Black Creek Diversified Property Fund 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,598,800
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,864,283
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,249,296
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,321,371
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		70,070,337

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 1,403,183	$ 1,507,112
Debt-related investments, net	2,656	10,680
Cash and cash equivalents	117,976	10,008
Restricted cash	7,755	7,030
Other assets	50,273	46,272
Total assets	1,581,843	1,581,102
Liabilities
Accounts payable and accrued expenses	28,248	31,580
Debt, net	834,962	1,001,298
Intangible lease liabilities, net	45,020	47,196
Financing obligations, net	141,509	52,336
Other liabilities	38,773	37,679
Total liabilities	1,088,512	1,170,089
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,237,758	1,199,736
Distributions in excess of earnings	(811,530)	(867,849)
Accumulated other comprehensive (loss) income	(13,849)	522
Total stockholders’ equity	413,749	333,718
Noncontrolling interests	79,582	77,295
Total equity	493,331	411,013
Total liabilities and equity	1,581,843	1,581,102
Class E
Stockholders’ equity:
Common stock	719	774
Class T
Stockholders’ equity:
Common stock	39	28
Class S
Stockholders’ equity:
Common stock	176	105
Class D
Stockholders’ equity:
Common stock	31	28
Class I
Stockholders’ equity:
Common stock	$ 405	$ 374

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	71,923,000	77,390,000
Common stock, shares outstanding	71,923,000	77,390,000
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	3,902,000	2,783,000
Common stock, shares outstanding	3,902,000	2,783,000
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	17,590,000	10,516,000
Common stock, shares outstanding	17,590,000	10,516,000
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	3,080,000	2,778,000
Common stock, shares outstanding	3,080,000	2,778,000
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	40,498,000	37,385,000
Common stock, shares outstanding	40,498,000	37,385,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental revenues	$ 44,885	$ 46,462	$ 95,456	$ 90,916
Debt-related income	35	171	158	344
Total revenues	44,920	46,633	95,614	91,260
Operating expenses:
Rental expenses	14,216	15,293	30,285	31,123
Real estate-related depreciation and amortization	14,745	14,428	28,988	28,241
General and administrative expenses	2,100	2,278	4,144	4,812
Advisory fees, related party	3,236	3,576	6,364	7,255
Impairment of real estate property	0	0	0	6,800
Total operating expenses	34,297	35,575	69,781	78,231
Other (expenses) income:
Interest expense	(11,936)	(12,298)	(25,310)	(23,538)
Gain on sale of real estate property	84,449	12,434	85,640	12,434
Gain on extinguishment of debt and financing commitments, net	0	0	1,002	0
Other income (expenses)	168	(192)	25	(314)
Total other income (expenses)	72,681	(56)	61,357	(11,418)
Net income	83,304	11,002	87,190	1,611
Net income attributable to noncontrolling interests	(5,905)	(887)	(6,189)	(131)
Net income attributable to common stockholders	$ 77,399	$ 10,115	$ 81,001	$ 1,480
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Weighted-average shares outstanding—basic (in shares)	136,661	127,362	134,765	128,149
Weighted-average shares outstanding—diluted (in shares)	147,087	138,485	145,219	139,337
Net income (loss) attributable to common stockholders per common share—basic and diluted (usd per share)	$ 0.57	$ 0.08	$ 0.60	$ 0.01

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 83,304	$ 11,002	$ 87,190	$ 1,611
Change from cash flow hedging derivatives	(8,995)	3,569	(15,488)	8,244
Comprehensive income	74,309	14,571	71,702	9,855
Comprehensive income attributable to noncontrolling interests	(5,264)	(1,137)	(5,072)	(743)
Comprehensive income attributable to common stockholders	$ 69,045	$ 13,434	$ 66,630	$ 9,112

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning Balances, shares at Dec. 31, 2017		132,466
Beginning Balances at Dec. 31, 2017	$ 492,726	$ 1,325	$ 1,224,061	$ (818,608)	$ (909)	$ 86,857
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,611			1,480		131
Unrealized gain (loss) from derivative instruments	8,244				7,632	612
Issuance of common stock, net of offering costs, shares		9,145
Issuance of common stock, net of offering costs	63,413	$ 92	63,321
Share-based compensation, net of forfeitures, shares		38
Share-based compensation, net of forfeitures	(117)		(117)
Redemptions of common stock, shares		(13,670)
Redemptions of common stock	(101,841)	$ (137)	(101,704)
Amortization of share-based compensation	600		600
Distributions declared on common stock and noncontrolling interests	(26,075)			(23,892)		(2,183)
Redemptions of noncontrolling interests	(1,566)		(286)			(1,280)
Ending Balances, shares at Jun. 30, 2018		127,979
Ending Balances at Jun. 30, 2018	436,995	$ 1,280	1,185,875	(841,233)	6,936	84,137
Beginning Balances, shares at Mar. 31, 2018		128,460
Beginning Balances at Mar. 31, 2018	442,547	$ 1,285	1,192,262	(839,497)	3,617	84,880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,002			10,115		887
Unrealized gain (loss) from derivative instruments	3,569				3,319	250
Issuance of common stock, net of offering costs, shares		5,874
Issuance of common stock, net of offering costs	41,095	$ 59	41,036
Share-based compensation, net of forfeitures, shares		0
Share-based compensation, net of forfeitures	(398)		(398)
Redemptions of common stock, shares		(6,355)
Redemptions of common stock	(47,475)	$ (64)	(47,411)
Amortization of share-based compensation	582		582
Distributions declared on common stock and noncontrolling interests	(12,974)			(11,851)		(1,123)
Redemptions of noncontrolling interests	(953)		(196)			(757)
Ending Balances, shares at Jun. 30, 2018		127,979
Ending Balances at Jun. 30, 2018	436,995	$ 1,280	1,185,875	(841,233)	6,936	84,137
Beginning Balances, shares at Dec. 31, 2018		130,852
Beginning Balances at Dec. 31, 2018	411,013	$ 1,309	1,199,736	(867,849)	522	77,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,190			81,001		6,189
Unrealized gain (loss) from derivative instruments	(15,488)				(14,371)	(1,117)
Issuance of common stock, net of offering costs, shares		13,652
Issuance of common stock, net of offering costs	93,640	$ 136	93,504
Share-based compensation, net of forfeitures, shares		82
Share-based compensation, net of forfeitures	605	$ 1	604
Redemptions of common stock, shares		(7,593)
Redemptions of common stock	(55,950)	$ (76)	(55,874)
Amortization of share-based compensation	(364)		(364)
Distributions declared on common stock and noncontrolling interests	(26,649)			(24,682)		(1,967)
Redemptions of noncontrolling interests	(666)		152			(818)
Ending Balances, shares at Jun. 30, 2019		136,993
Ending Balances at Jun. 30, 2019	493,331	$ 1,370	1,237,758	(811,530)	(13,849)	79,582
Beginning Balances, shares at Mar. 31, 2019		133,754
Beginning Balances at Mar. 31, 2019	413,470	$ 1,338	1,217,952	(876,446)	(5,495)	76,121
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83,304			77,399		5,905
Unrealized gain (loss) from derivative instruments	(8,995)				(8,354)	(641)
Issuance of common stock, net of offering costs, shares		7,825
Issuance of common stock, net of offering costs	53,581	$ 77	53,504
Share-based compensation, net of forfeitures, shares		56
Share-based compensation, net of forfeitures	417	$ 1	416
Redemptions of common stock, shares		(4,642)
Redemptions of common stock	(33,967)	$ (46)	(33,921)
Amortization of share-based compensation	(345)		(345)
Distributions declared on common stock and noncontrolling interests	(13,468)			(12,483)		(985)
Redemptions of noncontrolling interests	(666)		152			(818)
Ending Balances, shares at Jun. 30, 2019		136,993
Ending Balances at Jun. 30, 2019	$ 493,331	$ 1,370	$ 1,237,758	$ (811,530)	$ (13,849)	$ 79,582

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net income	$ 87,190	$ 1,611
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate-related depreciation and amortization	28,988	28,241
Gain on sale of real estate property	(85,640)	(12,434)
Lease termination fee	0	14,000
Impairment of real estate property	0	6,800
Gain on extinguishment of debt and financing commitments, net	(1,002)	0
Other	(4,074)	(2,217)
Changes in operating assets and liabilities	(5,019)	2,015
Net cash provided by operating activities	20,443	38,016
Investing activities:
Real estate acquisitions	(38,843)	(36,853)
Capital expenditures	(28,197)	(14,788)
Proceeds from disposition of real estate property	129,011	64,075
Principal collections on debt-related investments	8,020	216
Other	(4,206)	(1,527)
Net cash provided by investing activities	65,785	11,123
Financing activities:
Repayments of mortgage notes	(33,740)	(928)
Net (repayments of) proceeds from line of credit	(81,000)	10,000
Proceeds from term loan	50,000	0
Redemptions of common stock	(55,950)	(101,841)
Distributions on common stock	(14,456)	(14,394)
Proceeds from issuance of common stock	91,704	59,167
Proceeds from financing obligations	82,056	8,738
Offering costs for issuance of common stock and private placements	(5,683)	(3,831)
Distributions to noncontrolling interest holders	(1,967)	(2,178)
Redemption of OP Unit holder interests	(666)	(1,567)
Other	(7,833)	(1,282)
Net cash provided by (used in) financing activities	22,465	(48,116)
Net increase in cash, cash equivalents and restricted cash	108,693	1,023
Cash, cash equivalents and restricted cash, at beginning of period	17,038	19,016
Cash, cash equivalents and restricted cash, at end of period	$ 125,731	$ 20,039

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our,” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 6, 2019 (“2018 Form 10-K”). Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 standard also requires new disclosures within the notes accompanying the consolidated financial statements. Additional guidance and targeted improvements to ASU 2016-02 were made through the issuance of supplemental ASUs. 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 updated ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. In December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updated 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, allows lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and non-lease components. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us, as of the reporting period beginning January 1, 2019, and we elected the practical expedients available for implementation under the standards. Under the practical expedients election, we were not required to reassess: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. We also adopted the practical expedient that allowed us to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, we account for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations. The adoption of these standards did not have a material effect on our condensed consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	2. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: As of (in thousands) June 30, 2019 December 31, 2018 Land $ 386,243 $ 421,531 Buildings and improvements 1,215,158 1,271,773 Intangible lease assets 302,495 315,429 Investment in real estate properties 1,903,896 2,008,733 Accumulated depreciation and amortization (500,713 ) (501,621 ) Net investment in real estate properties $ 1,403,183 $ 1,507,112 Dispositions During the six months ended June 30, 2019 , we sold two office properties and two outparcels for net proceeds of approximately $129.0 million , which is net of the secured debt repayment described in “Note 3.” We recorded a net gain on sale of approximately $85.6 million . During the six months ended June 30, 2018 , we sold one office property and one building from a two-building office property for net proceeds of approximately $64.1 million . We recorded a net gain on sale of approximately $12.4 million . Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2019 and December 31, 2018 include the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 270,149 $ (233,079 ) $ 37,070 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 32,346 (31,791 ) 555 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,257 ) 35,237 (45,020 ) (82,060 ) 34,864 (47,196 ) 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 Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 2,726 $ 3,086 $ 6,908 $ 5,448 Above-market lease amortization (196 ) (235 ) (532 ) (419 ) Below-market lease amortization 1,113 1,167 2,160 2,418 Real estate-related depreciation and amortization: Depreciation expense $ 11,059 $ 9,405 $ 20,620 $ 18,685 Intangible lease asset amortization 3,686 5,023 8,368 9,556 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 June 30, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) June 30, 2019 December 31, 2018 2019 $ 61,182 $ 133,999 2020 118,680 116,145 2021 109,890 104,997 2022 96,353 88,136 2023 82,737 74,661 Thereafter 319,070 323,040 Total $ 787,912 $ 840,978 Real Estate Property Impairment We did not record an impairment related to any of our real estate properties during the six months ended June 30, 2019 . During the six months ended June 30, 2018, we recorded a $6.8 million non-cash impairment charge related to a retail property located in the Jacksonville, Florida market, which was disposed of in October 2018. The impairment was a result of a shortened hold period based on the consideration of potential disposition options for the property, which ultimately resulted in the reduction of our estimated future cash flows below our net book value.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	3. DEBT A summary of our debt is as follows: Weighted-Average Balance as of ($ in thousands) June 30, December 31, Maturity Date June 30, December 31, Line of credit (1) 3.90 % 4.05 % January 2023 $ 50,000 $ 131,000 Term loan (2) 3.48 3.52 January 2024 325,000 275,000 Term loan (3) 3.39 3.79 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.67 3.57 September 2021 - December 2029 140,192 173,932 Floating-rate mortgage notes (5) 4.65 4.97 January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.69 % 3.98 % $ 842,192 $ 1,005,532 Less: unamortized debt issuance costs $ (7,550 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 320 393 Total debt, net $ 834,962 $ 1,001,298 Gross book value of properties encumbered by debt $ 436,787 $ 598,978 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10% , depending on our consolidated leverage ratio. As of June 30, 2019 , the unused and available portions under the line of credit were approximately $400.0 million and $252.3 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 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million . There are no amounts unused or available under this term loan as of June 30, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $150.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million . There are no amounts unused or available under this term loans as of June 30, 2019 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of June 30, 2019 includes a $51.6 million floating-rate mortgage note that was subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. In conjunction with the disposition of 655 Montgomery in May 2019, we repaid approximately $83.1 million of floating-rate secured debt that would have matured in September 2020. As of June 30, 2019 and December 31, 2018, our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 3.6 years as of June 30, 2019 , excluding the impact of certain extension options. As of June 30, 2019 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes (1) Total Remainder of 2019 $ — $ — $ 1,335 $ 1,335 2020 — — 129,766 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) 50,000 — 47,967 97,967 Thereafter — 325,000 74,019 399,019 Total principal payments $ 50,000 $ 525,000 $ 267,192 $ 842,192 (1) Includes a $127.0 million floating-rate mortgage note expiring in January 2020, which may be extended pursuant to two one -year extension options, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions. LIBOR is expected to be discontinued after 2021. As of June 30, 2019, our line of credit, term loans and a $51.6 million mortgage note are our only indebtedness with maturity dates beyond 2021 that has exposure to LIBOR. The agreements governing the line of credit and term loans provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. 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 our debt covenants as of June 30, 2019 . 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 ongoing exposure to interest rate movements. During the next 12 months, we estimate that approximately $0.6 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities As of June 30, 2019 Interest rate swaps (1) 14 $ 601,571 $ 716 $ 12,881 Interest rate caps 3 257,200 — — Total derivative instruments 17 $ 858,771 $ 716 $ 12,881 As of December 31, 2018 Interest rate swaps 15 $ 634,565 $ 6,692 $ 3,220 Interest rate caps 4 338,450 25 — Total derivative instruments 19 $ 973,015 $ 6,717 $ 3,220 (1) Includes four interest rate swaps with a combined notional amount of $200.0 million that will become effective in January 2020. The following table presents the effect of our derivative instruments on our condensed consolidated financial statements: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (8,316 ) $ 3,176 $ (13,023 ) $ 7,148 (Gain) loss reclassified from AOCI into interest expense (679 ) 393 (1,091 ) 1,096 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring — — (1,374 ) — Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 11,936 12,298 25,310 23,538 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (1 ) $ (43 ) $ (25 ) $ 9

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	4. 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 the 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: (in thousands) Level 1 Level 2 Level 3 Total As of June 30, 2019 Assets: Derivative instruments $ — $ 716 $ — $ 716 Total assets measured at fair value $ — $ 716 $ — $ 716 Liabilities: Derivative instruments $ — $ 12,881 $ — $ 12,881 Total liabilities measured at fair value $ — $ 12,881 $ — $ 12,881 As of December 31, 2018 Assets: Derivative instruments $ — $ 6,717 $ — $ 6,717 Total assets measured at fair value $ — $ 6,717 $ — $ 6,717 Liabilities: Derivative instruments $ — $ 3,220 $ — $ 3,220 Total liabilities measured at fair value $ — $ 3,220 $ — $ 3,220 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 and interest rate caps 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 these derivative instruments being unique and not actively traded, the fair value is classified as Level 2. See “ Note 3 ” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of June 30, 2019 and December 31, 2018 , 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 June 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,661 $ 2,689 $ 10,682 $ 10,709 Liabilities: Line of credit $ 50,000 $ 50,000 $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 267,192 265,723 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
STOCKHOLDERS’ EQUITY	5. STOCKHOLDERS' EQUITY Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the six months ended June 30, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 10,365 $ 51,981 $ 3,785 $ 25,573 $ — $ 91,704 DRIP 293 1,114 288 3,784 4,575 10,054 Total offering $ 10,658 $ 53,095 $ 4,073 $ 29,357 $ 4,575 $ 101,758 Number of shares sold: Primary offering 1,364 6,938 514 3,474 — 12,290 DRIP 40 151 39 512 620 1,362 Total offering 1,404 7,089 553 3,986 620 13,652 Common Stock The following table describes the changes in each class of common shares during the periods presented below: (in thousands) Class T Shares Class S Shares Class D Shares Class I Shares Class E Shares Total Shares FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 2,108 1,590 2,493 33,817 88,452 128,460 Issuance of common stock: Primary shares 304 2,513 74 2,350 — 5,241 Distribution reinvestment plan 16 12 16 234 355 633 Share-based compensation — — — — — — Redemptions of common stock (120 ) — (126 ) (1,407 ) (4,702 ) (6,355 ) Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 Issuance of common stock: Primary shares 890 3,699 270 2,266 — 7,125 Distribution reinvestment plan 22 87 20 263 308 700 Share-based compensation — — — 56 — 56 Redemptions of common stock (271 ) (11 ) (196 ) (588 ) (3,576 ) (4,642 ) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 371 4,037 97 3,366 — 7,871 Distribution reinvestment plan 32 14 32 469 727 1,274 Share-based compensation — — — 38 — 38 Redemptions of common stock (157 ) — (182 ) (3,014 ) (10,317 ) (13,670 ) Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 1,364 6,938 514 3,474 — 12,290 Distribution reinvestment plan 40 151 39 512 620 1,362 Share-based compensation — — — 82 — 82 Redemptions of common stock (285 ) (15 ) (251 ) (955 ) (6,087 ) (7,593 ) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 Distributions 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) Common Stock Distributions Paid in Cash Other Cash Distributions (2) Reinvested in Shares Total Distributions 2019 March 31 $ 0.09375 $ 7,198 $ 1,244 $ 4,997 $ 13,439 June 30 0.09375 7,303 1,312 5,180 13,795 Total $ 0.18750 $ 14,501 $ 2,556 $ 10,177 $ 27,234 2018 March 31 $ 0.09375 $ 7,240 $ 1,127 $ 4,789 $ 13,156 June 30 0.09375 7,137 1,221 4,710 13,068 September 30 0.09375 7,157 1,174 4,738 13,069 December 31 0.09375 7,180 1,202 4,814 13,196 Total $ 0.37500 $ 28,714 $ 4,724 $ 19,051 $ 52,489 (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 holders of partnership units (“OP Units”) in Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”); (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 6 ” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the six months ended June 30, 2019 and 2018. 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 Six Months Ended June 30, (in thousands, except for per share data) 2019 2018 Number of shares requested for redemption or repurchase 7,593 13,670 Number of shares redeemed or repurchased 7,593 13,670 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.37 $ 7.45

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	6. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2019 2018 2019 2018 June 30, 2019 December 31, 2018 Upfront selling commissions (1) $ 622 $ 287 $ 1,107 $ 423 $ — $ — Ongoing distribution fees (1) 329 93 585 148 114 76 Advisory fees 2,895 3,524 5,800 7,164 1,092 3,225 Other expense reimbursements—Advisor 2,418 1,989 4,763 4,390 855 1,411 Other expense reimbursements—Dealer Manager 114 360 361 432 — — DST Program advisory fees 341 52 564 91 — — DST Program selling commissions (1) 887 329 1,381 437 — — DST Program dealer manager fees (1) 118 99 233 131 — — DST Program other reimbursements—Dealer Manager 171 28 372 37 — — DST Program facilitation and loan origination fees 886 — 1,307 — — — Total $ 8,781 $ 6,761 $ 16,473 $ 13,253 $ 2,061 $ 4,712 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Company Restricted Stock Units (“Company RSUs”) All Company RSUs have vested as of June 30, 2019 .

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	7. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income attributable to common stockholders—basic $ 77,399 $ 10,115 $ 81,001 $ 1,480 Net income attributable to OP Units 5,905 887 6,189 131 Net income attributable to common stockholders—diluted $ 83,304 $ 11,002 $ 87,190 $ 1,611 Weighted-average shares outstanding—basic 136,661 127,362 134,765 128,149 Incremental weighted-average shares effect of conversion of OP Units 10,426 11,123 10,454 11,188 Weighted-average shares outstanding—diluted 147,087 138,485 145,219 139,337 Net income per share attributable to common stockholders: Basic $ 0.57 $ 0.08 $ 0.60 $ 0.01 Diluted $ 0.57 $ 0.08 $ 0.60 $ 0.01

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	8. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Six Months Ended June 30, (in thousands) 2019 2018 Distributions reinvested in common stock $ 10,054 $ 9,493 Change in accrued future ongoing distribution fees 3,997 2,354 Repayment of mortgage notes upon disposition of real estate property 83,140 — Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Six Months Ended June 30, (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 Restricted cash 7,030 8,541 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 End of period: Cash and cash equivalents $ 117,976 $ 12,603 Restricted cash 7,755 7,436 Cash, cash equivalents and restricted cash $ 125,731 $ 20,039

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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 June 30, 2019 .

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	10. SEGMENT FINANCIAL INFORMATION Our three reportable segments are office, retail 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 reflects our total assets by business segment as of June 30, 2019 and December 31, 2018 : As of (in thousands) June 30, 2019 December 31, 2018 Assets: Office $ 588,723 $ 724,875 Retail 665,474 671,007 Industrial 148,985 111,230 Corporate 178,661 73,990 Total assets $ 1,581,843 $ 1,581,102 The following table sets forth the financial results by segment for the three and six months ended June 30, 2019 and 2018 : ໿ (in thousands) Office Retail Industrial Consolidated For the Three Months Ended June 30, 2019 Rental revenues $ 24,190 $ 17,468 $ 3,227 $ 44,885 Rental expenses (9,398 ) (4,105 ) (713 ) (14,216 ) Net operating income $ 14,792 $ 13,363 $ 2,514 $ 30,669 Real estate-related depreciation and amortization $ 6,813 $ 6,336 $ 1,596 $ 14,745 For the Three Months Ended June 30, 2018 Rental revenues $ 26,261 $ 18,291 $ 1,910 $ 46,462 Rental expenses (10,718 ) (4,212 ) (363 ) (15,293 ) Net operating income $ 15,543 $ 14,079 $ 1,547 $ 31,169 Real estate-related depreciation and amortization $ 8,109 $ 5,384 $ 935 $ 14,428 For the Six Months Ended June 30, 2019 Rental revenues $ 53,914 $ 35,515 $ 6,027 $ 95,456 Rental expenses (20,258 ) (8,663 ) (1,364 ) (30,285 ) Net operating income $ 33,656 $ 26,852 $ 4,663 $ 65,171 Real estate-related depreciation and amortization $ 14,988 $ 11,059 $ 2,941 $ 28,988 For the Six Months Ended June 30, 2018 Rental revenues $ 50,685 $ 36,890 $ 3,341 $ 90,916 Rental expenses (21,725 ) (8,810 ) (588 ) (31,123 ) Net operating income $ 28,960 $ 28,080 $ 2,753 $ 59,793 Real estate-related depreciation and amortization $ 15,994 $ 10,674 $ 1,573 $ 28,241 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, 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 (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Net income attributable to common stockholders $ 77,399 $ 10,115 $ 81,001 $ 1,480 Debt-related income (35 ) (171 ) (158 ) (344 ) Real estate-related depreciation and amortization 14,745 14,428 28,988 28,241 General and administrative expenses 2,100 2,278 4,144 4,812 Advisory fees, related party 3,236 3,576 6,364 7,255 Impairment of real estate property — — — 6,800 Interest expense 11,936 12,298 25,310 23,538 Gain on sale of real estate property (84,449 ) (12,434 ) (85,640 ) (12,434 ) Gain on extinguishment of debt and financing commitments, net — — (1,002 ) — Other (income) expenses (168 ) 192 (25 ) 314 Net income attributable to noncontrolling interests 5,905 887 6,189 131 Net operating income $ 30,669 $ 31,169 $ 65,171 $ 59,793

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS Acquisition of Property On July 2, 2019, we acquired our first multi-family property (“The Daley”) located in Rockville, Maryland for a purchase price of approximately $93.5 million , and on July 9, 2019, we acquired our second multi-family property (“Broadstone Winter Park”) located in Winter Park, Florida for a purchase price of approximately $84.5 million .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 6, 2019 (“2018 Form 10-K”)
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 standard also requires new disclosures within the notes accompanying the consolidated financial statements. Additional guidance and targeted improvements to ASU 2016-02 were made through the issuance of supplemental ASUs. 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 updated ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. In December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updated 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, allows lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and non-lease components. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us, as of the reporting period beginning January 1, 2019, and we elected the practical expedients available for implementation under the standards. Under the practical expedients election, we were not required to reassess: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. We also adopted the practical expedient that allowed us to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, we account for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations. The adoption of these standards did not have a material effect on our condensed consolidated financial statements.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Property	The following table summarizes our consolidated investments in real estate properties: As of (in thousands) June 30, 2019 December 31, 2018 Land $ 386,243 $ 421,531 Buildings and improvements 1,215,158 1,271,773 Intangible lease assets 302,495 315,429 Investment in real estate properties 1,903,896 2,008,733 Accumulated depreciation and amortization (500,713 ) (501,621 ) Net investment in real estate properties $ 1,403,183 $ 1,507,112
Schedule of Finite-Lived Intangible Assets	Intangible lease assets and liabilities as of June 30, 2019 and December 31, 2018 include the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 270,149 $ (233,079 ) $ 37,070 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 32,346 (31,791 ) 555 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,257 ) 35,237 (45,020 ) (82,060 ) 34,864 (47,196 )
Schedule of Adjustments to Rental Revenue Related to Amortization of Above-Market Lease Assets, Below-Market Lease Liabilities, and for Straight-Line Rental Adjustments	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 Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 2,726 $ 3,086 $ 6,908 $ 5,448 Above-market lease amortization (196 ) (235 ) (532 ) (419 ) Below-market lease amortization 1,113 1,167 2,160 2,418 Real estate-related depreciation and amortization: Depreciation expense $ 11,059 $ 9,405 $ 20,620 $ 18,685 Intangible lease asset amortization 3,686 5,023 8,368 9,556
Future Minimum Base Rental Payments	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 June 30, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) June 30, 2019 December 31, 2018 2019 $ 61,182 $ 133,999 2020 118,680 116,145 2021 109,890 104,997 2022 96,353 88,136 2023 82,737 74,661 Thereafter 319,070 323,040 Total $ 787,912 $ 840,978

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Borrowings	A summary of our debt is as follows: Weighted-Average Balance as of ($ in thousands) June 30, December 31, Maturity Date June 30, December 31, Line of credit (1) 3.90 % 4.05 % January 2023 $ 50,000 $ 131,000 Term loan (2) 3.48 3.52 January 2024 325,000 275,000 Term loan (3) 3.39 3.79 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.67 3.57 September 2021 - December 2029 140,192 173,932 Floating-rate mortgage notes (5) 4.65 4.97 January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.69 % 3.98 % $ 842,192 $ 1,005,532 Less: unamortized debt issuance costs $ (7,550 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 320 393 Total debt, net $ 834,962 $ 1,001,298 Gross book value of properties encumbered by debt $ 436,787 $ 598,978 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10% , depending on our consolidated leverage ratio. As of June 30, 2019 , the unused and available portions under the line of credit were approximately $400.0 million and $252.3 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 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million . There are no amounts unused or available under this term loan as of June 30, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $150.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million . There are no amounts unused or available under this term loans as of June 30, 2019 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of June 30, 2019 includes a $51.6 million floating-rate mortgage note that was subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. In conjunction with the disposition of 655 Montgomery in May 2019, we repaid approximately $83.1 million of floating-rate secured debt that would have matured in September 2020. As of June 30, 2019 and December 31, 2018, our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 3.6 years as of June 30, 2019 , excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of June 30, 2019 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes (1) Total Remainder of 2019 $ — $ — $ 1,335 $ 1,335 2020 — — 129,766 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) 50,000 — 47,967 97,967 Thereafter — 325,000 74,019 399,019 Total principal payments $ 50,000 $ 525,000 $ 267,192 $ 842,192 (1) Includes a $127.0 million floating-rate mortgage note expiring in January 2020, which may be extended pursuant to two one -year extension options, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions.
Gross Fair Value of Derivative Financial Instruments as Well as Their Classification	The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities As of June 30, 2019 Interest rate swaps (1) 14 $ 601,571 $ 716 $ 12,881 Interest rate caps 3 257,200 — — Total derivative instruments 17 $ 858,771 $ 716 $ 12,881 As of December 31, 2018 Interest rate swaps 15 $ 634,565 $ 6,692 $ 3,220 Interest rate caps 4 338,450 25 — Total derivative instruments 19 $ 973,015 $ 6,717 $ 3,220 (1) Includes four interest rate swaps with a combined notional amount of $200.0 million that will become effective in January 2020.
Effect of Derivative Financial Instruments on Financial Statements	The following table presents the effect of our derivative instruments on our condensed consolidated financial statements: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (8,316 ) $ 3,176 $ (13,023 ) $ 7,148 (Gain) loss reclassified from AOCI into interest expense (679 ) 393 (1,091 ) 1,096 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring — — (1,374 ) — Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 11,936 12,298 25,310 23,538 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (1 ) $ (43 ) $ (25 ) $ 9

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total As of June 30, 2019 Assets: Derivative instruments $ — $ 716 $ — $ 716 Total assets measured at fair value $ — $ 716 $ — $ 716 Liabilities: Derivative instruments $ — $ 12,881 $ — $ 12,881 Total liabilities measured at fair value $ — $ 12,881 $ — $ 12,881 As of December 31, 2018 Assets: Derivative instruments $ — $ 6,717 $ — $ 6,717 Total assets measured at fair value $ — $ 6,717 $ — $ 6,717 Liabilities: Derivative instruments $ — $ 3,220 $ — $ 3,220 Total liabilities measured at fair value $ — $ 3,220 $ — $ 3,220
Nonrecurring Fair Value Measurements	The carrying values and fair values of these financial instruments were as follows: ໿ As of June 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,661 $ 2,689 $ 10,682 $ 10,709 Liabilities: Line of credit $ 50,000 $ 50,000 $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 267,192 265,723 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Summary of Public Offering	Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the six months ended June 30, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 10,365 $ 51,981 $ 3,785 $ 25,573 $ — $ 91,704 DRIP 293 1,114 288 3,784 4,575 10,054 Total offering $ 10,658 $ 53,095 $ 4,073 $ 29,357 $ 4,575 $ 101,758 Number of shares sold: Primary offering 1,364 6,938 514 3,474 — 12,290 DRIP 40 151 39 512 620 1,362 Total offering 1,404 7,089 553 3,986 620 13,652
Information of Share Transactions	The following table describes the changes in each class of common shares during the periods presented below: (in thousands) Class T Shares Class S Shares Class D Shares Class I Shares Class E Shares Total Shares FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 2,108 1,590 2,493 33,817 88,452 128,460 Issuance of common stock: Primary shares 304 2,513 74 2,350 — 5,241 Distribution reinvestment plan 16 12 16 234 355 633 Share-based compensation — — — — — — Redemptions of common stock (120 ) — (126 ) (1,407 ) (4,702 ) (6,355 ) Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 Issuance of common stock: Primary shares 890 3,699 270 2,266 — 7,125 Distribution reinvestment plan 22 87 20 263 308 700 Share-based compensation — — — 56 — 56 Redemptions of common stock (271 ) (11 ) (196 ) (588 ) (3,576 ) (4,642 ) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 371 4,037 97 3,366 — 7,871 Distribution reinvestment plan 32 14 32 469 727 1,274 Share-based compensation — — — 38 — 38 Redemptions of common stock (157 ) — (182 ) (3,014 ) (10,317 ) (13,670 ) Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 1,364 6,938 514 3,474 — 12,290 Distribution reinvestment plan 40 151 39 512 620 1,362 Share-based compensation — — — 82 — 82 Redemptions of common stock (285 ) (15 ) (251 ) (955 ) (6,087 ) (7,593 ) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993
Summary of distribution activity	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) Common Stock Distributions Paid in Cash Other Cash Distributions (2) Reinvested in Shares Total Distributions 2019 March 31 $ 0.09375 $ 7,198 $ 1,244 $ 4,997 $ 13,439 June 30 0.09375 7,303 1,312 5,180 13,795 Total $ 0.18750 $ 14,501 $ 2,556 $ 10,177 $ 27,234 2018 March 31 $ 0.09375 $ 7,240 $ 1,127 $ 4,789 $ 13,156 June 30 0.09375 7,137 1,221 4,710 13,068 September 30 0.09375 7,157 1,174 4,738 13,069 December 31 0.09375 7,180 1,202 4,814 13,196 Total $ 0.37500 $ 28,714 $ 4,724 $ 19,051 $ 52,489 (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 holders of partnership units (“OP Units”) in Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”); (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 6 ” for further detail regarding the current and historical 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 Six Months Ended June 30, (in thousands, except for per share data) 2019 2018 Number of shares requested for redemption or repurchase 7,593 13,670 Number of shares redeemed or repurchased 7,593 13,670 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.37 $ 7.45

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of Fees and Other Amounts Earned by Advisor	The following table summarizes the fees and expenses incurred by us for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2019 2018 2019 2018 June 30, 2019 December 31, 2018 Upfront selling commissions (1) $ 622 $ 287 $ 1,107 $ 423 $ — $ — Ongoing distribution fees (1) 329 93 585 148 114 76 Advisory fees 2,895 3,524 5,800 7,164 1,092 3,225 Other expense reimbursements—Advisor 2,418 1,989 4,763 4,390 855 1,411 Other expense reimbursements—Dealer Manager 114 360 361 432 — — DST Program advisory fees 341 52 564 91 — — DST Program selling commissions (1) 887 329 1,381 437 — — DST Program dealer manager fees (1) 118 99 233 131 — — DST Program other reimbursements—Dealer Manager 171 28 372 37 — — DST Program facilitation and loan origination fees 886 — 1,307 — — — Total $ 8,781 $ 6,761 $ 16,473 $ 13,253 $ 2,061 $ 4,712 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income attributable to common stockholders—basic $ 77,399 $ 10,115 $ 81,001 $ 1,480 Net income attributable to OP Units 5,905 887 6,189 131 Net income attributable to common stockholders—diluted $ 83,304 $ 11,002 $ 87,190 $ 1,611 Weighted-average shares outstanding—basic 136,661 127,362 134,765 128,149 Incremental weighted-average shares effect of conversion of OP Units 10,426 11,123 10,454 11,188 Weighted-average shares outstanding—diluted 147,087 138,485 145,219 139,337 Net income per share attributable to common stockholders: Basic $ 0.57 $ 0.08 $ 0.60 $ 0.01 Diluted $ 0.57 $ 0.08 $ 0.60 $ 0.01

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Supplemental cash flow information	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Six Months Ended June 30, (in thousands) 2019 2018 Distributions reinvested in common stock $ 10,054 $ 9,493 Change in accrued future ongoing distribution fees 3,997 2,354 Repayment of mortgage notes upon disposition of real estate property 83,140 —
Schedule of restricted cash and cash equivalents	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Six Months Ended June 30, (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 Restricted cash 7,030 8,541 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 End of period: Cash and cash equivalents $ 117,976 $ 12,603 Restricted cash 7,755 7,436 Cash, cash equivalents and restricted cash $ 125,731 $ 20,039

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of June 30, 2019 and December 31, 2018 : As of (in thousands) June 30, 2019 December 31, 2018 Assets: Office $ 588,723 $ 724,875 Retail 665,474 671,007 Industrial 148,985 111,230 Corporate 178,661 73,990 Total assets $ 1,581,843 $ 1,581,102
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three and six months ended June 30, 2019 and 2018 : ໿ (in thousands) Office Retail Industrial Consolidated For the Three Months Ended June 30, 2019 Rental revenues $ 24,190 $ 17,468 $ 3,227 $ 44,885 Rental expenses (9,398 ) (4,105 ) (713 ) (14,216 ) Net operating income $ 14,792 $ 13,363 $ 2,514 $ 30,669 Real estate-related depreciation and amortization $ 6,813 $ 6,336 $ 1,596 $ 14,745 For the Three Months Ended June 30, 2018 Rental revenues $ 26,261 $ 18,291 $ 1,910 $ 46,462 Rental expenses (10,718 ) (4,212 ) (363 ) (15,293 ) Net operating income $ 15,543 $ 14,079 $ 1,547 $ 31,169 Real estate-related depreciation and amortization $ 8,109 $ 5,384 $ 935 $ 14,428 For the Six Months Ended June 30, 2019 Rental revenues $ 53,914 $ 35,515 $ 6,027 $ 95,456 Rental expenses (20,258 ) (8,663 ) (1,364 ) (30,285 ) Net operating income $ 33,656 $ 26,852 $ 4,663 $ 65,171 Real estate-related depreciation and amortization $ 14,988 $ 11,059 $ 2,941 $ 28,988 For the Six Months Ended June 30, 2018 Rental revenues $ 50,685 $ 36,890 $ 3,341 $ 90,916 Rental expenses (21,725 ) (8,810 ) (588 ) (31,123 ) Net operating income $ 28,960 $ 28,080 $ 2,753 $ 59,793 Real estate-related depreciation and amortization $ 15,994 $ 10,674 $ 1,573 $ 28,241
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Net income attributable to common stockholders $ 77,399 $ 10,115 $ 81,001 $ 1,480 Debt-related income (35 ) (171 ) (158 ) (344 ) Real estate-related depreciation and amortization 14,745 14,428 28,988 28,241 General and administrative expenses 2,100 2,278 4,144 4,812 Advisory fees, related party 3,236 3,576 6,364 7,255 Impairment of real estate property — — — 6,800 Interest expense 11,936 12,298 25,310 23,538 Gain on sale of real estate property (84,449 ) (12,434 ) (85,640 ) (12,434 ) Gain on extinguishment of debt and financing commitments, net — — (1,002 ) — Other (income) expenses (168 ) 192 (25 ) 314 Net income attributable to noncontrolling interests 5,905 887 6,189 131 Net operating income $ 30,669 $ 31,169 $ 65,171 $ 59,793

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)outparcel	Jun. 30, 2018USD ($)property	Jun. 30, 2019USD ($)outparcel	Jun. 30, 2018USD ($)property	Jun. 30, 2019property	Jun. 30, 2018building
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property			$ 129,011	$ 64,075
Gain on sale of real estate property	$ (84,449)	$ (12,434)	(85,640)	(12,434)
Impairment charges	$ 0	$ 0	$ 0	6,800
Retail Property, Jacksonville, Florida
Real Estate Properties [Line Items]
Impairment charges				$ 6,800
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	2	1	2	1	2	1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Property) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment in real estate properties	$ 1,903,896	$ 2,008,733
Accumulated depreciation and amortization	(500,713)	(501,621)
Net investment in real estate properties	1,403,183	1,507,112
Land
Real Estate Properties [Line Items]
Investment in real estate properties	386,243	421,531
Building and Improvements
Real Estate Properties [Line Items]
Investment in real estate properties	1,215,158	1,271,773
Intangible Lease Assets
Real Estate Properties [Line Items]
Investment in real estate properties	$ 302,495	$ 315,429

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible Lease Assets
Finite-Lived Intangible Assets [Line Items]
Gross	$ 270,149	$ 282,961
Accumulated Amortization	(233,079)	(238,768)
Net	37,070	44,193
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross	32,346	32,468
Accumulated Amortization	(31,791)	(31,382)
Net	555	1,086
Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Gross, Liabilities	(80,257)	(82,060)
Accumulated Amortization, Liabilities	35,237	34,864
Net, Liabilities	$ (45,020)	$ (47,196)

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 2,726	$ 3,086	$ 6,908	$ 5,448
Depreciation expense	11,059	9,405	20,620	18,685
Intangible lease asset amortization	3,686	5,023	8,368	9,556
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(196)	(235)	(532)	(419)
Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,113	$ 1,167	$ 2,160	$ 2,418

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Base Rental Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 61,182
2019		$ 133,999
2020	118,680	116,145
2021	109,890	104,997
2022	96,353	88,136
2023	82,737	74,661
Thereafter	319,070	323,040
Total	$ 787,912	$ 840,978

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Millions	Jun. 30, 2019USD ($)
Derivative [Line Items]
Estimated decrease to interest expense related to active effective hedges of floating rate debt	$ 0.6
Interest rate swap
Derivative [Line Items]
Estimated increase to interest expense related to termination of hedging instrument	$ 0.1

DEBT (Schedule of Borrowings) (

DEBT (Schedule of Borrowings) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total borrowings		$ 842,192,000	$ 842,192,000	$ 1,005,532,000
Less: unamortized debt issuance costs		(7,550,000)	(7,550,000)	(4,627,000)
Add: mark-to-market adjustment on assumed debt		320,000	320,000	393,000
Total debt, net		834,962,000	834,962,000	1,001,298,000
Gross book value of properties encumbered by debt		$ 436,787,000	$ 436,787,000	$ 598,978,000
Weighted-Average Effective Interest Rate as of		3.69%	3.69%	3.98%
Assets Held For Sale
Debt Instrument [Line Items]
Total borrowings		$ 842,192,000	$ 842,192,000
Weighted average maturity of debt investments			3 years 7 months 2 days
Line of Credit
Debt Instrument [Line Items]
Total borrowings		$ 50,000,000	$ 50,000,000	$ 131,000,000
Weighted-Average Effective Interest Rate as of		3.90%	3.90%	4.05%
Current borrowing capacity		$ 400,000,000	$ 400,000,000
Available portions under the line of credit		252,300,000	252,300,000
Term Loan
Debt Instrument [Line Items]
Total borrowings		525,000,000	525,000,000
Term Loan | Term Loan Due January 2024
Debt Instrument [Line Items]
Total borrowings		$ 325,000,000	$ 325,000,000	$ 275,000,000
Weighted-Average Effective Interest Rate as of		3.48%	3.48%	3.52%
Current borrowing capacity		$ 0	$ 0
Available portions under the line of credit		0	0
Maximum borrowing capacity		325,000,000	325,000,000
Long-term Line of Credit		150,000,000	150,000,000
Term Loan | Term Loan Due February 2022
Debt Instrument [Line Items]
Total borrowings		$ 200,000,000	$ 200,000,000	$ 200,000,000
Weighted-Average Effective Interest Rate as of		3.39%	3.39%	3.79%
Current borrowing capacity		$ 0	$ 0
Available portions under the line of credit		0	0
Maximum borrowing capacity		200,000,000	200,000,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Total borrowings		$ 140,192,000	$ 140,192,000	$ 173,932,000
Weighted-Average Effective Interest Rate as of		3.67%	3.67%	3.57%
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings		$ 51,600,000	$ 51,600,000
Outstanding borrowings spread over LIBOR			1.65%
Effective interest rate on debt		2.85%	2.85%
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Total borrowings		$ 127,000,000	$ 127,000,000	$ 225,600,000
Weighted-Average Effective Interest Rate as of		4.65%	4.65%	4.97%
Floating-Rate Mortgage Notes | 655 Montgomery
Debt Instrument [Line Items]
Repayments of floating rate mortgage notes	$ 83,100,000
Minimum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			1.30%
Minimum | Term Loan | LIBOR | Term Loan Due January 2024
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		1.25%
Minimum | Term Loan | LIBOR | Term Loan Due February 2022
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			1.25%
Maximum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			2.10%
Maximum | Term Loan | LIBOR | Term Loan Due January 2024
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		2.05%
Maximum | Term Loan | LIBOR | Term Loan Due February 2022
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			2.05%
Maximum | Floating-Rate Mortgage Notes | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			2.25%	2.47%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities Footnote) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Total	$ 842,192,000	$ 1,005,532,000
Line of Credit
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	0
2022	0
2023	50,000,000
Thereafter	0
Total	$ 50,000,000	$ 131,000,000
Number of extension options | extension	2
Term of extension	6 months
Line of Credit | $200 Million Term
Debt Instrument [Line Items]
Number of extension options | extension	2
Term of extension	1 year
Term Loan
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	0
2021	0
2022	200,000,000
2023	0
Thereafter	325,000,000
Total	525,000,000
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2019	1,335,000
2020	129,766,000
2021	11,627,000
2022	2,478,000
2023	47,967,000
Thereafter	74,019,000
Total	267,192,000
Mortgage Notes | Floating-Rate Mortgage Note Expiring in January 2020
Debt Instrument [Line Items]
Amount of debt instrument	$ 127,000,000
Number of extension options | extension	2
Term of extension	1 year
Assets Held For Sale
Debt Instrument [Line Items]
Remainder of 2019	$ 1,335,000
2020	129,766,000
2021	11,627,000
2022	202,478,000
2023	97,967,000
Thereafter	399,019,000
Total	$ 842,192,000

DEBT (Gross Fair Value of Deriv

DEBT (Gross Fair Value of Derivative Financial Instruments) (Details) $ in Thousands	Jan. 31, 2020USD ($)contract	Jun. 30, 2019USD ($)contract	Dec. 31, 2018USD ($)contract
Derivatives, Fair Value [Line Items]
Number of Interest Rate Derivatives Held | contract		17	19
Total notional amount		$ 858,771	$ 973,015
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		716	6,717
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability		$ 12,881	$ 3,220
Interest rate swap
Derivatives, Fair Value [Line Items]
Number of Interest Rate Derivatives Held | contract		14	15
Total notional amount		$ 601,571	$ 634,565
Interest rate swap | Scenario, Forecast
Derivatives, Fair Value [Line Items]
Number of Interest Rate Derivatives Held | contract	4
Total notional amount	$ 200,000
Interest rate swap | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		716	6,692
Interest rate swap | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability		$ 12,881	$ 3,220
Interest Rate Cap
Derivatives, Fair Value [Line Items]
Number of Interest Rate Derivatives Held | contract		3	4
Total notional amount		$ 257,200	$ 338,450
Interest Rate Cap | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		0	25
Interest Rate Cap | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability		$ 0	$ 0

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 11,936	$ 12,298	$ 25,310	$ 23,538
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in income	(1)	(43)	(25)	9
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(8,316)	3,176	(13,023)	7,148
(Gain) loss reclassified from AOCI into interest expense	(679)	393	(1,091)	1,096
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring	0	0	(1,374)	0
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 11,936	$ 12,298	$ 25,310	$ 23,538

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Derivative instruments	$ 716	$ 6,717
Total assets measured at fair value	716	6,717
Liabilities
Derivative instruments	12,881	3,220
Total liabilities measured at fair value	12,881	3,220
Level 1
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 2
Assets:
Derivative instruments	716	6,717
Total assets measured at fair value	716	6,717
Liabilities
Derivative instruments	12,881	3,220
Total liabilities measured at fair value	12,881	3,220
Level 3
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 2,661	$ 10,682
Line of credit	50,000	131,000
Term loans	525,000	475,000
Mortgage notes	267,192	399,532
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	2,689	10,709
Line of credit	50,000	131,000
Term loans	525,000	475,000
Mortgage notes	$ 265,723	$ 398,117

STOCKHOLDERS_ EQUITY (Summary o

STOCKHOLDERS’ EQUITY (Summary of Public Offering) (Details) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 101,758
Number of shares sold | shares	13,652
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,658
Number of shares sold | shares	1,404
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 53,095
Number of shares sold | shares	7,089
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,073
Number of shares sold | shares	553
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 29,357
Number of shares sold | shares	3,986
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,575
Number of shares sold | shares	620
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 91,704
Number of shares sold | shares	12,290
Primary Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,365
Number of shares sold | shares	1,364
Primary Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 51,981
Number of shares sold | shares	6,938
Primary Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,785
Number of shares sold | shares	514
Primary Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 25,573
Number of shares sold | shares	3,474
Primary Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
Drip Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,054
Number of shares sold | shares	1,362
Drip Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 293
Number of shares sold | shares	40
Drip Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,114
Number of shares sold | shares	151
Drip Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 288
Number of shares sold | shares	39
Drip Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,784
Number of shares sold | shares	512
Drip Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,575
Number of shares sold | shares	620

STOCKHOLDERS_ EQUITY (Informati

STOCKHOLDERS’ EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,261	2,108	2,783	2,062
Primary shares (in shares)	890	304	1,364	371
Distribution reinvestment plan (in shares)	22	16	40	32
Redemptions of common stock (in shares)	(271)	(120)	(285)	(157)
Ending balance (in shares)	3,902	2,308	3,902	2,308
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	13,815	1,590	10,516	64
Primary shares (in shares)	3,699	2,513	6,938	4,037
Distribution reinvestment plan (in shares)	87	12	151	14
Redemptions of common stock (in shares)	(11)	0	(15)	0
Ending balance (in shares)	17,590	4,115	17,590	4,115
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,986	2,493	2,778	2,510
Primary shares (in shares)	270	74	514	97
Distribution reinvestment plan (in shares)	20	16	39	32
Redemptions of common stock (in shares)	(196)	(126)	(251)	(182)
Ending balance (in shares)	3,080	2,457	3,080	2,457
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	38,501	33,817	37,385	34,135
Primary shares (in shares)	2,266	2,350	3,474	3,366
Distribution reinvestment plan (in shares)	263	234	512	469
Stock-based compensation (in shares)	56	0	82	38
Redemptions of common stock (in shares)	(588)	(1,407)	(955)	(3,014)
Ending balance (in shares)	40,498	34,994	40,498	34,994
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,191	88,452	77,390	93,695
Distribution reinvestment plan (in shares)	308	355	620	727
Redemptions of common stock (in shares)	(3,576)	(4,702)	(6,087)	(10,317)
Ending balance (in shares)	71,923	84,105	71,923	84,105
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	133,754	128,460	130,852	132,466
Primary shares (in shares)	7,125	5,241	12,290	7,871
Distribution reinvestment plan (in shares)	700	633	1,362	1,274
Stock-based compensation (in shares)	56	0	82	38
Redemptions of common stock (in shares)	(4,642)	(6,355)	(7,593)	(13,670)
Ending balance (in shares)	136,993	127,979	136,993	127,979

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						6 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.1875	$ 0.375
Common Stock Distributions Paid in Cash	$ 7,303	$ 7,198	$ 7,180	$ 7,157	$ 7,137	$ 7,240	$ 14,501	$ 28,714
Other Cash Distributions	1,312	1,244	1,202	1,174	1,221	1,127	2,556	4,724
Reinvested in Shares	5,180	4,997	4,814	4,738	4,710	4,789	10,177	19,051
Total Distributions	$ 13,795	$ 13,439	$ 13,196	$ 13,069	$ 13,068	$ 13,156	$ 27,234	$ 52,489

STOCKHOLDERS_ EQUITY (Redemptio

STOCKHOLDERS’ EQUITY (Redemption Table) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Number of shares requested for redemption or repurchase	7,593	13,670
Number of shares redeemed or repurchased	7,593	13,670
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.37	$ 7.45

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party transaction expense	$ 8,781	$ 6,761	$ 16,473	$ 13,253
Payable as of	2,061		2,061		$ 4,712
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	622	287	1,107	423
Payable as of	0		0		0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	329	93	585	148
Payable as of	114		114		76
Advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	2,895	3,524	5,800	7,164
Payable as of	1,092		1,092		3,225
Other expense reimbursements—Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,418	1,989	4,763	4,390
Payable as of	855		855		1,411
Other expense reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	114	360	361	432
Payable as of	0		0		0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	341	52	564	91
Payable as of	0		0		0
DST Program selling commissions (1)
Related Party Transaction [Line Items]
Related party transaction expense	887	329	1,381	437
Payable as of	0		0		0
DST Program dealer manager fees (1)
Related Party Transaction [Line Items]
Related party transaction expense	118	99	233	131
Payable as of	0		0		0
DST Program other reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	171	28	372	37
Payable as of	0		0		0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	886	$ 0	1,307	$ 0
Payable as of	$ 0		$ 0		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to common stockholders—basic	$ 77,399	$ 10,115	$ 81,001	$ 1,480
Net income attributable to OP Units	5,905	887	6,189	131
Net income attributable to common stockholders—diluted	$ 83,304	$ 11,002	$ 87,190	$ 1,611
Weighted-average shares outstanding—basic (in shares)	136,661	127,362	134,765	128,149
Incremental weighted-average shares effect of conversion of OP Units (in shares)	10,426	11,123	10,454	11,188
Weighted-average shares outstanding—diluted (in shares)	147,087	138,485	145,219	139,337
Basic (usd per share)	$ 0.57	$ 0.08	$ 0.60	$ 0.01
Diluted (usd per share)	$ 0.57	$ 0.08	$ 0.60	$ 0.01

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 10,054	$ 9,493
Change in accrued future ongoing distribution fees	3,997	2,354
Repayment of mortgage notes upon disposition of real estate property	83,140	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	117,976	12,603	$ 10,008	$ 10,475
Restricted cash	7,755	7,436	7,030	8,541
Cash, cash equivalents and restricted cash	$ 125,731	$ 20,039	$ 17,038	$ 19,016

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)segment	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,581,843	$ 1,581,102
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	588,723	724,875
Operating Segments | Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	665,474	671,007
Operating Segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	148,985	111,230
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 178,661	$ 73,990

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Rental revenues	$ 44,885	$ 46,462	$ 95,456	$ 90,916
Rental expenses	(14,216)	(15,293)	(30,285)	(31,123)
Net operating income	30,669	31,169	65,171	59,793
Real estate-related depreciation and amortization	14,745	14,428	28,988	28,241
Office
Segment Reporting Information [Line Items]
Rental revenues	24,190	26,261	53,914	50,685
Rental expenses	(9,398)	(10,718)	(20,258)	(21,725)
Net operating income	14,792	15,543	33,656	28,960
Real estate-related depreciation and amortization	6,813	8,109	14,988	15,994
Industrial
Segment Reporting Information [Line Items]
Rental revenues	3,227	1,910	6,027	3,341
Rental expenses	(713)	(363)	(1,364)	(588)
Net operating income	2,514	1,547	4,663	2,753
Real estate-related depreciation and amortization	1,596	935	2,941	1,573
Retail
Segment Reporting Information [Line Items]
Rental revenues	17,468	18,291	35,515	36,890
Rental expenses	(4,105)	(4,212)	(8,663)	(8,810)
Net operating income	13,363	14,079	26,852	28,080
Real estate-related depreciation and amortization	$ 6,336	$ 5,384	$ 11,059	$ 10,674

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of net operating income attributable to common shareholders
Net income attributable to common stockholders	$ 77,399	$ 10,115	$ 81,001	$ 1,480
Debt-related income	(35)	(171)	(158)	(344)
Real estate-related depreciation and amortization	14,745	14,428	28,988	28,241
General and administrative expenses	2,100	2,278	4,144	4,812
Advisory fees, related party	3,236	3,576	6,364	7,255
Impairment of real estate property	0	0	0	6,800
Interest expense	11,936	12,298	25,310	23,538
Gain on sale of real estate property	(84,449)	(12,434)	(85,640)	(12,434)
Gain on extinguishment of debt and financing commitments, net	0	0	(1,002)	0
Other (income) expenses	(168)	192	(25)	314
Net income attributable to noncontrolling interests	5,905	887	6,189	131
Net operating income	$ 30,669	$ 31,169	$ 65,171	$ 59,793

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	Jul. 09, 2019	Jul. 01, 2019
Rockville, Maryland
Subsequent Event [Line Items]
Purchase price		$ 93.5
Winter Park, Florida
Subsequent Event [Line Items]
Purchase price	$ 84.5

Uncategorized Items - ck0001327

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 492,726,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	86,857,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(818,821,000)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(696,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,224,061,000
Common Stock [Member]
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	132,466,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,325,000
Accounting Standards Updated 2017-12 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(213,000)
Accounting Standards Updated 2017-12 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 213,000