Black Creek Diversified Property Fund 10-Q12 Nov 192019 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 06, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		5,415,512
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,626,916
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,411,509
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,593,268
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		67,435,183

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 1,492,071	$ 1,507,112
Debt-related investments, net	2,616	10,680
Cash and cash equivalents	26,372	10,008
Restricted cash	10,725	7,030
Other assets	47,574	46,272
Assets held for sale	93,761	0
Total assets	1,673,119	1,581,102
Liabilities
Accounts payable and accrued expenses	32,641	31,580
Debt, net	857,889	1,001,298
Intangible lease liabilities, net	44,552	47,196
Financing obligations, net	200,268	52,336
Other liabilities	44,200	37,679
Liabilities related to assets held for sale	1,831	0
Total liabilities	1,181,381	1,170,089
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,246,063	1,199,736
Distributions in excess of earnings	(816,811)	(867,849)
Accumulated other comprehensive (loss) income	(17,525)	522
Total stockholders’ equity	413,113	333,718
Noncontrolling interests	78,625	77,295
Total equity	491,738	411,013
Total liabilities and equity	1,673,119	1,581,102
Class E
Stockholders’ equity:
Common stock	691	774
Class T
Stockholders’ equity:
Common stock	46	28
Class S
Stockholders’ equity:
Common stock	195	105
Class D
Stockholders’ equity:
Common stock	33	28
Class I
Stockholders’ equity:
Common stock	$ 421	$ 374

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class E
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	69,094,000	77,390,000
Common stock, shares outstanding (in shares)	69,094,000	77,390,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	4,564,000	2,783,000
Common stock, shares outstanding (in shares)	4,564,000	2,783,000
Class S
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	19,518,000	10,516,000
Common stock, shares outstanding (in shares)	19,518,000	10,516,000
Class D
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,330,000	2,778,000
Common stock, shares outstanding (in shares)	3,330,000	2,778,000
Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	42,089,000	37,385,000
Common stock, shares outstanding (in shares)	42,089,000	37,385,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental revenues	$ 44,195	$ 49,505	$ 139,651	$ 140,421
Debt-related income	35	170	193	514
Total revenues	44,230	49,675	139,844	140,935
Operating expenses:
Rental expenses	15,360	15,192	45,645	46,315
Real estate-related depreciation and amortization	14,473	14,961	43,461	43,202
General and administrative expenses	2,181	2,076	6,325	6,888
Advisory fees, related party	3,523	3,877	9,887	11,132
Impairment of real estate property	113	6,600	113	13,400
Total operating expenses	35,650	42,706	105,431	120,937
Other (expenses) income:
Interest expense	(11,764)	(12,166)	(37,074)	(35,704)
Gain on sale of real estate property	10,890	1,398	96,530	13,832
Gain on extinguishment of debt and financing commitments, net	0	0	1,002	0
Other income (expenses)	131	42	156	(272)
Total other (expenses) income	(743)	(10,726)	60,614	(22,144)
Net income (loss)	7,837	(3,757)	95,027	(2,146)
Net (income) loss attributable to noncontrolling interests	(546)	292	(6,735)	161
Net income (loss) attributable to common stockholders	$ 7,291	$ (3,465)	$ 88,292	$ (1,985)
Weighted average number of common shares outstanding
Weighted-average shares outstanding—basic (in shares)	138,063	128,506	135,877	128,269
Weighted-average shares outstanding—diluted (in shares)	148,423	139,345	146,299	139,340
Net income (loss) attributable to common stockholders per common share—basic and diluted (usd per share)	$ 0.05	$ (0.03)	$ 0.65	$ (0.02)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,837	$ (3,757)	$ 95,027	$ (2,146)
Net unrealized loss from available-for-sale securities	(100)	0	(100)	0
Change from cash flow hedging derivatives	(3,900)	2,627	(19,388)	10,871
Comprehensive income (loss)	3,837	(1,130)	75,539	8,725
Comprehensive (loss) income attributable to noncontrolling interests	(222)	120	(5,294)	(623)
Comprehensive income (loss) attributable to common stockholders	$ 3,615	$ (1,010)	$ 70,245	$ 8,102

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 Income (Loss)	Noncontrolling Interests
Beginning Balances (in 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 (loss)	(2,146)			(1,985)		(161)
Net unrealized loss from available-for-sale securities	0
Unrealized gain (loss) from derivative instruments	10,871				10,087	784
Issuance of common stock, net of offering costs (in shares)		14,887
Issuance of common stock, net of offering costs	103,236	$ 149	103,087
Share-based compensation, net of forfeitures (in shares)		42
Share-based compensation, net of forfeitures	(85)		(85)
Redemptions of common stock (in shares)		(18,448)
Redemptions of common stock	(137,585)	$ (185)	(137,400)
Amortization of share-based compensation	744		744
Distributions declared on common stock and noncontrolling interests	(38,994)			(35,792)		(3,202)
Redemptions of noncontrolling interests	(3,826)		(404)			(3,422)
Ending Balances (in shares) at Sep. 30, 2018		128,947
Ending Balances at Sep. 30, 2018	424,941	$ 1,289	1,190,003	(856,598)	9,391	80,856
Beginning Balances (in shares) at Jun. 30, 2018		127,979
Beginning Balances at Jun. 30, 2018	436,995	$ 1,280	1,185,875	(841,233)	6,936	84,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,757)			(3,465)		(292)
Net unrealized loss from available-for-sale securities	0
Unrealized gain (loss) from derivative instruments	2,627				2,455	172
Issuance of common stock, net of offering costs (in shares)		5,742
Issuance of common stock, net of offering costs	39,823	$ 57	39,766
Share-based compensation, net of forfeitures (in shares)		4
Share-based compensation, net of forfeitures	32		32
Redemptions of common stock (in shares)		(4,778)
Redemptions of common stock	(35,744)	$ (48)	(35,696)
Amortization of share-based compensation	144		144
Distributions declared on common stock and noncontrolling interests	(12,919)			(11,900)		(1,019)
Redemptions of noncontrolling interests	(2,260)		(118)			(2,142)
Ending Balances (in shares) at Sep. 30, 2018		128,947
Ending Balances at Sep. 30, 2018	424,941	$ 1,289	1,190,003	(856,598)	9,391	80,856
Beginning Balances (in 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 (loss)	95,027			88,292		6,735
Net unrealized loss from available-for-sale securities	(100)				(100)
Unrealized gain (loss) from derivative instruments	(19,388)				(17,947)	(1,441)
Issuance of common stock, net of offering costs (in shares)		18,920
Issuance of common stock, net of offering costs	128,999	$ 189	128,810
Share-based compensation, net of forfeitures (in shares)		86
Share-based compensation, net of forfeitures	637	$ 1	636
Redemptions of common stock (in shares)		(11,263)
Redemptions of common stock	(82,766)	$ (113)	(82,653)
Amortization of share-based compensation	(248)		(248)
Distributions declared on common stock and noncontrolling interests	(40,192)			(37,254)		(2,938)
Redemptions of noncontrolling interests	(1,244)		(218)			(1,026)
Ending Balances (in shares) at Sep. 30, 2019		138,595
Ending Balances at Sep. 30, 2019	491,738	$ 1,386	1,246,063	(816,811)	(17,525)	78,625
Beginning Balances (in shares) at Jun. 30, 2019		136,993
Beginning Balances at Jun. 30, 2019	493,331	$ 1,370	1,237,758	(811,530)	(13,849)	79,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,837			7,291		546
Net unrealized loss from available-for-sale securities	(100)				(100)
Unrealized gain (loss) from derivative instruments	(3,900)				(3,576)	(324)
Issuance of common stock, net of offering costs (in shares)		5,268
Issuance of common stock, net of offering costs	35,359	$ 53	35,306
Share-based compensation, net of forfeitures (in shares)		4
Share-based compensation, net of forfeitures	32	$ 0	32
Redemptions of common stock (in shares)		(3,670)
Redemptions of common stock	(26,816)	$ (37)	(26,779)
Amortization of share-based compensation	116		116
Distributions declared on common stock and noncontrolling interests	(13,543)			(12,572)		(971)
Redemptions of noncontrolling interests	(578)		(370)			(208)
Ending Balances (in shares) at Sep. 30, 2019		138,595
Ending Balances at Sep. 30, 2019	$ 491,738	$ 1,386	$ 1,246,063	$ (816,811)	$ (17,525)	$ 78,625

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income (loss)	$ 95,027	$ (2,146)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	43,461	43,202
Straight-line rent and amortization of above- and below-market leases	(10,252)	(13,255)
Gain on sale of real estate property	(96,530)	(13,832)
Lease termination fee	0	15,008
Impairment of real estate property	113	13,400
Gain on extinguishment of debt and financing commitments, net	(1,002)	0
Other	6,321	5,787
Changes in operating assets and liabilities	(1,485)	4,415
Net cash provided by operating activities	35,653	52,579
Investing activities:
Real estate acquisitions	(257,506)	(36,853)
Capital expenditures	(34,963)	(27,532)
Proceeds from disposition of real estate property	177,997	66,269
Principal collections on debt-related investments	8,062	326
Other	(4,624)	(1,565)
Net cash (used in) provided by investing activities	(111,034)	645
Financing activities:
Repayments of mortgage notes	(34,401)	(1,547)
Net repayments of line of credit	(58,000)	(2,000)
Proceeds from term loan	50,000	0
Redemptions of common stock	(82,766)	(137,585)
Distributions on common stock	(21,737)	(21,557)
Proceeds from issuance of common stock	125,375	97,816
Proceeds from financing obligations	139,109	23,230
Offering costs for issuance of common stock and private placements	(8,524)	(5,665)
Distributions to noncontrolling interest holders	(2,938)	(3,202)
Redemption of OP Unit holder interests	(1,244)	(3,826)
Other	(9,434)	(2,174)
Net cash provided by (used in) financing activities	95,440	(56,510)
Net increase (decrease) in cash, cash equivalents and restricted cash	20,059	(3,286)
Cash, cash equivalents and restricted cash, at beginning of period	17,038	19,016
Cash, cash equivalents and restricted cash, at end of period	$ 37,097	$ 15,730

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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”). As used herein, the term “commercial” refers to our office, retail and industrial properties or tenants, as applicable. 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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	9 Months Ended
INVESTMENTS IN REAL ESTATE PROPERTIES	Sep. 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 and excludes properties classified as held for sale. Refer to “Note 3” for detail relating to our real estate properties held for sale. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 401,319 $ 421,531 Buildings and improvements 1,265,178 1,271,773 Intangible lease assets 259,306 315,429 Investment in real estate properties 1,925,803 2,008,733 Accumulated depreciation and amortization (433,732 ) (501,621 ) Net investment in real estate properties $ 1,492,071 $ 1,507,112 Acquisitions We acquired 100% of the following properties, all of which were determined to be asset acquisitions, during the nine months ended September 30, 2019 : ($ in thousands) Property Type Acquisition Date Total Purchase Price Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Total acquisitions $ 263,183 During the nine months ended September 30, 2019 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: (in thousands) For the Nine Months Ended September 30, 2019 Land $ 33,388 Building 219,825 Intangible lease assets 10,370 Above-market lease assets 265 Below-market lease liabilities (665 ) Total purchase price $ 263,183 The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the nine months ended September 30, 2019 , as of the respective date of each acquisition, was 5.5 years. Dispositions During the nine months ended September 30, 2019 , we sold three office properties (655 Montgomery, Rialto and Campus Road Office Center), one retail property (Holbrook) and two outparcels for net proceeds of approximately $178.0 million , which is net of the secured debt repayment described in “ Note 4 .” We recorded a net gain on sale of approximately $96.5 million . During the nine months ended September 30, 2018 , we sold one office property (Joyce Blvd.), one building from a two -building office property (Park Place 3) and one land parcel that was part of a retail property for net proceeds of approximately $66.3 million . We recorded a net gain on sale of approximately $13.8 million . Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, excluding properties classified as held for sale, as of September 30, 2019 and December 31, 2018 include the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 237,888 $ (197,825 ) $ 40,063 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,418 (20,724 ) 694 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,474 ) 35,922 (44,552 ) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 855 $ 4,800 $ 7,763 $ 10,248 Above-market lease amortization (125 ) (338 ) (657 ) (757 ) Below-market lease amortization 986 1,346 3,146 3,764 Real estate-related depreciation and amortization: Depreciation expense $ 10,416 $ 9,560 $ 31,036 $ 28,245 Intangible lease asset amortization 4,057 5,401 12,425 14,957 Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial tenants under the terms of non-cancelable operating and ground leases in effect as of September 30, 2019 and December 31, 2018, including properties classified as held for sale and 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) September 30, 2019 December 31, 2018 2019 $ 31,688 $ 133,999 2020 119,595 116,145 2021 111,244 104,997 2022 94,283 88,136 2023 79,795 74,661 Thereafter 274,580 323,040 Total $ 711,185 $ 840,978 Leases for our multi-family tenants are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment During the nine months ended September 30, 2019 , we recorded an incremental impairment of $0.1 million related to the retail property located in the Holbrook, Massachusetts market that had been previously impaired during 2018, which is described below. During the nine months ended September 30, 2018, we recorded a total of $13.4 million of non-cash impairment charges related to two retail properties, one located in the Jacksonville, Florida market, which was disposed of in October 2018, and one located in the Holbrook, Massachusetts market, which was disposed of in August 2019. The impairment was a result of shortened hold periods based on the consideration of potential disposition options for these properties, which ultimately resulted in the reduction of our estimated future cash flows below our net book value.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
ASSETS HELD FOR SALE	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	3. ASSETS HELD FOR SALE We classify a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the condensed consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. As of September 30, 2019 , we had two office properties (Park Place 1 and Austin-Mueller Health Center) that met the criteria to be classified as held for sale. The following table summarizes the amounts held for sale as of September 30, 2019 . We subsequently sold Park Place 1 in October 2019 and are expected to sell Austin-Mueller Health Center in December 2019, subject to certain extension options. See “Note 12” for additional information regarding the subsequent disposition of Park Place 1. As of (in thousands) September 30, 2019 December 31, 2018 Net investment in real estate properties $ 90,184 $ — Other assets 3,577 — Assets held for sale $ 93,761 $ — Accounts payable and accrued expenses $ 897 $ — Other liabilities 934 — Liabilities related to assets held for sale $ 1,831 $ —

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT	4. DEBT A summary of our debt is as follows: Weighted-Average Balance as of ($ in thousands) September 30, December 31, Maturity Date September 30, December 31, Line of credit (1) 3.42 % 4.05 % January 2023 $ 73,000 $ 131,000 Term loan (2) 3.18 3.52 January 2024 325,000 275,000 Term loan (3) 3.29 3.79 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.67 3.57 September 2021 - December 2029 139,531 173,932 Floating-rate mortgage notes (5) 4.27 4.97 January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.46 % 3.98 % $ 864,531 $ 1,005,532 Less: unamortized debt issuance costs $ (6,924 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 282 393 Total debt, net $ 857,889 $ 1,001,298 Gross book value of properties encumbered by debt $ 438,985 $ 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 September 30, 2019 , the unused and available portions under the line of credit were approximately $377.0 million and $217.6 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 September 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 September 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 September 30, 2019 includes a $51.3 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 September 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 3.3 years as of September 30, 2019 , excluding the impact of certain extension options. As of September 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 $ — $ — $ 674 $ 674 2020 — — 129,766 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) 73,000 — 47,967 120,967 Thereafter — 325,000 74,019 399,019 Total principal payments $ 73,000 $ 525,000 $ 266,531 $ 864,531 (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 September 30, 2019 , our line of credit, term loans and a $51.3 million mortgage note are our only indebtedness with initial maturity dates beyond 2021 that have exposure to LIBOR. The agreements governing the line of credit, term loans and a mortgage note 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 September 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 $2.1 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 September 30, 2019 Interest rate swaps (1) 14 $ 601,291 $ 360 $ 16,439 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,891 $ 360 $ 16,439 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 September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (3,438 ) $ 2,559 $ (16,461 ) $ 9,707 (Gain) loss reclassified from AOCI into interest expense (462 ) 68 (1,553 ) 1,164 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 11,764 12,166 37,074 35,704 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ — $ (3 ) $ (25 ) $ 6

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	5. 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 September 30, 2019 Assets: Derivative instruments $ — $ 360 $ — $ 360 Total assets measured at fair value $ — $ 360 $ — $ 360 Liabilities: Derivative instruments $ — $ 16,439 $ — $ 16,439 Total liabilities measured at fair value $ — $ 16,439 $ — $ 16,439 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 4 ” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of September 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 September 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,620 $ 2,646 $ 10,682 $ 10,709 Liabilities: Line of credit $ 73,000 $ 73,000 $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 266,531 265,314 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
STOCKHOLDERS’ EQUITY	Sep. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
STOCKHOLDERS’ EQUITY	6. STOCKHOLDERS' EQUITY Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the nine months ended September 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 $ 18,204 $ 66,321 $ 5,907 $ 34,943 $ — $ 125,375 DRIP 440 1,874 437 5,824 6,735 15,310 Total offering $ 18,644 $ 68,195 $ 6,344 $ 40,767 $ 6,735 $ 140,685 Number of shares sold: Primary offering 2,032 8,870 806 5,132 — 16,840 DRIP 59 255 59 792 915 2,080 Total offering 2,091 9,125 865 5,924 915 18,920 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 SEPTEMBER 30, 2018 Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 Issuance of common stock: Primary shares 333 3,277 275 1,225 — 5,110 Distribution reinvestment plan 15 27 17 234 339 632 Share-based compensation — — — 4 — 4 Redemptions of common stock (36 ) — (53 ) (899 ) (3,790 ) (4,778 ) Balance as of September 30, 2018 2,620 7,419 2,696 35,558 80,654 128,947 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 Issuance of common stock: Primary shares 668 1,932 292 1,658 — 4,550 Distribution reinvestment plan 19 104 20 280 295 718 Share-based compensation — — — 4 — 4 Redemptions of common stock (25 ) (108 ) (62 ) (351 ) (3,124 ) (3,670 ) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE NINE MONTHS ENDED SEPTEMBER 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 704 7,314 372 4,591 — 12,981 Distribution reinvestment plan 47 41 49 703 1,066 1,906 Share-based compensation — — — 42 — 42 Redemptions of common stock (193 ) — (235 ) (3,913 ) (14,107 ) (18,448 ) Balance as of September 30, 2018 2,620 7,419 2,696 35,558 80,654 128,947 FOR THE NINE MONTHS ENDED SEPTEMBER 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 2,032 8,870 806 5,132 — 16,840 Distribution reinvestment plan 59 255 59 792 915 2,080 Share-based compensation — — — 86 — 86 Redemptions of common stock (310 ) (123 ) (313 ) (1,306 ) (9,211 ) (11,263 ) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 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 September 30 0.09375 7,302 1,351 5,270 13,923 Total $ 0.28125 $ 21,803 $ 3,907 $ 15,447 $ 41,157 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 7 ” 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 nine months ended September 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 Nine Months Ended September 30, (in thousands, except for per share data) 2019 2018 Number of shares requested for redemption or repurchase 11,263 18,448 Number of shares redeemed or repurchased 11,263 18,448 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.46

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2019 2018 2019 2018 September 30, 2019 December 31, 2018 Upfront selling commissions (1) $ 449 $ 411 $ 1,556 $ 834 $ — $ — Ongoing distribution fees (1) 379 150 964 298 128 76 Advisory fees 3,008 3,795 8,808 10,959 1,160 3,225 Other expense reimbursements—Advisor 2,636 2,194 7,399 6,584 1,465 1,411 Other expense reimbursements—Dealer Manager 135 151 496 583 — — DST Program advisory fees 515 82 1,079 173 — — DST Program selling commissions (1) 588 395 1,969 832 — — DST Program dealer manager fees (1) 78 111 311 242 — — DST Program other reimbursements—Dealer Manager 237 27 609 65 — — DST Program facilitation and loan origination fees 815 94 2,122 94 — — Total $ 8,840 $ 7,410 $ 25,313 $ 20,664 $ 2,753 $ 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 September 30, 2019 .

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
NET INCOME (LOSS) PER COMMON SHARE	Sep. 30, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	8. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income (loss) attributable to common stockholders—basic $ 7,291 $ (3,465 ) $ 88,292 $ (1,985 ) Net income (loss) attributable to OP Units 546 (292 ) 6,735 (166 ) Net income (loss) attributable to common stockholders—diluted $ 7,837 $ (3,757 ) $ 95,027 $ (2,151 ) Weighted-average shares outstanding—basic 138,063 128,506 135,877 128,269 Incremental weighted-average shares effect of conversion of OP Units 10,360 10,839 10,422 11,071 Weighted-average shares outstanding—diluted 148,423 139,345 146,299 139,340 Net income (loss) per share attributable to common stockholders: Basic $ 0.05 $ (0.03 ) $ 0.65 $ (0.02 ) Diluted $ 0.05 $ (0.03 ) $ 0.65 $ (0.02 )

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Sep. 30, 2019
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	9. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Nine Months Ended September 30, (in thousands) 2019 2018 Distributions reinvested in common stock $ 15,310 $ 14,214 Change in accrued future ongoing distribution fees 5,415 4,364 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 Nine Months Ended September 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 $ 26,372 $ 8,914 Restricted cash 10,725 6,816 Cash, cash equivalents and restricted cash $ 37,097 $ 15,730

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. 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 September 30, 2019 .

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
SEGMENT FINANCIAL INFORMATION	Sep. 30, 2019
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	11. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, multi-family 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 September 30, 2019 and December 31, 2018 : As of (in thousands) September 30, 2019 December 31, 2018 Assets: Office (1) $ 551,573 $ 724,875 Retail 660,838 671,007 Multi-family 178,169 — Industrial 191,675 111,230 Corporate 90,864 73,990 Total assets $ 1,673,119 $ 1,581,102 (1) As of September 30, 2019. Amount includes properties classified as held for sale. Refer to “Note 3” for further detail. The following table sets forth the financial results by segment for the three and nine months ended September 30, 2019 and 2018 : ໿ (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended September 30, 2019 Rental revenues $ 20,470 $ 17,422 $ 2,945 $ 3,358 $ 44,195 Rental expenses (8,916 ) (4,323 ) (1,441 ) (680 ) (15,360 ) Net operating income $ 11,554 $ 13,099 $ 1,504 $ 2,678 $ 28,835 Real estate-related depreciation and amortization $ 6,281 $ 4,547 $ 2,008 $ 1,637 $ 14,473 For the Three Months Ended September 30, 2018 Rental revenues $ 28,795 $ 18,497 $ — $ 2,213 $ 49,505 Rental expenses (10,622 ) (4,124 ) — (446 ) (15,192 ) Net operating income $ 18,173 $ 14,373 $ — $ 1,767 $ 34,313 Real estate-related depreciation and amortization $ 8,714 $ 4,935 $ — $ 1,312 $ 14,961 For the Nine Months Ended September 30, 2019 Rental revenues $ 74,383 $ 52,938 $ 2,945 $ 9,385 $ 139,651 Rental expenses (29,174 ) (12,986 ) (1,441 ) (2,044 ) (45,645 ) Net operating income $ 45,209 $ 39,952 $ 1,504 $ 7,341 $ 94,006 Real estate-related depreciation and amortization $ 21,268 $ 15,606 $ 2,008 $ 4,579 $ 43,461 For the Nine Months Ended September 30, 2018 Rental revenues $ 79,480 $ 55,387 $ — $ 5,554 $ 140,421 Rental expenses (32,347 ) (12,934 ) — (1,034 ) (46,315 ) Net operating income $ 47,133 $ 42,453 $ — $ 4,520 $ 94,106 Real estate-related depreciation and amortization $ 24,709 $ 15,608 $ — $ 2,885 $ 43,202 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 nine months ended September 30, 2019 and 2018 : For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Net income (loss) attributable to common stockholders $ 7,291 $ (3,465 ) $ 88,292 $ (1,985 ) Debt-related income (35 ) (170 ) (193 ) (514 ) Real estate-related depreciation and amortization 14,473 14,961 43,461 43,202 General and administrative expenses 2,181 2,076 6,325 6,888 Advisory fees, related party 3,523 3,877 9,887 11,132 Impairment of real estate property 113 6,600 113 13,400 Interest expense 11,764 12,166 37,074 35,704 Gain on sale of real estate property (10,890 ) (1,398 ) (96,530 ) (13,832 ) Gain on extinguishment of debt and financing commitments, net — — (1,002 ) — Other (income) expenses (131 ) (42 ) (156 ) 272 Net income (loss) attributable to noncontrolling interests 546 (292 ) 6,735 (161 ) Net operating income $ 28,835 $ 34,313 $ 94,006 $ 94,106

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS Acquisition Under Contract On October 23, 2019, we entered into a contract to acquire a multi-family property located in Sandy Springs, Georgia with a purchase price of approximately $117.0 million . There can be no assurance that we will complete the acquisition of the property under contract. Disposition of Property On October 25, 2019, we sold to an unrelated third party an office property located in Dublin, California (“Park Place 1”) that was classified as held for sale as of September 30, 2019, for gross proceeds of approximately $78.3 million . Our accounting basis (net of accumulated depreciation and amortization) for this real estate property as of the closing date was approximately $62.6 million .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale	The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 3” for detail relating to our real estate properties held for sale. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 401,319 $ 421,531 Buildings and improvements 1,265,178 1,271,773 Intangible lease assets 259,306 315,429 Investment in real estate properties 1,925,803 2,008,733 Accumulated depreciation and amortization (433,732 ) (501,621 ) Net investment in real estate properties $ 1,492,071 $ 1,507,112
Schedule of Asset Acquisitions	We acquired 100% of the following properties, all of which were determined to be asset acquisitions, during the nine months ended September 30, 2019 : ($ in thousands) Property Type Acquisition Date Total Purchase Price Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Total acquisitions $ 263,183
Allocation of Purchase Price Allocations	During the nine months ended September 30, 2019 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: (in thousands) For the Nine Months Ended September 30, 2019 Land $ 33,388 Building 219,825 Intangible lease assets 10,370 Above-market lease assets 265 Below-market lease liabilities (665 ) Total purchase price $ 263,183
Schedule of Intangible Lease Assets and Liabilities Excluding Properties Held for Sale	Intangible lease assets and liabilities, excluding properties classified as held for sale, as of September 30, 2019 and December 31, 2018 include the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 237,888 $ (197,825 ) $ 40,063 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,418 (20,724 ) 694 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,474 ) 35,922 (44,552 ) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 855 $ 4,800 $ 7,763 $ 10,248 Above-market lease amortization (125 ) (338 ) (657 ) (757 ) Below-market lease amortization 986 1,346 3,146 3,764 Real estate-related depreciation and amortization: Depreciation expense $ 10,416 $ 9,560 $ 31,036 $ 28,245 Intangible lease asset amortization 4,057 5,401 12,425 14,957
Future Minimum Base Rental Payments	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial tenants under the terms of non-cancelable operating and ground leases in effect as of September 30, 2019 and December 31, 2018, including properties classified as held for sale and 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) September 30, 2019 December 31, 2018 2019 $ 31,688 $ 133,999 2020 119,595 116,145 2021 111,244 104,997 2022 94,283 88,136 2023 79,795 74,661 Thereafter 274,580 323,040 Total $ 711,185 $ 840,978

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	9 Months Ended
ASSETS HELD FOR SALE (Tables)	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets Held for Sale	The following table summarizes the amounts held for sale as of September 30, 2019 . We subsequently sold Park Place 1 in October 2019 and are expected to sell Austin-Mueller Health Center in December 2019, subject to certain extension options. See “Note 12” for additional information regarding the subsequent disposition of Park Place 1. As of (in thousands) September 30, 2019 December 31, 2018 Net investment in real estate properties $ 90,184 $ — Other assets 3,577 — Assets held for sale $ 93,761 $ — Accounts payable and accrued expenses $ 897 $ — Other liabilities 934 — Liabilities related to assets held for sale $ 1,831 $ —

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: Weighted-Average Balance as of ($ in thousands) September 30, December 31, Maturity Date September 30, December 31, Line of credit (1) 3.42 % 4.05 % January 2023 $ 73,000 $ 131,000 Term loan (2) 3.18 3.52 January 2024 325,000 275,000 Term loan (3) 3.29 3.79 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.67 3.57 September 2021 - December 2029 139,531 173,932 Floating-rate mortgage notes (5) 4.27 4.97 January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.46 % 3.98 % $ 864,531 $ 1,005,532 Less: unamortized debt issuance costs $ (6,924 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 282 393 Total debt, net $ 857,889 $ 1,001,298 Gross book value of properties encumbered by debt $ 438,985 $ 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 September 30, 2019 , the unused and available portions under the line of credit were approximately $377.0 million and $217.6 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 September 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 September 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 September 30, 2019 includes a $51.3 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 September 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 3.3 years as of September 30, 2019 , excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of September 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 $ — $ — $ 674 $ 674 2020 — — 129,766 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) 73,000 — 47,967 120,967 Thereafter — 325,000 74,019 399,019 Total principal payments $ 73,000 $ 525,000 $ 266,531 $ 864,531 (1) Includes a $127.0 million floating-rate mortgage note expiring in January 2020, which may be extended pursuant to two one -year extension options, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions.
Summary of Location and Fair Value of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities As of September 30, 2019 Interest rate swaps (1) 14 $ 601,291 $ 360 $ 16,439 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,891 $ 360 $ 16,439 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 September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (3,438 ) $ 2,559 $ (16,461 ) $ 9,707 (Gain) loss reclassified from AOCI into interest expense (462 ) 68 (1,553 ) 1,164 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 11,764 12,166 37,074 35,704 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ — $ (3 ) $ (25 ) $ 6

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 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 September 30, 2019 Assets: Derivative instruments $ — $ 360 $ — $ 360 Total assets measured at fair value $ — $ 360 $ — $ 360 Liabilities: Derivative instruments $ — $ 16,439 $ — $ 16,439 Total liabilities measured at fair value $ — $ 16,439 $ — $ 16,439 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 September 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,620 $ 2,646 $ 10,682 $ 10,709 Liabilities: Line of credit $ 73,000 $ 73,000 $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 266,531 265,314 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
STOCKHOLDERS’ EQUITY (Tables)	Sep. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Summary of Public Offerings	Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the nine months ended September 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 $ 18,204 $ 66,321 $ 5,907 $ 34,943 $ — $ 125,375 DRIP 440 1,874 437 5,824 6,735 15,310 Total offering $ 18,644 $ 68,195 $ 6,344 $ 40,767 $ 6,735 $ 140,685 Number of shares sold: Primary offering 2,032 8,870 806 5,132 — 16,840 DRIP 59 255 59 792 915 2,080 Total offering 2,091 9,125 865 5,924 915 18,920
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 SEPTEMBER 30, 2018 Balance as of June 30, 2018 2,308 4,115 2,457 34,994 84,105 127,979 Issuance of common stock: Primary shares 333 3,277 275 1,225 — 5,110 Distribution reinvestment plan 15 27 17 234 339 632 Share-based compensation — — — 4 — 4 Redemptions of common stock (36 ) — (53 ) (899 ) (3,790 ) (4,778 ) Balance as of September 30, 2018 2,620 7,419 2,696 35,558 80,654 128,947 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 Issuance of common stock: Primary shares 668 1,932 292 1,658 — 4,550 Distribution reinvestment plan 19 104 20 280 295 718 Share-based compensation — — — 4 — 4 Redemptions of common stock (25 ) (108 ) (62 ) (351 ) (3,124 ) (3,670 ) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE NINE MONTHS ENDED SEPTEMBER 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 704 7,314 372 4,591 — 12,981 Distribution reinvestment plan 47 41 49 703 1,066 1,906 Share-based compensation — — — 42 — 42 Redemptions of common stock (193 ) — (235 ) (3,913 ) (14,107 ) (18,448 ) Balance as of September 30, 2018 2,620 7,419 2,696 35,558 80,654 128,947 FOR THE NINE MONTHS ENDED SEPTEMBER 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 2,032 8,870 806 5,132 — 16,840 Distribution reinvestment plan 59 255 59 792 915 2,080 Share-based compensation — — — 86 — 86 Redemptions of common stock (310 ) (123 ) (313 ) (1,306 ) (9,211 ) (11,263 ) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595
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 September 30 0.09375 7,302 1,351 5,270 13,923 Total $ 0.28125 $ 21,803 $ 3,907 $ 15,447 $ 41,157 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 7 ” for further detail regarding the current and historical ongoing distribution fees.
Redemptions and Repurchases 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 Nine Months Ended September 30, (in thousands, except for per share data) 2019 2018 Number of shares requested for redemption or repurchase 11,263 18,448 Number of shares redeemed or repurchased 11,263 18,448 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.46

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2019 2018 2019 2018 September 30, 2019 December 31, 2018 Upfront selling commissions (1) $ 449 $ 411 $ 1,556 $ 834 $ — $ — Ongoing distribution fees (1) 379 150 964 298 128 76 Advisory fees 3,008 3,795 8,808 10,959 1,160 3,225 Other expense reimbursements—Advisor 2,636 2,194 7,399 6,584 1,465 1,411 Other expense reimbursements—Dealer Manager 135 151 496 583 — — DST Program advisory fees 515 82 1,079 173 — — DST Program selling commissions (1) 588 395 1,969 832 — — DST Program dealer manager fees (1) 78 111 311 242 — — DST Program other reimbursements—Dealer Manager 237 27 609 65 — — DST Program facilitation and loan origination fees 815 94 2,122 94 — — Total $ 8,840 $ 7,410 $ 25,313 $ 20,664 $ 2,753 $ 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)	9 Months Ended
NET INCOME (LOSS) PER COMMON SHARE (Tables)	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income (loss) attributable to common stockholders—basic $ 7,291 $ (3,465 ) $ 88,292 $ (1,985 ) Net income (loss) attributable to OP Units 546 (292 ) 6,735 (166 ) Net income (loss) attributable to common stockholders—diluted $ 7,837 $ (3,757 ) $ 95,027 $ (2,151 ) Weighted-average shares outstanding—basic 138,063 128,506 135,877 128,269 Incremental weighted-average shares effect of conversion of OP Units 10,360 10,839 10,422 11,071 Weighted-average shares outstanding—diluted 148,423 139,345 146,299 139,340 Net income (loss) per share attributable to common stockholders: Basic $ 0.05 $ (0.03 ) $ 0.65 $ (0.02 ) Diluted $ 0.05 $ (0.03 ) $ 0.65 $ (0.02 )

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Sep. 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 Nine Months Ended September 30, (in thousands) 2019 2018 Distributions reinvested in common stock $ 15,310 $ 14,214 Change in accrued future ongoing distribution fees 5,415 4,364 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 Nine Months Ended September 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 $ 26,372 $ 8,914 Restricted cash 10,725 6,816 Cash, cash equivalents and restricted cash $ 37,097 $ 15,730

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
SEGMENT FINANCIAL INFORMATION (Tables)	Sep. 30, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of September 30, 2019 and December 31, 2018 : As of (in thousands) September 30, 2019 December 31, 2018 Assets: Office (1) $ 551,573 $ 724,875 Retail 660,838 671,007 Multi-family 178,169 — Industrial 191,675 111,230 Corporate 90,864 73,990 Total assets $ 1,673,119 $ 1,581,102 (1) As of September 30, 2019. Amount includes properties classified as held for sale. Refer to “Note 3” for further detail.
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three and nine months ended September 30, 2019 and 2018 : ໿ (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended September 30, 2019 Rental revenues $ 20,470 $ 17,422 $ 2,945 $ 3,358 $ 44,195 Rental expenses (8,916 ) (4,323 ) (1,441 ) (680 ) (15,360 ) Net operating income $ 11,554 $ 13,099 $ 1,504 $ 2,678 $ 28,835 Real estate-related depreciation and amortization $ 6,281 $ 4,547 $ 2,008 $ 1,637 $ 14,473 For the Three Months Ended September 30, 2018 Rental revenues $ 28,795 $ 18,497 $ — $ 2,213 $ 49,505 Rental expenses (10,622 ) (4,124 ) — (446 ) (15,192 ) Net operating income $ 18,173 $ 14,373 $ — $ 1,767 $ 34,313 Real estate-related depreciation and amortization $ 8,714 $ 4,935 $ — $ 1,312 $ 14,961 For the Nine Months Ended September 30, 2019 Rental revenues $ 74,383 $ 52,938 $ 2,945 $ 9,385 $ 139,651 Rental expenses (29,174 ) (12,986 ) (1,441 ) (2,044 ) (45,645 ) Net operating income $ 45,209 $ 39,952 $ 1,504 $ 7,341 $ 94,006 Real estate-related depreciation and amortization $ 21,268 $ 15,606 $ 2,008 $ 4,579 $ 43,461 For the Nine Months Ended September 30, 2018 Rental revenues $ 79,480 $ 55,387 $ — $ 5,554 $ 140,421 Rental expenses (32,347 ) (12,934 ) — (1,034 ) (46,315 ) Net operating income $ 47,133 $ 42,453 $ — $ 4,520 $ 94,106 Real estate-related depreciation and amortization $ 24,709 $ 15,608 $ — $ 2,885 $ 43,202
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 nine months ended September 30, 2019 and 2018 : For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Net income (loss) attributable to common stockholders $ 7,291 $ (3,465 ) $ 88,292 $ (1,985 ) Debt-related income (35 ) (170 ) (193 ) (514 ) Real estate-related depreciation and amortization 14,473 14,961 43,461 43,202 General and administrative expenses 2,181 2,076 6,325 6,888 Advisory fees, related party 3,523 3,877 9,887 11,132 Impairment of real estate property 113 6,600 113 13,400 Interest expense 11,764 12,166 37,074 35,704 Gain on sale of real estate property (10,890 ) (1,398 ) (96,530 ) (13,832 ) Gain on extinguishment of debt and financing commitments, net — — (1,002 ) — Other (income) expenses (131 ) (42 ) (156 ) 272 Net income (loss) attributable to noncontrolling interests 546 (292 ) 6,735 (161 ) Net operating income $ 28,835 $ 34,313 $ 94,006 $ 94,106

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)outparcel	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)outparcel	Sep. 30, 2018USD ($)property	Sep. 30, 2019property	Aug. 31, 2019property	Sep. 30, 2018Parcel	Sep. 30, 2018building
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired			5 years 6 months 14 days
Proceeds from disposition of real estate property			$ 177,997	$ 66,269
Gain on sale of real estate property	$ 10,890	$ 1,398	96,530	13,832
Impairment charges	$ 113	$ 6,600	$ 113	$ 13,400
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	2	2	2	2	3		1	1
Disposed of by Sale \| Holbrook, Massachusetts and Jacksonville, Florida
Real Estate Properties [Line Items]
Impairment charges				$ 13,400
Disposed of by Sale \| Jacksonville, Florida
Real Estate Properties [Line Items]
Number of real estate properties \| property		1		1
Disposed of by Sale \| Holbrook, Massachusetts
Real Estate Properties [Line Items]
Number of real estate properties \| property					1	1
Joyce Boulevard \| Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties \| property		1		1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment in real estate properties	$ 1,925,803	$ 2,008,733
Accumulated depreciation and amortization	(433,732)	(501,621)
Net investment in real estate properties	1,492,071	1,507,112
Land
Real Estate Properties [Line Items]
Investment in real estate properties	401,319	421,531
Buildings and improvements
Real Estate Properties [Line Items]
Investment in real estate properties	1,265,178	1,271,773
Intangible lease assets
Real Estate Properties [Line Items]
Investment in real estate properties	$ 259,306	$ 315,429

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Total acquisitions	$ 263,183
Tri-County Distribution Center
Business Acquisition [Line Items]
Total acquisitions	20,729
Florence Logistics Center
Business Acquisition [Line Items]
Total acquisitions	18,629
World Connect Logistics Center
Business Acquisition [Line Items]
Total acquisitions	43,971
The Daley
Business Acquisition [Line Items]
Total acquisitions	95,305
Juno Winter Park
Business Acquisition [Line Items]
Total acquisitions	$ 84,549

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Real Estate [Abstract]
Land	$ 33,388
Building	219,825
Intangible lease assets	10,370
Above-market lease assets	265
Below-market lease liabilities	(665)
Total purchase price	$ 263,183

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Leased Assets and Liabilities Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 237,888	$ 282,961
Accumulated Amortization, Assets	(197,825)	(238,768)
Net, Assets	40,063	44,193
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	21,418	32,468
Accumulated Amortization, Assets	(20,724)	(31,382)
Net, Assets	694	1,086
Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Gross, Liabilities	(80,474)	(82,060)
Accumulated Amortization, Liabilities	35,922	34,864
Net, Liabilities	$ (44,552)	$ (47,196)

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 855	$ 4,800	$ 7,763	$ 10,248
Depreciation expense	10,416	9,560	31,036	28,245
Intangible lease asset amortization	4,057	5,401	12,425	14,957
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(125)	(338)	(657)	(757)
Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 986	$ 1,346	$ 3,146	$ 3,764

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Base Rental Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 31,688
2019		$ 133,999
2020	119,595	116,145
2021	111,244	104,997
2022	94,283	88,136
2023	79,795	74,661
Thereafter	274,580	323,040
Total	$ 711,185	$ 840,978

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	Sep. 30, 2019USD ($)property	Dec. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 93,761	$ 0
Liabilities related to assets held for sale	$ 1,831	0
Assets Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of office properties \| property	2
Net investment in real estate properties	$ 90,184	0
Other assets	3,577	0
Assets held for sale	93,761	0
Accounts payable and accrued expenses	897	0
Other liabilities	934	0
Liabilities related to assets held for sale	$ 1,831	$ 0

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
DEBT (Schedule of Debt) (Details) - USD ($)	May 31, 2019	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total borrowings		$ 864,531,000	$ 864,531,000	$ 1,005,532,000
Less: unamortized debt issuance costs		(6,924,000)	(6,924,000)	(4,627,000)
Add: mark-to-market adjustment on assumed debt		282,000	282,000	393,000
Total debt, net		857,889,000	857,889,000	1,001,298,000
Gross book value of properties encumbered by debt		$ 438,985,000	$ 438,985,000	$ 598,978,000
Weighted-Average Effective Interest Rate as of		3.46%	3.46%	3.98%
Assets Held for Sale
Debt Instrument [Line Items]
Weighted average maturity of debt investments			3 years 4 months 2 days
Line of Credit
Debt Instrument [Line Items]
Total borrowings		$ 73,000,000	$ 73,000,000	$ 131,000,000
Weighted-Average Effective Interest Rate as of		3.42%	3.42%	4.05%
Current borrowing capacity		$ 377,000,000	$ 377,000,000
Available portions under the line of credit		217,600,000	$ 217,600,000
Line of Credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			1.30%
Line of Credit \| LIBOR \| Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			2.10%
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		3.18%	3.18%	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 January 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		1.25%
Term Loan \| Term Loan Due January 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		2.05%
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		3.29%	3.29%	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
Term Loan \| Term Loan Due February 2022 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			1.25%
Term Loan \| Term Loan Due February 2022 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR			2.05%
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Total borrowings		$ 139,531,000	$ 139,531,000	$ 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		$ 51,300,000	$ 51,300,000
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		4.27%	4.27%	4.97%
Floating-Rate Mortgage Notes \| 655 Montgomery
Debt Instrument [Line Items]
Repayments of floating rate mortgage notes	$ 83,100,000
Floating-Rate Mortgage Notes \| LIBOR \| Maximum
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) (Details)	9 Months Ended
	Sep. 30, 2019USD ($)extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 674,000
2020	129,766,000
2021	11,627,000
2022	202,478,000
2023	120,967,000
Thereafter	399,019,000
Total principal payments	864,531,000	$ 1,005,532,000
Line of Credit
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	0
2022	0
2023	73,000,000
Thereafter	0
Total principal payments	$ 73,000,000	$ 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 principal payments	525,000,000
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2019	674,000
2020	129,766,000
2021	11,627,000
2022	2,478,000
2023	47,967,000
Thereafter	74,019,000
Total principal payments	266,531,000
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

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Millions	Sep. 30, 2019USD ($)
Derivative [Line Items]
Estimated increase to interest expense related to active effective hedges of floating rate debt	$ 2.1
Interest rate swaps
Derivative [Line Items]
Estimated increase to interest expense related to termination of hedging instrument	$ 0.1

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Jan. 31, 2020USD ($)contract	Sep. 30, 2019USD ($)contract	Dec. 31, 2018USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts \| contract		15	19
Total notional amount		$ 747,891	$ 973,015
Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets		360	6,717
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 16,439	$ 3,220
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts \| contract		14	15
Total notional amount		$ 601,291	$ 634,565
Interest rate swaps \| Scenario, Forecast
Derivatives, Fair Value [Line Items]
Number of derivative contracts \| contract	4
Total notional amount	$ 200,000
Interest rate swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets		360	6,692
Interest rate swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 16,439	$ 3,220
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts \| contract		1	4
Total notional amount		$ 146,600	$ 338,450
Interest rate caps \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets		0	25
Interest rate caps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 0	$ 0

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	$ 11,764	$ 12,166	$ 37,074	$ 35,704
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in income	0	(3)	(25)	6
Cash Flow Hedging \| Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(3,438)	2,559	(16,461)	9,707
(Gain) loss reclassified from AOCI into interest expense	(462)	68	(1,553)	1,164
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	$ 11,764	$ 12,166	$ 37,074	$ 35,704

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Derivative instruments	$ 360	$ 6,717
Total assets measured at fair value	360	6,717
Liabilities:
Derivative instruments	16,439	3,220
Total liabilities measured at fair value	16,439	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	360	6,717
Total assets measured at fair value	360	6,717
Liabilities:
Derivative instruments	16,439	3,220
Total liabilities measured at fair value	16,439	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	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 2,620	$ 10,682
Line of credit	73,000	131,000
Term loans	525,000	475,000
Mortgage notes	266,531	399,532
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	2,646	10,709
Line of credit	73,000	131,000
Term loans	525,000	475,000
Mortgage notes	$ 265,314	$ 398,117

STOCKHOLDERS_ EQUITY (Summary o

STOCKHOLDERS’ EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 140,685
Number of shares sold \| shares	18,920
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 18,644
Number of shares sold \| shares	2,091
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 68,195
Number of shares sold \| shares	9,125
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 6,344
Number of shares sold \| shares	865
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 40,767
Number of shares sold \| shares	5,924
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 6,735
Number of shares sold \| shares	915
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 125,375
Number of shares sold \| shares	16,840
Primary offering \| Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 18,204
Number of shares sold \| shares	2,032
Primary offering \| Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 66,321
Number of shares sold \| shares	8,870
Primary offering \| Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 5,907
Number of shares sold \| shares	806
Primary offering \| Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 34,943
Number of shares sold \| shares	5,132
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 \| $	$ 15,310
Number of shares sold \| shares	2,080
DRIP Offering \| Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 440
Number of shares sold \| shares	59
DRIP Offering \| Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 1,874
Number of shares sold \| shares	255
DRIP Offering \| Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 437
Number of shares sold \| shares	59
DRIP Offering \| Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 5,824
Number of shares sold \| shares	792
DRIP Offering \| Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 6,735
Number of shares sold \| shares	915

STOCKHOLDERS_ EQUITY (Informati

STOCKHOLDERS’ EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,902	2,308	2,783	2,062
Primary shares (in shares)	668	333	2,032	704
Distribution reinvestment plan (in shares)	19	15	59	47
Redemptions of common stock (in shares)	(25)	(36)	(310)	(193)
Ending balance (in shares)	4,564	2,620	4,564	2,620
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	17,590	4,115	10,516	64
Primary shares (in shares)	1,932	3,277	8,870	7,314
Distribution reinvestment plan (in shares)	104	27	255	41
Redemptions of common stock (in shares)	(108)	0	(123)	0
Ending balance (in shares)	19,518	7,419	19,518	7,419
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,080	2,457	2,778	2,510
Primary shares (in shares)	292	275	806	372
Distribution reinvestment plan (in shares)	20	17	59	49
Redemptions of common stock (in shares)	(62)	(53)	(313)	(235)
Ending balance (in shares)	3,330	2,696	3,330	2,696
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	40,498	34,994	37,385	34,135
Primary shares (in shares)	1,658	1,225	5,132	4,591
Distribution reinvestment plan (in shares)	280	234	792	703
Stock-based compensation (in shares)	4	4	86	42
Redemptions of common stock (in shares)	(351)	(899)	(1,306)	(3,913)
Ending balance (in shares)	42,089	35,558	42,089	35,558
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	71,923	84,105	77,390	93,695
Distribution reinvestment plan (in shares)	295	339	915	1,066
Redemptions of common stock (in shares)	(3,124)	(3,790)	(9,211)	(14,107)
Ending balance (in shares)	69,094	80,654	69,094	80,654
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	136,993	127,979	130,852	132,466
Primary shares (in shares)	4,550	5,110	16,840	12,981
Distribution reinvestment plan (in shares)	718	632	2,080	1,906
Stock-based compensation (in shares)	4	4	86	42
Redemptions of common stock (in shares)	(3,670)	(4,778)	(11,263)	(18,448)
Ending balance (in shares)	138,595	128,947	138,595	128,947

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							9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 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	$ 0.09375	$ 0.28125	$ 0.375
Common Stock Distributions Paid in Cash	$ 7,302	$ 7,303	$ 7,198	$ 7,180	$ 7,157	$ 7,137	$ 7,240	$ 21,803	$ 28,714
Other Cash Distributions	1,351	1,312	1,244	1,202	1,174	1,221	1,127	3,907	4,724
Reinvested in Shares	5,270	5,180	4,997	4,814	4,738	4,710	4,789	15,447	19,051
Total Distributions	$ 13,923	$ 13,795	$ 13,439	$ 13,196	$ 13,069	$ 13,068	$ 13,156	$ 41,157	$ 52,489

STOCKHOLDERS_ EQUITY (Redemptio

STOCKHOLDERS’ EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	11,263	18,448
Number of shares redeemed or repurchased (in shares)	11,263	18,448
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.35	$ 7.46

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party transaction expense	$ 8,840	$ 7,410	$ 25,313	$ 20,664
Payable as of	2,753		2,753		$ 4,712
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	449	411	1,556	834
Payable as of	0		0		0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	379	150	964	298
Payable as of	128		128		76
Advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	3,008	3,795	8,808	10,959
Payable as of	1,160		1,160		3,225
Other expense reimbursements—Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,636	2,194	7,399	6,584
Payable as of	1,465		1,465		1,411
Other expense reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	135	151	496	583
Payable as of	0		0		0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	515	82	1,079	173
Payable as of	0		0		0
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	588	395	1,969	832
Payable as of	0		0		0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	78	111	311	242
Payable as of	0		0		0
DST Program other reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	237	27	609	65
Payable as of	0		0		0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	815	$ 94	2,122	$ 94
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders—basic	$ 7,291	$ (3,465)	$ 88,292	$ (1,985)
Net income (loss) attributable to OP Units	546	(292)	6,735	(166)
Net income (loss) attributable to common stockholders—diluted	$ 7,837	$ (3,757)	$ 95,027	$ (2,151)
Weighted-average shares outstanding—basic (in shares)	138,063	128,506	135,877	128,269
Incremental weighted-average shares effect of conversion of OP Units (in shares)	10,360	10,839	10,422	11,071
Weighted-average shares outstanding—diluted (in shares)	148,423	139,345	146,299	139,340
Basic (usd per share)	$ 0.05	$ (0.03)	$ 0.65	$ (0.02)
Diluted (usd per share)	$ 0.05	$ (0.03)	$ 0.65	$ (0.02)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 15,310	$ 14,214
Change in accrued future ongoing distribution fees	5,415	4,364
Repayment of mortgage notes upon disposition of real estate property	83,140	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	26,372	8,914	$ 10,008	$ 10,475
Restricted cash	10,725	6,816	7,030	8,541
Cash, cash equivalents and restricted cash	$ 37,097	$ 15,730	$ 17,038	$ 19,016

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)segment	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	4
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,673,119	$ 1,581,102
Operating Segments \| Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	551,573	724,875
Operating Segments \| Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	660,838	671,007
Operating Segments \| Multi-family
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	178,169	0
Operating Segments \| Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	191,675	111,230
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 90,864	$ 73,990

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Rental revenues	$ 44,195	$ 49,505	$ 139,651	$ 140,421
Rental expenses	(15,360)	(15,192)	(45,645)	(46,315)
Net operating income	28,835	34,313	94,006	94,106
Real estate-related depreciation and amortization	14,473	14,961	43,461	43,202
Office
Segment Reporting Information [Line Items]
Rental revenues	20,470	28,795	74,383	79,480
Rental expenses	(8,916)	(10,622)	(29,174)	(32,347)
Net operating income	11,554	18,173	45,209	47,133
Real estate-related depreciation and amortization	6,281	8,714	21,268	24,709
Retail
Segment Reporting Information [Line Items]
Rental revenues	17,422	18,497	52,938	55,387
Rental expenses	(4,323)	(4,124)	(12,986)	(12,934)
Net operating income	13,099	14,373	39,952	42,453
Real estate-related depreciation and amortization	4,547	4,935	15,606	15,608
Multi-family
Segment Reporting Information [Line Items]
Rental revenues	2,945	0	2,945	0
Rental expenses	(1,441)	0	(1,441)	0
Net operating income	1,504	0	1,504	0
Real estate-related depreciation and amortization	2,008	0	2,008	0
Industrial
Segment Reporting Information [Line Items]
Rental revenues	3,358	2,213	9,385	5,554
Rental expenses	(680)	(446)	(2,044)	(1,034)
Net operating income	2,678	1,767	7,341	4,520
Real estate-related depreciation and amortization	$ 1,637	$ 1,312	$ 4,579	$ 2,885

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of net operating income attributable to common shareholders
Net income (loss) attributable to common stockholders	$ 7,291	$ (3,465)	$ 88,292	$ (1,985)
Debt-related income	(35)	(170)	(193)	(514)
Real estate-related depreciation and amortization	14,473	14,961	43,461	43,202
General and administrative expenses	2,181	2,076	6,325	6,888
Advisory fees, related party	3,523	3,877	9,887	11,132
Impairment of real estate property	113	6,600	113	13,400
Interest expense	11,764	12,166	37,074	35,704
Gain on sale of real estate property	(10,890)	(1,398)	(96,530)	(13,832)
Gain on extinguishment of debt and financing commitments, net	0	0	(1,002)	0
Other (income) expenses	(131)	(42)	(156)	272
Net income (loss) attributable to noncontrolling interests	546	(292)	6,735	(161)
Net operating income	$ 28,835	$ 34,313	$ 94,006	$ 94,106

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	Oct. 25, 2019	Oct. 23, 2019
Sandy Springs, Georgia
Subsequent Event [Line Items]
Purchase price		$ 117
Dublin, California
Subsequent Event [Line Items]
Proceeds from sale of real estate held for sale	$ 78.3
Real estate held-for-sale	$ 62.6

Uncategorized Items - ck0001327

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 492,726,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(696,000)
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)
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] \| AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	213,000
Accounting Standards Updated 2017-12 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (213,000)