Black Creek Diversified Property Fund 10-K 5 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Feb. 28, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		65,424,530
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,512,829
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,884,388
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,655,345
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,921,217

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 1,612,632	$ 1,507,112
Debt-related investments, net	2,575	10,680
Cash and cash equivalents	97,772	10,008
Restricted cash	10,010	7,030
DST Program loans	19,404	660
Other assets	35,872	45,612
Total assets	1,778,265	1,581,102
Liabilities
Accounts payable and accrued expenses	35,226	31,580
Debt, net	846,567	1,001,298
Intangible lease liabilities, net	43,503	47,196
Financing obligations, net	258,814	52,336
Other liabilities	43,867	37,679
Total liabilities	1,227,977	1,170,089
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,257,147	1,199,736
Distributions in excess of earnings	(775,259)	(867,849)
Accumulated other comprehensive (loss) income	(14,662)	522
Total stockholders’ equity	468,631	333,718
Noncontrolling interests	81,657	77,295
Total equity	550,288	411,013
Total liabilities and equity	1,778,265	1,581,102
Class E
Stockholders’ equity:
Common stock	668	774
Class T
Stockholders’ equity:
Common stock	59	28
Class S
Stockholders’ equity:
Common stock	206	105
Class D
Stockholders’ equity:
Common stock	35	28
Class I
Stockholders’ equity:
Common stock	$ 437	$ 374

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	66,804,000	77,390,000
Common stock, shares outstanding (in shares)	66,804,000	77,390,000
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	5,852,000	2,783,000
Common stock, shares outstanding (in shares)	5,852,000	2,783,000
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	20,593,000	10,516,000
Common stock, shares outstanding (in shares)	20,593,000	10,516,000
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,499,000	2,778,000
Common stock, shares outstanding (in shares)	3,499,000	2,778,000
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	43,732,000	37,385,000
Common stock, shares outstanding (in shares)	43,732,000	37,385,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental revenues									$ 184,441	$ 189,631	$ 196,518
Debt-related income									227	694	828
Total revenues	$ 44,824	$ 44,230	$ 44,920	$ 50,694	$ 49,390	$ 49,675	$ 46,633	$ 44,627	184,668	190,325	197,346
Operating expenses:
Rental expenses									61,060	61,667	66,532
Real estate-related depreciation and amortization									57,342	57,866	68,070
General and administrative expenses									8,985	8,817	9,235
Advisory fees, related party									17,413	14,149	13,285
Impairment of real estate property									113	14,648	1,116
Total operating expenses	39,482	35,650	34,297	35,484	36,210	42,706	35,575	42,656	144,913	157,147	158,238
Other income (expenses):
Interest expense									(48,170)	(48,358)	(42,305)
Gain on sale of real estate property									160,537	14,093	83,057
Gain on extinguishment of debt and financing commitments, net									1,002	0	0
Other income (expenses)									153	(251)	(462)
Total other income (expenses)	52,908	(743)	72,681	(11,324)	(12,372)	(10,726)	(56)	(11,362)	113,522	(34,516)	40,290
Net income (loss)	58,250	7,837	83,304	3,886	808	(3,757)	11,002	(9,391)	153,277	(1,338)	79,398
Net (income) loss attributable to noncontrolling interests									(10,726)	101	(7,182)
Net income (loss) attributable to common stockholders	$ 54,259	$ 7,291	$ 77,399	$ 3,602	$ 748	$ (3,465)	$ 10,115	$ (8,635)	$ 142,551	$ (1,237)	$ 72,216
Weighted-average shares outstanding-basic (in shares)									136,925	128,740	142,349
Weighted average shares outstanding-diluted (in shares)									147,316	139,674	154,156
Net (loss) income attributable to common stockholders per common share—basic and diluted (in dollars per share)	$ 0.39	$ 0.05	$ 0.57	$ 0.03	$ 0.01	$ (0.03)	$ 0.08	$ (0.07)	$ 1.04	$ (0.01)	$ 0.51

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 153,277	$ (1,338)	$ 79,398
Net unrealized loss from available-for-sale securities	(100)	(100)	0
Change from cash flow hedging derivatives	(16,315)	1,303	6,337
Comprehensive income (loss)	136,862	(135)	85,735
Comprehensive (income) loss attributable to noncontrolling interests	(9,495)	116	(7,523)
Comprehensive income (loss) attributable to common stockholders	$ 127,367	$ (19)	$ 78,212

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balances (in shares) at Dec. 31, 2016		150,636
Beginning balance at Dec. 31, 2016	$ 608,091	$ 1,506	$ 1,361,638	$ (839,896)	$ (6,905)	$ 91,748
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	79,398			72,216		7,182
Unrealized gain (loss) from derivative instruments	6,337				5,996	341
Issuance of common stock, net of offering costs (in shares)		5,752
Issuance of common stock, net of offering costs	40,531	$ 58	40,473
Share-based compensation, net of forfeitures (in shares)		(99)
Share-based compensation, net of forfeitures	(648)	$ (1)	(647)
Redemptions of common stock (in shares)		(23,823)
Redemptions of common stock	(178,432)	$ (238)	(178,194)
Amortization of share-based compensation	1,730		1,730
Distributions declared on common stock and noncontrolling interests	(57,804)			(50,928)		(6,876)
Contributions from noncontrolling interest	106					106
Redemptions of noncontrolling interests	(6,583)		(939)			(5,644)
Ending Balances (in shares) at Dec. 31, 2017		132,466
Ending balance at Dec. 31, 2017	492,726	$ 1,325	1,224,061	(818,608)	(909)	86,857
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,338)			(1,237)		(101)
Unrealized gain (loss) from available-for-sale securities	(100)				(100)
Unrealized gain (loss) from derivative instruments	1,303				1,318	(15)
Issuance of common stock, net of offering costs (in shares)		21,227
Issuance of common stock, net of offering costs	146,568	$ 212	146,356
Share-based compensation, net of forfeitures (in shares)		42
Share-based compensation, net of forfeitures	(85)		(85)
Redemptions of common stock (in shares)		(22,883)
Redemptions of common stock	(170,933)	$ (228)	(170,705)
Amortization of share-based compensation	918		918
Distributions declared on common stock and noncontrolling interests	(51,987)			(47,791)		(4,196)
Redemptions of noncontrolling interests	(6,059)		(809)			(5,250)
Ending Balances (in shares) at Dec. 31, 2018		130,852
Ending balance 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)	153,277			142,551		10,726
Unrealized gain (loss) from available-for-sale securities	(100)				(100)
Unrealized gain (loss) from derivative instruments	(16,315)				(15,084)	(1,231)
Issuance of common stock, net of offering costs (in shares)		25,955
Issuance of common stock, net of offering costs	177,779	$ 260	177,519
Share-based compensation, net of forfeitures (in shares)		86
Share-based compensation, net of forfeitures	637	$ 1	636
Redemptions of common stock (in shares)		(16,413)
Redemptions of common stock	(120,580)	$ (165)	(120,415)
Amortization of share-based compensation	(111)		(111)
Distributions declared on common stock and noncontrolling interests	(53,874)			(49,961)		(3,913)
Redemptions of noncontrolling interests	(1,438)		(218)			(1,220)
Ending Balances (in shares) at Dec. 31, 2019		140,480
Ending balance at Dec. 31, 2019	$ 550,288	$ 1,405	$ 1,257,147	$ (775,259)	$ (14,662)	$ 81,657

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income (loss)	$ 153,277	$ (1,338)	$ 79,398
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	57,342	57,866	68,070
Straight-line rent and amortization of above- and below-market leases	(11,026)	(18,220)	(4,858)
Gain on sale of real estate property	(160,537)	(14,093)	(83,057)
Lease termination fee	0	16,221	0
Impairment of real estate property	113	14,648	1,116
Gain on extinguishment of debt and financing commitments, net	(1,002)	0	0
Other	7,783	7,842	8,136
Changes in operating assets and liabilities	3,398	4,590	(9,885)
Net cash provided by operating activities	49,348	67,516	58,920
Investing activities:
Real estate acquisitions	(396,901)	(55,431)	(39,538)
Capital expenditures	(45,217)	(39,073)	(34,086)
Proceeds from disposition of real estate property, net of property-level loans	341,677	77,650	178,191
Principal collections on debt-related investments	8,104	438	4,020
Other	(574)	(1,569)	(2,132)
Net cash (used in) provided by investing activities	(92,911)	(17,985)	106,455
Financing activities:
Proceeds from mortgage notes	62,000	0	300,469
Repayments of mortgage notes	(35,075)	(2,361)	(162,461)
Net repayments of line of credit	(131,000)	(11,000)	(94,000)
Proceeds from term loan	50,000	0	0
Redemptions of common stock	(120,580)	(170,933)	(178,496)
Distributions on common stock	(29,117)	(28,737)	(37,530)
Proceeds from issuance of common stock	172,309	141,092	19,861
Proceeds from financing obligations	194,778	42,496	9,558
Offering costs for issuance of common stock and private placements	(12,186)	(8,763)	(4,706)
Distributions to noncontrolling interest holders	(3,913)	(4,207)	(7,607)
Redemption of OP Unit holder interests	(1,438)	(6,057)	(6,206)
Other	(11,471)	(3,039)	(6,387)
Net cash provided by (used in) financing activities	134,307	(51,509)	(167,505)
Net increase (decrease) in cash, cash equivalents and restricted cash	90,744	(1,978)	(2,130)
Cash, cash equivalents and restricted cash, at beginning of period	17,038	19,016	21,146
Cash, cash equivalents and restricted cash, at end of period	$ 107,782	$ 17,038	$ 19,016

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. Black Creek Diversified Property Fund Inc. is a Maryland corporation formed on April 11, 2005. We are primarily focused on investing in and operating a diverse portfolio of real property. Although we generally target investments in four primary property categories (office, retail, multi-family, and industrial), our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2019 , our real estate portfolio consisted of 48 properties, which includes nine properties that are part of the DST Program, as defined in “ Note 5 .” We operate four reportable segments: retail, office, multi-family, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or tenants, as applicable. See “ Note 14 ” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, Black Creek Diversified Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “ Note 8 ” for detail regarding our public offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated statements of cash flows for 2018 and 2017 have been reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases have been reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2019 or 2018 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2019 , 2018 and 2017 , we recorded $2.0 million , $0.5 million and $2.1 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “ Note 3 ” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 . Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $9.1 million and $10.6 million as of December 31, 2019 and 2018 , respectively. Our interest expense for the years ended December 31, 2019 , 2018 and 2017 included $6.9 million , $4.1 million and $2.8 million , respectively, of amortization of financing costs. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “ Note 10 ” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2019 and 2018 , our straight-line rent and tenant receivables were approximately $25.6 million and $31.6 million , respectively, and our allowance for doubtful accounts was approximately $0.8 million and $0.6 million , respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”). See “ Note 11 ” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2019 , no tenants represented more than 10.0% of our total annualized base rent. 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. 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. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us using the modified retrospective transition approach 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 consolidated statements of operations. The adoption of these standards did not have a material effect on our 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. Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018-19”), which clarifies the scope of the guidance in the amendments in ASU 2016-13. Both ASU 2016-13 and ASU 2018-19 will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 and ASU 2018-19 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements.

Investments in Real Estate Prop

Investments in Real Estate Properties	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Investments in Real Estate Properties	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: As of December 31, (in thousands) 2019 2018 Land $ 418,037 $ 421,531 Buildings and improvements 1,375,192 1,271,773 Intangible lease assets 264,121 315,429 Investment in real estate properties 2,057,350 2,008,733 Accumulated depreciation and amortization (444,718 ) (501,621 ) Net investment in real estate properties $ 1,612,632 $ 1,507,112 Acquisitions During the years ended December 31, 2019 and 2018 , we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ($ in thousands) Property Type Acquisition Date Total Purchase Price 2019 Acquisitions: 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 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 2018 Acquisitions: Stafford Grove Industrial 4/9/2018 $ 37,420 Kaiser Industrial 12/10/2018 18,678 Total 2018 acquisitions $ 56,098 During the years ended December 31, 2019 and 2018 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2019 2018 Land $ 53,756 $ 14,680 Building 328,928 36,070 Intangible lease assets 16,480 5,484 Above-market lease assets 265 55 Below-market lease liabilities (707 ) (191 ) Total purchase price $ 398,722 $ 56,098 The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2019 and 2018 , as of the respective date of each acquisition, were 5.4 years and 5.3 years, respectively. Dispositions During the year ended December 31, 2019 , we sold five office properties (655 Montgomery, Rialto, Campus Road Office Center, One Park Place, and Austin-Mueller), two retail properties (Holbrook and Brockton Westgate Plaza), and two outparcels for net proceeds of approximately $341.7 million , which is net of the property-related debt repayment described in Note 4 . We recorded a net gain on sale of approximately $160.5 million . During the year ended December 31, 2018 , we sold one office property (Joyce Blvd.), two retail properties (CB Square and Brockton Eastway Plaza), one building from a two -building office property (Park Place 3) and two outparcels that were part of a retail property for net proceeds of approximately $77.7 million . We recorded a net gain on sale of approximately $14.1 million . Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2019 and 2018 include the following: As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 242,704 $ (200,623 ) $ 42,081 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,417 (20,859 ) 558 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,002 ) 36,499 (43,503 ) (82,060 ) 34,864 (47,196 ) The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2019 , for the next five years and thereafter: As of December 31, 2019 (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Intangible lease assets $ 11,161 $ 7,571 $ 6,103 $ 4,397 $ 3,208 $ 9,641 $ 42,081 Above-market lease assets 116 81 73 61 46 181 558 Below-market lease liabilities (3,041 ) (2,669 ) (2,559 ) (2,424 ) (2,306 ) (30,504 ) (43,503 ) Rental Revenue and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2019 2018 2017 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 7,776 $ 14,508 $ 1,855 Above-market lease amortization (792 ) (1,096 ) (2,392 ) Below-market lease amortization 4,042 4,808 5,395 Real estate-related depreciation and amortization: Depreciation expense $ 40,824 $ 38,091 $ 39,212 Intangible lease asset amortization 16,518 19,775 28,858 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 includes $6.1 million and $10.1 million , respectively, related to early lease termination payments that are being recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. 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 December 31, 2019 and December 31, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2019 2018 Year 1 $ 112,685 $ 133,999 Year 2 104,968 116,145 Year 3 86,934 104,997 Year 4 71,983 88,136 Year 5 54,446 74,661 Thereafter 177,566 323,040 Total $ 608,582 $ 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 year ended December 31, 2019 , we recorded an incremental impairment of $0.1 million due to additional costs incurred which related to the retail property located in the Holbrook, Massachusetts market that had been previously impaired during 2018, which is described below. During the year ended December 31, 2018, we recorded a $1.2 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in December 2018. Also during the year ended December 31, 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. Both ultimately resulted in the reduction of our estimated future cash flows below our net book value. During the year ended December 31, 2017, we recorded a $1.1 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in May 2017. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “ Note 2 ” for further discussion of the fair value hierarchy.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	4. DEBT Our debt is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. Three of our mortgage notes are currently partial recourse to us, for which we provide the following limited guaranties: $4.1 million , $2.0 million , and $0.3 million that are each guaranteed until we meet certain lender-specified thresholds at the respective collateralized property. Other than these limited guarantees, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2019 December 31, 2018 Maturity Date December 31, 2019 December 31, 2018 Line of credit (1) 3.16% 4.05% January 2023 $ — $ 131,000 Term loan (2) 3.04% 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) 3.52% 3.57% September 2021 - December 2029 200,857 173,932 Floating-rate mortgage notes (5) 4.01% 4.97% January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.36% 3.98% $ 852,857 $ 1,005,532 Less: unamortized debt issuance costs $ (6,535 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 245 393 Total debt, net $ 846,567 $ 1,001,298 Gross book value of properties encumbered by debt $ 535,196 $ 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 December 31, 2019 , the unused and available portions under the line of credit were approximately $450.0 million and $246.0 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 December 31, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $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 loan as of December 31, 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 December 31, 2019 includes a $51.0 million floating-rate mortgage note that is 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 $98.6 million of property-level loans that would have matured in September 2020. As of December 31, 2019 and 2018 , our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. Amount includes a mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (6) The weighted-average remaining term of our borrowings was approximately 3.4 years as of December 31, 2019 , excluding the impact of certain extension options. As of December 31, 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 2020 $ — $ — $ 129,766 $ 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) — — 48,484 48,484 2024 — 325,000 1,844 326,844 Thereafter — — 133,658 133,658 Total principal payments $ — $ 525,000 $ 327,857 $ 852,857 (1) Includes a $127.0 million floating-rate mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending the maturity to January 2021. The mortgage note may still be extended an additional one year, 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 December 31, 2019 , our line of credit, term loans and a $51.0 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 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 December 31, 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 on-going exposure to interest rate movements. During the next 12 months, we estimate that approximately $2.7 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 $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities December 31, 2019 Interest rate swaps (1) 14 $ 601,005 $ 288 $ 13,308 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,605 $ 288 $ 13,308 December 31, 2018 Interest rate swaps (1) 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 became effective in January 2020 and three interest rate swaps with a combined notional of $150.0 million that expired in January 2020. The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2019 2018 2017 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (13,341 ) $ 317 $ 1,509 (Gain) loss reclassified from AOCI into interest expense (1,600 ) 986 4,828 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring (1,374 ) — — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 48,170 48,358 42,305 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (25 ) $ 49 $ (119 )

DST Program

DST Program	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DST Program	5. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2019 , we have made approximately $19.4 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the years ended December 31, 2019 , 2018 and 2017 , we sold approximately $212.7 million , $43.2 million and $9.6 million , respectively, in interests related to the DST Program. During the years ended December 31, 2019 , 2018 and 2017 , we incurred rent obligations of approximately $7.0 million , $1.1 million and $0.3 million , respectively, under our master lease agreements with the investors who have participated in the DST Program. Refer to “ Note 10 ” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	6. 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 December 31, 2019 Assets: Derivative instruments $ — $ 288 $ — $ 288 Total assets measured at fair value $ — $ 288 $ — $ 288 Liabilities: Derivative instruments $ — $ 13,308 $ — $ 13,308 Total liabilities measured at fair value $ — $ 13,308 $ — $ 13,308 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 December 31, 2019 and 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 December 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,578 $ 2,604 $ 10,682 $ 10,709 DST Program loans 19,404 19,404 660 660 Liabilities: Line of credit $ — $ — $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 327,857 326,447 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2019 , 2018 and 2017 . We had a gross deferred tax asset of approximately $5.3 million and $3.9 million as of December 31, 2019 and 2018 , respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2016. Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2019 , 2018 and 2017 . This information assumes that an investor owned shares of our common stock for the full 2019 calendar year. For the Year Ended December 31, 2019 2018 2017 Ordinary income (1) 22.78 % 42.22 % 50.01 % Non-taxable return of capital 61.01 57.78 — Capital gain (2) 16.21 — 49.99 Total distributions 100.00 % 100.00 % 100.00 % (1) Our overall taxability decreased in 2019 as compared to 2018 primarily due to reduced taxable income from operations. (2) Capital gain taxability increased in 2019 due to increased disposition activity in 2019. Notwithstanding, DPF utilized 1031 tax deferred exchanges in relation to certain dispositions in order to defer capital gains treatment.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	8. STOCKHOLDERS' EQUITY Public Offering As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: • A public offering of up to $3.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $2.5 billion offered in our primary offering and up to $500.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2019 , $2.8 billion remained unsold under this registration statement. • A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2019 , $103.5 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 28,000 $ 81,660 $ 7,712 $ 54,937 $ — $ 172,309 DRIP 648 2,691 590 7,863 8,803 20,595 Total offering $ 28,648 $ 84,351 $ 8,302 $ 62,800 $ 8,803 $ 192,904 Number of shares sold: Primary offering 3,298 10,926 1,050 7,881 — 23,155 DRIP 88 366 80 1,069 1,197 2,800 Total offering 3,386 11,292 1,130 8,950 1,197 25,955 Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Class T Class S Class D Class I Class E Total Balance as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221 ) (43 ) (331 ) (4,598 ) (17,690 ) (22,883 ) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317 ) (1,215 ) (409 ) (2,689 ) (11,783 ) (16,413 ) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 (1) On September 1, 2017, we amended our charter and restructured our outstanding share classes as part of a broader restructuring. As part of the restructuring, we, among other things, changed our outstanding unclassified shares of common stock (which, since 2012, we referred to as “Class E” shares ) to a new formally designated class of Class E shares; changed our outstanding Class A, Class W and Class I shares of common stock to Class T, Class D and a new version of Class I shares of common stock, respectively; and created a new class of common stock called Class S shares. When we refer to our share classes in this table with respect to dates prior to September 1, 2017, we are referring to our shares under our prior share structure, and when we refer to our share classes in this table with respect to dates on or after September 1, 2017, we are referring to our shares under our new share structure. Distributions Prior to the third quarter of 2017, distributions were paid on a quarterly basis and were calculated for each day the stockholder had been a stockholder of record during such quarter. Beginning with the third quarter of 2017, cash distributions have been paid on a monthly basis and are calculated as of monthly record dates. Cash distributions for stockholders who had elected to participate in our distribution reinvestment plan were reinvested into shares of the same class of our common stock as the shares to which the distributions relate. The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods 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 December 31 0.09375 7,412 1,396 5,294 14,102 Total $ 0.37500 $ 29,215 $ 5,303 $ 20,741 $ 55,259 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 OP Units in 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 10 ” 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 years ended December 31, 2019 , 2018 and 2017 . Also included in the summary below is the impact of stock repurchases pursuant to our two self-tender offers. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2019 2018 2017 Number of shares requested for redemption or repurchase 16,413 22,883 23,823 Number of shares redeemed or repurchased 16,413 22,883 23,823 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.47 $ 7.48

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	9. NONCONTROLLING INTERESTS OP Units As of December 31, 2019 and 2018 , the Operating Partnership had issued OP Units to third-party investors, representing 6.8% and 7.4% , respectively, of limited partnership interests. Currently, all of the third-party investors own Class E OP Units, but we may in the future cause the Operating Partnership to issue Class T, Class S, Class D or Class I OP Units to third-party investors. The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2019 2018 Number of OP Units issued and outstanding to third-party investors 10,286 10,482 Estimated maximum redemption value (unaudited) $ 77,080 $ 77,962 Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2019 2018 2017 Number of OP Units redeemed 196 810 756 Aggregate amount of OP Units redeemed $ 1,438 $ 6,059 $ 5,643 The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	10. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the amended and restated advisory agreement, effective as of May 1, 2019, by and among us, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends April 30, 2020, subject to renewals by our board of directors for an unlimited number of successive one -year periods. The Dealer Manager provides dealer manager services in connection with our public offerings pursuant to the terms of the third amended and restated dealer manager agreement, effective September 1, 2017 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. Black Creek Diversified Property Advisors Group LLC (the “Sponsor”), which owns the Advisor, is presently directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates, and the Sponsor and the Advisor are jointly controlled by the estate of Mr. Blumberg, Mr. Mulvihill and Mr. Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. The Advisor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the limited partnership agreement of the Operating Partnership (the “Operating Partnership Agreement”), and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. We pay the Dealer Manager upfront selling commissions with respect to Class T and Class S shares sold in the primary offering and dealer manager fees with respect to Class T shares sold in the primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the transaction price (generally equal to the most recent monthly NAV per share) at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of all outstanding Class T, Class S and Class D shares, including shares issued under our distribution reinvestment plan. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow all or a portion of the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T, Class S, and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —% We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. We pay directly, or reimburse the Advisor and the Dealer Manager if they pay on our behalf, certain additional items of underwriting compensation, including legal fees of the Dealer Manager, costs reimbursement for registered representatives of participating broker-dealers to attend educational conferences sponsored by us or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers, and promotional items. In addition to this additional underwriting compensation, the Advisor may also pay the Dealer Manager additional amounts to fund certain of the Dealer Manager’s costs and expenses related to the distribution of our public offering, which will not be reimbursed by us. Also, the Dealer Manager may pay supplemental fees or commissions to participating broker-dealers and servicing broker-dealers with respect to Class I shares sold in the primary offering, which will not be reimbursed by us. Through June 30, 2017, we paid to the Dealer Manager primary dealer fees in the amount of 5.0% of the gross proceeds raised from certain sales of Class I shares in the primary offering. We currently do not intend to pay additional primary dealer fees in our public offerings. Organization and Offering Expense Reimbursement. We pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any issuer organization and offering expenses (meaning organization and offering expenses other than underwriting compensation) as and when incurred. After the termination of the primary offering and again after termination of the offering under our distribution reinvestment plan, the Advisor has agreed to reimburse us to the extent that total cumulative organization and offering expenses (including underwriting compensation) that we incur exceed 15% of our gross proceeds from the applicable offering. Advisory Fee and Operating Expense Reimbursement. The advisory fee consists of a fixed component and a performance component. The fixed component of the advisory fee includes a fee that will be paid monthly to the Advisor for asset management services provided to on our behalf. The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10% The performance component of the advisory fee is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance component of the advisory fee be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance component equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance component of the advisory fee as well as ongoing distribution fees (i.e., our ongoing class-specific fees).The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance component of the advisory fee. The loss carryforward is zero as of December 31, 2019 . Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance component that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2019 , all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “ Note 9 ” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” These agreements were amended, and the Special Units were issued, so that, at the election of BCDPAG, the performance component of the advisory fee previously payable to the Advisor may be paid instead to BCDPAG as a performance participation allocation with respect to the Special Units. If BCDPAG does not elect on or before the first day of a calendar year to have the performance component of the advisory fee paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to BCDPAG, as the holder of the Special Units. In such case, the performance component of the advisory fee will be payable in cash or Class I OP Units, at the election of BCDPAG. If BCDPAG elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to BCDPAG will be determined by dividing an amount equal to the value of the performance component of the advisory fee by the net asset value per Class I OP Unit as of the date of the distribution. BCDPAG may request the Operating Partnership to repurchase such OP Units from BCDPAG at a later date. Any such repurchase requests will not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership Agreement or to our stockholders under our share redemption program. In the event the performance component of the advisory fee is paid in cash to BCDPAG as an allocation and distribution in its capacity as holder of the Special Units, such amount will not be deductible by the Operating Partnership although it will reduce the cash available for distribution to holders of common OP Units and we believe that taxable income allocated to BCDPAG as holder of the Special Units should reduce the amount of taxable income allocable to the holders of common OP Units for the taxable period of the allocation. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, BCDPAG will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance component of the advisory fee, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers. Fees from Other Services. We retain certain of the Advisor’s affiliates, from time to time, for services relating to our investments or our operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services, construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance, treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Per the terms of the agreement, any such arrangements will be at market rates or a reimbursement of costs incurred by the affiliate in providing the services. DST Program DST Program Dealer Manager Fees. In connection with the DST Program, as described in “ Note 5 ,” Black Creek Exchange LLC (“BCX”), a wholly-owned subsidiary of our taxable REIT subsidiary that is wholly-owned by the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placements for interests reflecting an indirect ownership of up to $1.0 billion of interests. The Advisor, Dealer Manager and certain of their affiliates receive fees and reimbursements in connection with their roles in the DST Program, which costs are substantially funded by the private investors in that program, through one or more purchase price “mark-ups” of the initial estimated fair value of the DST Properties to be sold to investors, fees paid by the investors at the time of investment, or deductions from distributions paid to such investors. BCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. BCX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or BCX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by BCX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed and performance components of the advisory fee due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the mark-up paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. BC Exchange Manager LLC (the “DST Manager”), a wholly owned subsidiary of the Operating Partnership, acts, directly or through a wholly-owned subsidiary, as the manager of each Delaware statutory trust holding a DST Property, but has assigned all of its rights and obligations as manager (including fees and reimbursements received) to BC Exchange Advisor LLC (“DST Advisor”), an affiliate of the Advisor. While the intention is to sell 100% of the interests to third parties, BCX may hold an interest for a period of time and therefore could be subject to the following description of fees and reimbursements paid to the DST Manager. The DST Manager will have primary responsibility for performing administrative actions in connection with the trust and any DST Property and has the sole power to determine when it is appropriate for a trust to sell a DST Property. For its services, DST Advisor will receive, through the DST Manager, (i) a management fee equal to a stated percentage (e.g., 1.0% ) of the gross rents payable to the trust, with such amount to be set on a deal-by-deal basis, (ii) a disposition fee of up to 1.0% of the gross sales price of certain DST Properties sold to a third party, subject to the terms of the applicable DST Program offering documents, (iii) a loan fee of up to 1.0% for any financing provided by us in connection with the DST Program (in which case a subsidiary of ours would provide the debt financing and earn interest thereon), (iv) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties and the sale of any DST Property to a third party, and (v) up to 1.0% of the gross equity proceeds as compensation for developing and maintaining the DST Program technology and intellectual property. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, and such investors subsequently submit such OP Units for redemption pursuant to the terms of the Operating Partnership, a redemption fee of up to 1.0% of the amount otherwise payable to a limited partner upon redemption will be paid to DST Manager (or such other amount as may be set forth in the applicable DST Program offering documents). Product Specialist Pursuant to a product specialist agreement with BCG Advisors LLC (“BCG Advisors”), BCG Advisors provides advisory services related to our investments in real estate securities. Pursuant to this agreement, a portion of the fixed component of the advisory fee that the Advisor receives from us (as described above) related to investments in real estate securities is reallowed to BCG Advisors in exchange for the services provided. Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2019 2018 2017 2019 2018 Upfront selling commissions (1) $ 2,094 $ 1,199 $ 34 $ — $ — Dealer manager fees (2)(3) — — 306 — — Ongoing distribution fees (1)(3) 1,387 501 108 147 76 Advisory fees - fixed component (4) 11,879 11,599 13,191 1,245 988 Advisory fees—performance component 3,776 2,237 — 3,776 2,237 Advisory fees related to the disposition of real properties (5) — — 1,763 — — Other expense reimbursements—Advisor (6)(7) 10,601 8,801 8,393 2,240 1,411 Other expense reimbursements—Dealer Manager 527 878 401 — — DST Program advisory fees (8) 1,758 313 94 — — DST Program selling commissions (1) 2,668 1,097 466 — — DST Program dealer manager fees (1) 451 293 143 — — DST Program other reimbursements—Dealer Manager 881 212 137 — — DST Program facilitation and loan origination fees 2,988 356 — — — Total $ 39,010 $ 27,486 $ 25,036 $ 7,408 $ 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. (2) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (3) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $14.5 million and $7.9 million as of December 31, 2019 and 2018 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (4) Amount reported for the years December 31, 2018 and 2017 include approximately $0.5 million and $0.7 million , respectively, that we were not obligated to pay in consideration of the issuance of 0.6 million and 0.5 million Class I shares, respectively. (5) Amount for the year ended December 31, 2017 includes approximately $1.7 million and is included in gain on sale of real property on the consolidated statements of operations. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 for which the Advisor had not otherwise been paid a fee, of which $1.2 million is included in gain on sale of real property on the consolidated statements of operations and $0.2 million was deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, for the year ended December 31, 2017 , amount includes approximately $45,000 paid to the Advisor for advisory fees associated with the disposition of real properties, which are included in impairment of real estate property on the consolidated statements of operations. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (6) Amounts include approximately $8.5 million , $6.6 million and $6.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of September 1, 2017, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we reimbursed the Advisor for bonuses of our named executive offers for services provided to us prior to September 1, 2017 upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (7) Includes costs reimbursed to the Advisor related to the DST Program. (8) Amount for the years December 31, 2019 , 2018 and 2017 included in advisory fees, related party on the consolidated statements of operations. Equity Incentive Plans Our equity incentive plans provide for the potential granting of cash-based awards and stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units to our employees (if we have any in the future), our independent directors, employees of the Advisor or its affiliates, other advisors and consultants of ours and of the Advisor selected by the plan administrator for participation in the equity incentive plans, and any prospective director, officer, employee, consultant, or advisor of the Company and the Advisor. Any such stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units, if granted, will provide for exercise prices, where applicable, that are not less than the fair market value of shares of our common stock on the date of the grant. Prior to December 31, 2019, at each annual meeting of stockholders the independent directors automatically, upon election, received an award, pursuant to our equity incentive plans, of $75,000 in RSUs with respect to Class I shares of our common stock, with the number of RSUs based on the NAV per Class I share as of the end of the day of the annual meeting. Additionally, on December 10, 2019, our board of directors, including all of our independent directors, approved a one-time catch-up payment totaling $450,000 to be made effective December 31, 2019. Of that amount, $225,000 is comprised of cash and $225,000 is comprised of RSUs with respect to Class I shares of our common stock, with the number of RSUs based on the NAV per Class I share as of October 31, 2019, which vest and settle immediately. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2019 and 2018 , we held a 93.2% and 92.6% , respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “ Note 9 ” for detail regarding our noncontrolling interests.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	11. 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 Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income (loss) attributable to common stockholders—basic $ 142,551 $ (1,237 ) $ 72,216 Net income (loss) attributable to OP Units 10,726 (105 ) 6,117 Net income (loss) attributable to common stockholders—diluted $ 153,277 $ (1,342 ) $ 78,333 Weighted-average shares outstanding—basic 136,925 128,740 142,349 Incremental weighted-average shares effect of conversion of OP Units 10,391 10,934 11,807 Weighted-average shares outstanding—diluted 147,316 139,674 154,156 Net income (loss) per share attributable to common stockholders: Basic $ 1.04 $ (0.01 ) $ 0.51 Diluted $ 1.04 $ (0.01 ) $ 0.51

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Supplemental Cash Flow Information	12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Cash paid for interest $ 39,515 $ 42,048 $ 37,473 Distributions reinvested in common stock 20,595 18,988 23,282 Change in accrued future ongoing distribution fees 6,540 6,052 (2,058 ) Repayment of property-level loans upon disposition of real estate property 98,600 — — Increase in DST loans receivable through DST capital raising 18,744 660 — 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 consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 $ 13,864 Restricted cash 7,030 8,541 7,282 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 $ 21,146 End of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2019 .

Segment Financial Information

Segment Financial Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Financial Information	14. 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 on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table sets forth the financial results by segment for the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905 ) (17,357 ) (2,864 ) (2,934 ) — (61,060 ) Net operating income (loss) $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544 ) (17,618 ) — (1,505 ) — (61,667 ) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102 2017 Rental revenues $ 108,305 $ 81,871 $ — $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) — (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ — $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ — $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ — $ 58,657 $ 67,836 $ 1,608,106 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 attributable to common stockholders to our net operating income for the years ended December 31, 2019 , 2018 and 2017 . For the Year Ended December 31, (in thousands) 2019 2018 2017 Net income (loss) attributable to common stockholders $ 142,551 $ (1,237 ) $ 72,216 Debt-related income (227 ) (694 ) (828 ) Real estate-related depreciation and amortization 57,342 57,866 68,070 General and administrative expenses 8,985 8,817 9,235 Advisory fees, related party 17,413 14,149 13,285 Impairment of real estate property 113 14,648 1,116 Other (income) expense (153 ) 251 462 Interest expense 48,170 48,358 42,305 Gain on sale of real estate property (160,537 ) (14,093 ) (83,057 ) Gain on extinguishment of debt and financing commitments, net (1,002 ) — — Net income (loss) attributable to noncontrolling interests 10,726 (101 ) 7,182 Net operating income $ 123,381 $ 127,964 $ 129,986

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	15. QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 50,694 $ 44,920 $ 44,230 $ 44,824 Total operating expenses $ (35,484 ) $ (34,297 ) $ (35,650 ) $ (39,482 ) Total other (expenses) income $ (11,324 ) $ 72,681 $ (743 ) $ 52,908 Net income $ 3,886 $ 83,304 $ 7,837 $ 58,250 Net income attributable to common stockholders $ 3,602 $ 77,399 $ 7,291 $ 54,259 Net income attributable to common stockholders per common share—basic and diluted (1) $ 0.03 $ 0.57 $ 0.05 $ 0.39 2018 Total revenues $ 44,627 $ 46,633 $ 49,675 $ 49,390 Total operating expenses $ (42,656 ) $ (35,575 ) $ (42,706 ) $ (36,210 ) Other expenses $ (11,362 ) $ (56 ) $ (10,726 ) $ (12,372 ) Net (loss) income $ (9,391 ) $ 11,002 $ (3,757 ) $ 808 Net (loss) income attributable to common stockholders $ (8,635 ) $ 10,115 $ (3,465 ) $ 748 Net (loss) income attributable to common stockholders per common share—basic and diluted (1) $ (0.07 ) $ 0.08 $ (0.03 ) $ 0.01 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Acquisition of Property Subsequent to December 31, 2019, we had acquired (excluding properties related to our DST Program) one retail property located in Birmingham, Alabama, one industrial property located in Fort Worth, Texas and one industrial property located in San Antonio, Texas for a total aggregate purchase price of approximately $62.9 million . Acquisition Under Contract On January 15, 2020, we entered into a contract to acquire an industrial property located in Sterling, Virginia with a purchase price of approximately $5.0 million . On March 2, 2020, we entered into a contract to acquire an industrial property located in Denver, Colorado with a purchase price of approximately $12.3 million . There can be no assurance that we will complete the acquisitions of the properties under contract.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Office properties: Bala Pointe Bala Cynwyd, PA 1 $ — $ 10,115 $ 27,516 $ 37,631 $ 10,819 $ 10,115 $ 38,335 $ 48,450 $ (19,108 ) 8/28/2006 1-40 1300 Connecticut Washington, DC 1 51,005 25,177 41,250 66,427 5,617 25,177 46,867 72,044 (27,599 ) 3/10/2009 2-40 1st Avenue Plaza Denver, CO 2 — 15,713 65,252 80,965 6,921 15,713 72,173 87,886 (17,918 ) 8/22/2014 1-40 CityView Austin, TX 2 — 4,606 65,250 69,856 5,472 4,606 70,722 75,328 (16,714 ) 4/24/2015 1-40 Eden Prairie Eden Prairie, MN 1 — 3,538 25,865 29,403 125 3,538 25,990 29,528 (10,561 ) 10/3/2008 5-40 Preston Sherry Plaza Dallas, TX 1 — 7,500 22,303 29,803 11,223 7,500 33,526 41,026 (15,495 ) 12/16/2009 1-40 3 Second Street Jersey City, NJ 1 127,000 16,800 193,742 210,542 32,602 16,800 226,344 243,144 (99,736 ) 6/25/2010 3-40 Venture Corporate Center Hollywood, FL 3 — 10,961 34,151 45,112 3,198 10,961 37,349 48,310 (11,028 ) 8/6/2015 1-40 Bank of America Tower Boca Raton, FL 1 — 5,030 30,917 35,947 1,426 5,030 32,343 37,373 (6,345 ) 12/11/2015 1-40 Total office properties 13 $ 178,005 $ 99,440 $ 506,246 $ 605,686 $ 77,403 $ 99,440 $ 583,649 $ 683,089 $ (224,504 ) Retail properties: Bandera Road San Antonio, TX 1 $ — $ 8,221 $ 23,472 $ 31,693 $ 7,495 $ 8,221 $ 30,967 $ 39,188 $ (11,680 ) 2/1/2007 1-40 Beaver Creek Apex, NC 1 — 12,426 31,375 43,801 (734 ) 10,727 32,340 43,067 (12,544 ) 5/11/2007 1-40 Braintree Braintree, MA 1 — 9,270 31,266 40,536 5,591 9,270 36,857 46,127 (12,929 ) 8/1/2007 1-40 Kingston Kingston, MA 1 — 8,580 12,494 21,074 5,459 8,580 17,953 26,533 (6,430 ) 8/1/2007 1-40 Manomet Manomet, MA 1 — 1,890 6,480 8,370 1,982 1,890 8,462 10,352 (3,066 ) 8/1/2007 2-40 Orleans Orleans, MA 1 — 8,780 23,683 32,463 775 8,780 24,458 33,238 (9,646 ) 8/1/2007 1-40 Sandwich Sandwich, MA 1 — 7,380 25,778 33,158 762 7,380 26,540 33,920 (10,430 ) 8/1/2007 1-40 Wareham Wareham, MA 1 — 12,972 27,030 40,002 3,425 12,972 30,455 43,427 (12,378 ) 8/1/2007 1-40 Abington Abington, MA 1 — 14,396 594 14,990 — 14,396 594 14,990 (594 ) 8/1/2007 — Hyannis Hyannis, MA 1 — 10,405 917 11,322 — 10,405 917 11,322 (618 ) 8/1/2007 18-68 Mansfield Mansfield, MA 1 — 5,340 16,490 21,830 — 5,340 16,490 21,830 (6,282 ) 8/1/2007 16-86 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Meriden Meriden, CT 1 — 6,560 22,014 28,574 — 6,560 22,014 28,574 (8,843 ) 8/1/2007 13-43 Weymouth Weymouth, MA 2 — 5,170 19,396 24,566 (44 ) 4,913 19,609 24,522 (7,539 ) 8/1/2007 4-40 Whitman 475 Bedford Street Whitman, MA 1 — 3,610 11,682 15,292 — 3,610 11,682 15,292 (4,600 ) 8/1/2007 16-56 New Bedford New Bedford, MA 1 6,009 3,790 11,152 14,942 — 3,790 11,152 14,942 (4,054 ) 10/18/2007 22-40 Norwell Norwell, MA 1 2,349 5,850 14,547 20,397 — 5,850 14,547 20,397 (5,658 ) 10/18/2007 15-65 270 Center Washington, DC 1 70,000 19,779 42,515 62,294 880 19,781 43,393 63,174 (18,303 ) 4/6/2009 1-40 Springdale Springfield, MA 1 — 11,866 723 12,589 8 11,866 731 12,597 (557 ) 2/18/2011 6-62 Saugus Saugus, MA 1 — 3,783 9,713 13,496 120 3,783 9,833 13,616 (5,104 ) 3/17/2011 3-40 Durgin Square Portsmouth, NH 2 — 7,209 21,055 28,264 1,941 7,209 22,996 30,205 (7,285 ) 5/28/2014 1-40 Salt Pond Narragansett, RI 2 — 8,759 40,233 48,992 1,150 8,759 41,383 50,142 (9,896 ) 11/4/2014 1-40 South Cape Mashpee, MA 6 — 9,936 27,552 37,488 4,394 10,307 31,575 41,882 (6,367 ) 3/18/2015 1-40 Shenandoah Davie, FL 3 9,494 10,501 27,397 37,898 221 10,501 27,618 38,119 (5,490 ) 8/6/2015 1-40 Chester Springs Chester, NJ 4 — 7,376 51,155 58,531 4,643 7,376 55,798 63,174 (10,434 ) 10/8/2015 1-40 Yale Village Tulsa, OK 4 — 3,492 30,655 34,147 143 3,492 30,798 34,290 (5,115 ) 12/9/2015 3-40 Suniland Shopping Center Pinecrest, FL 4 — 34,804 33,902 68,706 1,185 34,804 35,087 69,891 (6,260 ) 5/27/2016 1-40 Total retail properties 45 $ 87,852 $ 242,145 $ 563,270 $ 805,415 $ 39,396 $ 240,562 $ 604,249 $ 844,811 $ (192,102 ) Multi-family properties: The Daley Rockville, MD 4 $ 62,000 $ 15,139 $ 80,500 $ 95,639 $ 180 $ 15,139 $ 80,680 $ 95,819 $ (2,211 ) 7/2/2019 1-40 Juno Winter Park Winter Park, FL 1 — 9,129 75,420 84,549 (2 ) 9,129 75,418 84,547 (1,831 ) 7/9/2019 1-40 Perimeter Sandy Springs, GA 1 — 17,407 99,763 117,170 — 17,408 99,762 117,170 — 12/19/2019 1-40 Total Multi-family properties 6 $ 62,000 $ 41,675 $ 255,683 $ 297,358 $ 178 $ 41,676 $ 255,860 $ 297,536 $ (4,042 ) Industrial properties: South Columbia Campbellsville, KY 1 $ — $ 730 $ 25,092 $ 25,822 $ 5,157 $ 730 $ 30,249 $ 30,979 $ (15,229 ) 6/25/2010 4-40 Vasco Road Livermore, CA 1 — 4,880 12,019 16,899 (698 ) 4,880 11,321 16,201 (1,645 ) 7/21/2017 3-40 Northgate North Las Vegas, NV 1 — 3,940 20,715 24,655 16 3,942 20,729 24,671 (1,921 ) 7/26/2017 10-40 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Stafford Grove Stafford, TX 3 — 8,540 28,879 37,419 1,642 8,586 30,475 39,061 (2,263 ) 4/9/2018 4-40 Kaiser Business Center Folcroft, PA 2 — 6,140 12,730 18,870 16 6,140 12,746 18,886 (1,011 ) 12/10/2018 2-40 Tri-County DC Schertz, TX 1 — 2,346 18,400 20,746 46 2,346 18,446 20,792 (953 ) 2/13/2019 1-40 Florence Logistics Center Florence, KY 1 — 1,791 16,968 18,759 — 1,791 16,968 18,759 (502 ) 5/14/2019 1-40 World Connect Logistics Center Indianapolis, IN 1 — 4,983 39,172 44,155 — 4,983 39,172 44,155 (419 ) 9/27/2019 1-40 Tri-County DC II A Schertz, TX 1 — 1,280 8,562 9,842 — 1,280 8,562 9,842 (127 ) 10/1/2019 1-40 Aurora DC Aurora, IL 1 — 1,681 6,887 8,568 — 1,681 6,887 8,568 — 12/13/2019 1-40 Total industrial properties 13 $ — $ 36,311 $ 189,424 $ 225,735 $ 6,179 $ 36,359 $ 195,555 $ 231,914 $ (24,070 ) Grand total 77 $ 327,857 $ 419,571 $ 1,514,623 $ 1,934,194 $ 123,156 $ 418,037 $ 1,639,313 $ 2,057,350 $ (444,718 ) (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2019 . See “ Note 4 to the Consolidated Financial Statements ” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2019 , the aggregate cost for federal income tax purposes of investments in property was approximately $1.3 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: For the Year Ended December 31, 2019 2018 2017 Investments in real estate properties: Balance at the beginning of period $ 2,008,733 $ 2,028,906 $ 2,204,322 Acquisitions of properties 399,428 56,289 41,554 Improvements 44,103 46,973 33,332 Disposition of properties (394,711 ) (107,292 ) (242,424 ) Impairment of real estate (113 ) (14,648 ) (1,116 ) Write-offs of intangibles and tenant leasing costs (90 ) (1,495 ) (6,762 ) Balance at the end of period $ 2,057,350 $ 2,008,733 $ 2,028,906 Accumulated depreciation and amortization: Balance at the beginning of period $ 501,621 $ 488,636 $ 492,911 Real estate depreciation and amortization expense 57,342 57,866 68,070 Above-market lease assets amortization expenses 792 1,096 2,392 Disposition of properties (114,948 ) (44,482 ) (67,975 ) Write-offs of intangibles and tenant leasing costs (89 ) (1,495 ) (6,762 ) Balance at the end of period $ 444,718 $ 501,621 $ 488,636

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated statements of cash flows for 2018 and 2017 have been reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases have been reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows.
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2019 or 2018 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2019 , 2018 and 2017 , we recorded $2.0 million , $0.5 million and $2.1 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “ Note 3 ” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 .
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “ Note 10 ” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2019 and 2018 , our straight-line rent and tenant receivables were approximately $25.6 million and $31.6 million , respectively, and our allowance for doubtful accounts was approximately $0.8 million and $0.6 million , respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”).
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2019 , no tenants represented more than 10.0% of our total annualized base rent.
Recently Adopted Accounting Standards and Recently Issued 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. 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. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us using the modified retrospective transition approach 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 consolidated statements of operations. The adoption of these standards did not have a material effect on our 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. Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018-19”), which clarifies the scope of the guidance in the amendments in ASU 2016-13. Both ASU 2016-13 and ASU 2018-19 will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 and ASU 2018-19 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements.
DST Program	We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2019 , we have made approximately $19.4 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

Investments in Real Estate Pr_2

Investments in Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Property	The following table summarizes our consolidated investments in real estate properties: As of December 31, (in thousands) 2019 2018 Land $ 418,037 $ 421,531 Buildings and improvements 1,375,192 1,271,773 Intangible lease assets 264,121 315,429 Investment in real estate properties 2,057,350 2,008,733 Accumulated depreciation and amortization (444,718 ) (501,621 ) Net investment in real estate properties $ 1,612,632 $ 1,507,112
Schedule of Asset Acquisitions	During the years ended December 31, 2019 and 2018 , we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ($ in thousands) Property Type Acquisition Date Total Purchase Price 2019 Acquisitions: 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 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 2018 Acquisitions: Stafford Grove Industrial 4/9/2018 $ 37,420 Kaiser Industrial 12/10/2018 18,678 Total 2018 acquisitions $ 56,098
Allocation of Purchase Price Allocations	During the years ended December 31, 2019 and 2018 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2019 2018 Land $ 53,756 $ 14,680 Building 328,928 36,070 Intangible lease assets 16,480 5,484 Above-market lease assets 265 55 Below-market lease liabilities (707 ) (191 ) Total purchase price $ 398,722 $ 56,098
Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2019 and 2018 include the following: As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 242,704 $ (200,623 ) $ 42,081 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,417 (20,859 ) 558 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,002 ) 36,499 (43,503 ) (82,060 ) 34,864 (47,196 )
Expected Amortization During Next Five Years and Thereafter Related to Acquired Above-Market Lease Assets, Below-Market Lease Liabilities and Acquired In-Place Lease Intangibles	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2019 , for the next five years and thereafter: As of December 31, 2019 (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Intangible lease assets $ 11,161 $ 7,571 $ 6,103 $ 4,397 $ 3,208 $ 9,641 $ 42,081 Above-market lease assets 116 81 73 61 46 181 558 Below-market lease liabilities (3,041 ) (2,669 ) (2,559 ) (2,424 ) (2,306 ) (30,504 ) (43,503 )
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 Year Ended December 31, (in thousands) 2019 2018 2017 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 7,776 $ 14,508 $ 1,855 Above-market lease amortization (792 ) (1,096 ) (2,392 ) Below-market lease amortization 4,042 4,808 5,395 Real estate-related depreciation and amortization: Depreciation expense $ 40,824 $ 38,091 $ 39,212 Intangible lease asset amortization 16,518 19,775 28,858 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 includes $6.1 million and $10.1 million , respectively, related to early lease termination payments that are being recognized to rental revenues on a straight-line basis over the remaining term of the respective lease.
Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial tenants under the terms of non-cancelable operating and ground leases in effect as of December 31, 2019 and December 31, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2019 2018 Year 1 $ 112,685 $ 133,999 Year 2 104,968 116,145 Year 3 86,934 104,997 Year 4 71,983 88,136 Year 5 54,446 74,661 Thereafter 177,566 323,040 Total $ 608,582 $ 840,978

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Borrowings	A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2019 December 31, 2018 Maturity Date December 31, 2019 December 31, 2018 Line of credit (1) 3.16% 4.05% January 2023 $ — $ 131,000 Term loan (2) 3.04% 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) 3.52% 3.57% September 2021 - December 2029 200,857 173,932 Floating-rate mortgage notes (5) 4.01% 4.97% January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.36% 3.98% $ 852,857 $ 1,005,532 Less: unamortized debt issuance costs $ (6,535 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 245 393 Total debt, net $ 846,567 $ 1,001,298 Gross book value of properties encumbered by debt $ 535,196 $ 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 December 31, 2019 , the unused and available portions under the line of credit were approximately $450.0 million and $246.0 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 December 31, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $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 loan as of December 31, 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 December 31, 2019 includes a $51.0 million floating-rate mortgage note that is 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 $98.6 million of property-level loans that would have matured in September 2020. As of December 31, 2019 and 2018 , our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. Amount includes a mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (6) The weighted-average remaining term of our borrowings was approximately 3.4 years as of December 31, 2019 , excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of December 31, 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 2020 $ — $ — $ 129,766 $ 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) — — 48,484 48,484 2024 — 325,000 1,844 326,844 Thereafter — — 133,658 133,658 Total principal payments $ — $ 525,000 $ 327,857 $ 852,857 (1) Includes a $127.0 million floating-rate mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending the maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities December 31, 2019 Interest rate swaps (1) 14 $ 601,005 $ 288 $ 13,308 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,605 $ 288 $ 13,308 December 31, 2018 Interest rate swaps (1) 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 became effective in January 2020 and three interest rate swaps with a combined notional of $150.0 million that expired in January 2020.
Effect of Derivative Financial Instruments on Financial Statements	The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2019 2018 2017 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (13,341 ) $ 317 $ 1,509 (Gain) loss reclassified from AOCI into interest expense (1,600 ) 986 4,828 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring (1,374 ) — — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 48,170 48,358 42,305 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (25 ) $ 49 $ (119 )

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Derivative instruments $ — $ 288 $ — $ 288 Total assets measured at fair value $ — $ 288 $ — $ 288 Liabilities: Derivative instruments $ — $ 13,308 $ — $ 13,308 Total liabilities measured at fair value $ — $ 13,308 $ — $ 13,308 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 December 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,578 $ 2,604 $ 10,682 $ 10,709 DST Program loans 19,404 19,404 660 660 Liabilities: Line of credit $ — $ — $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 327,857 326,447 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2019 , 2018 and 2017 . This information assumes that an investor owned shares of our common stock for the full 2019 calendar year. For the Year Ended December 31, 2019 2018 2017 Ordinary income (1) 22.78 % 42.22 % 50.01 % Non-taxable return of capital 61.01 57.78 — Capital gain (2) 16.21 — 49.99 Total distributions 100.00 % 100.00 % 100.00 % (1) Our overall taxability decreased in 2019 as compared to 2018 primarily due to reduced taxable income from operations. (2) Capital gain taxability increased in 2019 due to increased disposition activity in 2019. Notwithstanding, DPF utilized 1031 tax deferred exchanges in relation to certain dispositions in order to defer capital gains treatment.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Summary of Public Offering	A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 28,000 $ 81,660 $ 7,712 $ 54,937 $ — $ 172,309 DRIP 648 2,691 590 7,863 8,803 20,595 Total offering $ 28,648 $ 84,351 $ 8,302 $ 62,800 $ 8,803 $ 192,904 Number of shares sold: Primary offering 3,298 10,926 1,050 7,881 — 23,155 DRIP 88 366 80 1,069 1,197 2,800 Total offering 3,386 11,292 1,130 8,950 1,197 25,955
Information of Share Transactions	The following table describes the changes in each class of common shares during each of the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Class T Class S Class D Class I Class E Total Balance as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221 ) (43 ) (331 ) (4,598 ) (17,690 ) (22,883 ) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317 ) (1,215 ) (409 ) (2,689 ) (11,783 ) (16,413 ) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 (1) On September 1, 2017, we amended our charter and restructured our outstanding share classes as part of a broader restructuring. As part of the restructuring, we, among other things, changed our outstanding unclassified shares of common stock (which, since 2012, we referred to as “Class E” shares ) to a new formally designated class of Class E shares; changed our outstanding Class A, Class W and Class I shares of common stock to Class T, Class D and a new version of Class I shares of common stock, respectively; and created a new class of common stock called Class S shares. When we refer to our share classes in this table with respect to dates prior to September 1, 2017, we are referring to our shares under our prior share structure, and when we refer to our share classes in this table with respect to dates on or after September 1, 2017, we are referring to our shares under our new share structure.
Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods 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 December 31 0.09375 7,412 1,396 5,294 14,102 Total $ 0.37500 $ 29,215 $ 5,303 $ 20,741 $ 55,259 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 OP Units in 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 10 ” for further detail regarding the current and historical ongoing distribution fees.
Redemption Activity	Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2019 2018 2017 Number of shares requested for redemption or repurchase 16,413 22,883 23,823 Number of shares redeemed or repurchased 16,413 22,883 23,823 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.47 $ 7.48

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2019 2018 2017 Number of OP Units redeemed 196 810 756 Aggregate amount of OP Units redeemed $ 1,438 $ 6,059 $ 5,643 The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2019 2018 Number of OP Units issued and outstanding to third-party investors 10,286 10,482 Estimated maximum redemption value (unaudited) $ 77,080 $ 77,962

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Dealer Manager Fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —%
Schedule of Fixed Component for Advisory Fee	The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10%
Schedule of Fees and Other Amounts Earned by Advisor	The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2019 2018 2017 2019 2018 Upfront selling commissions (1) $ 2,094 $ 1,199 $ 34 $ — $ — Dealer manager fees (2)(3) — — 306 — — Ongoing distribution fees (1)(3) 1,387 501 108 147 76 Advisory fees - fixed component (4) 11,879 11,599 13,191 1,245 988 Advisory fees—performance component 3,776 2,237 — 3,776 2,237 Advisory fees related to the disposition of real properties (5) — — 1,763 — — Other expense reimbursements—Advisor (6)(7) 10,601 8,801 8,393 2,240 1,411 Other expense reimbursements—Dealer Manager 527 878 401 — — DST Program advisory fees (8) 1,758 313 94 — — DST Program selling commissions (1) 2,668 1,097 466 — — DST Program dealer manager fees (1) 451 293 143 — — DST Program other reimbursements—Dealer Manager 881 212 137 — — DST Program facilitation and loan origination fees 2,988 356 — — — Total $ 39,010 $ 27,486 $ 25,036 $ 7,408 $ 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. (2) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (3) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $14.5 million and $7.9 million as of December 31, 2019 and 2018 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (4) Amount reported for the years December 31, 2018 and 2017 include approximately $0.5 million and $0.7 million , respectively, that we were not obligated to pay in consideration of the issuance of 0.6 million and 0.5 million Class I shares, respectively. (5) Amount for the year ended December 31, 2017 includes approximately $1.7 million and is included in gain on sale of real property on the consolidated statements of operations. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 for which the Advisor had not otherwise been paid a fee, of which $1.2 million is included in gain on sale of real property on the consolidated statements of operations and $0.2 million was deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, for the year ended December 31, 2017 , amount includes approximately $45,000 paid to the Advisor for advisory fees associated with the disposition of real properties, which are included in impairment of real estate property on the consolidated statements of operations. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (6) Amounts include approximately $8.5 million , $6.6 million and $6.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of September 1, 2017, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we reimbursed the Advisor for bonuses of our named executive offers for services provided to us prior to September 1, 2017 upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (7) Includes costs reimbursed to the Advisor related to the DST Program. (8) Amount for the years December 31, 2019 , 2018 and 2017 included in advisory fees, related party on the consolidated statements of operations.

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Diluted Net Income Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income (loss) attributable to common stockholders—basic $ 142,551 $ (1,237 ) $ 72,216 Net income (loss) attributable to OP Units 10,726 (105 ) 6,117 Net income (loss) attributable to common stockholders—diluted $ 153,277 $ (1,342 ) $ 78,333 Weighted-average shares outstanding—basic 136,925 128,740 142,349 Incremental weighted-average shares effect of conversion of OP Units 10,391 10,934 11,807 Weighted-average shares outstanding—diluted 147,316 139,674 154,156 Net income (loss) per share attributable to common stockholders: Basic $ 1.04 $ (0.01 ) $ 0.51 Diluted $ 1.04 $ (0.01 ) $ 0.51

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2019 2018 2017 Cash paid for interest $ 39,515 $ 42,048 $ 37,473 Distributions reinvested in common stock 20,595 18,988 23,282 Change in accrued future ongoing distribution fees 6,540 6,052 (2,058 ) Repayment of property-level loans upon disposition of real estate property 98,600 — — Increase in DST loans receivable through DST capital raising 18,744 660 —
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 consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 $ 13,864 Restricted cash 7,030 8,541 7,282 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 $ 21,146 End of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016

Segment Financial Information (

Segment Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905 ) (17,357 ) (2,864 ) (2,934 ) — (61,060 ) Net operating income (loss) $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544 ) (17,618 ) — (1,505 ) — (61,667 ) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102 2017 Rental revenues $ 108,305 $ 81,871 $ — $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) — (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ — $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ — $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ — $ 58,657 $ 67,836 $ 1,608,106
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income attributable to common stockholders to our net operating income for the years ended December 31, 2019 , 2018 and 2017 . For the Year Ended December 31, (in thousands) 2019 2018 2017 Net income (loss) attributable to common stockholders $ 142,551 $ (1,237 ) $ 72,216 Debt-related income (227 ) (694 ) (828 ) Real estate-related depreciation and amortization 57,342 57,866 68,070 General and administrative expenses 8,985 8,817 9,235 Advisory fees, related party 17,413 14,149 13,285 Impairment of real estate property 113 14,648 1,116 Other (income) expense (153 ) 251 462 Interest expense 48,170 48,358 42,305 Gain on sale of real estate property (160,537 ) (14,093 ) (83,057 ) Gain on extinguishment of debt and financing commitments, net (1,002 ) — — Net income (loss) attributable to noncontrolling interests 10,726 (101 ) 7,182 Net operating income $ 123,381 $ 127,964 $ 129,986

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data (Unaudited)	Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 50,694 $ 44,920 $ 44,230 $ 44,824 Total operating expenses $ (35,484 ) $ (34,297 ) $ (35,650 ) $ (39,482 ) Total other (expenses) income $ (11,324 ) $ 72,681 $ (743 ) $ 52,908 Net income $ 3,886 $ 83,304 $ 7,837 $ 58,250 Net income attributable to common stockholders $ 3,602 $ 77,399 $ 7,291 $ 54,259 Net income attributable to common stockholders per common share—basic and diluted (1) $ 0.03 $ 0.57 $ 0.05 $ 0.39 2018 Total revenues $ 44,627 $ 46,633 $ 49,675 $ 49,390 Total operating expenses $ (42,656 ) $ (35,575 ) $ (42,706 ) $ (36,210 ) Other expenses $ (11,362 ) $ (56 ) $ (10,726 ) $ (12,372 ) Net (loss) income $ (9,391 ) $ 11,002 $ (3,757 ) $ 808 Net (loss) income attributable to common stockholders $ (8,635 ) $ 10,115 $ (3,465 ) $ 748 Net (loss) income attributable to common stockholders per common share—basic and diluted (1) $ (0.07 ) $ 0.08 $ (0.03 ) $ 0.01 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation.

Description of Business (Detail

Description of Business (Details)	12 Months Ended
	Dec. 31, 2019propertysegment
Variable Interest Entity [Line Items]
Number of properties	48
Number of reportable segments | segment	4
DST Program
Variable Interest Entity [Line Items]
Number of properties	9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Straight-line rent and tenant receivables	$ 25.6	$ 31.6
Allowances on receivables	0.8	0.6
Accumulated amortization of deferred financing costs	9.1	10.6
Amortization of financing costs	6.9	4.1	$ 2.8
Leases, Acquired-in-Place
Significant Accounting Policies [Line Items]
Impairment of intangible assets	$ 2	$ 0.5	$ 2.1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2019
Building
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years
Building and Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Building and Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

Investments in Real Estate Pr_3

Investments in Real Estate Properties (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)propertyretail_property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired	5 years 4 months 27 days	5 years 3 months 7 days
Proceeds from disposition of real estate property, net of property-level loans | $	$ 341,677	$ 77,650	$ 178,191
Gain on disposition of real estate property | $	160,537	14,093	83,057
Impairment charges | $	$ 113	14,648	1,116
Number of properties	48
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment
Real Estate Properties [Line Items]
Impairment charges | $		$ 13,400
Number of properties		2
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Greater Boston Market
Real Estate Properties [Line Items]
Impairment charges | $		$ 1,200	$ 1,100
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Jacksonville, Florida Market
Real Estate Properties [Line Items]
Number of properties		1
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Holbrook, Massachusetts
Real Estate Properties [Line Items]
Impairment charges | $	$ 100
Number of properties		1
2018 Dispositions
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property, net of property-level loans | $		$ 77,700
Gain on disposition of real estate property | $		$ 14,100
2018 Dispositions | Retail Segment
Real Estate Properties [Line Items]
Number of real estate properties sold | retail_property		2
2018 Dispositions | Office Property
Real Estate Properties [Line Items]
Number of real estate properties sold		1
2018 Dispositions | Building
Real Estate Properties [Line Items]
Number of real estate properties sold		1
2018 Dispositions | Land
Real Estate Properties [Line Items]
Number of real estate properties sold		2
2018 Dispositions | Office
Real Estate Properties [Line Items]
Number of real estate properties sold		2
2019 Dispositions
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property, net of property-level loans | $	341,700
Gain on disposition of real estate property | $	$ 160,500
2019 Dispositions | Retail Segment
Real Estate Properties [Line Items]
Number of real estate properties sold	2
2019 Dispositions | Office Property
Real Estate Properties [Line Items]
Number of real estate properties sold	5
2019 Dispositions | Land
Real Estate Properties [Line Items]
Number of real estate properties sold	2

Investments in Real Estate Pr_4

Investments in Real Estate Properties (Consolidated Investments in Real Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment in real estate properties	$ 2,057,350	$ 2,008,733
Accumulated depreciation and amortization	(444,718)	(501,621)
Net investment in real estate properties	1,612,632	1,507,112
Land
Real Estate Properties [Line Items]
Investment in real estate properties	418,037	421,531
Building and Building Improvements
Real Estate Properties [Line Items]
Investment in real estate properties	1,375,192	1,271,773
Intangible In-Place Lease Assets
Real Estate Properties [Line Items]
Investment in real estate properties	$ 264,121	$ 315,429

Investments in Real Estate Pr_5

Investments in Real Estate Properties (Property Acquisitions) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Total acquisitions	$ 398,722	$ 56,098
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
Tri-County DC II A
Business Acquisition [Line Items]
Total acquisitions	9,821
Aurora DC
Business Acquisition [Line Items]
Total acquisitions	8,548
The Daley
Business Acquisition [Line Items]
Total acquisitions	95,305
Juno Winter Park
Business Acquisition [Line Items]
Total acquisitions	84,549
Perimeter
Business Acquisition [Line Items]
Total acquisitions	$ 117,170
Stafford Grove
Business Acquisition [Line Items]
Total acquisitions		37,420
Kaiser
Business Acquisition [Line Items]
Total acquisitions		$ 18,678

Investments in Real Estate Pr_6

Investments in Real Estate Properties (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 53,756	$ 14,680
Building	328,928	36,070
Intangible lease assets	16,480	5,484
Above-market lease assets	265	55
Below-market lease liabilities	(707)	(191)
Total purchase price	$ 398,722	$ 56,098

Investments in Real Estate Pr_7

Investments in Real Estate Properties (Intangible Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible lease assets
Real Estate Properties [Line Items]
Gross	$ 242,704	$ 282,961
Accumulated Amortization	(200,623)	(238,768)
Net	42,081	44,193
Above-market lease assets
Real Estate Properties [Line Items]
Gross	21,417	32,468
Accumulated Amortization	(20,859)	(31,382)
Net	558	1,086
Below-market lease liabilities
Real Estate Properties [Line Items]
Gross	(80,002)	(82,060)
Accumulated Amortization	36,499	34,864
Net	$ (43,503)	$ (47,196)

Investments in Real Estate Pr_8

Investments in Real Estate Properties (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible lease assets
Real Estate Properties [Line Items]
2020	$ 11,161
2021	7,571
2022	6,103
2023	4,397
2024	3,208
Thereafter	9,641
Net	42,081	$ 44,193
Above-market lease assets
Real Estate Properties [Line Items]
2020	116
2021	81
2022	73
2023	61
2024	46
Thereafter	181
Net	558	1,086
Below-market lease liabilities
Real Estate Properties [Line Items]
2020	(3,041)
2021	(2,669)
2022	(2,559)
2023	(2,424)
2024	(2,306)
Thereafter	(30,504)
Net	$ (43,503)	$ (47,196)

Investments in Real Estate Pr_9

Investments in Real Estate Properties (Amortization Expense for Intangible Lease Assets and Adjustments to Rental Revenue for Above-Market Lease Assets and Below-Market Lease Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 7,776	$ 14,508	$ 1,855
Depreciation expense	40,824	38,091	39,212
Intangible lease asset amortization	16,518	19,775	28,858
Early lease termination revenue	6,100	10,100
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Lease amortization	(792)	(1,096)	(2,392)
Below-Market Lease Liabilities
Finite-Lived Intangible Assets [Line Items]
Lease amortization	$ 4,042	$ 4,808	$ 5,395

Investments in Real Estate P_10

Investments in Real Estate Properties (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Year 1	$ 112,685
Year 2	104,968
Year 3	86,934
Year 4	71,983
Year 5	54,446
Thereafter	177,566
Total	$ 608,582
Future Minimum Payments Due
Year 1		$ 133,999
Year 2		116,145
Year 3		104,997
Year 4		88,136
Year 5		74,661
Thereafter		323,040
Total		$ 840,978

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	3
Long-term debt, gross	$ 852,857	$ 1,005,532
Estimated decrease to interest expense related to active effective hedges of floating rate debt	2,700
Performance Guarantee | Partial Recourse 1
Debt Instrument [Line Items]
Current guarantor obligations	4,100
Performance Guarantee | Partial Recourse 2
Debt Instrument [Line Items]
Current guarantor obligations	2,000
Performance Guarantee | Partial Recourse 3
Debt Instrument [Line Items]
Current guarantor obligations	300
Interest Rate Swaps
Debt Instrument [Line Items]
Estimated increase to interest expense related to termination of hedging instrument	100
Fixed-Rate Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	200,857	$ 173,932
Fixed-Rate Mortgages | Mortgage Note, Preston Sherry Plaza
Debt Instrument [Line Items]
Long-term debt, gross	$ 51,000

Debt (Schedule of Borrowings) (

Debt (Schedule of Borrowings) (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	May 31, 2019USD ($)	Mar. 05, 2020extension	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			3.36%	3.98%
Principal Balance			$ 852,857,000	$ 1,005,532,000
Less: unamortized debt issuance costs			(6,535,000)	(4,627,000)
Add: mark-to-market adjustment on assumed debt			245,000	393,000
Total debt, net			846,567,000	1,001,298,000
Gross book value of properties encumbered by debt			$ 535,196,000	$ 598,978,000
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			3.16%	4.05%
Principal Balance			$ 0	$ 131,000,000
Current borrowing capacity			450,000,000
Available portions under the line of credit			246,000,000
Term Loan
Debt Instrument [Line Items]
Principal Balance			$ 525,000,000
Term Loan | Term Loan Due January 2024
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			3.04%	3.52%
Principal Balance			$ 325,000,000	$ 275,000,000
Available portions under the line of credit			0
Maximum borrowing capacity			325,000,000
Long-term line of credit			$ 150,000,000
Term Loan | Term Loan Due February 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			3.29%	3.79%
Principal Balance			$ 200,000,000	$ 200,000,000
Fixed-Rate Mortgages
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			3.52%	3.57%
Principal Balance			$ 200,857,000	$ 173,932,000
Available portions under the line of credit			0
Maximum borrowing capacity			200,000,000
Fixed-Rate Mortgages | Mortgage Note, Preston Sherry Plaza
Debt Instrument [Line Items]
Principal Balance			$ 51,000,000
Outstanding borrowings interest rate spread over LIBOR			1.65%
Effective interest rate			2.85%
Floating-Rate Mortgages
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate			4.01%	4.97%
Principal Balance			$ 127,000,000	$ 225,600,000
Mortgage Notes
Debt Instrument [Line Items]
Principal Balance			$ 327,857,000
Extension term			1 year
Minimum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			1.30%
Minimum | Term Loan | Term Loan Due January 2024 | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			1.25%
Minimum | Fixed-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			1.25%
Maximum | Line of Credit | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			2.10%
Maximum | Term Loan | Term Loan Due January 2024 | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			2.05%
Maximum | Fixed-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			2.05%
Maximum | Floating-Rate Mortgages | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings interest rate spread over LIBOR			2.25%	2.47%
655 Montgomery | Floating-Rate Mortgages
Debt Instrument [Line Items]
Repayments of floating rate mortgage notes	$ 98,600,000
Assets Held-for-sale
Debt Instrument [Line Items]
Weighted average maturity of our debt investments			3 years 4 months 17 days
Subsequent Event | Mortgage Notes
Debt Instrument [Line Items]
Number of extensions exercised | extension		1
Extension term		1 year

Debt (Summary of Borrowings Ref

Debt (Summary of Borrowings Reflects Contractual Debt Maturities Footnote) (Details)	2 Months Ended	12 Months Ended
	Mar. 05, 2020extension	Dec. 31, 2019USD ($)extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2020		$ 129,766,000
2021		11,627,000
2022		202,478,000
2023		48,484,000
2024		326,844,000
Thereafter		133,658,000
Total principal payments		852,857,000	$ 1,005,532,000
Line of Credit
Debt Instrument [Line Items]
2020		0
2021		0
2022		0
2023		0
2024		0
Thereafter		0
Total principal payments		$ 0	$ 131,000,000
Line of Credit | $275 Million Term Loan
Debt Instrument [Line Items]
Extension term		1 year
Number of one year extensions | extension		2
Term Loan
Debt Instrument [Line Items]
2020		$ 0
2021		0
2022		200,000,000
2023		0
2024		325,000,000
Thereafter		0
Total principal payments		$ 525,000,000
Term Loan | Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring
Debt Instrument [Line Items]
Extension term		6 months
Number of one year extensions | extension		2
Mortgage Notes
Debt Instrument [Line Items]
2020		$ 129,766,000
2021		11,627,000
2022		2,478,000
2023		48,484,000
2024		1,844,000
Thereafter		133,658,000
Total principal payments		$ 327,857,000
Extension term		1 year
Mortgage Notes | Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring
Debt Instrument [Line Items]
Debt instrument, face amount		$ 127,000,000
Subsequent Event | Mortgage Notes
Debt Instrument [Line Items]
Number of extensions exercised | extension	1
Extension term	1 year

Debt (Gross Fair Value of Deriv

Debt (Gross Fair Value of Derivative Financial Instruments as Well as Their Classification) (Details) $ in Thousands	Jan. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract	Dec. 31, 2018USD ($)contract
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		15	19
Notional Amount		$ 747,605	$ 973,015
Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		288	6,717
Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 13,308	$ 3,220
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		14	15
Notional Amount		$ 601,005	$ 634,565
Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		288	6,692
Interest Rate Swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 13,308	$ 3,220
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Contracts | contract		1	4
Notional Amount		$ 146,600	$ 338,450
Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset		0	25
Interest Rate Caps | Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liability		$ 0	$ 0
Subsequent Event | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of Contracts | contract	4
Notional Amount	$ 200,000
Subsequent Event | Interest Rate Swap Expiring Jan 2020
Derivatives, Fair Value [Line Items]
Number of expiring contracts | contract	3
Notional amount expiring	$ 150,000

Debt (Effect of Derivative Fina

Debt (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring	$ (1,374)	$ 0	$ 0
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	48,170	48,358	42,305
Designated Hedges | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(13,341)	317	1,509
(Gain) loss reclassified from AOCI into interest expense	(1,600)	986	4,828
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in income	$ (25)	$ 49	$ (119)

DST Program (Details)

DST Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
DST Program loans	$ 19,404	$ 660
Rent obligations	48,170	48,358	$ 42,305
DST Program
Variable Interest Entity [Line Items]
DST Program loans	19,400
Proceeds from private placement	212,700	43,200	9,600
Rent obligations	$ 7,000	$ 1,100	$ 300

Fair Value (Assets and Liabilit

Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Derivative instruments	$ 288	$ 6,717
Total assets measured at fair value	288	6,717
Liabilities
Derivative instruments	13,308	3,220
Total liabilities measured at fair value	13,308	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	288	6,717
Total assets measured at fair value	288	6,717
Liabilities
Derivative instruments	13,308	3,220
Total liabilities measured at fair value	13,308	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 (Nonrecurring Fair V

Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value
Assets:
Debt-related investments	$ 2,578	$ 10,682
DST Program loans	19,404	660
Liabilities:
Line of credit	0	131,000
Term loans	525,000	475,000
Mortgage notes	327,857	399,532
Fair Value
Assets:
Debt-related investments	2,604	10,709
DST Program loans	19,404	660
Liabilities:
Line of credit	0	131,000
Term loans	525,000	475,000
Mortgage notes	$ 326,447	$ 398,117

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Gross deferred tax assets	$ 5.3	$ 3.9

Income Taxes (Preliminary Taxab

Income Taxes (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Ordinary income	22.78%	42.22%	50.01%
Non-taxable return of capital	61.01%	57.78%	0.00%
Capital gain	16.21%	0.00%	49.99%
Total distributions	100.00%	100.00%	100.00%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) $ in Millions	Dec. 31, 2019USD ($)
Stockholders Equity Note Disclosure [Line Items]
Registration offering amount	$ 3,000
Common Class T, Common Class S, Common Class D and Common Class I
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	2,800
Primary offering
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement offering	2,500
DRIP
Stockholders Equity Note Disclosure [Line Items]
Amount of DRIP offering	500
DRIP | Class E
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	$ 103.5

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Public Offering) (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 192,904
Number of shares sold (in shares) | shares	25,955
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 172,309
Number of shares sold (in shares) | shares	23,155
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 20,595
Number of shares sold (in shares) | shares	2,800
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 28,648
Number of shares sold (in shares) | shares	3,386
Class T | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 28,000
Number of shares sold (in shares) | shares	3,298
Class T | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 648
Number of shares sold (in shares) | shares	88
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 84,351
Number of shares sold (in shares) | shares	11,292
Class S | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 81,660
Number of shares sold (in shares) | shares	10,926
Class S | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,691
Number of shares sold (in shares) | shares	366
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 8,302
Number of shares sold (in shares) | shares	1,130
Class D | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,712
Number of shares sold (in shares) | shares	1,050
Class D | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 590
Number of shares sold (in shares) | shares	80
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 62,800
Number of shares sold (in shares) | shares	8,950
Class I | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 54,937
Number of shares sold (in shares) | shares	7,881
Class I | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,863
Number of shares sold (in shares) | shares	1,069
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 8,803
Number of shares sold (in shares) | shares	1,197
Class E | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold (in shares) | shares	0
Class E | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 8,803
Number of shares sold (in shares) | shares	1,197

Stockholders' Equity (Informati

Stockholders' Equity (Information of Share Transactions) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	3,298	878	134
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,783	2,062	2,001
Distribution reinvestment plan (in shares)	88	64	63
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(317)	(221)	(136)
Ending balance (in shares)	5,852	2,783	2,062
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	10,516	64
Primary shares (in shares)	10,926	10,414	64
Distribution reinvestment plan (in shares)	366	81	0
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(1,215)	(43)	0
Ending balance (in shares)	20,593	10,516	64
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,778	2,510	2,271
Primary shares (in shares)	1,050	531	267
Distribution reinvestment plan (in shares)	80	68	73
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(409)	(331)	(101)
Ending balance (in shares)	3,499	2,778	2,510
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	37,385	34,135	34,039
Primary shares (in shares)	7,881	6,865	2,181
Distribution reinvestment plan (in shares)	1,069	941	1,036
Share-based compensation (in shares)	(86)	42	99
Redemptions of common stock (in shares)	(2,689)	(4,598)	(3,022)
Ending balance (in shares)	43,732	37,385	34,135
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	77,390	93,695	112,325
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	1,197	1,385	1,934
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(11,783)	(17,690)	(20,564)
Ending balance (in shares)	66,804	77,390	93,695
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	130,852	132,466	150,636
Primary shares (in shares)	23,155	18,688	2,646
Distribution reinvestment plan (in shares)	2,800	2,539	3,106
Share-based compensation (in shares)	(86)	42	99
Redemptions of common stock (in shares)	(16,413)	(22,883)	(23,823)
Ending balance (in shares)	140,480	130,852	132,466

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Declared per Common Share (in dollars per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.375	$ 0.375
Common Stock Distributions Paid in Cash	$ 7,412	$ 7,302	$ 7,303	$ 7,198	$ 7,180	$ 7,157	$ 7,137	$ 7,240	$ 29,215	$ 28,714
Other Cash Distributions	1,396	1,351	1,312	1,244	1,202	1,174	1,221	1,127	5,303	4,724
Reinvested in Shares	5,294	5,270	5,180	4,997	4,814	4,738	4,710	4,789	20,741	19,051
Total Distributions	$ 14,102	$ 13,923	$ 13,795	$ 13,439	$ 13,196	$ 13,069	$ 13,068	$ 13,156	$ 55,259	$ 52,489

Stockholders' Equity (Redemptio

Stockholders' Equity (Redemption Table) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	16,413	22,883	23,823
Number of shares redeemed or repurchased (in shares)	16,413	22,883	23,823
% of shares requested that were redeemed or repurchased	100.00%	100.00%	100.00%
Average redemption or repurchase price per share (in dollars per share)	$ 7.35	$ 7.47	$ 7.48

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details)	Dec. 31, 2019	Dec. 31, 2018
Operating Partnership Units
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	6.80%	7.40%

Noncontrolling Interests (Summa

Noncontrolling Interests (Summary of Balances) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Number of OP Units redeemed	16,413	22,883	23,823
Operating Partnership Units
Noncontrolling Interest [Line Items]
Number of OP Units issued to third-party investors (in shares)	10,286	10,482
Number of OP Units outstanding to third-party investors (in shares)	10,286	10,482
Estimated maximum redemption value (unaudited)	$ 77,080	$ 77,962
Number of OP Units redeemed	196	810	756
Aggregate amount of OP Units redeemed	$ 1,438	$ 6,059	$ 5,643

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	Jan. 01, 2019	Jun. 30, 2017	Dec. 31, 2019	Dec. 10, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Advisory agreement contract renewal term			1 year
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares		5.00%
Class I
Related Party Transaction [Line Items]
Common stock, shares issued			43,732,000		37,385,000	34,135,000	34,039,000
DST Properties
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties			100.00%
Management fee upon disposition, percent of gross sale price			1.00%
Management loan fee, percent of financing arranged			1.00%
Management fee, percent of equity proceeds			1.00%
DST Properties | Private Placement
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds			1.50%
Amended And Restated Operating Partnership Agreement
Related Party Transaction [Line Items]
Redemption fee, payable to manager			1.00%
Director | Class I | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Board approved amount of annual grant			$ 75,000
Catch up grant amount				$ 450,000
Cash portion of catch up grant				225,000
Stock portion of catch up grant				$ 225,000
Affiliated Entity | Distribution fees
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment			8.75%
Black Creek Exchange LLC | Dealer Manager Agreement | Private Placement
Related Party Transaction [Line Items]
Amount of interests placed with dealer			$ 1,000,000,000
Percent of gross equity proceeds			5.00%
Private placement, dealer fee, percent of gross equity proceeds			1.50%
Ongoing dealer manager fees associated with private placement offering			0.85%
Advisor | Affiliated Entity | Advisory Fees
Related Party Transaction [Line Items]
Maximum Advisor reimbursement of cumulative organization and offering costs as a percentage of gross proceeds from the Offering			15.00%
Threshold for performance component of advisory fee			12.50%
Threshold of annual total return as % of NAV			5.00%
Performance component equal			100.00%
Loss carryforward			$ 0
Class E Dealer Manager fee portion waived under NAV per share threshold			$ 10
Black Creek Diversified Property Advisors | Affiliated Entity | Amended And Restated Operating Partnership Agreement | Operating Partnership Units
Related Party Transaction [Line Items]
Consideration received	$ 1,000
Number of shares issued (in shares)	100
Partnership Interest | Operating Partnership Units
Related Party Transaction [Line Items]
Contributed capital			$ 2,000
OP Units held by general partner			200
Contributed of gross proceeds of common stock to the operating partnership			100.00%
Limited partner ownership interest			93.20%		92.60%

Related Party Transactions (Sel

Related Party Transactions (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Dealer Manager - Affiliated Entity	12 Months Ended
	Dec. 31, 2019
Class T
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.00%
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class S
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.50%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.85%
Class D
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.25%
Class I
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.00%

Related Party Transactions (Adv

Related Party Transactions (Advisory Fee) (Details) - Advisor - Affiliated Entity - Advisory Fees	Dec. 31, 2019
Related Party Transaction [Line Items]
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)	1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests	1.10%

Related Party Transactions (Sum

Related Party Transactions (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Related party transaction expense	$ 39,010	$ 27,486	$ 25,036
Related party payables	7,408	4,712
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	2,094	1,199	34
Related party payables	0	0
Dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	0	0	306
Related party payables	0	0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	1,387	501	108
Related party payables	147	76
Ongoing distribution fees | Other Liabilities
Related Party Transaction [Line Items]
Related party payables	14,500	7,900
Advisory fees - fixed component
Related Party Transaction [Line Items]
Related party transaction expense	11,879	11,599	13,191
Related party payables	1,245	988
Advisory fees - fixed component | Company Advisor | Restricted Stock Units (RSUs) | Class I
Related Party Transaction [Line Items]
Related party transaction expense		$ 500	$ 700
Issuance of common stock, net of offering costs (in shares)		0.6	0.5
Advisory fees - performance component
Related Party Transaction [Line Items]
Related party transaction expense	3,776	$ 2,237	$ 0
Related party payables	3,776	2,237
Advisory fees related to disposition of real properties
Related Party Transaction [Line Items]
Related party transaction expense	0	0	1,763
Related party payables	0	0
Advisory fees related to disposition of real properties | Company Advisor
Related Party Transaction [Line Items]
Deferred payables			200
Advisory fees related to disposition of real properties | Gains on sale of real property
Related Party Transaction [Line Items]
Related party transaction expense			1,700
Other expense reimbursements - Advisor
Related Party Transaction [Line Items]
Related party transaction expense	10,601	8,801	8,393
Related party payables	2,240	1,411
Other expense reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	527	878	401
Related party payables	0	0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	1,758	313	94
Related party payables	0	0
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	2,668	1,097	466
Related party payables	0	0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	451	293	143
Related party payables	0	0
DST Program other reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	881	212	137
Related party payables	0	0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	2,988	356	0
Related party payables	0	0
Advisor Fees, Reimbursements For Portion Of Compensation Costs
Related Party Transaction [Line Items]
Related party transaction expense	$ 8,500	$ 6,600	6,600
Advisor Fees, Reimbursements For Portion Of Compensation Costs | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense			45
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense			1,400
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Gains on sale of real property | Company Advisor
Related Party Transaction [Line Items]
Related party transaction expense			$ 1,200

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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders—basic	$ 54,259	$ 7,291	$ 77,399	$ 3,602	$ 748	$ (3,465)	$ 10,115	$ (8,635)	$ 142,551	$ (1,237)	$ 72,216
Net income (loss) attributable to OP Units									10,726	(105)	6,117
Net income (loss) attributable to common stockholders—diluted									$ 153,277	$ (1,342)	$ 78,333
Weighted-average shares outstanding-basic (in shares)									136,925	128,740	142,349
Incremental weighted average shares effect of conversion of OP Units (in shares)									10,391	10,934	11,807
Weighted average shares outstanding-diluted (in shares)									147,316	139,674	154,156
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)									$ 1.04	$ (0.01)	$ 0.51
Diluted (in dollars per share)									$ 1.04	$ (0.01)	$ 0.51

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncash Investing and Financing Items [Abstract]
Cash paid for interest	$ 39,515	$ 42,048	$ 37,473
Distributions reinvested in common stock	20,595	18,988	23,282
Change in accrued future ongoing distribution fees	6,540	6,052	(2,058)
Repayment of property-level loans upon disposition of real estate property	98,600	0	0
Increase in DST loans receivable through DST capital raising	18,744	660	0
Supplemental disclosure of non-cash investing and financing activities:
Cash and cash equivalents	97,772	10,008	10,475	$ 13,864
Restricted cash	10,010	7,030	8,541	7,282
Cash, cash equivalents and restricted cash	$ 107,782	$ 17,038	$ 19,016	$ 21,146

Segment Financial Information_2

Segment Financial Information (Revenue and Components of Net Operating Income) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Rental revenues	$ 184,441	$ 189,631	$ 196,518
Rental expenses	(61,060)	(61,667)	(66,532)
Net operating income	123,381	127,964	129,986
Real estate-related depreciation and amortization	57,342	57,866	68,070
Total assets	1,778,265	1,581,102	1,608,106
Operating Segments | Office
Segment Reporting Information [Line Items]
Rental revenues	93,826	108,421	108,305
Rental expenses	(37,905)	(42,544)	(44,520)
Net operating income	55,921	65,877	63,785
Real estate-related depreciation and amortization	26,194	33,335	41,283
Total assets	458,583	724,875	775,917
Operating Segments | Retail
Segment Reporting Information [Line Items]
Rental revenues	70,462	73,416	81,871
Rental expenses	(17,357)	(17,618)	(20,388)
Net operating income	53,105	55,798	61,483
Real estate-related depreciation and amortization	20,317	20,616	24,216
Total assets	652,707	671,007	705,696
Operating Segments | Multi-family
Segment Reporting Information [Line Items]
Rental revenues	6,418	0	0
Rental expenses	(2,864)	0	0
Net operating income	3,554	0	0
Real estate-related depreciation and amortization	4,028	0	0
Total assets	293,498	0	0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Rental revenues	13,735	7,794	6,342
Rental expenses	(2,934)	(1,505)	(1,624)
Net operating income	10,801	6,289	4,718
Real estate-related depreciation and amortization	6,803	3,915	2,571
Total assets	207,844	111,230	58,657
Corporate
Segment Reporting Information [Line Items]
Rental revenues	0	0	0
Rental expenses	0	0	0
Net operating income	0	0	0
Real estate-related depreciation and amortization	0	0	0
Total assets	$ 165,633	$ 73,990	$ 67,836

Segment Financial Information_3

Segment Financial Information (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of net operating income attributable to common shareholders
Net income (loss) attributable to common stockholders	$ 54,259	$ 7,291	$ 77,399	$ 3,602	$ 748	$ (3,465)	$ 10,115	$ (8,635)	$ 142,551	$ (1,237)	$ 72,216
Debt-related income									(227)	(694)	(828)
Real estate-related depreciation and amortization									57,342	57,866	68,070
General and administrative expenses									8,985	8,817	9,235
Advisory fees, related party									17,413	14,149	13,285
Impairment of real estate property									113	14,648	1,116
Other (income) expense									(153)	251	462
Interest expense									48,170	48,358	42,305
Gain on sale of real estate property									(160,537)	(14,093)	(83,057)
Gain on extinguishment of debt and financing commitments, net									(1,002)	0	0
Net income (loss) attributable to noncontrolling interests									10,726	(101)	7,182
Net operating income									$ 123,381	$ 127,964	$ 129,986

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 44,824	$ 44,230	$ 44,920	$ 50,694	$ 49,390	$ 49,675	$ 46,633	$ 44,627	$ 184,668	$ 190,325	$ 197,346
Total operating expenses	(39,482)	(35,650)	(34,297)	(35,484)	(36,210)	(42,706)	(35,575)	(42,656)	(144,913)	(157,147)	(158,238)
Total other (expenses) income	52,908	(743)	72,681	(11,324)	(12,372)	(10,726)	(56)	(11,362)	113,522	(34,516)	40,290
Net income	58,250	7,837	83,304	3,886	808	(3,757)	11,002	(9,391)	153,277	(1,338)	79,398
Net income attributable to common stockholders	$ 54,259	$ 7,291	$ 77,399	$ 3,602	$ 748	$ (3,465)	$ 10,115	$ (8,635)	$ 142,551	$ (1,237)	$ 72,216
Net (loss) income attributable to common stockholders per common share—basic and diluted (in dollars per share)	$ 0.39	$ 0.05	$ 0.57	$ 0.03	$ 0.01	$ (0.03)	$ 0.08	$ (0.07)	$ 1.04	$ (0.01)	$ 0.51

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Mar. 05, 2020USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Number of properties | property				48
Real estate acquisitions | $				$ 396,901	$ 55,431	$ 39,538
Subsequent Event
Subsequent Event [Line Items]
Real estate acquisitions | $	$ 62,900
Retail | Retail Property, Birmingham, Alabama | Subsequent Event
Subsequent Event [Line Items]
Number of properties | property	1
Industrial | Industrial Property, San Antonio, Texas | Subsequent Event
Subsequent Event [Line Items]
Number of properties | property	1
Industrial | Industrial Property, Fort Worth, Texas | Subsequent Event
Subsequent Event [Line Items]
Number of properties | property	1
Forecast | Industrial | Industrial Property, Sterling, VA | Subsequent Event
Subsequent Event [Line Items]
Purchase price | $			$ 5,000
Forecast | Industrial | Industrial Property, Denver, Colorado | Subsequent Event
Subsequent Event [Line Items]
Purchase price | $		$ 12,300

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	77
Debt	$ 327,857
Initial Cost to Company, Land	419,571
Initial Cost to Company, Building & Improvements	1,514,623
Initial Cost to Company, Total	1,934,194
Cost Capitalized or Adjustments Subsequent to Acquisition	123,156
Gross Amount Carried, Land	418,037
Gross Amount Carried, Building and Improvements	1,639,313
Real Estate, Gross, Total Cost	2,057,350	$ 2,008,733	$ 2,028,906	$ 2,204,322
Accumulated Depreciation	(444,718)	$ (501,621)	$ (488,636)	$ (492,911)
Aggregate cost of investments in real property for federal income tax purposes	$ 1,300,000
Office
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	13
Debt	$ 178,005
Initial Cost to Company, Land	99,440
Initial Cost to Company, Building & Improvements	506,246
Initial Cost to Company, Total	605,686
Cost Capitalized or Adjustments Subsequent to Acquisition	77,403
Gross Amount Carried, Land	99,440
Gross Amount Carried, Building and Improvements	583,649
Real Estate, Gross, Total Cost	683,089
Accumulated Depreciation	$ (224,504)
Office | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	10,115
Initial Cost to Company, Building & Improvements	27,516
Initial Cost to Company, Total	37,631
Cost Capitalized or Adjustments Subsequent to Acquisition	10,819
Gross Amount Carried, Land	10,115
Gross Amount Carried, Building and Improvements	38,335
Real Estate, Gross, Total Cost	48,450
Accumulated Depreciation	$ (19,108)
Office | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 51,005
Initial Cost to Company, Land	25,177
Initial Cost to Company, Building & Improvements	41,250
Initial Cost to Company, Total	66,427
Cost Capitalized or Adjustments Subsequent to Acquisition	5,617
Gross Amount Carried, Land	25,177
Gross Amount Carried, Building and Improvements	46,867
Real Estate, Gross, Total Cost	72,044
Accumulated Depreciation	$ (27,599)
Office | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	15,713
Initial Cost to Company, Building & Improvements	65,252
Initial Cost to Company, Total	80,965
Cost Capitalized or Adjustments Subsequent to Acquisition	6,921
Gross Amount Carried, Land	15,713
Gross Amount Carried, Building and Improvements	72,173
Real Estate, Gross, Total Cost	87,886
Accumulated Depreciation	$ (17,918)
Office | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	4,606
Initial Cost to Company, Building & Improvements	65,250
Initial Cost to Company, Total	69,856
Cost Capitalized or Adjustments Subsequent to Acquisition	5,472
Gross Amount Carried, Land	4,606
Gross Amount Carried, Building and Improvements	70,722
Real Estate, Gross, Total Cost	75,328
Accumulated Depreciation	$ (16,714)
Office | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	3,538
Initial Cost to Company, Building & Improvements	25,865
Initial Cost to Company, Total	29,403
Cost Capitalized or Adjustments Subsequent to Acquisition	125
Gross Amount Carried, Land	3,538
Gross Amount Carried, Building and Improvements	25,990
Real Estate, Gross, Total Cost	29,528
Accumulated Depreciation	$ (10,561)
Office | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	7,500
Initial Cost to Company, Building & Improvements	22,303
Initial Cost to Company, Total	29,803
Cost Capitalized or Adjustments Subsequent to Acquisition	11,223
Gross Amount Carried, Land	7,500
Gross Amount Carried, Building and Improvements	33,526
Real Estate, Gross, Total Cost	41,026
Accumulated Depreciation	$ (15,495)
Office | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 127,000
Initial Cost to Company, Land	16,800
Initial Cost to Company, Building & Improvements	193,742
Initial Cost to Company, Total	210,542
Cost Capitalized or Adjustments Subsequent to Acquisition	32,602
Gross Amount Carried, Land	16,800
Gross Amount Carried, Building and Improvements	226,344
Real Estate, Gross, Total Cost	243,144
Accumulated Depreciation	$ (99,736)
Office | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Debt	$ 0
Initial Cost to Company, Land	10,961
Initial Cost to Company, Building & Improvements	34,151
Initial Cost to Company, Total	45,112
Cost Capitalized or Adjustments Subsequent to Acquisition	3,198
Gross Amount Carried, Land	10,961
Gross Amount Carried, Building and Improvements	37,349
Real Estate, Gross, Total Cost	48,310
Accumulated Depreciation	$ (11,028)
Office | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	5,030
Initial Cost to Company, Building & Improvements	30,917
Initial Cost to Company, Total	35,947
Cost Capitalized or Adjustments Subsequent to Acquisition	1,426
Gross Amount Carried, Land	5,030
Gross Amount Carried, Building and Improvements	32,343
Real Estate, Gross, Total Cost	37,373
Accumulated Depreciation	$ (6,345)
Office | Minimum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Office | Minimum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office | Minimum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Office | Minimum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Maximum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	45
Debt	$ 87,852
Initial Cost to Company, Land	242,145
Initial Cost to Company, Building & Improvements	563,270
Initial Cost to Company, Total	805,415
Cost Capitalized or Adjustments Subsequent to Acquisition	39,396
Gross Amount Carried, Land	240,562
Gross Amount Carried, Building and Improvements	604,249
Real Estate, Gross, Total Cost	844,811
Accumulated Depreciation	$ (192,102)
Retail | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	8,221
Initial Cost to Company, Building & Improvements	23,472
Initial Cost to Company, Total	31,693
Cost Capitalized or Adjustments Subsequent to Acquisition	7,495
Gross Amount Carried, Land	8,221
Gross Amount Carried, Building and Improvements	30,967
Real Estate, Gross, Total Cost	39,188
Accumulated Depreciation	$ (11,680)
Retail | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	12,426
Initial Cost to Company, Building & Improvements	31,375
Initial Cost to Company, Total	43,801
Cost Capitalized or Adjustments Subsequent to Acquisition	(734)
Gross Amount Carried, Land	10,727
Gross Amount Carried, Building and Improvements	32,340
Real Estate, Gross, Total Cost	43,067
Accumulated Depreciation	$ (12,544)
Retail | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	9,270
Initial Cost to Company, Building & Improvements	31,266
Initial Cost to Company, Total	40,536
Cost Capitalized or Adjustments Subsequent to Acquisition	5,591
Gross Amount Carried, Land	9,270
Gross Amount Carried, Building and Improvements	36,857
Real Estate, Gross, Total Cost	46,127
Accumulated Depreciation	$ (12,929)
Retail | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	8,580
Initial Cost to Company, Building & Improvements	12,494
Initial Cost to Company, Total	21,074
Cost Capitalized or Adjustments Subsequent to Acquisition	5,459
Gross Amount Carried, Land	8,580
Gross Amount Carried, Building and Improvements	17,953
Real Estate, Gross, Total Cost	26,533
Accumulated Depreciation	$ (6,430)
Retail | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	1,890
Initial Cost to Company, Building & Improvements	6,480
Initial Cost to Company, Total	8,370
Cost Capitalized or Adjustments Subsequent to Acquisition	1,982
Gross Amount Carried, Land	1,890
Gross Amount Carried, Building and Improvements	8,462
Real Estate, Gross, Total Cost	10,352
Accumulated Depreciation	$ (3,066)
Retail | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	8,780
Initial Cost to Company, Building & Improvements	23,683
Initial Cost to Company, Total	32,463
Cost Capitalized or Adjustments Subsequent to Acquisition	775
Gross Amount Carried, Land	8,780
Gross Amount Carried, Building and Improvements	24,458
Real Estate, Gross, Total Cost	33,238
Accumulated Depreciation	$ (9,646)
Retail | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	7,380
Initial Cost to Company, Building & Improvements	25,778
Initial Cost to Company, Total	33,158
Cost Capitalized or Adjustments Subsequent to Acquisition	762
Gross Amount Carried, Land	7,380
Gross Amount Carried, Building and Improvements	26,540
Real Estate, Gross, Total Cost	33,920
Accumulated Depreciation	$ (10,430)
Retail | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	12,972
Initial Cost to Company, Building & Improvements	27,030
Initial Cost to Company, Total	40,002
Cost Capitalized or Adjustments Subsequent to Acquisition	3,425
Gross Amount Carried, Land	12,972
Gross Amount Carried, Building and Improvements	30,455
Real Estate, Gross, Total Cost	43,427
Accumulated Depreciation	$ (12,378)
Retail | Abington
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	14,396
Initial Cost to Company, Building & Improvements	594
Initial Cost to Company, Total	14,990
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	14,396
Gross Amount Carried, Building and Improvements	594
Real Estate, Gross, Total Cost	14,990
Accumulated Depreciation	$ (594)
Retail | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	10,405
Initial Cost to Company, Building & Improvements	917
Initial Cost to Company, Total	11,322
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	10,405
Gross Amount Carried, Building and Improvements	917
Real Estate, Gross, Total Cost	11,322
Accumulated Depreciation	$ (618)
Retail | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	5,340
Initial Cost to Company, Building & Improvements	16,490
Initial Cost to Company, Total	21,830
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	5,340
Gross Amount Carried, Building and Improvements	16,490
Real Estate, Gross, Total Cost	21,830
Accumulated Depreciation	$ (6,282)
Retail | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	6,560
Initial Cost to Company, Building & Improvements	22,014
Initial Cost to Company, Total	28,574
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	6,560
Gross Amount Carried, Building and Improvements	22,014
Real Estate, Gross, Total Cost	28,574
Accumulated Depreciation	$ (8,843)
Retail | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	5,170
Initial Cost to Company, Building & Improvements	19,396
Initial Cost to Company, Total	24,566
Cost Capitalized or Adjustments Subsequent to Acquisition	(44)
Gross Amount Carried, Land	4,913
Gross Amount Carried, Building and Improvements	19,609
Real Estate, Gross, Total Cost	24,522
Accumulated Depreciation	$ (7,539)
Retail | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	3,610
Initial Cost to Company, Building & Improvements	11,682
Initial Cost to Company, Total	15,292
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	3,610
Gross Amount Carried, Building and Improvements	11,682
Real Estate, Gross, Total Cost	15,292
Accumulated Depreciation	$ (4,600)
Retail | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 6,009
Initial Cost to Company, Land	3,790
Initial Cost to Company, Building & Improvements	11,152
Initial Cost to Company, Total	14,942
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	3,790
Gross Amount Carried, Building and Improvements	11,152
Real Estate, Gross, Total Cost	14,942
Accumulated Depreciation	$ (4,054)
Retail | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 2,349
Initial Cost to Company, Land	5,850
Initial Cost to Company, Building & Improvements	14,547
Initial Cost to Company, Total	20,397
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	5,850
Gross Amount Carried, Building and Improvements	14,547
Real Estate, Gross, Total Cost	20,397
Accumulated Depreciation	$ (5,658)
Retail | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 70,000
Initial Cost to Company, Land	19,779
Initial Cost to Company, Building & Improvements	42,515
Initial Cost to Company, Total	62,294
Cost Capitalized or Adjustments Subsequent to Acquisition	880
Gross Amount Carried, Land	19,781
Gross Amount Carried, Building and Improvements	43,393
Real Estate, Gross, Total Cost	63,174
Accumulated Depreciation	$ (18,303)
Retail | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	11,866
Initial Cost to Company, Building & Improvements	723
Initial Cost to Company, Total	12,589
Cost Capitalized or Adjustments Subsequent to Acquisition	8
Gross Amount Carried, Land	11,866
Gross Amount Carried, Building and Improvements	731
Real Estate, Gross, Total Cost	12,597
Accumulated Depreciation	$ (557)
Retail | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	3,783
Initial Cost to Company, Building & Improvements	9,713
Initial Cost to Company, Total	13,496
Cost Capitalized or Adjustments Subsequent to Acquisition	120
Gross Amount Carried, Land	3,783
Gross Amount Carried, Building and Improvements	9,833
Real Estate, Gross, Total Cost	13,616
Accumulated Depreciation	$ (5,104)
Retail | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	7,209
Initial Cost to Company, Building & Improvements	21,055
Initial Cost to Company, Total	28,264
Cost Capitalized or Adjustments Subsequent to Acquisition	1,941
Gross Amount Carried, Land	7,209
Gross Amount Carried, Building and Improvements	22,996
Real Estate, Gross, Total Cost	30,205
Accumulated Depreciation	$ (7,285)
Retail | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	8,759
Initial Cost to Company, Building & Improvements	40,233
Initial Cost to Company, Total	48,992
Cost Capitalized or Adjustments Subsequent to Acquisition	1,150
Gross Amount Carried, Land	8,759
Gross Amount Carried, Building and Improvements	41,383
Real Estate, Gross, Total Cost	50,142
Accumulated Depreciation	$ (9,896)
Retail | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	6
Debt	$ 0
Initial Cost to Company, Land	9,936
Initial Cost to Company, Building & Improvements	27,552
Initial Cost to Company, Total	37,488
Cost Capitalized or Adjustments Subsequent to Acquisition	4,394
Gross Amount Carried, Land	10,307
Gross Amount Carried, Building and Improvements	31,575
Real Estate, Gross, Total Cost	41,882
Accumulated Depreciation	$ (6,367)
Retail | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Debt	$ 9,494
Initial Cost to Company, Land	10,501
Initial Cost to Company, Building & Improvements	27,397
Initial Cost to Company, Total	37,898
Cost Capitalized or Adjustments Subsequent to Acquisition	221
Gross Amount Carried, Land	10,501
Gross Amount Carried, Building and Improvements	27,618
Real Estate, Gross, Total Cost	38,119
Accumulated Depreciation	$ (5,490)
Retail | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Debt	$ 0
Initial Cost to Company, Land	7,376
Initial Cost to Company, Building & Improvements	51,155
Initial Cost to Company, Total	58,531
Cost Capitalized or Adjustments Subsequent to Acquisition	4,643
Gross Amount Carried, Land	7,376
Gross Amount Carried, Building and Improvements	55,798
Real Estate, Gross, Total Cost	63,174
Accumulated Depreciation	$ (10,434)
Retail | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Debt	$ 0
Initial Cost to Company, Land	3,492
Initial Cost to Company, Building & Improvements	30,655
Initial Cost to Company, Total	34,147
Cost Capitalized or Adjustments Subsequent to Acquisition	143
Gross Amount Carried, Land	3,492
Gross Amount Carried, Building and Improvements	30,798
Real Estate, Gross, Total Cost	34,290
Accumulated Depreciation	$ (5,115)
Retail | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Debt	$ 0
Initial Cost to Company, Land	34,804
Initial Cost to Company, Building & Improvements	33,902
Initial Cost to Company, Total	68,706
Cost Capitalized or Adjustments Subsequent to Acquisition	1,185
Gross Amount Carried, Land	34,804
Gross Amount Carried, Building and Improvements	35,087
Real Estate, Gross, Total Cost	69,891
Accumulated Depreciation	$ (6,260)
Retail | Minimum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Retail | Minimum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	18 years
Retail | Minimum | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail | Minimum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Retail | Minimum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Retail | Minimum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail | Minimum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	22 years
Retail | Minimum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	15 years
Retail | Minimum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Retail | Minimum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Maximum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	68 years
Retail | Maximum | Mansfield
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	86 years
Retail | Maximum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	43 years
Retail | Maximum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	56 years
Retail | Maximum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	65 years
Retail | Maximum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	62 years
Retail | Maximum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	6
Debt	$ 62,000
Initial Cost to Company, Land	41,675
Initial Cost to Company, Building & Improvements	255,683
Initial Cost to Company, Total	297,358
Cost Capitalized or Adjustments Subsequent to Acquisition	178
Gross Amount Carried, Land	41,676
Gross Amount Carried, Building and Improvements	255,860
Real Estate, Gross, Total Cost	297,536
Accumulated Depreciation	$ (4,042)
Multi family properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	4
Debt	$ 62,000
Initial Cost to Company, Land	15,139
Initial Cost to Company, Building & Improvements	80,500
Initial Cost to Company, Total	95,639
Cost Capitalized or Adjustments Subsequent to Acquisition	180
Gross Amount Carried, Land	15,139
Gross Amount Carried, Building and Improvements	80,680
Real Estate, Gross, Total Cost	95,819
Accumulated Depreciation	$ (2,211)
Multi family properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	9,129
Initial Cost to Company, Building & Improvements	75,420
Initial Cost to Company, Total	84,549
Cost Capitalized or Adjustments Subsequent to Acquisition	(2)
Gross Amount Carried, Land	9,129
Gross Amount Carried, Building and Improvements	75,418
Real Estate, Gross, Total Cost	84,547
Accumulated Depreciation	$ (1,831)
Multi family properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	17,407
Initial Cost to Company, Building & Improvements	99,763
Initial Cost to Company, Total	117,170
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	17,408
Gross Amount Carried, Building and Improvements	99,762
Real Estate, Gross, Total Cost	117,170
Accumulated Depreciation	$ 0
Multi family properties | Minimum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Minimum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Minimum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Maximum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties | Maximum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties | Maximum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	13
Debt	$ 0
Initial Cost to Company, Land	36,311
Initial Cost to Company, Building & Improvements	189,424
Initial Cost to Company, Total	225,735
Cost Capitalized or Adjustments Subsequent to Acquisition	6,179
Gross Amount Carried, Land	36,359
Gross Amount Carried, Building and Improvements	195,555
Real Estate, Gross, Total Cost	231,914
Accumulated Depreciation	$ (24,070)
Industrial Property | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	730
Initial Cost to Company, Building & Improvements	25,092
Initial Cost to Company, Total	25,822
Cost Capitalized or Adjustments Subsequent to Acquisition	5,157
Gross Amount Carried, Land	730
Gross Amount Carried, Building and Improvements	30,249
Real Estate, Gross, Total Cost	30,979
Accumulated Depreciation	$ (15,229)
Industrial Property | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	4,880
Initial Cost to Company, Building & Improvements	12,019
Initial Cost to Company, Total	16,899
Cost Capitalized or Adjustments Subsequent to Acquisition	(698)
Gross Amount Carried, Land	4,880
Gross Amount Carried, Building and Improvements	11,321
Real Estate, Gross, Total Cost	16,201
Accumulated Depreciation	$ (1,645)
Industrial Property | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	3,940
Initial Cost to Company, Building & Improvements	20,715
Initial Cost to Company, Total	24,655
Cost Capitalized or Adjustments Subsequent to Acquisition	16
Gross Amount Carried, Land	3,942
Gross Amount Carried, Building and Improvements	20,729
Real Estate, Gross, Total Cost	24,671
Accumulated Depreciation	$ (1,921)
Industrial Property | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	3
Debt	$ 0
Initial Cost to Company, Land	8,540
Initial Cost to Company, Building & Improvements	28,879
Initial Cost to Company, Total	37,419
Cost Capitalized or Adjustments Subsequent to Acquisition	1,642
Gross Amount Carried, Land	8,586
Gross Amount Carried, Building and Improvements	30,475
Real Estate, Gross, Total Cost	39,061
Accumulated Depreciation	$ (2,263)
Industrial Property | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	2
Debt	$ 0
Initial Cost to Company, Land	6,140
Initial Cost to Company, Building & Improvements	12,730
Initial Cost to Company, Total	18,870
Cost Capitalized or Adjustments Subsequent to Acquisition	16
Gross Amount Carried, Land	6,140
Gross Amount Carried, Building and Improvements	12,746
Real Estate, Gross, Total Cost	18,886
Accumulated Depreciation	$ (1,011)
Industrial Property | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	2,346
Initial Cost to Company, Building & Improvements	18,400
Initial Cost to Company, Total	20,746
Cost Capitalized or Adjustments Subsequent to Acquisition	46
Gross Amount Carried, Land	2,346
Gross Amount Carried, Building and Improvements	18,446
Real Estate, Gross, Total Cost	20,792
Accumulated Depreciation	$ (953)
Industrial Property | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	1,791
Initial Cost to Company, Building & Improvements	16,968
Initial Cost to Company, Total	18,759
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	1,791
Gross Amount Carried, Building and Improvements	16,968
Real Estate, Gross, Total Cost	18,759
Accumulated Depreciation	$ (502)
Industrial Property | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	4,983
Initial Cost to Company, Building & Improvements	39,172
Initial Cost to Company, Total	44,155
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	4,983
Gross Amount Carried, Building and Improvements	39,172
Real Estate, Gross, Total Cost	44,155
Accumulated Depreciation	$ (419)
Industrial Property | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	1,280
Initial Cost to Company, Building & Improvements	8,562
Initial Cost to Company, Total	9,842
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	1,280
Gross Amount Carried, Building and Improvements	8,562
Real Estate, Gross, Total Cost	9,842
Accumulated Depreciation	$ (127)
Industrial Property | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | property	1
Debt	$ 0
Initial Cost to Company, Land	1,681
Initial Cost to Company, Building & Improvements	6,887
Initial Cost to Company, Total	8,568
Cost Capitalized or Adjustments Subsequent to Acquisition	0
Gross Amount Carried, Land	1,681
Gross Amount Carried, Building and Improvements	6,887
Real Estate, Gross, Total Cost	8,568
Accumulated Depreciation	$ 0
Industrial Property | Minimum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial Property | Minimum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial Property | Minimum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial Property | Minimum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial Property | Minimum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial Property | Minimum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial Property | Minimum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial Property | Minimum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial Property | Minimum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial Property | Minimum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial Property | Maximum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial Property | Maximum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate properties:
Balance at the beginning of period	$ 2,008,733	$ 2,028,906	$ 2,204,322
Acquisitions of properties	399,428	56,289	41,554
Improvements	44,103	46,973	33,332
Disposition of properties	(394,711)	(107,292)	(242,424)
Impairment of real estate	(113)	(14,648)	(1,116)
Disposition of properties	(90)	(1,495)	(6,762)
Balance at the end of period	2,057,350	2,008,733	2,028,906
Accumulated depreciation and amortization:
Balance at the beginning of period	501,621	488,636	492,911
Real estate depreciation and amortization expense	57,342	57,866	68,070
Above-market lease assets amortization expenses	792	1,096	2,392
Disposition of properties	(114,948)	(44,482)	(67,975)
Write-offs of intangibles and tenant leasing costs	(89)	(1,495)	(6,762)
Balance at the end of period	$ 444,718	$ 501,621	$ 488,636

Uncategorized Items - ck0001327

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 492,726,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(818,821,000)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(696,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,224,061,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	86,857,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,325,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	132,466,000
Accounting Standards Update 2017-12 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(213,000)
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 213,000