Ownership Location Property Disposition Sales Price Gain on Sale 2017 Dispositions: Hanover 100% Greater Boston Retail 5/31/2017 $ 4,500 $ — Riverport Industrial Portfolio (1) 90% Louisville Industrial 6/9/2017 26,800 10,352 Shiloh Road - Building 620 100% Dallas Industrial 7/21/2017 7,661 670 Jay Street 100% Silicon Valley Office 10/17/2017 44,900 12,474 Centerton Square 100% Philadelphia Retail 10/25/2017 129,630 47,579 Cohasset 100% Greater Boston Retail 12/7/2017 13,050 2,561 Harwich 100% Greater Boston Retail 12/15/2017 17,000 3,646 Venture Corporate Center - Outparcel 100% South Florida Retail 12/15/2017 5,972 3,943 Shiloh Road - Buildings 600 and 640 100% Dallas Industrial 12/18/2017 19,575 1,832 Total 2017 dispositions $ 269,088 $ 83,057 2016 Dispositions: Colshire Drive 100% Washington, DC Office 2/18/2016 $ 158,400 $ 41,241 40 Boulevard 80% Chicago Office 3/1/2016 9,850 — Washington Commons 80% Chicago Office 3/1/2016 18,000 159 Rockland 360-372 Market 100% Greater Boston Retail 8/5/2016 3,625 975 6900 Riverport 90% Louisville Industrial 9/2/2016 5,400 1,120 Sunset Hills Road 100% Washington, DC Office 9/30/2016 18,600 — Holbrook CVS Parcel 100% Greater Boston Retail 11/18/2016 6,200 2,165 Total 2016 dispositions $ 220,075 $ 45,660 (1) Riverport Industrial Portfolio included three properties. Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our tenants under the terms of non-cancelable operating and ground leases in effect as of December 31, 2017 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Rentals 2018 $ 125,487 2019 122,632 2020 97,300 2021 83,226 2022 66,913 Thereafter 225,042 Total $ 720,600 Rental Revenue and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2017 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,855 $ (1,263 ) $ (976 ) Above-market lease amortization (2,392 ) (5,515 ) (5,216 ) Below-market lease amortization 5,395 6,050 6,029 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 39,212 $ 39,808 $ 38,854 Intangible lease asset amortization 28,858 40,797 44,260 Real Estate Property Impairment During the year ended December 31, 2017, we recorded a $1.1 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in May 2017. During the year ended December 31, 2016, we recorded a total of $2.7 million of non-cash impairment charges related to two consolidated properties that we disposed of in 2016. The dispositions consisted of: an office property located in the Washington, DC market and an office property located in the Chicago market. Prior to the disposition of each property, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. During the year ended December 31, 2015, we recorded a total of $8.1 million of non-cash impairment charges related to two consolidated properties that we disposed of in 2015. The dispositions consisted of: an office property located in the Chicago market and a retail property located in the Pittsburgh market. Prior to the disposition of each property, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	DEBT Our debt is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. Two of our mortgage notes are currently partial recourse to us, for which we provide the following limited guaranties: (i) $0.4 million in connection with certain outstanding leasing costs, which will decrease as the costs are subsequently paid, and (ii) $3.9 million that is guaranteed until we meet a lender-specified percentage leased threshold at the collateralized property. Other than these limited guarantees, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2017 December 31, 2016 Maturity Date December 31, 2017 December 31, 2016 Line of credit (1) 3.27% 2.28% January 2019 $ 142,000 $ 236,000 Term loan (2) 3.25% 2.73% January 2018 275,000 275,000 Term loan (3) 3.94% 3.79% February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.89% 4.95% September 2021 - December 2029 123,794 290,970 Floating-rate mortgage notes (5) 3.88% 2.27% January 2020 - August 2023 278,100 52,500 Total principal amount / weighted-average (6) 3.64% 3.42% $ 1,018,894 $ 1,054,470 Less unamortized debt issuance costs $ (7,322 ) $ (6,295 ) Add mark-to-market adjustment on assumed debt 536 626 Total debt, net $ 1,012,108 $ 1,048,801 Gross book value of properties encumbered by debt $ 590,542 $ 505,446 (1) The effective interest rate is calculated based on the London Interbank Offered Rate ("LIBOR"), plus a margin ranging from 1.40% to 2.30% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate, including the effects of interest swap agreements relating to approximately $12.1 million in borrowings under this line of credit as of December 31, 2016 . There were no interest rate swap agreements relating to this line of credit as of December 31, 2017. As of December 31, 2017 , the unused and available portions under the line of credit were approximately $258.0 million and $145.8 million , respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.35% to 2.20% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate, including the effects of interest swap agreements relating to approximately $150.0 million in borrowings under this term loan. In January 2018, we exercised a one -year extension option on this term loan. This term loan is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.65% to 2.55% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. This term loan is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (4) Amount as of December 31, 2017 includes a $33.0 million floating-rate mortgage note that was subject to an interest rate spread of 1.60% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 3.05% for the term of the borrowing. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2017 and 2016 , our floating rate mortgage notes were subject to a weighted-average interest rate spread of 2.31% and 1.65% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 2.6 years as of December 31, 2017 . As of December 31, 2017 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan (2) Mortgage Notes Total 2018 $ — $ 275,000 $ 2,362 $ 277,362 2019 142,000 — 3,344 145,344 2020 — — 229,088 229,088 2021 — — 12,372 12,372 2022 — 200,000 3,246 203,246 Thereafter — — 151,482 151,482 Total $ 142,000 $ 475,000 $ 401,894 $ 1,018,894 (1) The term of the line of credit may be extended pursuant to a one -year extension option, subject to certain conditions. (2) The term of the $275.0 million term loan may be extended pursuant to two one -year extension options, subject to certain conditions. In January 2018, we exercised an option to extend this term loan for another year until January 31, 2019. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with all debt covenants as of December 31, 2017 . Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have on-going exposure to interest rate movements. The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings as other income and expense and totaled $0.2 million gain for the year ended December 31, 2017 . There was no hedge ineffectiveness for the year ended December 31, 2016 and an insignificant amount for the year ended December 31, 2015. During the next 12 months, we estimate that approximately $1.9 million will be reclassified as an increase to interest expense related to effective interest rate swaps where the hedging instrument has been terminated. The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Other Other December 31, 2017 Interest rate swaps (1) 11 $ 435,500 $ 4,043 $ 60 Interest rate caps 4 338,450 13 — Total derivative instruments 15 $ 773,950 $ 4,056 $ 60 December 31, 2016 Interest rate swaps (1) 12 $ 447,600 $ 2,135 $ 2,777 Interest rate caps — — — — Total derivative instruments 12 $ 447,600 $ 2,135 $ 2,777 (1) Includes one interest rate swap with a notional amount of $52.5 million that will become effective in July 2018. The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2017 2016 2015 Derivative Instruments Designated as Cash Flow Hedges Gain (loss) recognized in AOCI (effective portion) $ 1,509 $ (204 ) $ (5,797 ) Loss reclassified from AOCI into income (effective portion) 4,828 4,620 4,820 Net other comprehensive income $ 6,337 $ 4,416 $ (977 ) Derivative Instruments Not Designated as Cash Flow Hedges Loss recognized in income $ (119 ) $ — $ —

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2017 Assets Derivative instruments $ — $ 4,056 $ — $ 4,056 Total assets measured at fair value $ — $ 4,056 $ — $ 4,056 Liabilities Derivative instruments $ — $ 60 $ — $ 60 Total liabilities measured at fair value $ — $ 60 $ — $ 60 December 31, 2016 Assets Derivative instruments $ — $ 2,135 $ — $ 2,135 Total assets measured at fair value $ — $ 2,135 $ — $ 2,135 Liabilities Derivative instruments $ — $ 2,777 $ — $ 2,777 Total liabilities measured at fair value $ — $ 2,777 $ — $ 2,777 As of December 31, 2017 , we had no financial instruments that were transferred among the fair value hierarchy levels. We also had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “Note 4” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of December 31, 2017 and 2016 , the fair values of cash and cash equivalents, tenant receivables, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of December 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt related investments $ 11,120 $ 11,250 $ 15,140 $ 15,784 Liabilities: Line of credit $ 142,000 $ 142,000 $ 236,000 $ 236,000 Term loans 475,000 475,000 475,000 475,000 Mortgage notes 401,894 401,579 343,470 343,566 (1) The carrying amount reflects the principal amount outstanding. In addition to the previously described methods and assumptions for the derivative instruments, the following are the methods and assumptions used to estimate the fair value of our other financial instruments: Debt-Related Investments. The fair value of our debt-related investments is estimated using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Credit spreads and market interest rates used to determine the fair value of these instruments are based on unobservable Level 3 inputs which management has determined to be its best estimate of current market values. Line of Credit. The fair value of the line of credit is estimated using discounted cash flow methods based on our estimate of market interest rates, which we have determined to be our best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Term Loans. The fair value of each of the term loans is estimated using discounted cash flow methods based on our estimate of market interest rates, which we have determined to be our best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Mortgage Notes. The fair value of each of our mortgage notes and other borrowings is estimated using discounted cash flow methods based on our estimate of market interest rates, which we have determined to be our best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2017 , 2016 and 2015 . We had a gross deferred tax asset of approximately $4.9 million and $4.4 million as of December 31, 2017 and 2016 , respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2013. Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. The following unaudited table summarizes the information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended December 31, 2017 2016 2015 Ordinary income 50.01 % 53.66 % 81.01 % Non-taxable return of capital — 46.34 18.99 Capital Gain 49.99 — — Total distributions 100.00 % 100.00 % 100.00 %

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Public Offering As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have two registrations statements effective with the SEC. We have one registration statement for the offering of up to $1.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $750 million offered in the primary offering and up to $250.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2017, $861.4 million remained unsold under this registration statement. We also have a separate registration statement for the offering of Class E shares under our distribution reinvestment plan. As of December 31, 2017, we had $29.0 million remaining unsold under this registration statement. On January 19, 2018, we filed a new registration statement for the offering of up to $2.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $1.5 billion offered in the primary offering and up to $500.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. This registration statement is not yet effective. On September 1, 2017 (the “Restructuring Date”), we amended our charter and restructured our outstanding share classes as part of a broader restructuring (the "Restructuring"). As part of the Restructuring, we, among other things: • changed our outstanding unclassified shares of common stock (which, since 2012, we have referred to as “Class E” shares ) to a new formally designated class of Class E shares; • changed our outstanding Class A, Class W and Class I shares of common stock to Class T, Class D and a new version of Class I shares of common stock, respectively; • created a new class of common stock called Class S shares; • revised the classes of common stock that we offer in our ongoing primary public offering from Class A, Class W and Class I shares to Class T, Class S, Class D and a new version of Class I shares; • revised the compensation we pay to our dealer manager in connection with our public offerings; • revised the fees and reimbursements we pay to our Advisor; • changed the frequency of our NAV calculations from daily to monthly and made other changes to our valuation policies; and • adopted a new share redemption program that applies to all of our stockholders. Whenever we refer to our share classes in these Notes with respect to dates prior to the Restructuring Date, we are referring to our shares under our prior share structure, and whenever we refer to our share classes in these Notes with respect to dates on or after the Restructuring Date, we are referring to our shares under our new share structure. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. In addition, as a result of the different ongoing fees and expenses allocable to each share class, each share class could have a different NAV per share. If the NAV of our classes are different, then changes to our assets and liabilities that are allocable based on NAV may also be different for each class. A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)), as of December 31, 2017 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 6,387 $ 478 $ 10,790 $ 105,255 $ — $ 122,910 DRIP 837 — 925 13,962 33,394 49,118 Total offering $ 7,224 $ 478 $ 11,715 $ 119,217 $ 33,394 $ 172,028 Number of shares sold: Primary offering 832 64 1,449 14,144 — 16,489 DRIP 112 — 124 1,871 4,482 6,589 Total offering 944 64 1,573 16,015 4,482 23,078 Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2017 , 2016 and 2015 : Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balances as of December 31, 2014 1,187 N/A 1,117 13,028 163,068 178,400 Issuance of common stock: Primary shares 511 — 693 10,135 — 11,339 Distribution reinvestment plan 28 — 22 426 2,447 2,923 Share-based compensation — — — 618 — 618 Redemptions of common stock (23 ) — (20 ) (873 ) (28,240 ) (29,156 ) Balances as of December 31, 2015 1,703 N/A 1,812 23,334 137,275 164,124 Issuance of common stock: Primary shares 436 — 782 10,960 — 12,178 Distribution reinvestment plan 42 — 44 684 2,004 2,774 Share-based compensation — — — 32 — 32 Redemptions of common stock (180 ) — (367 ) (971 ) (26,954 ) (28,472 ) Balances as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balances as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Distributions Prior to the third quarter of 2017, distributions were paid on a quarterly basis and were calculated for each day the stockholder had been a stockholder of record during such quarter. Beginning with the third quarter of 2017, cash distributions have been paid on a monthly basis and are calculated as of monthly record dates. Cash distributions for stockholders who had elected to participate in our distribution reinvestment plan were reinvested into shares of the same class of our common stock as the shares to which the distributions relate. The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the quarters ended below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash (2) Reinvested in Shares Total Distributions 2017 March 31 $ 0.0900 $ 9,539 $ 5,076 $ 14,615 June 30 0.0900 9,327 4,920 14,247 September 30 0.0900 8,744 4,937 13,681 December 31 0.0900 8,373 4,775 13,148 Total $ 35,983 $ 19,708 $ 55,691 2016 March 31 $ 0.0900 $ 10,870 $ 5,099 $ 15,969 June 30 0.0900 10,551 5,120 15,671 September 30 0.0900 10,164 5,264 15,428 December 31 0.0900 9,968 5,139 15,107 Total $ 41,553 $ 20,622 $ 62,175 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to OP Unit holders; (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to the Dealer Manager with respect to Class T, Class S and Class D shares. See “Note 9” for further detail regarding the ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program and self-tender offers for the years ended December 31, 2017 , 2016 and 2015 . Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Number of shares requested for redemption or repurchase 23,823 49,491 91,388 Number of shares redeemed or repurchased 23,823 28,472 29,156 % of shares requested that were redeemed or repurchased 100.0 % 57.5 % 31.9 % Average redemption or repurchase price per share $ 7.48 $ 7.37 $ 7.30

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NONCONTROLLING INTERESTS OP Units As of December 31, 2017 and 2016, the Operating Partnership had issued OP Units to third-party investors, representing 7.9% and 7.4% , respectively, of limited partnership interests. Currently, all of the third-party investors own Class E OP Units, but we may in the future cause the Operating Partnership to issue Class T, Class S, Class D or Class I OP Units to third-party investors. The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2017 2016 Number of OP Units issued and outstanding to third-party investors 11,292 12,048 Estimated maximum redemption value (unaudited) $ 83,647 $ 91,200 Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2017 2016 2015 Number of OP Units redeemed 756 760 360 Amount of OP Units redeemed $ 5,643 $ 5,641 $ 2,652 The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. Joint Venture Partner Interests Our noncontrolling interests held by third-party partners in our consolidated joint ventures totaled $2.5 million as of December 31, 2016. Our consolidated balance sheets, as of December 31, 2016, include $48.2 million , after accumulated depreciation and amortization, in consolidated real property variable interest entity investments related to these joint venture. We did not own any consolidated joint ventures as of December 31, 2017 as we had sold our remaining joint venture investments during the year.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS We rely on Black Creek Diversified Property Advisors LLC (the “Advisor”), a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the twelfth amended and restated advisory agreement, effective as of September 1, 2017, by and among us, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends June 30, 2018, subject to renewals by our board of directors for an unlimited number of successive one -year periods. The Dealer Manager provides dealer manager services in connection with our public offerings pursuant to the terms of the third amended and restated dealer manager agreement, effective September 1, 2017 (the “Dealer Manager Agreement”) by and among us, the Advisor and Black Creek Capital Markets, LLC (the “Dealer Manager”). Black Creek Diversified Property Advisors Group LLC (the “Sponsor”), which owns the Advisor, is presently directly or indirectly majority owned by John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates, and the Sponsor and the Advisor are jointly controlled by Messrs. Blumberg, Mulvihill and Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by Messrs. Blumberg, Mulvihill and/or Zucker and/or their affiliates. The Advisor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the limited partnership agreement of the Operating Partnership (the “Operating Partnership Agreement”), and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. The Dealer Manager is entitled to receive upfront selling commissions with respect to Class T and Class S shares sold in the primary offering and dealer manager fees with respect to Class T shares sold in the primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the transaction price (generally equal to the most recent monthly NAV per share) at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of all outstanding Class T, Class S and Class D shares, including shares issued under our distribution reinvestment plan. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow all or a portion of the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T, Class S, and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —% We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. We pay directly, or reimburse the Advisor and the Dealer Manager if they pay on our behalf, certain additional items of underwriting compensation, including legal fees of the Dealer Manager, costs reimbursement for registered representatives of participating broker-dealers to attend educational conferences sponsored by us or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers, and promotional items. In addition to this additional underwriting compensation, the Advisor may also pay the Dealer Manager additional amounts to fund certain of the Dealer Manager’s costs and expenses related to the distribution of our public offering, which will not be reimbursed by us. Also, the Dealer Manager may pay supplemental fees or commissions to participating broker-dealers and servicing broker-dealers with respect to Class I shares sold in the primary offering, which will not be reimbursed by us. Through June 30, 2017, we paid to the Dealer Manager primary dealer fees in the amount of 5.0% of the gross proceeds raised from certain sales of Class I shares in the primary offering. We currently do not intend to pay additional primary dealer fees in our public offerings. Organization and Offering Expense Reimbursement. We pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any issuer organization and offering expenses (meaning organization and offering expenses other than underwriting compensation) as and when incurred. After the termination of the primary offering and again after termination of the offering under our distribution reinvestment plan, the Advisor has agreed to reimburse us to the extent that total cumulative organization and offering expenses (including underwriting compensation) that we incur exceed 15% of our gross proceeds from the applicable offering. Advisory Fee and Operating Expense Reimbursement. The advisory fee consists of a fixed component and a performance component. The fixed component of the advisory fee includes a fee that will be paid monthly to the Advisor for asset management services provided to on our behalf. The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests (1) 1.10% (1) We, through the Operating Partnership, have a program to raise capital in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests in specific Delaware statutory trusts holding real properties, including properties currently indirectly owned by the Operating Partnership (the “DST Program”). Under the DST Program, each private placement will offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). The performance component of the advisory fee is a performance based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance component of the advisory fee be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance component equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance component of the advisory fee as well as ongoing distribution fees (i.e., our ongoing class-specific fees).The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance component of the advisory fee. The loss carryforward is zero as of December 31, 2017. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance component that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2017, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 8” for detail regarding the Class E OP Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers. Fees from Other Services. We retain certain of the Advisor’s affiliates, from time to time, for services relating to our investments or our operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services, construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance, treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Per the terms of the agreement, any such arrangements will be at market rates or a reimbursement of costs incurred by the affiliate in providing the services. Private Placements of Delaware Statutory Trust Interests We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties, including properties currently indirectly owned by the Operating Partnership (the “DST Program”). These private placement offerings are exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act. Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates. We anticipate that these interests may serve as replacement properties for investors seeking to complete like-kind exchange transactions under Section 1031 of the Code. Additionally, the underlying interests of properties sold to investors pursuant to such private placements will be leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long term basis of up to 29 years. The lease agreements are expected to be fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the interests from the investors at a later time in exchange for partnership units in the Operating Partnership (“OP Units”). As of December 31, 2017, we had sold approximately $12.1 million in interests related to the DST Program, which we include in other liabilities on the consolidated balance sheets. DST Program Dealer Manager Fees. In connection with the DST Program, Black Creek Exchange LLC (“BCX”), a wholly owned subsidiary of our taxable REIT subsidiary that is wholly owned by the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placements for interests reflecting an indirect ownership of up to $500.0 million of interests. BCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through any such private placements. BCX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. The Dealer Manager may re-allow such commissions and a portion of such dealer manager fee to participating broker dealers. In addition, we, or our subsidiaries, are obligated to pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any issuer organization and offering expenses (other than selling commissions and the dealer manager fee) as and when incurred. These expenses may include reimbursements for the bona fide due diligence expenses of participating broker-dealers, supported by detailed and itemized invoices, and similar diligence expenses of investment advisers, legal fees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses of registered persons associated with the Dealer Manager, the cost of educational conferences held by us, including costs reimbursement for registered persons associated with the Dealer Manager and registered representatives of participating broker-dealers to attend educational conferences sponsored by us or the Dealer Manager, attendance fees and costs reimbursement for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers, and promotional items. We intend to recoup the costs of the selling commissions and dealer manager fees described above through a purchase price “mark-up” of the initial estimated fair value of the DST Properties to be sold to investors, thereby placing the economic burden of these up-front fees on the investors purchasing such interests. In addition, to offset some or all of our organization and offering expenses associated with the private placements, we may add a purchase price mark-up of the estimated fair value of the DST Properties to be sold to investors in the amount of 1.5% of the gross equity proceeds. Collectively, these purchase price mark-ups total up to 9.25% of the gross equity proceeds raised in the private placements. Additionally, we will be paid, by investors purchasing interests, a non-accountable reimbursement equal to 1.0% of gross equity proceeds for real estate transaction costs that we expect to incur in selling or buying these interests. Also, investors purchasing interests will be required to pay their own respective closing costs upon the initial sale of the interests. DST Manager Fees. BC Exchange Manager LLC (the “DST Manager”), a wholly owned subsidiary of the Operating Partnership, is engaged to act as the manager of each Delaware statutory trust holding a DST Property, but will assign all of its rights and obligations as manager (including fees and reimbursements received) to an affiliate of the Advisor or a subsidiary thereof. While the intention is to sell 100% of the interests to third parties, BCX may hold an interest for a period of time and therefore could be subject to the following description of fees and reimbursements paid to the DST Manager. The DST Manager will have primary responsibility for performing administrative actions in connection with the trust and any DST Property and has the sole power to determine when it is appropriate for a trust to sell a DST Property. The DST Manager will be entitled to the following payments from the trust: (i) a management fee equal to a stated percentage of the gross rents payable to the trust, with such amount to be set on a deal-by-deal basis, (ii) a disposition fee of 1.0% of the gross sales price of any DST Property sold to a third party, and (iii) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties. Additionally, the DST Manager or its affiliate may earn a 1.0% loan fee for any financing arrangement sourced, negotiated and executed in connection with the DST Program. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, and such investors subsequently submit such OP Units for redemption pursuant to the terms of our Operating Partnership, a redemption fee of 1.5% of the amount otherwise payable to a limited partner upon redemption will be paid to an affiliate of the Sponsor. Product Specialist Pursuant to a product specialist agreement with BCG TRT Advisors LLC (“BCG TRT Advisors”), BCG TRT Advisors provides advisory services related to our investments in real estate securities. Pursuant to this agreement, a portion of the fixed component of the advisory fee that the Advisor receives from us (as described above) related to investments in real estate securities is reallowed to BCG TRT Advisors in exchange for the services provided. Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2017 2016 2015 2017 2016 Upfront selling commissions $ 34 $ 100 $ 114 $ — $ — Dealer manager fees (1)(2) 306 381 258 — 38 Ongoing distribution fees (2) 108 70 50 15 6 Primary dealer fee — 3,465 2,540 — — Advisory fees (3) 13,191 14,857 17,083 954 1,236 Advisory fees related to the disposition of real properties (4) 1,763 2,140 4,962 — — Other expense reimbursements—Advisor (5)(6) 8,393 8,368 9,008 1,988 2,187 Other expense reimbursements—Dealer Manager 401 377 441 — — Development management fee (7) — 31 88 — — DST Program advisory fees 94 — — — — DST Program selling commissions 466 117 — — — DST Program dealer manager fees 143 38 — — — DST Program other reimbursements—Dealer Manager 137 19 — — — Total $ 25,036 $ 29,963 $ 34,544 $ 2,957 $ 3,467 (1) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (2) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $1.9 million and $3.9 million as of December 31, 2017 and 2016 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (3) Amounts for the years December 31, 2017 , 2016 and 2015 include approximately $0.7 million , $1.1 million and $1.1 million , respectively, that we were not obligated to pay in consideration of the issuance of Company RSUs to the Advisor. See “Advisor RSU Agreements” below for more detail. (4) Amounts for the years December 31, 2017 , 2016 and 2015 include approximately $1.7 million , $1.9 million and $4.8 million , respectively, in gain on sale of real property on the consolidated statements of income. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 and for which the Advisor had not otherwise been paid a fee, approximately $1.2 million of which is included in gain on sale of real property on the consolidated statements of income and approximately $0.2 million remains deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, amounts include approximately $45,000 , $265,000 and $125,000 paid to the Advisor for advisory fees associated with the disposition of real properties during the years ended December 31, 2017 , 2016 and 2015 , respectively, which are included in impairment of real estate property on the consolidated statements of income. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (5) Amounts include approximately $6.6 million , $6.8 million and $7.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of income. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of the Restructuring Date, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we will reimburse the Advisor for bonuses of our named executive offers for services provided to us prior to the Restructuring Date upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (6) Includes costs reimbursed to the Advisor related to the DST Program. (7) Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives a development management fee. Equity Incentive Plans Our equity incentive plans provide for the potential granting of cash-based awards and stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units to our employees (if we have any in the future), our independent directors, employees of the Advisor or its affiliates, other advisors and consultants of ours and of the Advisor selected by the plan administrator for participation in the equity incentive plans, and any prospective director, officer, employee, consultant, or advisor of the Company and the Advisor. Any such stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units, if granted, will provide for exercise prices, where applicable, that are not less than the fair market value of shares of our common stock on the date of the grant. At each annual meeting of stockholders the independent directors automatically, upon election, receive an award, pursuant to our equity incentive plans, of $10,000 in RSUs with respect to Class I shares of our common stock, with the number of RSUs based on the NAV per Class I share as of the end of the day of the annual meeting. Advisor RSU Agreements Pursuant to the terms of Restricted Stock Unit Agreements with the Advisor (the “Advisor RSU Agreements”), we have granted restricted stock units (“Company RSUs”) to the Advisor in exchange for certain advisory fee and expense reimbursement offsets. No additional grants are scheduled at this time. Each Company RSU will, upon vesting, be settled in one share of our Class I common stock. The Company RSUs are subject to specified vesting and settlement provisions and, upon settlement in Class I shares of our common stock, require offsets of advisory fees and expenses otherwise payable by us to the Advisor based on a value of the NAV per Class I share on the grant date of the applicable Company RSU. As of December 31, 2017, approximately 0.5 million of the Class I shares that were issued upon settlement of Company RSUs have been used for fee offset over the past four years . These Company RSUs are expected to be reallowed by the Advisor to its senior management. The purposes of the Advisor RSU Agreements are to promote an alignment of interests among our stockholders, the Advisor and the personnel of the Advisor and its affiliates, and to promote retention of the personnel of the Advisor and its affiliates. The Advisor has entered into agreements to redistribute substantially all of the Class I shares acquired through Company RSUs to senior level employees of the Advisor and its affiliates that provide services to us, although the terms of such redistributions (including the timing, amount and recipients) remain solely in the discretion of the Advisor. The table below summarizes the unvested Company RSUs as of December 31, 2017: (in thousands, except per share data) Grant Date Vesting Dates Number of Unvested Shares Grant Date NAV per Class I Share Company RSUs 2/25/2015 4/13/2018 66 $ 7.18 Company RSUs 2/4/2016 4/15/2019 57 7.41 Total / weighted average 123 $ 7.29 On each vesting date, an offset amount will be calculated and deducted on a pro rata basis over the next 12 months from the cash payments otherwise due and payable to the Advisor under our then-current Advisory Agreement for any fees or expense reimbursements. Each offset amount will equal the number of Company RSUs vesting on such date multiplied by the grant-date NAV per Class I share. For each Company RSU, the offset amount will always be calculated based on the grant-date NAV per Class I share, even beyond the initial grant and vesting dates. At the end of each 12-month period following each vesting date, if the offset amount has not been fully realized by offsets from the cash payments otherwise due and payable to the Advisor under the Advisory Agreement, the Advisor will promptly pay any shortfall to us. The Advisor RSU Agreements will automatically terminate upon termination or non-renewal of the Advisory Agreement, by any party for any reason. In addition, upon a change in control of us, then either the Advisor or we may immediately terminate the Advisor RSU Agreements. Further, the Advisor may immediately terminate the Advisor RSU Agreements if we exercise certain rights under the Advisor RSU Agreements to replace the Company RSUs with another form of compensation. Upon termination of the Advisor RSU Agreements, the Advisor will promptly pay any unused offset amounts to us or, at the Advisor’s election, return Class I shares in equal value based on the Class I NAV as of the date of termination of the Advisor RSU Agreements. In addition, upon termination of the Advisor RSU Agreements, all unvested Company RSUs will be forfeited except that, unless the Advisor RSU Agreements were terminated at the election of the Advisor following a change in control of us or as a result of a premature termination of the Advisory Agreement at our election for cause (as defined in the Advisory Agreement) or upon the bankruptcy of the Advisor, then following such forfeiture of Company RSUs, the Advisor will have the right to acquire from us the number of Class I shares equal to the number of Company RSUs forfeited, in return for a purchase price equal to such number of Class I shares multiplied by the grant-date NAV per Class I share. The Advisor must notify us of its election to exercise the foregoing acquisition right within 30 days following the termination of the Advisor RSU Agreements, and the parties will close the transaction within 60 days following the termination of the Advisor RSU Agreements. If our board of directors declares and we pay a cash dividend on Class I shares for any period in which the Company RSUs are outstanding (regardless of whether such Company RSUs are then vested), the Advisor will be entitled to dividend equivalents with respect to that cash dividend equal to the cash dividends that would have been payable on the same number of Class I shares as the number of Company RSUs subject to the Advisor RSU Agreements had such Class I shares been outstanding during the same portion of such period as the Company RSUs were outstanding. Any such dividend equivalents may be paid in cash or Class I shares, at the Advisor’s election. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2017 and 2016, we held a 92.1% and 92.6% , respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 8” for detail regarding our noncontrolling interests.

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE The computation of our basic and diluted net income per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Net income attributable to common stockholders—basic $ 72,216 $ 49,976 $ 124,255 Net income attributable to OP Units 6,117 3,883 8,632 Net income attributable to common stockholders—diluted $ 78,333 $ 53,859 $ 132,887 Weighted-average shares outstanding—basic 142,349 159,648 175,938 Incremental weighted-average shares effect of conversion of OP Units 11,807 12,398 12,851 Weighted-average shares outstanding—diluted 154,156 172,046 188,789 Net income per share attributable to common stockholders: Basic $ 0.51 $ 0.31 $ 0.70 Diluted $ 0.51 $ 0.31 $ 0.70

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2017.

Segment Financial Information

Segment Financial Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Financial Information	SEGMENT FINANCIAL INFORMATION Our three reportable segments are retail, office and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely primarily on net operating income to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table sets forth the financial results by segment for the years ended December 31, 2017 , 2016 and 2015 : (in thousands) Office Retail Industrial Corporate Consolidated 2017 Rental revenues $ 108,305 $ 81,871 $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ 58,657 $ 67,836 $ 1,608,106 2016 Rental revenues $ 126,782 $ 82,372 $ 6,073 $ — $ 215,227 Rental expenses (42,482 ) (21,355 ) (1,750 ) — (65,587 ) Net operating income $ 84,300 $ 61,017 $ 4,323 $ — $ 149,640 Real estate-related depreciation and amortization $ 50,996 $ 26,142 $ 2,967 $ — $ 80,105 Total assets $ 825,961 $ 827,799 $ 57,651 $ 72,317 $ 1,783,728 2015 Rental revenues $ 137,204 $ 72,402 $ 8,672 $ — $ 218,278 Rental expenses (39,763 ) (17,910 ) (1,917 ) — (59,590 ) Net operating income $ 97,441 $ 54,492 $ 6,755 $ — $ 158,688 Real estate-related depreciation and amortization $ 59,482 $ 20,710 $ 2,922 $ — $ 83,114 Total assets $ 1,027,132 $ 785,854 $ 61,231 $ 86,674 $ 1,960,891 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, acquisition expenses, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income attributable to common stockholders to our net operating income for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended December 31, (in thousands) 2017 2016 2015 Net income attributable to common stockholders $ 72,216 $ 49,976 $ 124,255 Debt-related income (828 ) (943 ) (6,922 ) Real estate depreciation and amortization expense 68,070 80,105 83,114 General and administrative expenses 9,235 9,450 10,720 Advisory fees, related party 13,285 14,857 17,083 Acquisition expenses — 667 2,644 Impairment of real estate property 1,116 2,677 8,124 Other income (expense) 462 (2,207 ) (2,192 ) Interest expense 42,305 40,782 47,508 (Gain) loss on extinguishment of debt and financing commitments — (5,136 ) 1,168 Gain on sale of real property (83,057 ) (45,660 ) (134,218 ) Net income attributable to noncontrolling interests 7,182 5,072 7,404 Net operating income $ 129,986 $ 149,640 $ 158,688

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2017 Total revenues $ 52,739 $ 50,265 $ 49,672 $ 44,670 Total operating expenses $ (41,119 ) $ (41,950 ) $ (40,477 ) $ (34,692 ) Other (expenses) income $ (9,793 ) $ 100 $ (11,340 ) $ 61,323 Net income (loss) $ 1,827 $ 8,415 $ (2,145 ) $ 71,301 Net income (loss) attributable to common stockholders $ 1,661 $ 6,805 $ (1,960 ) $ 65,710 Net income (loss)—basic and diluted common share (1) $ 0.01 $ 0.05 $ (0.01 ) $ 0.49 2016 Total revenues $ 55,782 $ 52,939 $ 53,493 $ 53,956 Total operating expenses $ (43,177 ) $ (42,313 ) $ (44,567 ) $ (43,286 ) Other income (expenses) $ 35,633 $ (10,491 ) $ (5,608 ) $ (7,313 ) Net income $ 48,238 $ 135 $ 3,318 $ 3,357 Net income attributable to common stockholders $ 43,782 $ 117 $ 2,965 $ 3,112 Net income—basic and diluted common share (1) $ 0.27 $ — $ 0.02 $ 0.02 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 Initial Cost to Company Gross Amount Carried at December 31, 2017 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Office properties: Bala Pointe Bala Cynwyd, PA 1 $ — $ 10,115 $ 27,516 $ 37,631 $ 9,680 $ 10,115 $ 37,196 $ 47,311 $ 15,539 8/28/2006 1-40 1300 Connecticut Washington, DC 1 52,500 25,177 41,250 66,427 4,865 25,177 46,115 71,292 23,170 3/10/2009 2-40 655 Montgomery San Francisco, CA 1 98,600 32,632 83,678 116,310 8,861 32,632 92,539 125,171 17,935 11/7/2013 1-40 1st Avenue Plaza Denver, CO 2 — 15,713 65,252 80,965 2,902 15,713 68,154 83,867 12,551 8/22/2014 1-40 Rialto Austin, TX 2 — 5,094 32,652 37,746 1,813 5,094 34,465 39,559 6,061 1/15/2015 1-40 CityView Austin, TX 2 — 4,606 65,250 69,856 2,650 4,606 67,900 72,506 9,880 4/24/2015 1-40 Joyce Blvd Fayetteville, AR 1 — 2,699 8,996 11,695 773 2,699 9,769 12,468 3,547 9/28/2007 10-40 Eden Prairie Eden Prairie, MN 1 — 3,538 25,865 29,403 125 3,538 25,990 29,528 8,676 10/3/2008 5-40 Austin-Mueller Healthcare Austin, TX 1 — 2,663 42,315 44,978 6 2,663 42,321 44,984 14,594 12/23/2008 11-40 Campus Road Office Center Princeton, NJ 1 — 5,302 45,773 51,075 300 5,302 46,073 51,375 15,094 11/3/2009 5-40 Preston Sherry Plaza Dallas, TX 1 33,000 7,500 22,303 29,803 9,069 7,500 31,372 38,872 12,847 12/16/2009 1-40 3 Second Street Jersey City, NJ 1 127,000 16,800 193,742 210,542 22,305 16,800 216,047 232,847 90,063 6/25/2010 3-40 Park Place Dublin, CA 1 — 8,400 136,797 145,197 7,766 8,400 144,563 152,963 67,424 6/25/2010 7-40 Venture Corporate Center Hollywood, FL 3 — 10,961 34,151 45,112 909 10,961 35,060 46,021 7,551 8/6/2015 1-40 Bank of America Tower Boca Raton, FL 1 — 5,030 30,917 35,947 (198 ) 5,030 30,719 35,749 3,666 12/11/2015 1-40 Total office properties 20 $ 311,100 $ 156,230 $ 856,457 $ 1,012,687 $ 71,826 $ 156,230 $ 928,283 $ 1,084,513 $ 308,598 Retail properties: Bandera Road San Antonio, TX 1 $ — $ 8,221 $ 23,472 $ 31,693 $ 879 $ 8,221 $ 24,351 $ 32,572 $ 8,772 2/1/2007 1-40 Beaver Creek Apex, NC 1 — 13,017 31,375 44,392 1,447 13,017 32,822 45,839 11,184 5/11/2007 1-40 CB Square Jacksonville, FL 1 — 3,768 16,660 20,428 (191 ) 3,768 16,469 20,237 4,768 6/27/2007 2-40 Braintree Braintree, MA 1 — 9,270 31,266 40,536 894 9,270 32,160 41,430 11,287 8/1/2007 1-40 Holbrook Holbrook, MA 1 — 3,828 10,073 13,901 487 3,828 10,560 14,388 4,543 8/1/2007 1-40 Kingston Kingston, MA 1 — 8,580 12,494 21,074 3,305 8,580 15,799 24,379 5,569 8/1/2007 1-40 Initial Cost to Company Gross Amount Carried at December 31, 2017 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Manomet Manoment, MA 1 — 1,890 6,480 8,370 379 1,890 6,859 8,749 2,569 8/1/2007 2-40 Orleans Orleans, MA 1 — 8,780 23,683 32,463 168 8,780 23,851 32,631 8,378 8/1/2007 1-40 Sandwich Sandwich, MA 1 — 7,380 25,778 33,158 762 7,380 26,540 33,920 8,772 8/1/2007 1-40 Wareham Wareham, MA 1 — 13,130 27,030 40,160 3,184 13,130 30,214 43,344 10,523 8/1/2007 1-40 Abington Abington, MA 1 — 14,396 594 14,990 — 14,396 594 14,990 594 8/1/2007 — Hyannis Hyannis, MA 1 — 10,405 917 11,322 — 10,405 917 11,322 518 8/1/2007 18-68 Mansfield Mansfield, MA 1 — 5,340 16,490 21,830 — 5,340 16,490 21,830 5,270 8/1/2007 16-86 Meriden Meriden, CT 1 — 6,560 22,014 28,574 — 6,560 22,014 28,574 7,419 8/1/2007 13-43 Weymouth Weymouth, MA 2 — 5,170 19,396 24,566 (251 ) 4,913 19,402 24,315 6,678 8/1/2007 4-40 Whitman 475 Bedford Street Whitman, MA 1 — 3,610 11,682 15,292 — 3,610 11,682 15,292 3,859 8/1/2007 16-56 Brockton Eastway Plaza Brockton, MA 1 — 2,530 2,074 4,604 1,034 2,530 3,108 5,638 1,413 8/1/2007 1-40 Brockton Westgate Plaza Brockton, MA 1 — 3,650 6,507 10,157 923 3,650 7,430 11,080 2,648 8/1/2007 2-40 New Bedford New Bedford, MA 1 6,841 3,790 11,152 14,942 — 3,790 11,152 14,942 3,387 10/18/2007 22-40 Norwell Norwell, MA 1 3,756 5,850 14,547 20,397 — 5,850 14,547 20,397 4,728 10/18/2007 15-65 270 Center Washington, DC 1 70,000 19,779 42,515 62,294 573 19,779 43,088 62,867 16,503 4/6/2009 1-40 Springdale Springfield, MA 1 — 11,866 723 12,589 8 11,866 731 12,597 444 2/18/2011 6-62 Saugus Saugus, MA 1 — 3,783 9,713 13,496 120 3,783 9,833 13,616 4,736 3/17/2011 3-40 Durgin Square Portsmouth, NH 2 — 7,209 21,055 28,264 1,436 7,209 22,491 29,700 5,024 5/28/2014 1-40 Salt Pond Narragansett, RI 2 — 8,759 40,233 48,992 (197 ) 8,759 40,036 48,795 6,425 11/4/2014 1-40 South Cape Mashpee, MA 6 — 9,936 27,552 37,488 1,041 10,307 28,222 38,529 4,043 3/18/2015 1-40 Shenandoah Davie, FL 3 10,197 10,501 27,397 37,898 147 10,501 27,544 38,045 3,483 8/6/2015 1-40 Chester Springs Chester, NJ 4 — 7,376 51,155 58,531 657 7,376 51,812 59,188 6,857 10/8/2015 1-40 Yale Village Tulsa, OK 4 — 3,492 30,655 34,147 (79 ) 3,492 30,576 34,068 2,537 12/9/2015 3-40 Suniland Shopping Center Pinecrest, FL 4 — 34,804 33,902 68,706 18 34,804 33,920 68,724 3,369 5/27/2016 1-40 Total retail properties 49 $ 90,794 $ 256,670 $ 598,584 $ 855,254 $ 16,744 $ 256,784 $ 615,214 $ 871,998 $ 166,300 Initial Cost to Company Gross Amount Carried at December 31, 2017 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Industrial properties: South Columbia Campbellsville, KY 1 $ — $ 730 $ 25,092 $ 25,822 $ 5,019 $ 730 $ 30,111 $ 30,841 $ 13,103 6/25/2010 4-40 Vasco Road Livermore, CA 1 — 4,880 12,019 16,899 — 4,880 12,019 16,899 304 7/21/2017 3-40 Northgate North Las Vegas, NV 1 — 3,940 20,715 24,655 — 3,940 20,715 24,655 331 7/26/2017 10-40 Total industrial properties 3 $ — $ 9,550 $ 57,826 $ 67,376 $ 5,019 $ 9,550 $ 62,845 $ 72,395 $ 13,738 Grand total 72 $ 401,894 $ 422,450 $ 1,512,867 $ 1,935,317 $ 93,589 $ 422,564 $ 1,606,342 $ 2,028,906 $ 488,636 (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2017 . See “Note 4 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2017 , the aggregate cost for federal income tax purposes of investments in property was approximately $1.7 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: For the Year Ended December 31, (in thousands) 2017 2016 2015 Investments in real estate properties: Balance at the beginning of period $ 2,204,322 $ 2,380,174 $ 2,472,926 Acquisitions of properties 41,554 68,706 357,811 Improvements 33,332 32,885 26,384 Disposition of properties (242,424 ) (271,944 ) (468,124 ) Impairment (1,116 ) (2,677 ) (8,124 ) Write-offs of intangibles and tenant leasing costs (6,762 ) (2,822 ) (699 ) Balance at the end of period $ 2,028,906 $ 2,204,322 $ 2,380,174 Accumulated depreciation and amortization: Balance at the beginning of period $ 492,911 $ 505,957 $ 523,246 Real estate depreciation and amortization expense 68,070 80,105 83,114 Above-market lease assets amortization expenses 2,392 5,515 5,216 Disposition of properties (67,975 ) (96,113 ) (104,920 ) Write-offs of intangibles and tenant leasing costs (6,762 ) (2,553 ) (699 ) Balance at the end of period $ 488,636 $ 492,911 $ 505,957

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Principles of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain amounts included in the consolidated financial statements for 2016 and 2015 have been reclassified to conform to the 2017 financial statement presentation with no effect on previously reported net income or equity. Specifically, investment in real estate properties and accumulated depreciation and amortization are included in net investment in real estate properties, as well as mortgage notes and unsecured borrowings are included in debt.
Investment In Real Estate Properties	Investments in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-places leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2017 and 2016 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred and allocated to land, building and intangible lease assets on a relative fair value basis. The results of operations for acquired properties are included in the consolidated statements of income from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2017 and 2016 , we recorded $2.1 million and $1.7 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. We recorded an insignificant amount of adjustments related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations during the year ended December 31, 2015 . Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative costs if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2017, 2016 and 2015.
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Straight-Line Rent and Tenant Receivables	Straight-Line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. We record an allowance for estimated losses that may result from the inability of certain of our tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances.
Derivative Instruments	Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, and are initially reported as other comprehensive income in the consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments in order to estimate the cash flows of the designated hedged item or transaction. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “Note 9” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. Additionally, as of December 31, 2016, we had consolidated joint ventures for purposes of operating real estate properties. As our joint venture partners’ interests in the consolidated joint ventures were not redeemable, we classified our joint venture partners’ interest as noncontrolling interests. We did not own any joint ventures as of December 31, 2017 as we had sold our remaining investments in any joint ventures during the year. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity.
Revenue Recognition	Revenue Recognition We record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2017 , 2016 and 2015 , tenant reimbursement revenue recognized in rental revenues was approximately $42.6 million , $43.6 million and $38.9 million , respectively. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks, rewards and title have transferred to the purchaser and we no longer have substantial continuing involvement with the real estate that was sold.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income Per Share	Net Income Per Share Basic net income per common share is determined by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”).
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2017, there was only one tenant that individually represented 10.1% of our total annualized base rent.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards update (“ASU”) No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. We expect most of our acquisitions to qualify as asset acquisitions under the standard, which requires the capitalization of transaction costs to the basis of the acquired assets. While ASU 2017-01 is effective for periods beginning after December 15, 2017, we early adopted this standard effective January 1, 2017, as permitted. Under this new standard, all acquisition costs are being capitalized instead of recorded as an expense. For the year ended December 31, 2017, approximately $0.2 million of acquisition costs were capitalized in net investment in real estate properties on the consolidated balance sheets under this new standard instead of recorded as an expense as in prior periods. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. We plan to adopt the standard when it becomes effective for us, as of the reporting period beginning January 1, 2018. Rental revenues and certain tenant reimbursement revenue earned from leasing our operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). The revised lease accounting standard includes a package of practical expedients that allows an entity to avoid reassessing the accounting for lease components, including the allocations between lease and nonlease components in contracts restated under ASU 2014-09. We expect to elect this package of practical expedients, and accordingly will not reallocate contract consideration to lease components within the scope of the existing lease guidance when we adopt ASU 2014-09. Based on our analysis, the adoption of ASU 2014-09 will not have a material effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We plan to adopt the standard when it becomes effective for us, as of the reporting period beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard. Under the practical expedients election, we would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements, as well as result in the expensing of certain costs to negotiate and arrange lease agreements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. We also plan to adopt ASU 2018-01 when it becomes effective for us, as of the reporting period beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard. Our initial analysis of our lease contracts indicates that the adoption of these standards will not have a material effect on our consolidated financial statements. We are still in the process of evaluating the impact of ASU 2016-02, primarily as it relates to the lease and non-lease components, as well as ASU 2018-01, and related amendments impacting the practical expedients. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. The guidance will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides specific guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We plan on adopting ASU 2016-15 as of the reporting period beginning January 1, 2018. We do not anticipate the adoption of ASU 2016-15 to have a significant impact on our consolidated financial statements. Upon the adoption of ASU 2016-18, we will update the presentation of restricted cash in our current statement of cash flows to conform to the new requirements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities.” The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require us to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While we continue to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements. We plan on adopting ASU 2017-12 as of the reporting period beginning on January 1, 2018.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

Investments in Real Estate Pr24

Investments in Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Property	The following tables summarize our consolidated investments in real estate properties: As of December 31, (in thousands) 2017 2016 Land $ 422,564 $ 473,970 Buildings and improvements 1,266,069 1,364,878 Intangible lease assets 340,273 365,474 Investment in real estate properties 2,028,906 2,204,322 Accumulated depreciation and amortization (488,636 ) (492,911 ) Net investment in real estate properties $ 1,540,270 $ 1,711,411
Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2017 and 2016 include the following: As of December 31, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 299,406 $ (240,844 ) $ 58,562 $ 322,882 $ (239,070 ) $ 83,812 Above-market lease assets 40,867 (38,740 ) 2,127 42,592 (37,983 ) 4,609 Below-market lease liabilities (86,085 ) 33,456 (52,629 ) (90,980 ) 31,435 (59,545 )
Expected Amortization During Next Five Years and Thereafter Related to Acquired Above-Market Lease Assets, Below-Market Lease Liabilities and Acquired In-Place Lease Intangibles	As of December 31, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 299,406 $ (240,844 ) $ 58,562 $ 322,882 $ (239,070 ) $ 83,812 Above-market lease assets 40,867 (38,740 ) 2,127 42,592 (37,983 ) 4,609 Below-market lease liabilities (86,085 ) 33,456 (52,629 ) (90,980 ) 31,435 (59,545 ) The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2017 , for the next five years and thereafter: Estimated Net Amortization (in thousands) 2018 2019 2020 2021 2022 Thereafter Total Intangible lease assets $ 16,282 $ 12,267 $ 7,361 $ 5,760 $ 4,965 $ 11,927 $ 58,562 Above-market lease assets 707 627 207 193 184 209 2,127 Below-market lease liabilities (4,615 ) (3,857 ) (3,158 ) (2,738 ) (2,636 ) (35,625 ) (52,629 )
Schedule of Acquisitions of Real Property	We acquired 100% of the following properties during the years ended December 31, 2017 and 2016 : (in thousands) Location Property Acquisition Purchase 2017 Acquisitions: Vasco Road East Bay Industrial 7/21/2017 $ 16,248 Northgate Las Vegas Industrial 7/26/2017 24,500 $ 40,748 2016 Acquisitions: Suniland Shopping Center South Florida Retail 5/27/2016 $ 66,500
Schedule of Amounts Recorded as Discontinued Operations	During the years ended December 31, 2017 and 2016 , we disposed of the following properties: (in thousands) Ownership Location Property Disposition Sales Price Gain on Sale 2017 Dispositions: Hanover 100% Greater Boston Retail 5/31/2017 $ 4,500 $ — Riverport Industrial Portfolio (1) 90% Louisville Industrial 6/9/2017 26,800 10,352 Shiloh Road - Building 620 100% Dallas Industrial 7/21/2017 7,661 670 Jay Street 100% Silicon Valley Office 10/17/2017 44,900 12,474 Centerton Square 100% Philadelphia Retail 10/25/2017 129,630 47,579 Cohasset 100% Greater Boston Retail 12/7/2017 13,050 2,561 Harwich 100% Greater Boston Retail 12/15/2017 17,000 3,646 Venture Corporate Center - Outparcel 100% South Florida Retail 12/15/2017 5,972 3,943 Shiloh Road - Buildings 600 and 640 100% Dallas Industrial 12/18/2017 19,575 1,832 Total 2017 dispositions $ 269,088 $ 83,057 2016 Dispositions: Colshire Drive 100% Washington, DC Office 2/18/2016 $ 158,400 $ 41,241 40 Boulevard 80% Chicago Office 3/1/2016 9,850 — Washington Commons 80% Chicago Office 3/1/2016 18,000 159 Rockland 360-372 Market 100% Greater Boston Retail 8/5/2016 3,625 975 6900 Riverport 90% Louisville Industrial 9/2/2016 5,400 1,120 Sunset Hills Road 100% Washington, DC Office 9/30/2016 18,600 — Holbrook CVS Parcel 100% Greater Boston Retail 11/18/2016 6,200 2,165 Total 2016 dispositions $ 220,075 $ 45,660 (1) Riverport Industrial Portfolio included three properties.
Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our tenants under the terms of non-cancelable operating and ground leases in effect as of December 31, 2017 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Rentals 2018 $ 125,487 2019 122,632 2020 97,300 2021 83,226 2022 66,913 Thereafter 225,042 Total $ 720,600
Schedule of Adjustments to Rental Revenue Related to Amortization of Above-Market Lease Assets and Below-Market Lease Liabilities	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2017 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,855 $ (1,263 ) $ (976 ) Above-market lease amortization (2,392 ) (5,515 ) (5,216 ) Below-market lease amortization 5,395 6,050 6,029 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 39,212 $ 39,808 $ 38,854 Intangible lease asset amortization 28,858 40,797 44,260

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Borrowings	Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2017 December 31, 2016 Maturity Date December 31, 2017 December 31, 2016 Line of credit (1) 3.27% 2.28% January 2019 $ 142,000 $ 236,000 Term loan (2) 3.25% 2.73% January 2018 275,000 275,000 Term loan (3) 3.94% 3.79% February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.89% 4.95% September 2021 - December 2029 123,794 290,970 Floating-rate mortgage notes (5) 3.88% 2.27% January 2020 - August 2023 278,100 52,500 Total principal amount / weighted-average (6) 3.64% 3.42% $ 1,018,894 $ 1,054,470 Less unamortized debt issuance costs $ (7,322 ) $ (6,295 ) Add mark-to-market adjustment on assumed debt 536 626 Total debt, net $ 1,012,108 $ 1,048,801 Gross book value of properties encumbered by debt $ 590,542 $ 505,446 (1) The effective interest rate is calculated based on the London Interbank Offered Rate ("LIBOR"), plus a margin ranging from 1.40% to 2.30% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate, including the effects of interest swap agreements relating to approximately $12.1 million in borrowings under this line of credit as of December 31, 2016 . There were no interest rate swap agreements relating to this line of credit as of December 31, 2017. As of December 31, 2017 , the unused and available portions under the line of credit were approximately $258.0 million and $145.8 million , respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.35% to 2.20% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate, including the effects of interest swap agreements relating to approximately $150.0 million in borrowings under this term loan. In January 2018, we exercised a one -year extension option on this term loan. This term loan is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.65% to 2.55% , depending on our consolidated leverage ratio. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. This term loan is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (4) Amount as of December 31, 2017 includes a $33.0 million floating-rate mortgage note that was subject to an interest rate spread of 1.60% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 3.05% for the term of the borrowing. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2017 and 2016 , our floating rate mortgage notes were subject to a weighted-average interest rate spread of 2.31% and 1.65% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 2.6 years as of December 31, 2017 .
Schedule of Borrowings Reflects Contractual Debt Maturities	As of December 31, 2017 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan (2) Mortgage Notes Total 2018 $ — $ 275,000 $ 2,362 $ 277,362 2019 142,000 — 3,344 145,344 2020 — — 229,088 229,088 2021 — — 12,372 12,372 2022 — 200,000 3,246 203,246 Thereafter — — 151,482 151,482 Total $ 142,000 $ 475,000 $ 401,894 $ 1,018,894 (1) The term of the line of credit may be extended pursuant to a one -year extension option, subject to certain conditions. (2) The term of the $275.0 million term loan may be extended pursuant to two one -year extension options, subject to certain conditions. In January 2018, we exercised an option to extend this term loan for another year until January 31, 2019.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Other Other December 31, 2017 Interest rate swaps (1) 11 $ 435,500 $ 4,043 $ 60 Interest rate caps 4 338,450 13 — Total derivative instruments 15 $ 773,950 $ 4,056 $ 60 December 31, 2016 Interest rate swaps (1) 12 $ 447,600 $ 2,135 $ 2,777 Interest rate caps — — — — Total derivative instruments 12 $ 447,600 $ 2,135 $ 2,777 (1) Includes one interest rate swap with a notional amount of $52.5 million that will become effective in July 2018.
Effect of Derivative Financial Instruments on Financial Statements	The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2017 2016 2015 Derivative Instruments Designated as Cash Flow Hedges Gain (loss) recognized in AOCI (effective portion) $ 1,509 $ (204 ) $ (5,797 ) Loss reclassified from AOCI into income (effective portion) 4,828 4,620 4,820 Net other comprehensive income $ 6,337 $ 4,416 $ (977 ) Derivative Instruments Not Designated as Cash Flow Hedges Loss recognized in income $ (119 ) $ — $ —

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2017 Assets Derivative instruments $ — $ 4,056 $ — $ 4,056 Total assets measured at fair value $ — $ 4,056 $ — $ 4,056 Liabilities Derivative instruments $ — $ 60 $ — $ 60 Total liabilities measured at fair value $ — $ 60 $ — $ 60 December 31, 2016 Assets Derivative instruments $ — $ 2,135 $ — $ 2,135 Total assets measured at fair value $ — $ 2,135 $ — $ 2,135 Liabilities Derivative instruments $ — $ 2,777 $ — $ 2,777 Total liabilities measured at fair value $ — $ 2,777 $ — $ 2,777
Nonrecurring Fair Value Measurements	The carrying values and fair values of these financial instruments were as follows: As of December 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt related investments $ 11,120 $ 11,250 $ 15,140 $ 15,784 Liabilities: Line of credit $ 142,000 $ 142,000 $ 236,000 $ 236,000 Term loans 475,000 475,000 475,000 475,000 Mortgage notes 401,894 401,579 343,470 343,566 (1) The carrying amount reflects the principal amount outstanding.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended December 31, 2017 2016 2015 Ordinary income 50.01 % 53.66 % 81.01 % Non-taxable return of capital — 46.34 18.99 Capital Gain 49.99 — — Total distributions 100.00 % 100.00 % 100.00 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Summary of Public Offering	A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)), as of December 31, 2017 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 6,387 $ 478 $ 10,790 $ 105,255 $ — $ 122,910 DRIP 837 — 925 13,962 33,394 49,118 Total offering $ 7,224 $ 478 $ 11,715 $ 119,217 $ 33,394 $ 172,028 Number of shares sold: Primary offering 832 64 1,449 14,144 — 16,489 DRIP 112 — 124 1,871 4,482 6,589 Total offering 944 64 1,573 16,015 4,482 23,078
Information of Share Transactions	The following table describes the changes in each class of common shares during each of the years ended December 31, 2017 , 2016 and 2015 : Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balances as of December 31, 2014 1,187 N/A 1,117 13,028 163,068 178,400 Issuance of common stock: Primary shares 511 — 693 10,135 — 11,339 Distribution reinvestment plan 28 — 22 426 2,447 2,923 Share-based compensation — — — 618 — 618 Redemptions of common stock (23 ) — (20 ) (873 ) (28,240 ) (29,156 ) Balances as of December 31, 2015 1,703 N/A 1,812 23,334 137,275 164,124 Issuance of common stock: Primary shares 436 — 782 10,960 — 12,178 Distribution reinvestment plan 42 — 44 684 2,004 2,774 Share-based compensation — — — 32 — 32 Redemptions of common stock (180 ) — (367 ) (971 ) (26,954 ) (28,472 ) Balances as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balances as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466
Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the quarters ended below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash (2) Reinvested in Shares Total Distributions 2017 March 31 $ 0.0900 $ 9,539 $ 5,076 $ 14,615 June 30 0.0900 9,327 4,920 14,247 September 30 0.0900 8,744 4,937 13,681 December 31 0.0900 8,373 4,775 13,148 Total $ 35,983 $ 19,708 $ 55,691 2016 March 31 $ 0.0900 $ 10,870 $ 5,099 $ 15,969 June 30 0.0900 10,551 5,120 15,671 September 30 0.0900 10,164 5,264 15,428 December 31 0.0900 9,968 5,139 15,107 Total $ 41,553 $ 20,622 $ 62,175 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to OP Unit holders; (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to the Dealer Manager with respect to Class T, Class S and Class D shares. See “Note 9” for further detail regarding the ongoing distribution fees.
Redemption Activity	Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Number of shares requested for redemption or repurchase 23,823 49,491 91,388 Number of shares redeemed or repurchased 23,823 28,472 29,156 % of shares requested that were redeemed or repurchased 100.0 % 57.5 % 31.9 % Average redemption or repurchase price per share $ 7.48 $ 7.37 $ 7.30

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2017 2016 Number of OP Units issued and outstanding to third-party investors 11,292 12,048 Estimated maximum redemption value (unaudited) $ 83,647 $ 91,200 The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2017 2016 2015 Number of OP Units redeemed 756 760 360 Amount of OP Units redeemed $ 5,643 $ 5,641 $ 2,652

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Dealer Manager Fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —%
Schedule of Fixed Component for Advisory Fee	The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests (1) 1.10% (1) We, through the Operating Partnership, have a program to raise capital in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests in specific Delaware statutory trusts holding real properties, including properties currently indirectly owned by the Operating Partnership (the “DST Program”). Under the DST Program, each private placement will offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”).
Schedule of Fees and Other Amounts Earned by Advisor	The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2017 2016 2015 2017 2016 Upfront selling commissions $ 34 $ 100 $ 114 $ — $ — Dealer manager fees (1)(2) 306 381 258 — 38 Ongoing distribution fees (2) 108 70 50 15 6 Primary dealer fee — 3,465 2,540 — — Advisory fees (3) 13,191 14,857 17,083 954 1,236 Advisory fees related to the disposition of real properties (4) 1,763 2,140 4,962 — — Other expense reimbursements—Advisor (5)(6) 8,393 8,368 9,008 1,988 2,187 Other expense reimbursements—Dealer Manager 401 377 441 — — Development management fee (7) — 31 88 — — DST Program advisory fees 94 — — — — DST Program selling commissions 466 117 — — — DST Program dealer manager fees 143 38 — — — DST Program other reimbursements—Dealer Manager 137 19 — — — Total $ 25,036 $ 29,963 $ 34,544 $ 2,957 $ 3,467 (1) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (2) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $1.9 million and $3.9 million as of December 31, 2017 and 2016 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (3) Amounts for the years December 31, 2017 , 2016 and 2015 include approximately $0.7 million , $1.1 million and $1.1 million , respectively, that we were not obligated to pay in consideration of the issuance of Company RSUs to the Advisor. See “Advisor RSU Agreements” below for more detail. (4) Amounts for the years December 31, 2017 , 2016 and 2015 include approximately $1.7 million , $1.9 million and $4.8 million , respectively, in gain on sale of real property on the consolidated statements of income. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 and for which the Advisor had not otherwise been paid a fee, approximately $1.2 million of which is included in gain on sale of real property on the consolidated statements of income and approximately $0.2 million remains deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, amounts include approximately $45,000 , $265,000 and $125,000 paid to the Advisor for advisory fees associated with the disposition of real properties during the years ended December 31, 2017 , 2016 and 2015 , respectively, which are included in impairment of real estate property on the consolidated statements of income. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (5) Amounts include approximately $6.6 million , $6.8 million and $7.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of income. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of the Restructuring Date, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we will reimburse the Advisor for bonuses of our named executive offers for services provided to us prior to the Restructuring Date upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (6) Includes costs reimbursed to the Advisor related to the DST Program. (7) Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives a development management fee.
Schedule of RSU Grants	The table below summarizes the unvested Company RSUs as of December 31, 2017: (in thousands, except per share data) Grant Date Vesting Dates Number of Unvested Shares Grant Date NAV per Class I Share Company RSUs 2/25/2015 4/13/2018 66 $ 7.18 Company RSUs 2/4/2016 4/15/2019 57 7.41 Total / weighted average 123 $ 7.29

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Diluted Net Income Per Common Share	The computation of our basic and diluted net income per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Net income attributable to common stockholders—basic $ 72,216 $ 49,976 $ 124,255 Net income attributable to OP Units 6,117 3,883 8,632 Net income attributable to common stockholders—diluted $ 78,333 $ 53,859 $ 132,887 Weighted-average shares outstanding—basic 142,349 159,648 175,938 Incremental weighted-average shares effect of conversion of OP Units 11,807 12,398 12,851 Weighted-average shares outstanding—diluted 154,156 172,046 188,789 Net income per share attributable to common stockholders: Basic $ 0.51 $ 0.31 $ 0.70 Diluted $ 0.51 $ 0.31 $ 0.70

Segment Financial Information (

Segment Financial Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the years ended December 31, 2017 , 2016 and 2015 : (in thousands) Office Retail Industrial Corporate Consolidated 2017 Rental revenues $ 108,305 $ 81,871 $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ 58,657 $ 67,836 $ 1,608,106 2016 Rental revenues $ 126,782 $ 82,372 $ 6,073 $ — $ 215,227 Rental expenses (42,482 ) (21,355 ) (1,750 ) — (65,587 ) Net operating income $ 84,300 $ 61,017 $ 4,323 $ — $ 149,640 Real estate-related depreciation and amortization $ 50,996 $ 26,142 $ 2,967 $ — $ 80,105 Total assets $ 825,961 $ 827,799 $ 57,651 $ 72,317 $ 1,783,728 2015 Rental revenues $ 137,204 $ 72,402 $ 8,672 $ — $ 218,278 Rental expenses (39,763 ) (17,910 ) (1,917 ) — (59,590 ) Net operating income $ 97,441 $ 54,492 $ 6,755 $ — $ 158,688 Real estate-related depreciation and amortization $ 59,482 $ 20,710 $ 2,922 $ — $ 83,114 Total assets $ 1,027,132 $ 785,854 $ 61,231 $ 86,674 $ 1,960,891
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income attributable to common stockholders to our net operating income for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended December 31, (in thousands) 2017 2016 2015 Net income attributable to common stockholders $ 72,216 $ 49,976 $ 124,255 Debt-related income (828 ) (943 ) (6,922 ) Real estate depreciation and amortization expense 68,070 80,105 83,114 General and administrative expenses 9,235 9,450 10,720 Advisory fees, related party 13,285 14,857 17,083 Acquisition expenses — 667 2,644 Impairment of real estate property 1,116 2,677 8,124 Other income (expense) 462 (2,207 ) (2,192 ) Interest expense 42,305 40,782 47,508 (Gain) loss on extinguishment of debt and financing commitments — (5,136 ) 1,168 Gain on sale of real property (83,057 ) (45,660 ) (134,218 ) Net income attributable to noncontrolling interests 7,182 5,072 7,404 Net operating income $ 129,986 $ 149,640 $ 158,688

Quarterly Financial Data (Una33

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data (Unaudited)	Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2017 Total revenues $ 52,739 $ 50,265 $ 49,672 $ 44,670 Total operating expenses $ (41,119 ) $ (41,950 ) $ (40,477 ) $ (34,692 ) Other (expenses) income $ (9,793 ) $ 100 $ (11,340 ) $ 61,323 Net income (loss) $ 1,827 $ 8,415 $ (2,145 ) $ 71,301 Net income (loss) attributable to common stockholders $ 1,661 $ 6,805 $ (1,960 ) $ 65,710 Net income (loss)—basic and diluted common share (1) $ 0.01 $ 0.05 $ (0.01 ) $ 0.49 2016 Total revenues $ 55,782 $ 52,939 $ 53,493 $ 53,956 Total operating expenses $ (43,177 ) $ (42,313 ) $ (44,567 ) $ (43,286 ) Other income (expenses) $ 35,633 $ (10,491 ) $ (5,608 ) $ (7,313 ) Net income $ 48,238 $ 135 $ 3,318 $ 3,357 Net income attributable to common stockholders $ 43,782 $ 117 $ 2,965 $ 3,112 Net income—basic and diluted common share (1) $ 0.27 $ — $ 0.02 $ 0.02 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation.

Description of Business (Detail

Description of Business (Details)	12 Months Ended
	Dec. 31, 2017propertysegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties | property	48
Number of reportable segments | segment	3

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Straight-line rent and tenant receivables	$ 28.4	$ 29.4
Allowances on receivables	1.1	1
Accumulated amortization of deferred financing costs	6.5	4.9
Amortization of financing costs	2.8	1.8	$ 2.4
Reimbursement revenue	42.6	43.6	$ 38.9
Leases, Acquired-in-Place
Significant Accounting Policies [Line Items]
Impairment of intangible assets	$ 2.1	$ 1.7
Customer Concentration Risk | Sales Revenue, Services, Net | Customer One
Significant Accounting Policies [Line Items]
Concentration risk percentage	10.10%
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-01
Significant Accounting Policies [Line Items]
Cumulative effect of new accounting principle	$ 0.2

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2017
Building
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years
Building and Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Building and Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

Investments in Real Estate Pr37

Investments in Real Estate Properties (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Real Estate Properties [Line Items]
Weighted-Average Amortization Period, Intangible Lease Assets (Years)	8 years 2 months 12 days
Impairment charges	$ 1,116	$ 2,677	$ 8,124
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Greater Boston Market [Member]
Real Estate Properties [Line Items]
Impairment charges	$ 1,116
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Office | Washington DC and Chicago
Real Estate Properties [Line Items]
Impairment charges		$ 2,677
Number of real estate properties sold | property		2
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Office and Retail | Chicago and Pittsburgh
Real Estate Properties [Line Items]
Impairment charges			$ 8,124
Number of real estate properties sold | property			2

Investments in Real Estate Pr38

Investments in Real Estate Properties (Consolidated Investments in Real Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Investment in real estate properties	$ 2,028,906	$ 2,204,322
Accumulated depreciation and amortization	(488,636)	(492,911)
Investment in real property	1,540,270	1,711,411
Land
Real Estate Properties [Line Items]
Investment in real estate properties	422,564	473,970
Building and Building Improvements
Real Estate Properties [Line Items]
Investment in real estate properties	1,266,069	1,364,878
Intangible In-Place Lease Assets
Real Estate Properties [Line Items]
Investment in real estate properties	$ 340,273	$ 365,474

Investments in Real Estate Pr39

Investments in Real Estate Properties (Intangible Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible lease assets
Real Estate Properties [Line Items]
Gross	$ 299,406	$ 322,882
Accumulated Amortization	(240,844)	(239,070)
Net	58,562	83,812
Above-market lease assets
Real Estate Properties [Line Items]
Gross	40,867	42,592
Accumulated Amortization	(38,740)	(37,983)
Net	2,127	4,609
Below-market lease liabilities
Real Estate Properties [Line Items]
Liabilities, Gross	(86,085)	(90,980)
Liabilities, Accumulated Amortization	33,456	31,435
Liabilities, Net	$ (52,629)	$ (59,545)

Investments in Real Estate Pr40

Investments in Real Estate Properties (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible lease assets
Real Estate Properties [Line Items]
2,018	$ 16,282
2,019	12,267
2,020	7,361
2,021	5,760
2,022	4,965
Thereafter	11,927
Net	58,562	$ 83,812
Above-market lease assets
Real Estate Properties [Line Items]
2,018	707
2,019	627
2,020	207
2,021	193
2,022	184
Thereafter	209
Net	2,127	4,609
Below-market lease liabilities
Real Estate Properties [Line Items]
2,018	(4,615)
2,019	(3,857)
2,020	(3,158)
2,021	(2,738)
2,022	(2,636)
Thereafter	(35,625)
Liabilities, Net	$ (52,629)	$ (59,545)

Investments in Real Estate Pr41

Investments in Real Estate Properties (Schedule Of Acquisitions Of Real Property) (Details) - Land, Buildings and Improvements - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Contract Price	$ 40,748
Industrial Property | Vasco Road
Business Acquisition [Line Items]
Contract Price	16,248
Industrial Property | Northgate
Business Acquisition [Line Items]
Contract Price	$ 24,500
Retail | Suniland Shopping Center
Business Acquisition [Line Items]
Contract Price		$ 66,500

Investments in Real Estate Pr42

Investments in Real Estate Properties (Summary of Disposed Properties) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of Properties | property	48
Disposed Properties
Business Acquisition [Line Items]
Contract Sales Price	$ 269,088	$ 220,075
Gain (loss) on Sale	$ 83,057	$ 45,660
Disposed Properties | Office | Jay Street
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 44,900
Gain (loss) on Sale	$ 12,474
Disposed Properties | Office | Colshire Drive
Business Acquisition [Line Items]
Ownership		100.00%
Contract Sales Price		$ 158,400
Gain (loss) on Sale		$ 41,241
Disposed Properties | Office | 40 Boulevard
Business Acquisition [Line Items]
Ownership		80.00%
Contract Sales Price		$ 9,850
Gain (loss) on Sale		$ 0
Disposed Properties | Office | Washington Commons
Business Acquisition [Line Items]
Ownership		80.00%
Contract Sales Price		$ 18,000
Gain (loss) on Sale		$ 159
Disposed Properties | Office | Sunset Hills Road
Business Acquisition [Line Items]
Ownership		100.00%
Contract Sales Price		$ 18,600
Gain (loss) on Sale		$ 0
Disposed Properties | Retail | Hanover
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 4,500
Gain (loss) on Sale	$ 0
Disposed Properties | Retail | Centerton Square
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 129,630
Gain (loss) on Sale	$ 47,579
Disposed Properties | Retail | Cohasset
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 13,050
Gain (loss) on Sale	$ 2,561
Disposed Properties | Retail | Harwich
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 17,000
Gain (loss) on Sale	$ 3,646
Disposed Properties | Retail | Venture Corporate Center - Outparcel
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 5,972
Gain (loss) on Sale	$ 3,943
Disposed Properties | Retail | Rockland 360-372 Market
Business Acquisition [Line Items]
Ownership		100.00%
Contract Sales Price		$ 3,625
Gain (loss) on Sale		$ 975
Disposed Properties | Retail | Holbrook CVS Parcel
Business Acquisition [Line Items]
Ownership		100.00%
Contract Sales Price		$ 6,200
Gain (loss) on Sale		$ 2,165
Disposed Properties | Industrial Property | Riverport Industrial Portfolio
Business Acquisition [Line Items]
Ownership	90.00%
Contract Sales Price	$ 26,800
Gain (loss) on Sale	$ 10,352
Number of Properties | property	3
Disposed Properties | Industrial Property | Shiloh Road - Building 620
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 7,661
Gain (loss) on Sale	$ 670
Disposed Properties | Industrial Property | Shiloh Road - Buildings 600 and 640
Business Acquisition [Line Items]
Ownership	100.00%
Contract Sales Price	$ 19,575
Gain (loss) on Sale	$ 1,832
Disposed Properties | Industrial Property | 6900 Riverport
Business Acquisition [Line Items]
Ownership		90.00%
Contract Sales Price		$ 5,400
Gain (loss) on Sale		$ 1,120

Investments in Real Estate Pr43

Investments in Real Estate Properties (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Real Estate [Abstract]
2,018	$ 125,487
2,019	122,632
2,020	97,300
2,021	83,226
2,022	66,913
Thereafter	225,042
Total	$ 720,600

(Amortization Expense for Intan

(Amortization Expense for Intangible Lease Assets and Adjustments to Rental Revenue for Above-Market Lease Assets and Below-Market Lease Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 1,855	$ (1,263)	$ (976)
Depreciation expense	39,212	39,808	38,854
Intangible lease asset amortization	28,858	40,797	44,260
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Lease amortization	(2,392)	(5,515)	(5,216)
Below-Market Lease Liabilities
Finite-Lived Intangible Assets [Line Items]
Lease amortization	$ 5,395	$ 6,050	$ 6,029

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	2
Gain (loss) of net hedge ineffectiveness	$ 0.2	$ 0
Estimated increase to interest expense related to active effective hedges of floating rate debt	1.9
Property Lease Guarantee
Debt Instrument [Line Items]
Current guarantor obligations	0.4
Performance Guarantee
Debt Instrument [Line Items]
Current guarantor obligations	$ 3.9

Debt (Schedule of Borrowings) (

Debt (Schedule of Borrowings) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017USD ($)contract	Dec. 31, 2016USD ($)contract
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.64%	3.42%
Principal Balance		$ 1,018,894	$ 1,054,470
Less unamortized debt issuance costs		(7,322)	(6,295)
Add mark-to-market adjustment on assumed debt		536	626
Total debt, net		1,012,108	1,048,801
Gross book value of properties encumbered by debt		$ 590,542	$ 505,446
Number of Contracts | contract		15	12
Total notional amount		$ 773,950	$ 447,600
Weighted average maturity of our debt investments		2 years 7 months 6 days
Interest Rate Swaps
Debt Instrument [Line Items]
Number of Contracts | contract		11	12
Total notional amount		$ 435,500	$ 447,600
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.27%	2.28%
Principal Balance		$ 142,000	$ 236,000
Unused portion of the Facility		258,000
Available portions of the Facility		$ 145,800
Extension term		1 year
Line of Credit | Interest Rate Swaps
Debt Instrument [Line Items]
Principal Balance			$ 12,100
Number of Contracts | contract		0
Term Loan Due January 2018
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.25%	2.73%
Principal Balance		$ 275,000	$ 275,000
Term Loan Due January 2018 | Interest Rate Swaps
Debt Instrument [Line Items]
Total notional amount		$ 150,000
Term Loan Due February 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.94%	3.79%
Principal Balance		$ 200,000	$ 200,000
Fixed-Rate Mortgages
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.89%	4.95%
Principal Balance		$ 123,794	$ 290,970
Fixed-Rate Mortgages | Mortgage Note, Preston Sherry Plaza
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		1.60%
Amount of debt		$ 33,000
Effective interest rate		3.05%
Floating-Rate Mortgages
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate		3.88%	2.27%
Principal Balance		$ 278,100	$ 52,500
Minimum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		1.40%
Minimum | Term Loan Due January 2018 | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		1.35%
Minimum | Fixed-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		1.65%
Maximum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		2.30%
Maximum | Term Loan Due January 2018 | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		2.20%
Maximum | Fixed-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		2.55%
Maximum | Floating-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR		2.31%	1.65%
Subsequent Event | Term Loan Due January 2018
Debt Instrument [Line Items]
Extension term	1 year

Debt (Summary of Borrowings Ref

Debt (Summary of Borrowings Reflects Contractual Debt Maturities Footnote) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)extension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,018	$ 277,362
2,019	145,344
2,020	229,088
2,021	12,372
2,022	203,246
Thereafter	151,482
Total	1,018,894	$ 1,054,470
Line of Credit
Debt Instrument [Line Items]
2,018	0
2,019	142,000
2,020	0
2,021	0
2,022	0
Thereafter	0
Total	$ 142,000	$ 236,000
Extension term	1 year
Term Loan
Debt Instrument [Line Items]
2,018	$ 275,000
2,019	0
2,020	0
2,021	0
2,022	200,000
Thereafter	0
Total	$ 475,000
Term Loan | $275 Million Term Loan
Debt Instrument [Line Items]
Extension term	1 year
Amount of debt	$ 275,000
Number of one year extensions | extension	2
Mortgage Notes
Debt Instrument [Line Items]
2,018	$ 2,362
2,019	3,344
2,020	229,088
2,021	12,372
2,022	3,246
Thereafter	151,482
Total	$ 401,894

Debt (Gross Fair Value of Deriv

Debt (Gross Fair Value of Derivative Financial Instruments as Well as Their Classification) (Details) $ in Thousands	Jul. 31, 2018USD ($)contract	Dec. 31, 2017USD ($)contract	Dec. 31, 2016USD ($)contract
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		15	12
Notional Amount		$ 773,950	$ 447,600
Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		4,056	2,135
Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 60	$ 2,777
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		11	12
Notional Amount		$ 435,500	$ 447,600
Interest Rate Swaps | Forecast
Derivatives, Fair Value [Line Items]
Number of Contracts | contract	1
Notional Amount	$ 52,500
Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		4,043	2,135
Interest Rate Swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 60	$ 2,777
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		4	0
Notional Amount		$ 338,450	$ 0
Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		13	0
Interest Rate Caps | Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 0	$ 0

Debt (Effect of Derivative Fina

Debt (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive income	$ 6,337	$ 4,416	$ (977)
Designated Hedges | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI (effective portion)	1,509	(204)	(5,797)
Loss reclassified from AOCI into income (effective portion)	4,828	4,620	4,820
Net other comprehensive income	6,337	4,416	(977)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	$ 119	$ 0	$ 0

Fair Value (Assets and Liabilit

Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Derivative instruments	$ 4,056	$ 2,135
Total assets	4,056	2,135
Liabilities
Derivative instruments	60	2,777
Total liabilities	60	2,777
Level 2
Assets
Derivative instruments	4,056	2,135
Total assets	4,056	2,135
Liabilities
Derivative instruments	60	2,777
Total liabilities	$ 60	$ 2,777

Fair Value (Nonrecurring Fair V

Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Assets:
Debt related investments	$ 11,120	$ 15,140
Liabilities:
Line of credit	142,000	236,000
Term loans	475,000	475,000
Mortgage notes	401,894	343,470
Fair Value
Assets:
Debt related investments	11,250	15,784
Liabilities:
Line of credit	142,000	236,000
Term loans	475,000	475,000
Mortgage notes	$ 401,579	$ 343,566

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Gross deferred tax assets	$ 4.9	$ 4.4

Income Taxes (Preliminary Taxab

Income Taxes (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary income	50.01%	53.66%	81.01%
Non-taxable return of capital	0.00%	46.34%	18.99%
Capital Gain	49.99%	0.00%	0.00%
Total distributions	100.00%	100.00%	100.00%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details)	Jan. 19, 2018USD ($)	Dec. 31, 2017USD ($)regisration_statement
Stockholders Equity Note Disclosure [Line Items]
Number of registration statements | regisration_statement		2
Registration offering amount		$ 1,000,000,000
Subsequent Event
Stockholders Equity Note Disclosure [Line Items]
Registration offering amount	$ 2,000,000,000
Common Class T, Common Class S, Common Class D and Common Class I
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold		861,400,000
Primary offering
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement offering		750,000,000
Primary offering | Subsequent Event
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement offering	1,500,000,000
DRIP
Stockholders Equity Note Disclosure [Line Items]
Amount of DRIP offering		250,000,000
DRIP | Subsequent Event
Stockholders Equity Note Disclosure [Line Items]
Amount of DRIP offering	$ 500,000,000
DRIP | Class E
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold		$ 29,000,000

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Public Offering) (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 172,028
Number of shares sold (in shares) | shares	23,078
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 122,910
Number of shares sold (in shares) | shares	16,489
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 49,118
Number of shares sold (in shares) | shares	6,589
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,224
Number of shares sold (in shares) | shares	944
Class T | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,387
Number of shares sold (in shares) | shares	832
Class T | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 837
Number of shares sold (in shares) | shares	112
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 478
Number of shares sold (in shares) | shares	64
Class S | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 478
Number of shares sold (in shares) | shares	64
Class S | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold (in shares) | shares	0
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 11,715
Number of shares sold (in shares) | shares	1,573
Class D | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,790
Number of shares sold (in shares) | shares	1,449
Class D | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 925
Number of shares sold (in shares) | shares	124
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 119,217
Number of shares sold (in shares) | shares	16,015
Class I | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 105,255
Number of shares sold (in shares) | shares	14,144
Class I | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 13,962
Number of shares sold (in shares) | shares	1,871
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 33,394
Number of shares sold (in shares) | shares	4,482
Class E | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold (in shares) | shares	0
Class E | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 33,394
Number of shares sold (in shares) | shares	4,482

Stockholders' Equity (Informati

Stockholders' Equity (Information of Share Transactions) (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, Primary shares, shares	134,000	436,000	511,000
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	2,001,000	1,703,000	1,187,000
Issuance of common stock distribution reinvestment plan, shares	63,000	42,000	28,000
Redemptions of common stock, shares	(136,000)	(180,000)	(23,000)
Ending balance, shares	2,062,000	2,001,000	1,703,000
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	0
Issuance of common stock, Primary shares, shares	64,000
Ending balance, shares	64,000	0
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	2,271,000	1,812,000	1,117,000
Issuance of common stock, Primary shares, shares	267,000	782,000	693,000
Issuance of common stock distribution reinvestment plan, shares	73,000	44,000	22,000
Redemptions of common stock, shares	(101,000)	(367,000)	(20,000)
Ending balance, shares	2,510,000	2,271,000	1,812,000
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	34,039,000	23,334,000	13,028,000
Issuance of common stock, Primary shares, shares	2,181,000	10,960,000	10,135,000
Issuance of common stock distribution reinvestment plan, shares	1,036,000	684,000	426,000
Issuance of common stock share-based compensation, shares	(99,000)	32,000	618,000
Redemptions of common stock, shares	(3,022,000)	(971,000)	(873,000)
Ending balance, shares	34,135,000	34,039,000	23,334,000
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	112,325,000	137,275,000	163,068,000
Issuance of common stock distribution reinvestment plan, shares	1,934,000	2,004,000	2,447,000
Issuance of common stock share-based compensation, shares		0	0
Redemptions of common stock, shares	(20,564,000)	(26,954,000)	(28,240,000)
Ending balance, shares	93,695,000	112,325,000	137,275,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares		164,124,000	178,400,000
Issuance of common stock, Primary shares, shares	2,646,000	12,178,000	11,339,000
Issuance of common stock distribution reinvestment plan, shares	3,106,000	2,774,000	2,923,000
Issuance of common stock share-based compensation, shares	(99,000)	32,000	618,000
Redemptions of common stock, shares	(23,823,000)	(28,472,000)	(29,156,000)
Ending balance, shares			164,124,000

Stockholders' Equity (Total Dis

Stockholders' Equity (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Declared per Common Share (in usd per share)	$ 0.0900	$ 0.0900	$ 0.0900	$ 0.0900	$ 0.0900	$ 0.0900	$ 0.0900	$ 0.0900
Paid in cash	$ 8,373	$ 8,744	$ 9,327	$ 9,539	$ 9,968	$ 10,164	$ 10,551	$ 10,870	$ 35,983	$ 41,553
Reinvested in shares	4,775	4,937	4,920	5,076	5,139	5,264	5,120	5,099	19,708	20,622
Total distributions	$ 13,148	$ 13,681	$ 14,247	$ 14,615	$ 15,107	$ 15,428	$ 15,671	$ 15,969	$ 55,691	$ 62,175

Stockholders' Equity (Redemptio

Stockholders' Equity (Redemption Table) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Number of shares requested for redemption or repurchase	23,823	49,491	91,388
Number of shares redeemed or repurchased	23,823	28,472	29,156
% of shares requested that were redeemed or repurchased	100.00%	57.50%	31.90%
Average redemption or repurchase price per share (in dollars per share)	$ 7.48	$ 7.37	$ 7.30

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Noncontrolling interest in joint ventures		$ 2,500
Investment in real property	$ 1,540,270	1,711,411
Variable Interest Entity Investments
Noncontrolling Interest [Line Items]
Investment in real property	$ 0	$ 48,200
Operating Partnership Units
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	7.90%	7.40%

Noncontrolling Interests (Summa

Noncontrolling Interests (Summary of Noncontrolling Interest Balances) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Number of OP Units redeemed	23,823	28,472	29,156
Operating Partnership Units
Noncontrolling Interest [Line Items]
Number of OP Units issued to third-party investors	11,292	12,048
Number of OP Units outstanding to third-party investors	11,292	12,048
Estimated maximum redemption value (unaudited)	$ 83,647	$ 91,200
Number of OP Units redeemed	756	760	360
Amount of OP Units redeemed	$ 5,643	$ 5,641	$ 2,652

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Advisory agreement contract renewal term		1 year
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares	5.00%
Proceeds raised from common stock		$ 19,861,000	$ 88,206,000	$ 80,609,000
Advisor agreement termination, notification period		30 days
Advisor agreement termination, transaction close period		60 days
Private Placement
Related Party Transaction [Line Items]
Lease-back private placement terms		29 years
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Offset period		12 months
Class I
Related Party Transaction [Line Items]
Common stock, shares issued		34,135,000	34,039,000	23,334,000	13,028,000
DST Properties
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties		100.00%
Management fee upon disposition, percent of gross sale price		1.00%
Management loan fee, percent of financing arranged		1.00%
DST Properties | Private Placement
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Purchase price mark-ups		9.25%
Non-accountable reimbursement		1.00%
Operating Partnership DST Program | Private Placement
Related Party Transaction [Line Items]
Proceeds raised from common stock		$ 12,100,000
Amended And Restated Operating Partnership Agreement
Related Party Transaction [Line Items]
Redemption fee, payable to manager		1.50%
Director | Class I | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Board approved amount of annual grant		$ 10,000
Company Advisor | Class I | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Restricted stock units unvested and unsettled		123,000
Weighted average grant-date NAV (in usd per share)		$ 7.29
Common stock, shares issued		500,000
Number of years the offset period used		4 years
Affiliated Entity | Distribution fees
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment		8.75%
Black Creek Exchange LLC | Dealer Manager Agreement | Private Placement
Related Party Transaction [Line Items]
Amount of interests placed with dealer		$ 500,000,000
Percent of gross equity proceeds		5.00%
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Operating Partnership Units
Related Party Transaction [Line Items]
Contributed capital			$ 2,000
OP Units held by general partner			200
Contributed of gross proceeds of common stock to the operating partnership			100.00%
Limited partner ownership interest		92.10%	92.60%
Advisor | Affiliated Entity | Advisory Fees
Related Party Transaction [Line Items]
Maximum Advisor reimbursement of cumulative organization and offering costs as a percentage of gross proceeds from the Offering		15.00%
Threshold for performance component of advisory fee		12.50%
Threshold of annual total return as % of NAV		5.00%
Performance component equal		100.00%
Loss carryforward		$ 0
Class E Dealer Manager fee portion waived under NAV per share threshold		$ 10

Related Party Transactions (Sel

Related Party Transactions (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Dealer Manager - Affiliated Entity	12 Months Ended
	Dec. 31, 2017
Class T
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.00%
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class S
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.50%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.85%
Class D
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.25%
Class I
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.00%

Related Party Transactions (Adv

Related Party Transactions (Advisory Fee) (Details) - Advisor - Affiliated Entity - Advisory Fees	Dec. 31, 2017
Related Party Transaction [Line Items]
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)	1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests	1.10%

Related Party Transactions (Sum

Related Party Transactions (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Related party transaction expense	$ 25,036	$ 29,963	$ 34,544
Related party payables	2,957	3,467
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	34	100	114
Related party payables	0	0
Upfront dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	306	381	258
Related party payables	0	38
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	108	70	50
Related party payables	15	6
Ongoing distribution fees | Other Liabilities
Related Party Transaction [Line Items]
Related party payables	1,900	3,900
Primary dealer fee
Related Party Transaction [Line Items]
Related party transaction expense	0	3,465	2,540
Related party payables	0	0
Advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	13,191	14,857	17,083
Related party payables	954	1,236
Advisory fees | Company Advisor | Restricted Stock Units (RSUs) | Class I
Related Party Transaction [Line Items]
Related party transaction expense	700	1,100	1,100
Advisory fees related to disposition of real properties
Related Party Transaction [Line Items]
Related party transaction expense	1,763	2,140	4,962
Related party payables	0	0
Advisory fees related to disposition of real properties | Company Advisor
Related Party Transaction [Line Items]
Deferred payables	200
Advisory fees related to disposition of real properties | Gains on sale of real property
Related Party Transaction [Line Items]
Related party transaction expense	1,700	1,900	4,800
Other expense reimbursements - Advisory
Related Party Transaction [Line Items]
Related party transaction expense	8,393	8,368	9,008
Related party payables	1,988	2,187
Other expense reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	401	377	441
Related party payables	0	0
Development management fee
Related Party Transaction [Line Items]
Related party transaction expense	0	31	88
Related party payables	0	0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	94	0	0
Related party payables	0	0
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	466	117	0
Related party payables	0	0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	143	38	0
Related party payables	0	0
DST Program other reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	137	19	0
Related party payables	0	0
Advisor Fees, Reimbursements For Portion Of Compensation Costs
Related Party Transaction [Line Items]
Related party transaction expense	6,600	6,800	7,300
Advisor Fees, Reimbursements For Portion Of Compensation Costs | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense	45	$ 265	$ 125
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense	1,400
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Gains on sale of real property | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense	$ 1,200

Related Party Transactions (Sch

Related Party Transactions (Schedule Of RSU Grants) (Details) - Class I - Restricted Stock Units (RSUs) - Company Advisor shares in Thousands	Dec. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Shares | shares	123
Grant date NAV per share (in usd per share) | $ / shares	$ 7.29
February 25, 2015 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Shares | shares	66
Grant date NAV per share (in usd per share) | $ / shares	$ 7.18
February 4, 2016 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Shares | shares	57
Grant date NAV per share (in usd per share) | $ / shares	$ 7.41

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to common stockholders—basic	$ 65,710	$ (1,960)	$ 6,805	$ 1,661	$ 3,112	$ 2,965	$ 117	$ 43,782	$ 72,216	$ 49,976	$ 124,255
Net income attributable to OP Units									6,117	3,883	8,632
Net income attributable to common stockholders—diluted									$ 78,333	$ 53,859	$ 132,887
Weighted-average shares outstanding-basic (in shares)									142,349,000	159,648,000	175,938,000
Incremental weighted average shares effect of conversion of OP Units (in shares)									11,807,000	12,398,000	12,851,000
Weighted average shares outstanding-diluted (in shares)									154,156,000	172,046,000	188,789,000
Net income per share attributable to common stockholders:
Basic (usd per share)									$ 0.51	$ 0.31	$ 0.70
Diluted (usd per share)									$ 0.51	$ 0.31	$ 0.70

Segment Financial Information67

Segment Financial Information (Revenue and Components of Net Operating Income) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Rental revenues	$ 196,518	$ 215,227	$ 218,278
Rental expenses	(66,532)	(65,587)	(59,590)
Net operating income	129,986	149,640	158,688
Real estate-related depreciation and amortization	68,070	80,105	83,114
Total assets	1,608,106	1,783,728	1,960,891
Office Segment
Segment Reporting Information [Line Items]
Rental revenues	108,305	126,782	137,204
Rental expenses	(44,520)	(42,482)	(39,763)
Net operating income	63,785	84,300	97,441
Real estate-related depreciation and amortization	41,283	50,996	59,482
Total assets	775,917	825,961	1,027,132
Retail Segment
Segment Reporting Information [Line Items]
Rental revenues	81,871	82,372	72,402
Rental expenses	(20,388)	(21,355)	(17,910)
Net operating income	61,483	61,017	54,492
Real estate-related depreciation and amortization	24,216	26,142	20,710
Total assets	705,696	827,799	785,854
Industrial Segment
Segment Reporting Information [Line Items]
Rental revenues	6,342	6,073	8,672
Rental expenses	(1,624)	(1,750)	(1,917)
Net operating income	4,718	4,323	6,755
Real estate-related depreciation and amortization	2,571	2,967	2,922
Total assets	58,657	57,651	61,231
Corporate
Segment Reporting Information [Line Items]
Rental revenues	0	0	0
Rental expenses	0	0	0
Net operating income	0	0	0
Real estate-related depreciation and amortization	0	0	0
Total assets	$ 67,836	$ 72,317	$ 86,674

Segment Financial Information68

Segment Financial Information (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of net operating income attributable to common shareholders
Net income attributable to common stockholders	$ 65,710	$ (1,960)	$ 6,805	$ 1,661	$ 3,112	$ 2,965	$ 117	$ 43,782	$ 72,216	$ 49,976	$ 124,255
Debt-related income									(828)	(943)	(6,922)
Real estate depreciation and amortization expense									68,070	80,105	83,114
General and administrative expenses									9,235	9,450	10,720
Advisory fees, related party									13,285	14,857	17,083
Acquisition expenses									0	667	2,644
Impairment of real estate property									1,116	2,677	8,124
Other income (expense)									462	(2,207)	(2,192)
Interest expense									42,305	40,782	47,508
Gain (loss) on extinguishment of debt									0	(5,136)	1,168
Gain on sale of real property									(83,057)	(45,660)	(134,218)
Net income attributable to noncontrolling interests									7,182	5,072	7,404
Net operating income									$ 129,986	$ 149,640	$ 158,688

Quarterly Financial Data (Una69

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 44,670	$ 49,672	$ 50,265	$ 52,739	$ 53,956	$ 53,493	$ 52,939	$ 55,782	$ 197,346	$ 216,170	$ 225,200
Total operating expenses	(34,692)	(40,477)	(41,950)	(41,119)	(43,286)	(44,567)	(42,313)	(43,177)	(158,238)	(173,343)	(181,275)
Other (expenses) income	61,323	(11,340)	100	(9,793)	(7,313)	(5,608)	(10,491)	35,633	40,290	12,221	87,734
Net income (loss)	71,301	(2,145)	8,415	1,827	3,357	3,318	135	48,238	79,398	55,048	131,659
Net income (loss) attributable to common stockholders	$ 65,710	$ (1,960)	$ 6,805	$ 1,661	$ 3,112	$ 2,965	$ 117	$ 43,782	$ 72,216	$ 49,976	$ 124,255
Net income (loss)—basic and diluted common share (usd per share)	$ 0.49	$ (0.01)	$ 0.05	$ 0.01	$ 0.02	$ 0.02	$ 0	$ 0.27	$ 0.51	$ 0.31	$ 0.70

Schedule III - Real Estate an70

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	72
Debt	$ 401,894
Initial Cost to Company, Land	422,450
Initial Cost to Company, Building & Improvements	1,512,867
Initial Cost to Company, Total	1,935,317
Cost Capitalized or Adjustments Subsequent to Acquisition	93,589
Gross Amount Carried, Land	422,564
Gross Amount Carried, Building and Improvements	1,606,342
Real Estate, Gross, Total Cost	2,028,906	$ 2,204,322	$ 2,380,174	$ 2,472,926
Accumulated Depreciation	488,636	$ 492,911	$ 505,957	$ 523,246
Aggregate cost of investments in real property for federal income tax purposes	$ 1,700,000
Office
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	20
Debt	$ 311,100
Initial Cost to Company, Land	156,230
Initial Cost to Company, Building & Improvements	856,457
Initial Cost to Company, Total	1,012,687
Cost Capitalized or Adjustments Subsequent to Acquisition	71,826
Gross Amount Carried, Land	156,230
Gross Amount Carried, Building and Improvements	928,283
Real Estate, Gross, Total Cost	1,084,513
Accumulated Depreciation	$ 308,598
Office | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 10,115
Initial Cost to Company, Building & Improvements	27,516
Initial Cost to Company, Total	37,631
Cost Capitalized or Adjustments Subsequent to Acquisition	9,680
Gross Amount Carried, Land	10,115
Gross Amount Carried, Building and Improvements	37,196
Real Estate, Gross, Total Cost	47,311
Accumulated Depreciation	$ 15,539
Office | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 52,500
Initial Cost to Company, Land	25,177
Initial Cost to Company, Building & Improvements	41,250
Initial Cost to Company, Total	66,427
Cost Capitalized or Adjustments Subsequent to Acquisition	4,865
Gross Amount Carried, Land	25,177
Gross Amount Carried, Building and Improvements	46,115
Real Estate, Gross, Total Cost	71,292
Accumulated Depreciation	$ 23,170
Office | 655 Montgomery
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 98,600
Initial Cost to Company, Land	32,632
Initial Cost to Company, Building & Improvements	83,678
Initial Cost to Company, Total	116,310
Cost Capitalized or Adjustments Subsequent to Acquisition	8,861
Gross Amount Carried, Land	32,632
Gross Amount Carried, Building and Improvements	92,539
Real Estate, Gross, Total Cost	125,171
Accumulated Depreciation	$ 17,935
Office | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 15,713
Initial Cost to Company, Building & Improvements	65,252
Initial Cost to Company, Total	80,965
Cost Capitalized or Adjustments Subsequent to Acquisition	2,902
Gross Amount Carried, Land	15,713
Gross Amount Carried, Building and Improvements	68,154
Real Estate, Gross, Total Cost	83,867
Accumulated Depreciation	$ 12,551
Office | Rialto
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 5,094
Initial Cost to Company, Building & Improvements	32,652
Initial Cost to Company, Total	37,746
Cost Capitalized or Adjustments Subsequent to Acquisition	1,813
Gross Amount Carried, Land	5,094
Gross Amount Carried, Building and Improvements	34,465
Real Estate, Gross, Total Cost	39,559
Accumulated Depreciation	$ 6,061
Office | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 4,606
Initial Cost to Company, Building & Improvements	65,250
Initial Cost to Company, Total	69,856
Cost Capitalized or Adjustments Subsequent to Acquisition	2,650
Gross Amount Carried, Land	4,606
Gross Amount Carried, Building and Improvements	67,900
Real Estate, Gross, Total Cost	72,506
Accumulated Depreciation	$ 9,880
Office | Joyce Blvd
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 2,699
Initial Cost to Company, Building & Improvements	8,996
Initial Cost to Company, Total	11,695
Cost Capitalized or Adjustments Subsequent to Acquisition	773
Gross Amount Carried, Land	2,699
Gross Amount Carried, Building and Improvements	9,769
Real Estate, Gross, Total Cost	12,468
Accumulated Depreciation	$ 3,547
Office | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,538
Initial Cost to Company, Building & Improvements	25,865
Initial Cost to Company, Total	29,403
Cost Capitalized or Adjustments Subsequent to Acquisition	125
Gross Amount Carried, Land	3,538
Gross Amount Carried, Building and Improvements	25,990
Real Estate, Gross, Total Cost	29,528
Accumulated Depreciation	$ 8,676
Office | Austin-Mueller Healthcare
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 2,663
Initial Cost to Company, Building & Improvements	42,315
Initial Cost to Company, Total	44,978
Cost Capitalized or Adjustments Subsequent to Acquisition	6
Gross Amount Carried, Land	2,663
Gross Amount Carried, Building and Improvements	42,321
Real Estate, Gross, Total Cost	44,984
Accumulated Depreciation	$ 14,594
Office | Campus Road Office Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 5,302
Initial Cost to Company, Building & Improvements	45,773
Initial Cost to Company, Total	51,075
Cost Capitalized or Adjustments Subsequent to Acquisition	300
Gross Amount Carried, Land	5,302
Gross Amount Carried, Building and Improvements	46,073
Real Estate, Gross, Total Cost	51,375
Accumulated Depreciation	$ 15,094
Office | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 33,000
Initial Cost to Company, Land	7,500
Initial Cost to Company, Building & Improvements	22,303
Initial Cost to Company, Total	29,803
Cost Capitalized or Adjustments Subsequent to Acquisition	9,069
Gross Amount Carried, Land	7,500
Gross Amount Carried, Building and Improvements	31,372
Real Estate, Gross, Total Cost	38,872
Accumulated Depreciation	$ 12,847
Office | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 127,000
Initial Cost to Company, Land	16,800
Initial Cost to Company, Building & Improvements	193,742
Initial Cost to Company, Total	210,542
Cost Capitalized or Adjustments Subsequent to Acquisition	22,305
Gross Amount Carried, Land	16,800
Gross Amount Carried, Building and Improvements	216,047
Real Estate, Gross, Total Cost	232,847
Accumulated Depreciation	$ 90,063
Office | Park Place
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 8,400
Initial Cost to Company, Building & Improvements	136,797
Initial Cost to Company, Total	145,197
Cost Capitalized or Adjustments Subsequent to Acquisition	7,766
Gross Amount Carried, Land	8,400
Gross Amount Carried, Building and Improvements	144,563
Real Estate, Gross, Total Cost	152,963
Accumulated Depreciation	$ 67,424
Office | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Initial Cost to Company, Land	$ 10,961
Initial Cost to Company, Building & Improvements	34,151
Initial Cost to Company, Total	45,112
Cost Capitalized or Adjustments Subsequent to Acquisition	909
Gross Amount Carried, Land	10,961
Gross Amount Carried, Building and Improvements	35,060
Real Estate, Gross, Total Cost	46,021
Accumulated Depreciation	$ 7,551
Office | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 5,030
Initial Cost to Company, Building & Improvements	30,917
Initial Cost to Company, Total	35,947
Cost Capitalized or Adjustments Subsequent to Acquisition	(198)
Gross Amount Carried, Land	5,030
Gross Amount Carried, Building and Improvements	30,719
Real Estate, Gross, Total Cost	35,749
Accumulated Depreciation	$ 3,666
Office | Minimum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Office | Minimum | 655 Montgomery
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Rialto
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Joyce Blvd
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Office | Minimum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office | Minimum | Austin-Mueller Healthcare
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Office | Minimum | Campus Road Office Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office | Minimum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Office | Minimum | Park Place
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Office | Minimum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Maximum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 655 Montgomery
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Rialto
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Joyce Blvd
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Austin-Mueller Healthcare
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Campus Road Office Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Park Place
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Initial Cost to Company, Land	$ 9,550
Initial Cost to Company, Building & Improvements	57,826
Initial Cost to Company, Total	67,376
Cost Capitalized or Adjustments Subsequent to Acquisition	5,019
Gross Amount Carried, Land	9,550
Gross Amount Carried, Building and Improvements	62,845
Real Estate, Gross, Total Cost	72,395
Accumulated Depreciation	$ 13,738
Industrial Property | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 730
Initial Cost to Company, Building & Improvements	25,092
Initial Cost to Company, Total	25,822
Cost Capitalized or Adjustments Subsequent to Acquisition	5,019
Gross Amount Carried, Land	730
Gross Amount Carried, Building and Improvements	30,111
Real Estate, Gross, Total Cost	30,841
Accumulated Depreciation	$ 13,103
Industrial Property | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 4,880
Initial Cost to Company, Building & Improvements	12,019
Initial Cost to Company, Total	16,899
Gross Amount Carried, Land	4,880
Gross Amount Carried, Building and Improvements	12,019
Real Estate, Gross, Total Cost	16,899
Accumulated Depreciation	$ 304
Industrial Property | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,940
Initial Cost to Company, Building & Improvements	20,715
Initial Cost to Company, Total	24,655
Gross Amount Carried, Land	3,940
Gross Amount Carried, Building and Improvements	20,715
Real Estate, Gross, Total Cost	24,655
Accumulated Depreciation	$ 331
Industrial Property | Minimum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial Property | Minimum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial Property | Minimum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial Property | Maximum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	49
Debt	$ 90,794
Initial Cost to Company, Land	256,670
Initial Cost to Company, Building & Improvements	598,584
Initial Cost to Company, Total	855,254
Cost Capitalized or Adjustments Subsequent to Acquisition	16,744
Gross Amount Carried, Land	256,784
Gross Amount Carried, Building and Improvements	615,214
Real Estate, Gross, Total Cost	871,998
Accumulated Depreciation	$ 166,300
Retail | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 8,221
Initial Cost to Company, Building & Improvements	23,472
Initial Cost to Company, Total	31,693
Cost Capitalized or Adjustments Subsequent to Acquisition	879
Gross Amount Carried, Land	8,221
Gross Amount Carried, Building and Improvements	24,351
Real Estate, Gross, Total Cost	32,572
Accumulated Depreciation	$ 8,772
Retail | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 13,017
Initial Cost to Company, Building & Improvements	31,375
Initial Cost to Company, Total	44,392
Cost Capitalized or Adjustments Subsequent to Acquisition	1,447
Gross Amount Carried, Land	13,017
Gross Amount Carried, Building and Improvements	32,822
Real Estate, Gross, Total Cost	45,839
Accumulated Depreciation	$ 11,184
Retail | CB Square
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,768
Initial Cost to Company, Building & Improvements	16,660
Initial Cost to Company, Total	20,428
Cost Capitalized or Adjustments Subsequent to Acquisition	(191)
Gross Amount Carried, Land	3,768
Gross Amount Carried, Building and Improvements	16,469
Real Estate, Gross, Total Cost	20,237
Accumulated Depreciation	$ 4,768
Retail | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 9,270
Initial Cost to Company, Building & Improvements	31,266
Initial Cost to Company, Total	40,536
Cost Capitalized or Adjustments Subsequent to Acquisition	894
Gross Amount Carried, Land	9,270
Gross Amount Carried, Building and Improvements	32,160
Real Estate, Gross, Total Cost	41,430
Accumulated Depreciation	$ 11,287
Retail | Holbrook
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,828
Initial Cost to Company, Building & Improvements	10,073
Initial Cost to Company, Total	13,901
Cost Capitalized or Adjustments Subsequent to Acquisition	487
Gross Amount Carried, Land	3,828
Gross Amount Carried, Building and Improvements	10,560
Real Estate, Gross, Total Cost	14,388
Accumulated Depreciation	$ 4,543
Retail | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 8,580
Initial Cost to Company, Building & Improvements	12,494
Initial Cost to Company, Total	21,074
Cost Capitalized or Adjustments Subsequent to Acquisition	3,305
Gross Amount Carried, Land	8,580
Gross Amount Carried, Building and Improvements	15,799
Real Estate, Gross, Total Cost	24,379
Accumulated Depreciation	$ 5,569
Retail | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 1,890
Initial Cost to Company, Building & Improvements	6,480
Initial Cost to Company, Total	8,370
Cost Capitalized or Adjustments Subsequent to Acquisition	379
Gross Amount Carried, Land	1,890
Gross Amount Carried, Building and Improvements	6,859
Real Estate, Gross, Total Cost	8,749
Accumulated Depreciation	$ 2,569
Retail | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 8,780
Initial Cost to Company, Building & Improvements	23,683
Initial Cost to Company, Total	32,463
Cost Capitalized or Adjustments Subsequent to Acquisition	168
Gross Amount Carried, Land	8,780
Gross Amount Carried, Building and Improvements	23,851
Real Estate, Gross, Total Cost	32,631
Accumulated Depreciation	$ 8,378
Retail | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 7,380
Initial Cost to Company, Building & Improvements	25,778
Initial Cost to Company, Total	33,158
Cost Capitalized or Adjustments Subsequent to Acquisition	762
Gross Amount Carried, Land	7,380
Gross Amount Carried, Building and Improvements	26,540
Real Estate, Gross, Total Cost	33,920
Accumulated Depreciation	$ 8,772
Retail | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 13,130
Initial Cost to Company, Building & Improvements	27,030
Initial Cost to Company, Total	40,160
Cost Capitalized or Adjustments Subsequent to Acquisition	3,184
Gross Amount Carried, Land	13,130
Gross Amount Carried, Building and Improvements	30,214
Real Estate, Gross, Total Cost	43,344
Accumulated Depreciation	$ 10,523
Retail | Abington
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 14,396
Initial Cost to Company, Building & Improvements	594
Initial Cost to Company, Total	14,990
Gross Amount Carried, Land	14,396
Gross Amount Carried, Building and Improvements	594
Real Estate, Gross, Total Cost	14,990
Accumulated Depreciation	$ 594
Retail | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 10,405
Initial Cost to Company, Building & Improvements	917
Initial Cost to Company, Total	11,322
Gross Amount Carried, Land	10,405
Gross Amount Carried, Building and Improvements	917
Real Estate, Gross, Total Cost	11,322
Accumulated Depreciation	$ 518
Retail | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 5,340
Initial Cost to Company, Building & Improvements	16,490
Initial Cost to Company, Total	21,830
Gross Amount Carried, Land	5,340
Gross Amount Carried, Building and Improvements	16,490
Real Estate, Gross, Total Cost	21,830
Accumulated Depreciation	$ 5,270
Retail | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 6,560
Initial Cost to Company, Building & Improvements	22,014
Initial Cost to Company, Total	28,574
Gross Amount Carried, Land	6,560
Gross Amount Carried, Building and Improvements	22,014
Real Estate, Gross, Total Cost	28,574
Accumulated Depreciation	$ 7,419
Retail | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 5,170
Initial Cost to Company, Building & Improvements	19,396
Initial Cost to Company, Total	24,566
Cost Capitalized or Adjustments Subsequent to Acquisition	(251)
Gross Amount Carried, Land	4,913
Gross Amount Carried, Building and Improvements	19,402
Real Estate, Gross, Total Cost	24,315
Accumulated Depreciation	$ 6,678
Retail | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,610
Initial Cost to Company, Building & Improvements	11,682
Initial Cost to Company, Total	15,292
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	3,610
Gross Amount Carried, Building and Improvements	11,682
Real Estate, Gross, Total Cost	15,292
Accumulated Depreciation	$ 3,859
Retail | Brockton Eastway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 2,530
Initial Cost to Company, Building & Improvements	2,074
Initial Cost to Company, Total	4,604
Cost Capitalized or Adjustments Subsequent to Acquisition	1,034
Gross Amount Carried, Land	2,530
Gross Amount Carried, Building and Improvements	3,108
Real Estate, Gross, Total Cost	5,638
Accumulated Depreciation	$ 1,413
Retail | Brockton Westgate Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,650
Initial Cost to Company, Building & Improvements	6,507
Initial Cost to Company, Total	10,157
Cost Capitalized or Adjustments Subsequent to Acquisition	923
Gross Amount Carried, Land	3,650
Gross Amount Carried, Building and Improvements	7,430
Real Estate, Gross, Total Cost	11,080
Accumulated Depreciation	$ 2,648
Retail | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 6,841
Initial Cost to Company, Land	3,790
Initial Cost to Company, Building & Improvements	11,152
Initial Cost to Company, Total	14,942
Gross Amount Carried, Land	3,790
Gross Amount Carried, Building and Improvements	11,152
Real Estate, Gross, Total Cost	14,942
Accumulated Depreciation	$ 3,387
Retail | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 3,756
Initial Cost to Company, Land	5,850
Initial Cost to Company, Building & Improvements	14,547
Initial Cost to Company, Total	20,397
Gross Amount Carried, Land	5,850
Gross Amount Carried, Building and Improvements	14,547
Real Estate, Gross, Total Cost	20,397
Accumulated Depreciation	$ 4,728
Retail | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 70,000
Initial Cost to Company, Land	19,779
Initial Cost to Company, Building & Improvements	42,515
Initial Cost to Company, Total	62,294
Cost Capitalized or Adjustments Subsequent to Acquisition	573
Gross Amount Carried, Land	19,779
Gross Amount Carried, Building and Improvements	43,088
Real Estate, Gross, Total Cost	62,867
Accumulated Depreciation	$ 16,503
Retail | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 11,866
Initial Cost to Company, Building & Improvements	723
Initial Cost to Company, Total	12,589
Cost Capitalized or Adjustments Subsequent to Acquisition	8
Gross Amount Carried, Land	11,866
Gross Amount Carried, Building and Improvements	731
Real Estate, Gross, Total Cost	12,597
Accumulated Depreciation	$ 444
Retail | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Initial Cost to Company, Land	$ 3,783
Initial Cost to Company, Building & Improvements	9,713
Initial Cost to Company, Total	13,496
Cost Capitalized or Adjustments Subsequent to Acquisition	120
Gross Amount Carried, Land	3,783
Gross Amount Carried, Building and Improvements	9,833
Real Estate, Gross, Total Cost	13,616
Accumulated Depreciation	$ 4,736
Retail | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 7,209
Initial Cost to Company, Building & Improvements	21,055
Initial Cost to Company, Total	28,264
Cost Capitalized or Adjustments Subsequent to Acquisition	1,436
Gross Amount Carried, Land	7,209
Gross Amount Carried, Building and Improvements	22,491
Real Estate, Gross, Total Cost	29,700
Accumulated Depreciation	$ 5,024
Retail | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Initial Cost to Company, Land	$ 8,759
Initial Cost to Company, Building & Improvements	40,233
Initial Cost to Company, Total	48,992
Cost Capitalized or Adjustments Subsequent to Acquisition	(197)
Gross Amount Carried, Land	8,759
Gross Amount Carried, Building and Improvements	40,036
Real Estate, Gross, Total Cost	48,795
Accumulated Depreciation	$ 6,425
Retail | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	6
Initial Cost to Company, Land	$ 9,936
Initial Cost to Company, Building & Improvements	27,552
Initial Cost to Company, Total	37,488
Cost Capitalized or Adjustments Subsequent to Acquisition	1,041
Gross Amount Carried, Land	10,307
Gross Amount Carried, Building and Improvements	28,222
Real Estate, Gross, Total Cost	38,529
Accumulated Depreciation	$ 4,043
Retail | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Debt	$ 10,197
Initial Cost to Company, Land	10,501
Initial Cost to Company, Building & Improvements	27,397
Initial Cost to Company, Total	37,898
Cost Capitalized or Adjustments Subsequent to Acquisition	147
Gross Amount Carried, Land	10,501
Gross Amount Carried, Building and Improvements	27,544
Real Estate, Gross, Total Cost	38,045
Accumulated Depreciation	$ 3,483
Retail | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Initial Cost to Company, Land	$ 7,376
Initial Cost to Company, Building & Improvements	51,155
Initial Cost to Company, Total	58,531
Cost Capitalized or Adjustments Subsequent to Acquisition	657
Gross Amount Carried, Land	7,376
Gross Amount Carried, Building and Improvements	51,812
Real Estate, Gross, Total Cost	59,188
Accumulated Depreciation	$ 6,857
Retail | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Initial Cost to Company, Land	$ 3,492
Initial Cost to Company, Building & Improvements	30,655
Initial Cost to Company, Total	34,147
Cost Capitalized or Adjustments Subsequent to Acquisition	(79)
Gross Amount Carried, Land	3,492
Gross Amount Carried, Building and Improvements	30,576
Real Estate, Gross, Total Cost	34,068
Accumulated Depreciation	$ 2,537
Retail | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Initial Cost to Company, Land	$ 34,804
Initial Cost to Company, Building & Improvements	33,902
Initial Cost to Company, Total	68,706
Cost Capitalized or Adjustments Subsequent to Acquisition	18
Gross Amount Carried, Land	34,804
Gross Amount Carried, Building and Improvements	33,920
Real Estate, Gross, Total Cost	68,724
Accumulated Depreciation	$ 3,369
Retail | Minimum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | CB Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Retail | Minimum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Holbrook
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Retail | Minimum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	18 years
Retail | Minimum | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail | Minimum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Retail | Minimum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Retail | Minimum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail | Minimum | Brockton Eastway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Brockton Westgate Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Retail | Minimum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	22 years
Retail | Minimum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	15 years
Retail | Minimum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Retail | Minimum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Maximum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | CB Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Holbrook
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	68 years
Retail | Maximum | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	86 years
Retail | Maximum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	43 years
Retail | Maximum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	56 years
Retail | Maximum | Brockton Eastway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Brockton Westgate Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	65 years
Retail | Maximum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	62 years
Retail | Maximum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years

Schedule III - Real Estate an71

Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate properties:
Balance at the beginning of period	$ 2,204,322	$ 2,380,174	$ 2,472,926
Acquisitions of properties	41,554	68,706	357,811
Improvements	33,332	32,885	26,384
Disposition of properties	(242,424)	(271,944)	(468,124)
Impairment	(1,116)	(2,677)	(8,124)
Write-offs of intangibles and tenant leasing costs	(6,762)	(2,822)	(699)
Balance at the end of period	2,028,906	2,204,322	2,380,174
Accumulated depreciation and amortization:
Balance at the beginning of period	492,911	505,957	523,246
Real estate depreciation and amortization expense	68,070	80,105	83,114
Above-market lease assets amortization expenses	2,392	5,515	5,216
Disposition of properties	(67,975)	(96,113)	(104,920)
Write-offs of intangibles and tenant leasing costs	(6,762)	(2,553)	(699)
Balance at the end of period	$ 488,636	$ 492,911	$ 505,957