Black Creek Diversified Property Fund 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,404,063
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,849,316
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,806,307
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,812,188
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		63,731,480

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 1,679,395	$ 1,612,632
Debt-related investments, net	2,533	2,575
Cash and cash equivalents	118,275	97,772
Restricted cash	10,619	10,010
DST Program Loans	31,313	19,404
Other assets	36,449	35,872
Total assets	1,878,584	1,778,265
Liabilities
Accounts payable and accrued expenses	30,176	35,226
Debt, net	855,996	846,567
Intangible lease liabilities, net	44,234	43,503
Financing obligations, net	339,521	258,814
Other liabilities	65,542	43,867
Total liabilities	1,335,469	1,227,977
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest	3,793	0
Stockholders’ equity:
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,276,100	1,257,147
Distributions in excess of earnings	(792,286)	(775,259)
Accumulated other comprehensive loss	(31,459)	(14,662)
Total stockholders’ equity	453,789	468,631
Noncontrolling interests	85,533	81,657
Total equity	539,322	550,288
Total liabilities and equity	1,878,584	1,778,265
Class E
Stockholders’ equity:
Common stock	648	668
Class T
Stockholders’ equity:
Common stock	75	59
Class S
Stockholders’ equity:
Common stock	218	206
Class D
Stockholders’ equity:
Common stock	38	35
Class I
Stockholders’ equity:
Common stock	$ 455	$ 437

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class E
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	64,760,000	66,804,000
Common stock, shares outstanding (in shares)	64,760,000	66,804,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	7,543,000	5,852,000
Common stock, shares outstanding (in shares)	7,543,000	5,852,000
Class S
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	21,786,000	20,593,000
Common stock, shares outstanding (in shares)	21,786,000	20,593,000
Class D
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,815,000	3,499,000
Common stock, shares outstanding (in shares)	3,815,000	3,499,000
Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	45,451,000	43,732,000
Common stock, shares outstanding (in shares)	45,451,000	43,732,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental revenues	$ 44,268	$ 50,571
Debt-related income	34	123
Total revenues	44,302	50,694
Operating expenses:
Rental expenses	15,503	16,069
Real estate-related depreciation and amortization	14,450	14,243
General and administrative expenses	2,229	2,044
Advisory fees, related party	5,501	3,128
Total operating expenses	37,683	35,484
Other (income) expenses:
Interest expense	(13,351)	(13,374)
Gain on sale of real estate property	(2,192)	(1,191)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)
Other income (expenses)	(92)	143
Total other expenses	11,067	11,324
Net (loss) income	(4,448)	3,886
Net loss (income) attributable to redeemable noncontrolling interests	15	0
Net loss (income) attributable to noncontrolling interests	299	(284)
Net (loss) income attributable to common stockholders	$ (4,134)	$ 3,602
Weighted average number of common shares outstanding
Weighted-average shares outstanding—basic (in shares)	142,543	132,847
Weighted-average shares outstanding—diluted (in shares)	153,357	143,329
Net (loss) income attributable to common stockholders per common share—basic and diluted (usd per share)	$ (0.03)	$ 0.03

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4,448)	$ 3,886
Change from cash flow hedging derivatives	(18,222)	(6,493)
Comprehensive loss	(22,670)	(2,607)
Comprehensive loss attributable to redeemable noncontrolling interests	77	0
Comprehensive loss attributable to noncontrolling interests	1,662	192
Comprehensive loss attributable to common stockholders	$ (20,931)	$ (2,415)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED 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, 2018		130,852
Beginning Balances at Dec. 31, 2018	$ 411,013	$ 1,309	$ 1,199,736	$ (867,849)	$ 522	$ 77,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,886			3,602		284
Unrealized loss from derivative instruments	(6,493)				(6,017)	(476)
Issuance of common stock, net of offering costs (in shares)		5,827
Issuance of common stock, net of offering costs	40,059	$ 59	40,000
Share-based compensation, net of forfeitures (in shares)		26
Share-based compensation, net of forfeitures	188		188
Redemptions of common stock (in shares)		(2,951)
Redemptions of common stock	(21,983)	$ (30)	(21,953)
Amortization of share-based compensation	(19)		(19)
Distributions declared on common stock and noncontrolling interests	(13,181)			(12,199)		(982)
Ending Balances (in shares) at Mar. 31, 2019		133,754
Ending Balances at Mar. 31, 2019	413,470	$ 1,338	1,217,952	(876,446)	(5,495)	76,121
Beginning Balances (in shares) at Dec. 31, 2019		140,480
Beginning Balances at Dec. 31, 2019	550,288	$ 1,405	1,257,147	(775,259)	(14,662)	81,657
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(4,448)
Net loss (excluding $15 attributable to redeemable noncontrolling interest)	(4,433)			(4,134)		(299)
Unrealized loss from derivative instruments	(18,222)
Unrealized loss from derivative instruments (excluding $62 attributable to redeemable noncontrolling interest)	(18,160)				(16,797)	(1,363)
Issuance of common stock, net of offering costs (in shares)		6,977
Issuance of common stock, net of offering costs	50,209	$ 70	50,139
Share-based compensation, net of forfeitures (in shares)		16
Share-based compensation, net of forfeitures	118	$ 0	118
Redemptions of common stock (in shares)		(4,118)
Redemptions of common stock	(30,777)	$ (41)	(30,736)
Amortization of share-based compensation	15		15
Issuances of OP Units for DST Interests	11,233					11,233
Distributions declared on common stock and noncontrolling interests	(13,875)			(12,893)		(982)
Redemption value allocation adjustment to redeemable noncontrolling interest	(138)		(138)			0
Redemptions of noncontrolling interests	(5,158)		(445)			(4,713)
Ending Balances (in shares) at Mar. 31, 2020		143,355
Ending Balances at Mar. 31, 2020	$ 539,322	$ 1,434	$ 1,276,100	$ (792,286)	$ (31,459)	$ 85,533

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Net (loss) income attributable to redeemable noncontrolling interests	$ (15)
Unrealized loss from derivative instruments allocated to redeemable noncontrolling interest	$ 62

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net (loss) income	$ (4,448)	$ 3,886
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	14,450	14,243
Straight-line rent and amortization of above- and below-market leases	(1,060)	(4,893)
Gain on sale of real estate property	(2,192)	(1,191)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)
Other	2,691	2,327
Changes in operating assets and liabilities	(1,986)	(7,746)
Net cash provided by operating activities	7,455	5,624
Investing activities:
Real estate acquisitions	(56,385)	(20,351)
Capital expenditures	(11,227)	(14,507)
Proceeds from disposition of real estate property	2,752	2,338
Principal collections on debt-related investments	43	7,979
Other	(473)	10
Net cash used in investing activities	(65,290)	(24,531)
Financing activities:
Repayments of mortgage notes	(704)	(33,086)
Net proceeds from line of credit	0	156,000
Repayment of term loan	0	(125,000)
Redemptions of common stock	(30,777)	(21,983)
Distributions on common stock	(7,483)	(7,197)
Proceeds from issuance of common stock	47,444	38,970
Proceeds from financing obligations	82,396	23,369
Offering costs for issuance of common stock and private placements	(2,606)	(2,623)
Distributions to noncontrolling interest holders	(982)	(982)
Redemption of OP Unit holder interests	(5,158)	0
Other	(3,183)	(5,934)
Net cash provided by financing activities	78,947	21,534
Net increase in cash, cash equivalents and restricted cash	21,112	2,627
Cash, cash equivalents and restricted cash, at beginning of period	107,782	17,038
Cash, cash equivalents and restricted cash, at end of period	$ 128,894	$ 19,665

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our,” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the SEC on March 5, 2020 (“ 2019 Form 10-K”). As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. Recently Adopted 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. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. 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. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into after December 31, 2022. The adoption did not have a material effect on the Company’s consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	2. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties. As of (in thousands) March 31, 2020 December 31, 2019 Land $ 432,274 $ 418,037 Buildings and improvements 1,434,580 1,375,192 Intangible lease assets 271,591 264,121 Investment in real estate properties 2,138,445 2,057,350 Accumulated depreciation and amortization (459,050 ) (444,718 ) Net investment in real estate properties $ 1,679,395 $ 1,612,632 Acquisitions During the three months ended March 31, 2020 , 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 (1) Village at Lee Branch Retail 1/29/2020 $ 41,665 Railhead DC (2) Industrial 2/4/2020 19,295 Tri-County DC II B Industrial 2/14/2020 2,884 Sterling IC Industrial 3/25/2020 5,118 Total acquisitions $ 68,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) Includes debt assumed at fair value as of the acquisition date of $9.8 million , with a principal amount of $9.2 million . During the three months ended March 31, 2020 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ($ in thousands) For the Three Months Ended March 31, 2020 Land $ 19,490 Building 43,591 Intangible lease assets 7,242 Above-market lease assets 419 Below-market lease liabilities (1,780 ) Total purchase price (1) $ 68,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the three months ended March 31, 2020 , as of the respective date of each acquisition, was 14.3 years. Dispositions During the three months ended March 31, 2020 , we sold one outparcel for net proceeds of approximately $2.8 million . We recorded a net gain on sale of approximately $2.2 million . During the three months ended March 31, 2019 , we sold one outparcel for net proceeds of approximately $2.3 million . We recorded a net gain on sale of approximately $1.2 million . Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2020 and December 31, 2019 include the following: As of March 31, 2020 As of December 31, 2019 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 249,753 $ (204,001 ) $ 45,752 $ 242,704 $ (200,623 ) $ 42,081 Above-market lease assets 21,838 (20,930 ) 908 21,417 (20,859 ) 558 Below-market lease liabilities (81,402 ) 37,168 (44,234 ) (80,002 ) 36,499 (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 Three Months Ended March 31, (in thousands) 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 288 $ 4,182 Above-market lease amortization (71 ) (336 ) Below-market lease amortization 843 1,047 Real estate-related depreciation and amortization: Depreciation expense $ 10,963 $ 9,561 Intangible lease asset amortization 3,487 4,682

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	3. DEBT A summary of our outstanding debt is as follows: Weighted-Average Balance as of ($ in thousands) March 31, December 31, Current Maturity Date March 31, December 31, Line of credit (1) 2.39 % 3.16 % January 2023 $ — $ — Term loan (2) 3.33 % 3.04 % January 2024 $ 325,000 $ 325,000 Term loan (3) 3.29 3.29 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.54 3.52 September 2021 - December 2029 209,395 200,857 Floating-rate mortgage note (5) 3.24 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.36 % 3.36 % $ 861,395 $ 852,857 Less: unamortized debt issuance costs $ (6,186 ) $ (6,535 ) Add: mark-to-market adjustment on assumed debt 787 245 Total debt, net $ 855,996 $ 846,567 Gross book value of properties encumbered by debt $ 556,807 $ 535,196 (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 March 31, 2020 , the unused and available portions under the line of credit were approximately $450.0 million and $256.0 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 March 31, 2020 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 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 March 31, 2020 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of March 31, 2020 includes a $50.7 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. As of March 31, 2020 and December 31, 2019 , our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25% and 2.25% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 3.3 years as of March 31, 2020 , excluding the impact of certain extension options. As of March 31, 2020 , the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total Remainder of 2020 $ — $ — $ 2,294 $ 2,294 2021 (1) — — 138,917 138,917 2022 (2) — 200,000 2,780 202,780 2023 (3) — — 48,799 48,799 2024 — 325,000 2,172 327,172 Thereafter — — 141,433 141,433 Total principal payments $ — $ 525,000 $ 336,395 $ 861,395 (1) Includes a $127.0 million floating-rate mortgage note with a maturity date of 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. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee ("ARRC"), which identified the Secured Overnight Financing Rate ("SOFR") as its preferred alternative rate for LIBOR in derivatives and other financial contracts. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. As of March 31, 2020 , our line of credit, term loans and a $50.7 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 co venants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of March 31, 2020 . Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. During the next 12 months, we estimate that approximately $9.1 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities As of March 31, 2020 Interest rate swaps 14 $ 550,717 $ — $ 31,254 Interest rate caps 1 127,000 1 — Total derivative instruments 15 $ 677,717 $ 1 $ 31,254 As of 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 (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 condensed consolidated financial statements: For the Three Months Ended March 31, (in thousands) 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (18,730 ) $ (4,707 ) Loss (gain) reclassified from AOCI into interest expense 508 (412 ) Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring — (1,374 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 13,351 13,374 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (11 ) $ (24 )

DST PROGRAM

DST PROGRAM	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DST Program	4. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). During the three months ended March 31, 2020 , we sold approximately $94.3 million in interests related to the DST Program and incurred rent obligations of approximately $3.6 million under our master lease agreements with investors who are participating in the DST Program. Additionally, during the three months ended March 31, 2020 , 1.5 million OP Units were issued for beneficial interests for a net investment of $11.3 million in accordance with our UPREIT structure. 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 DST Interests to potential investors. As of March 31, 2020 , we have made approximately $31.3 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. Of the $ 94.3 million of interests sold during the three months ended March 31, 2020 , $11.9 million were financed by DST Program Loans. 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.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	5. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2020 Assets: Derivative instruments $ — $ 1 $ — $ 1 Total assets measured at fair value $ — $ 1 $ — $ 1 Liabilities: Derivative instruments $ — $ 31,254 $ — $ 31,254 Total liabilities measured at fair value $ — $ 31,254 $ — $ 31,254 As of 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 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 an interest rate cap whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to these derivative instruments being unique and not actively traded, the fair value is classified as Level 2. See “ Note 3 ” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of March 31, 2020 and December 31, 2019 , 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 March 31, 2020 As of December 31, 2019 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,535 $ 2,566 $ 2,578 $ 2,604 DST Program Loans 31,313 31,313 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 517,129 525,000 525,000 Mortgage notes 336,395 331,148 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY	6. STOCKHOLDERS' EQUITY Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the three months ended March 31, 2020 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 14,215 $ 15,059 $ 2,390 $ 15,780 $ — $ 47,444 DRIP 265 868 167 2,051 1,989 5,340 Total offering $ 14,480 $ 15,927 $ 2,557 $ 17,831 $ 1,989 $ 52,784 Number of shares sold: Primary offering 1,764 1,990 320 2,188 — 6,262 DRIP 35 116 22 276 266 715 Total offering 1,799 2,106 342 2,464 266 6,977 Common Stock The following table describes the changes in each class of common shares during the periods presented below: (in thousands) Class T Shares Class S Shares Class D Shares Class I Shares Class E Shares Total Shares FOR THE THREE MONTHS ENDED MARCH 31, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 474 3,239 244 1,208 — 5,165 Distribution reinvestment plan 18 64 19 249 312 662 Share-based compensation — — — 26 — 26 Redemptions of common stock (14 ) (4 ) (55 ) (367 ) (2,511 ) (2,951 ) Balance as March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 1,764 1,990 320 2,188 — 6,262 Distribution reinvestment plan 35 116 22 276 266 715 Share-based compensation — — — 16 — 16 Redemptions of common stock (108 ) (913 ) (26 ) (761 ) (2,310 ) (4,118 ) Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355 Distributions 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 2020 March 31 $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 Total $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 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 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to holders of partnership units (“OP Units”) in Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”); (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 7 ” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the three months ended March 31, 2020 and 2019 . 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 Three Months Ended March 31, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 4,118 2,951 Number of shares redeemed or repurchased 4,118 2,951 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.47 $ 7.45

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended March 31, Payable as of (in thousands) 2020 2019 March 31, 2020 December 31, 2019 Upfront selling commissions (1) $ 692 $ 485 $ — $ — Ongoing distribution fees (1) 470 256 165 147 Advisory fees - fixed component 3,221 2,905 1,388 1,245 Advisory fees—performance component 1,348 — 1,348 3,776 Other expense reimbursements—Advisor 2,217 2,345 591 2,240 Other expense reimbursements—Dealer Manager 159 247 — — DST Program advisory fees 932 223 — — DST Program selling commissions (1) 1,061 494 — — DST Program dealer manager fees (1) 338 115 — — DST Program other reimbursements—Dealer Manager 176 201 — — DST Program facilitation and loan origination fees 1,431 421 — — Total $ 12,045 $ 7,692 $ 3,492 $ 7,408 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	8. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended March 31, (in thousands, except per share data) 2020 2019 Net (loss) income attributable to common stockholders—basic $ (4,134 ) $ 3,602 Net (loss) income attributable to redeemable OP Units (15 ) — Net (loss) income attributable to OP Units (299 ) 284 Net (loss) income attributable to common stockholders—diluted $ (4,448 ) $ 3,886 Weighted-average shares outstanding—basic 142,543 132,847 Incremental weighted-average shares effect of conversion of OP Units 10,814 10,482 Weighted-average shares outstanding—diluted 153,357 143,329 Net (loss) income per share attributable to common stockholders: Basic $ (0.03 ) $ 0.03 Diluted $ (0.03 ) $ 0.03

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	9. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended March 31, (in thousands) 2020 2019 Distributions reinvested in common stock $ 5,340 $ 4,941 Change in accrued future ongoing distribution fees 709 1,903 Increase in DST Program Loans receivable through DST Program capital raising 11,909 3,308 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 138 — Mortgage notes assumed on real estate acquisitions at fair value 9,518 — Issuances of OP Units for DST Interests 11,232 — Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 97,772 $ 10,008 Restricted cash 10,010 7,030 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 End of period: Cash and cash equivalents $ 118,275 $ 13,058 Restricted cash 10,619 6,607 Cash, cash equivalents and restricted cash $ 128,894 $ 19,665

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of March 31, 2020 .

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	11. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, multi-family and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely 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 reflects our total assets by business segment as of March 31, 2020 and December 31, 2019 : As of (in thousands) March 31, 2020 December 31, 2019 Assets: Office properties $ 458,678 $ 458,583 Retail properties 696,231 652,707 Multi-family properties 291,361 293,498 Industrial properties 233,125 207,844 Corporate 199,189 165,633 Total assets $ 1,878,584 $ 1,778,265 The following table sets forth the financial results by segment for the three months ended March 31, 2020 and 2019 : ໿ (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended March 31, 2020 Rental revenues $ 16,513 $ 17,643 $ 5,248 $ 4,864 $ 44,268 Rental expenses (8,124 ) (4,263 ) (2,138 ) (978 ) (15,503 ) Net operating income $ 8,389 $ 13,380 $ 3,110 $ 3,886 $ 28,765 Real estate-related depreciation and amortization $ 4,868 $ 4,849 $ 2,163 $ 2,570 $ 14,450 For the Three Months Ended March 31, 2019 Rental revenues $ 29,724 $ 18,047 $ — $ 2,800 $ 50,571 Rental expenses (10,860 ) (4,558 ) — (651 ) (16,069 ) Net operating income $ 18,864 $ 13,489 $ — $ 2,149 $ 34,502 Real estate-related depreciation and amortization $ 8,175 $ 4,723 $ — $ 1,345 $ 14,243 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2020 and 2019 : For the Three Months Ended March 31, (in thousands) 2020 2019 Net (loss) income attributable to common stockholders $ (4,134 ) $ 3,602 Debt-related income (34 ) (123 ) Real estate-related depreciation and amortization 14,450 14,243 General and administrative expenses 2,229 2,044 Advisory fees, related party 5,501 3,128 Other (income) expense (92 ) 143 Interest expense 13,351 13,374 Gain on sale of real estate property (2,192 ) (1,191 ) Gain on extinguishment of debt and financing commitments, net — (1,002 ) Net (loss) income attributable to redeemable noncontrolling interests (15 ) — Net (loss) income attributable to noncontrolling interests (299 ) 284 Net operating income $ 28,765 $ 34,502

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS COVID-19 We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our customers and business partners. While we did not incur significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, we are unable to predict the impact that the COVID-19 pandemic will have on our future financial condition, results of operations and cash flows due to numerous uncertainties and the impact could be material. In April and May 2020, we received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. We are evaluating each customer rent relief request on an individual basis, considering a number of factors. Where appropriate, we have restructured leases and may restructure additional leases to provide temporary rent relief needed by certain customers while positioning ourselves to recapture abated rent over time. Not all customer requests will ultimately result in modification of lease agreements, nor are we forgoing our contractual rights under our lease agreements. We can provide no assurances that we will be able to recover unpaid rent.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the SEC on March 5, 2020 (“ 2019 Form 10-K”).
Recently Adopted and Issued Accounting Standards	Recently Adopted 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. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. 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. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into after December 31, 2022. The adoption did not have a material effect on the Company’s consolidated financial statements.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale	The following table summarizes our consolidated investments in real estate properties. As of (in thousands) March 31, 2020 December 31, 2019 Land $ 432,274 $ 418,037 Buildings and improvements 1,434,580 1,375,192 Intangible lease assets 271,591 264,121 Investment in real estate properties 2,138,445 2,057,350 Accumulated depreciation and amortization (459,050 ) (444,718 ) Net investment in real estate properties $ 1,679,395 $ 1,612,632
Schedule of Asset Acquisitions	During the three months ended March 31, 2020 , 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 (1) Village at Lee Branch Retail 1/29/2020 $ 41,665 Railhead DC (2) Industrial 2/4/2020 19,295 Tri-County DC II B Industrial 2/14/2020 2,884 Sterling IC Industrial 3/25/2020 5,118 Total acquisitions $ 68,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) Includes debt assumed at fair value as of the acquisition date of $9.8 million , with a principal amount of $9.2 million .
Allocation of Purchase Price Allocations	During the three months ended March 31, 2020 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ($ in thousands) For the Three Months Ended March 31, 2020 Land $ 19,490 Building 43,591 Intangible lease assets 7,242 Above-market lease assets 419 Below-market lease liabilities (1,780 ) Total purchase price (1) $ 68,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.
Schedule of Intangible Lease Assets and Liabilities Excluding Properties Held for Sale	Intangible lease assets and liabilities as of March 31, 2020 and December 31, 2019 include the following: As of March 31, 2020 As of December 31, 2019 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 249,753 $ (204,001 ) $ 45,752 $ 242,704 $ (200,623 ) $ 42,081 Above-market lease assets 21,838 (20,930 ) 908 21,417 (20,859 ) 558 Below-market lease liabilities (81,402 ) 37,168 (44,234 ) (80,002 ) 36,499 (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 Three Months Ended March 31, (in thousands) 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 288 $ 4,182 Above-market lease amortization (71 ) (336 ) Below-market lease amortization 843 1,047 Real estate-related depreciation and amortization: Depreciation expense $ 10,963 $ 9,561 Intangible lease asset amortization 3,487 4,682

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our outstanding debt is as follows: Weighted-Average Balance as of ($ in thousands) March 31, December 31, Current Maturity Date March 31, December 31, Line of credit (1) 2.39 % 3.16 % January 2023 $ — $ — Term loan (2) 3.33 % 3.04 % January 2024 $ 325,000 $ 325,000 Term loan (3) 3.29 3.29 February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.54 3.52 September 2021 - December 2029 209,395 200,857 Floating-rate mortgage note (5) 3.24 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.36 % 3.36 % $ 861,395 $ 852,857 Less: unamortized debt issuance costs $ (6,186 ) $ (6,535 ) Add: mark-to-market adjustment on assumed debt 787 245 Total debt, net $ 855,996 $ 846,567 Gross book value of properties encumbered by debt $ 556,807 $ 535,196 (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 March 31, 2020 , the unused and available portions under the line of credit were approximately $450.0 million and $256.0 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 March 31, 2020 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 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 March 31, 2020 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of March 31, 2020 includes a $50.7 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. As of March 31, 2020 and December 31, 2019 , our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25% and 2.25% , respectively. (6) The weighted-average remaining term of our borrowings was approximately 3.3 years as of March 31, 2020 , excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of March 31, 2020 , the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total Remainder of 2020 $ — $ — $ 2,294 $ 2,294 2021 (1) — — 138,917 138,917 2022 (2) — 200,000 2,780 202,780 2023 (3) — — 48,799 48,799 2024 — 325,000 2,172 327,172 Thereafter — — 141,433 141,433 Total principal payments $ — $ 525,000 $ 336,395 $ 861,395 (1) Includes a $127.0 million floating-rate mortgage note with a maturity date of January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions.
Summary of Location and Fair Value of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities As of March 31, 2020 Interest rate swaps 14 $ 550,717 $ — $ 31,254 Interest rate caps 1 127,000 1 — Total derivative instruments 15 $ 677,717 $ 1 $ 31,254 As of 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 (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 condensed consolidated financial statements: For the Three Months Ended March 31, (in thousands) 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (18,730 ) $ (4,707 ) Loss (gain) reclassified from AOCI into interest expense 508 (412 ) Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring — (1,374 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 13,351 13,374 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (11 ) $ (24 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2020 Assets: Derivative instruments $ — $ 1 $ — $ 1 Total assets measured at fair value $ — $ 1 $ — $ 1 Liabilities: Derivative instruments $ — $ 31,254 $ — $ 31,254 Total liabilities measured at fair value $ — $ 31,254 $ — $ 31,254 As of 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
Nonrecurring Fair Value Measurements	The carrying values and fair values of these financial instruments were as follows: ໿ As of March 31, 2020 As of December 31, 2019 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,535 $ 2,566 $ 2,578 $ 2,604 DST Program Loans 31,313 31,313 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 517,129 525,000 525,000 Mortgage notes 336,395 331,148 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Public Offerings	Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the three months ended March 31, 2020 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 14,215 $ 15,059 $ 2,390 $ 15,780 $ — $ 47,444 DRIP 265 868 167 2,051 1,989 5,340 Total offering $ 14,480 $ 15,927 $ 2,557 $ 17,831 $ 1,989 $ 52,784 Number of shares sold: Primary offering 1,764 1,990 320 2,188 — 6,262 DRIP 35 116 22 276 266 715 Total offering 1,799 2,106 342 2,464 266 6,977
Information of Share Transactions	The following table describes the changes in each class of common shares during the periods presented below: (in thousands) Class T Shares Class S Shares Class D Shares Class I Shares Class E Shares Total Shares FOR THE THREE MONTHS ENDED MARCH 31, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 474 3,239 244 1,208 — 5,165 Distribution reinvestment plan 18 64 19 249 312 662 Share-based compensation — — — 26 — 26 Redemptions of common stock (14 ) (4 ) (55 ) (367 ) (2,511 ) (2,951 ) Balance as March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 1,764 1,990 320 2,188 — 6,262 Distribution reinvestment plan 35 116 22 276 266 715 Share-based compensation — — — 16 — 16 Redemptions of common stock (108 ) (913 ) (26 ) (761 ) (2,310 ) (4,118 ) Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355
Summary of Distribution Activity	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the 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 2020 March 31 $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 Total $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 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 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to holders of partnership units (“OP Units”) in Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”); (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 7 ” for further detail regarding the current and historical ongoing distribution fees.
Redemptions and Repurchases Activity	Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Three Months Ended March 31, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 4,118 2,951 Number of shares redeemed or repurchased 4,118 2,951 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.47 $ 7.45

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Fees and Other Amounts Earned by Advisor	The following table summarizes the fees and expenses incurred by us for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended March 31, Payable as of (in thousands) 2020 2019 March 31, 2020 December 31, 2019 Upfront selling commissions (1) $ 692 $ 485 $ — $ — Ongoing distribution fees (1) 470 256 165 147 Advisory fees - fixed component 3,221 2,905 1,388 1,245 Advisory fees—performance component 1,348 — 1,348 3,776 Other expense reimbursements—Advisor 2,217 2,345 591 2,240 Other expense reimbursements—Dealer Manager 159 247 — — DST Program advisory fees 932 223 — — DST Program selling commissions (1) 1,061 494 — — DST Program dealer manager fees (1) 338 115 — — DST Program other reimbursements—Dealer Manager 176 201 — — DST Program facilitation and loan origination fees 1,431 421 — — Total $ 12,045 $ 7,692 $ 3,492 $ 7,408 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended March 31, (in thousands, except per share data) 2020 2019 Net (loss) income attributable to common stockholders—basic $ (4,134 ) $ 3,602 Net (loss) income attributable to redeemable OP Units (15 ) — Net (loss) income attributable to OP Units (299 ) 284 Net (loss) income attributable to common stockholders—diluted $ (4,448 ) $ 3,886 Weighted-average shares outstanding—basic 142,543 132,847 Incremental weighted-average shares effect of conversion of OP Units 10,814 10,482 Weighted-average shares outstanding—diluted 153,357 143,329 Net (loss) income per share attributable to common stockholders: Basic $ (0.03 ) $ 0.03 Diluted $ (0.03 ) $ 0.03

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
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 Three Months Ended March 31, (in thousands) 2020 2019 Distributions reinvested in common stock $ 5,340 $ 4,941 Change in accrued future ongoing distribution fees 709 1,903 Increase in DST Program Loans receivable through DST Program capital raising 11,909 3,308 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 138 — Mortgage notes assumed on real estate acquisitions at fair value 9,518 — Issuances of OP Units for DST Interests 11,232 —
Schedule of Restricted Cash and Cash Equivalents	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 97,772 $ 10,008 Restricted cash 10,010 7,030 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 End of period: Cash and cash equivalents $ 118,275 $ 13,058 Restricted cash 10,619 6,607 Cash, cash equivalents and restricted cash $ 128,894 $ 19,665

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of March 31, 2020 and December 31, 2019 : As of (in thousands) March 31, 2020 December 31, 2019 Assets: Office properties $ 458,678 $ 458,583 Retail properties 696,231 652,707 Multi-family properties 291,361 293,498 Industrial properties 233,125 207,844 Corporate 199,189 165,633 Total assets $ 1,878,584 $ 1,778,265
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three months ended March 31, 2020 and 2019 : ໿ (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended March 31, 2020 Rental revenues $ 16,513 $ 17,643 $ 5,248 $ 4,864 $ 44,268 Rental expenses (8,124 ) (4,263 ) (2,138 ) (978 ) (15,503 ) Net operating income $ 8,389 $ 13,380 $ 3,110 $ 3,886 $ 28,765 Real estate-related depreciation and amortization $ 4,868 $ 4,849 $ 2,163 $ 2,570 $ 14,450 For the Three Months Ended March 31, 2019 Rental revenues $ 29,724 $ 18,047 $ — $ 2,800 $ 50,571 Rental expenses (10,860 ) (4,558 ) — (651 ) (16,069 ) Net operating income $ 18,864 $ 13,489 $ — $ 2,149 $ 34,502 Real estate-related depreciation and amortization $ 8,175 $ 4,723 $ — $ 1,345 $ 14,243
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2020 and 2019 : For the Three Months Ended March 31, (in thousands) 2020 2019 Net (loss) income attributable to common stockholders $ (4,134 ) $ 3,602 Debt-related income (34 ) (123 ) Real estate-related depreciation and amortization 14,450 14,243 General and administrative expenses 2,229 2,044 Advisory fees, related party 5,501 3,128 Other (income) expense (92 ) 143 Interest expense 13,351 13,374 Gain on sale of real estate property (2,192 ) (1,191 ) Gain on extinguishment of debt and financing commitments, net — (1,002 ) Net (loss) income attributable to redeemable noncontrolling interests (15 ) — Net (loss) income attributable to noncontrolling interests (299 ) 284 Net operating income $ 28,765 $ 34,502

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)outparcel	Mar. 31, 2019USD ($)outparcel
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired	14 years 3 months 10 days
Proceeds from disposition of real estate property	$ 2,752	$ 2,338
Gain on sale of real estate property	$ 2,192	$ 1,191
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties | outparcel	1	1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Investment in real estate properties	$ 2,138,445	$ 2,057,350
Accumulated depreciation and amortization	(459,050)	(444,718)
Net investment in real estate properties	1,679,395	1,612,632
Land
Real Estate Properties [Line Items]
Investment in real estate properties	432,274	418,037
Buildings and improvements
Real Estate Properties [Line Items]
Investment in real estate properties	1,434,580	1,375,192
Intangible lease assets
Real Estate Properties [Line Items]
Investment in real estate properties	$ 271,591	$ 264,121

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Total acquisitions	$ 68,962
Debt assumed at fair value	9,800
Principal amount of debt	9,200
Village at Lee Branch
Business Acquisition [Line Items]
Total acquisitions	41,665
Railhead DC (2)
Business Acquisition [Line Items]
Total acquisitions	19,295
Tri-County DC II B
Business Acquisition [Line Items]
Total acquisitions	2,884
Sterling IC
Business Acquisition [Line Items]
Total acquisitions	$ 5,118

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Real Estate [Abstract]
Land	$ 19,490
Building	43,591
Intangible lease assets	7,242
Above-market lease assets	419
Below-market lease liabilities	(1,780)
Total purchase price (1)	$ 68,962

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Leased Assets and Liabilities Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 249,753	$ 242,704
Accumulated Amortization, Assets	(204,001)	(200,623)
Net, Assets	45,752	42,081
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	21,838	21,417
Accumulated Amortization, Assets	(20,930)	(20,859)
Net, Assets	908	558
Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Gross, Liabilities	(81,402)	(80,002)
Accumulated Amortization, Liabilities	37,168	36,499
Net, Liabilities	$ (44,234)	$ (43,503)

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 288	$ 4,182
Depreciation expense	10,963	9,561
Intangible lease asset amortization	3,487	4,682
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(71)	(336)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 843	$ 1,047

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.36%	3.36%
Total borrowings	$ 861,395,000	$ 852,857,000
Less: unamortized debt issuance costs	(6,186,000)	(6,535,000)
Add: mark-to-market adjustment on assumed debt	787,000	245,000
Total debt, net	855,996,000	846,567,000
Gross book value of properties encumbered by debt	$ 556,807,000	$ 535,196,000
Assets Held for Sale
Debt Instrument [Line Items]
Weighted average maturity of debt investments	3 years 3 months 29 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	2.39%	3.16%
Total borrowings	$ 0	$ 0
Current borrowing capacity	450,000,000
Available portions under the line of credit	$ 256,000,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.10%
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 525,000,000
Term Loan | Term Loan Due January 2024
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.33%	3.04%
Total borrowings	$ 325,000,000	$ 325,000,000
Current borrowing capacity	0
Available portions under the line of credit	0
Maximum borrowing capacity	325,000,000
Long-term line of credit	$ 300,000,000
Term Loan | Term Loan Due January 2024 | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.25%
Term Loan | Term Loan Due January 2024 | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.05%
Term Loan | Term Loan Due February 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.29%	3.29%
Total borrowings	$ 200,000,000	$ 200,000,000
Current borrowing capacity	0
Available portions under the line of credit	0
Maximum borrowing capacity	$ 200,000,000
Term Loan | Term Loan Due February 2022 | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.25%
Term Loan | Term Loan Due February 2022 | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.05%
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.54%	3.52%
Total borrowings	$ 209,395,000	$ 200,857,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings	$ 50,700,000
Outstanding borrowings spread over LIBOR	1.65%
Effective interest rate on debt	2.85%
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.24%	4.01%
Total borrowings	$ 127,000,000	$ 127,000,000
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.25%	2.25%
Mortgage Notes
Debt Instrument [Line Items]
Total borrowings	$ 336,395,000
Term of extension	1 year

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)extension	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Remainder of 2020	$ 2,294,000
2021	138,917,000
2022	202,780,000
2023	48,799,000
2024	327,172,000
Thereafter	141,433,000
Total principal payments	861,395,000	$ 852,857,000
Line of Credit
Debt Instrument [Line Items]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total principal payments	$ 0	$ 0
Line of Credit | $200 Million Term
Debt Instrument [Line Items]
Term of extension	1 year
Number of extension options | extension	2
Term Loan
Debt Instrument [Line Items]
Remainder of 2020	$ 0
2021	0
2022	200,000,000
2023	0
2024	325,000,000
Thereafter	0
Total principal payments	$ 525,000,000
Term Loan | Floating-Rate Mortgage Note Expiring in January 2020
Debt Instrument [Line Items]
Term of extension	6 months
Number of line of credit extensions | extension	2
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2020	$ 2,294,000
2021	138,917,000
2022	2,780,000
2023	48,799,000
2024	2,172,000
Thereafter	141,433,000
Total principal payments	$ 336,395,000
Term of extension	1 year
Mortgage Notes | Floating-Rate Mortgage Note Expiring in January 2020
Debt Instrument [Line Items]
Amount of debt instrument	$ 127,000,000

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Millions	Mar. 31, 2020USD ($)
Derivative [Line Items]
Estimated increase to interest expense related to active effective hedges of floating rate debt	$ 9.1
Interest rate swaps
Derivative [Line Items]
Estimated increase to interest expense related to termination of hedging instrument	$ 0.1

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Mar. 31, 2020USD ($)contract	Jan. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	15		15
Total notional amount	$ 677,717		$ 747,605
Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	1		288
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 31,254		$ 13,308
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	4	14
Total notional amount	$ 550,717	$ 200,000	$ 601,005
Interest rate swaps | Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	0		288
Interest rate swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 31,254		$ 13,308
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	1		1
Total notional amount	$ 127,000		$ 146,600
Interest rate caps | Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	1		0
Interest rate caps | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 0		$ 0
Interest rate swaps expiring Jan 2020
Derivatives, Fair Value [Line Items]
Number of expiring interest rate derivatives | 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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 13,351	$ 13,374
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	(11)	(24)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI	(18,730)	(4,707)
Loss (gain) reclassified from AOCI into interest expense	508	(412)
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring	0	(1,374)
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 13,351	$ 13,374

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Rent obligations	$ 13,351	$ 13,374
DST Program Loans	31,313		$ 19,404
DST Program
Variable Interest Entity [Line Items]
Proceeds from private placement	94,300
Rent obligations	3,600
Issuances of OP Units for DST Interests	11,300
DST Program Loans	31,300
DST interests sold during period	$ 11,900
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of stock (in shares)	1.5

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Derivative instruments	$ 1	$ 288
Total assets measured at fair value	1	288
Liabilities:
Derivative instruments	31,254	13,308
Total liabilities measured at fair value	31,254	13,308
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	1	288
Total assets measured at fair value	1	288
Liabilities:
Derivative instruments	31,254	13,308
Total liabilities measured at fair value	31,254	13,308
Level 3
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 2,535	$ 2,578
DST Program Loans	31,313	19,404
Line of credit	0	0
Term loans	525,000	525,000
Mortgage notes	336,395	327,857
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	2,566	2,604
DST Program Loans	31,313	19,404
Line of credit	0	0
Term loans	517,129	525,000
Mortgage notes	$ 331,148	$ 326,447

STOCKHOLDERS_ EQUITY (Summary o

STOCKHOLDERS’ EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 52,784
Number of shares sold | shares	6,977
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 14,480
Number of shares sold | shares	1,799
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,927
Number of shares sold | shares	2,106
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,557
Number of shares sold | shares	342
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 17,831
Number of shares sold | shares	2,464
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,989
Number of shares sold | shares	266
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 47,444
Number of shares sold | shares	6,262
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 14,215
Number of shares sold | shares	1,764
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,059
Number of shares sold | shares	1,990
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,390
Number of shares sold | shares	320
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,780
Number of shares sold | shares	2,188
Primary offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,340
Number of shares sold | shares	715
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 265
Number of shares sold | shares	35
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 868
Number of shares sold | shares	116
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 167
Number of shares sold | shares	22
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,051
Number of shares sold | shares	276
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,989
Number of shares sold | shares	266

STOCKHOLDERS_ EQUITY (Informati

STOCKHOLDERS’ EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,852	2,783
Primary shares (in shares)	1,764	474
Distribution reinvestment plan (in shares)	35	18
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(108)	(14)
Ending balance (in shares)	7,543	3,261
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	20,593	10,516
Primary shares (in shares)	1,990	3,239
Distribution reinvestment plan (in shares)	116	64
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(913)	(4)
Ending balance (in shares)	21,786	13,815
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,499	2,778
Primary shares (in shares)	320	244
Distribution reinvestment plan (in shares)	22	19
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(26)	(55)
Ending balance (in shares)	3,815	2,986
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	43,732	37,385
Primary shares (in shares)	2,188	1,208
Distribution reinvestment plan (in shares)	276	249
Stock-based compensation (in shares)	16	26
Redemptions of common stock (in shares)	(761)	(367)
Ending balance (in shares)	45,451	38,501
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	66,804	77,390
Primary shares (in shares)	0	0
Distribution reinvestment plan (in shares)	266	312
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(2,310)	(2,511)
Ending balance (in shares)	64,760	75,191
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	140,480	130,852
Primary shares (in shares)	6,262	5,165
Distribution reinvestment plan (in shares)	715	662
Stock-based compensation (in shares)	16	26
Redemptions of common stock (in shares)	(4,118)	(2,951)
Ending balance (in shares)	143,355	133,754

STOCKHOLDERS_ EQUITY (Total Dis

STOCKHOLDERS’ EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.375
Common Stock Distributions Paid in Cash	$ 7,533	$ 7,412	$ 7,302	$ 7,303	$ 7,198	$ 29,215
Other Cash Distributions	1,721	1,396	1,351	1,312	1,244	5,303
Reinvested in Shares	5,360	5,294	5,270	5,180	4,997	20,741
Total Distributions	$ 14,614	$ 14,102	$ 13,923	$ 13,795	$ 13,439	$ 55,259

STOCKHOLDERS_ EQUITY (Redemptio

STOCKHOLDERS’ EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	4,118	2,951
Number of shares redeemed or repurchased (in shares)	4,118	2,951
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.47	$ 7.45

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expense	$ 12,045	$ 7,692
Payable as of	3,492		$ 7,408
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	692	485
Payable as of	0		0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	470	256
Payable as of	165		147
Advisory fees - fixed component
Related Party Transaction [Line Items]
Related party transaction expense	3,221	2,905
Payable as of	1,388		1,245
Advisory fees—performance component
Related Party Transaction [Line Items]
Related party transaction expense	1,348	0
Payable as of	1,348		3,776
Other expense reimbursements—Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,217	2,345
Payable as of	591		2,240
Other expense reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	159	247
Payable as of	0		0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	932	223
Payable as of	0		0
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	1,061	494
Payable as of	0		0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	338	115
Payable as of	0		0
DST Program other reimbursements—Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	176	201
Payable as of	0		0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	1,431	$ 421
Payable as of	$ 0		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders—basic	$ (4,134)	$ 3,602
Net (loss) income attributable to redeemable OP Units	(15)	0
Net (loss) income attributable to OP Units	(299)	284
Net (loss) income attributable to common stockholders—diluted	$ (4,448)	$ 3,886
Weighted-average shares outstanding—basic (in shares)	142,543	132,847
Incremental weighted-average shares effect of conversion of OP Units (in shares)	10,814	10,482
Weighted-average shares outstanding—diluted (in shares)	153,357	143,329
Basic (usd per share)	$ (0.03)	$ 0.03
Diluted (usd per share)	$ (0.03)	$ 0.03

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 5,340	$ 4,941
Change in accrued future ongoing distribution fees	709	1,903
Increase in DST Program Loans receivable through DST Program capital raising	11,909	3,308
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	3,776	0
Redemption value allocation adjustment to redeemable noncontrolling interest	138	0
Mortgage notes assumed on real estate acquisitions at fair value	9,518	0
Issuances of OP Units for DST Interests	11,232	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	118,275	13,058	$ 97,772	$ 10,008
Restricted cash	10,619	6,607	10,010	7,030
Cash, cash equivalents and restricted cash	$ 128,894	$ 19,665	$ 107,782	$ 17,038

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	4
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,878,584	$ 1,778,265
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	458,678	458,583
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	696,231	652,707
Operating Segments | Multi-family properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	291,361	293,498
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	233,125	207,844
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 199,189	$ 165,633

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Rental revenues	$ 44,268	$ 50,571
Rental expenses	(15,503)	(16,069)
Net operating income	28,765	34,502
Real estate-related depreciation and amortization	14,450	14,243
Office
Segment Reporting Information [Line Items]
Rental revenues	16,513	29,724
Rental expenses	(8,124)	(10,860)
Net operating income	8,389	18,864
Real estate-related depreciation and amortization	4,868	8,175
Retail properties
Segment Reporting Information [Line Items]
Rental revenues	17,643	18,047
Rental expenses	(4,263)	(4,558)
Net operating income	13,380	13,489
Real estate-related depreciation and amortization	4,849	4,723
Multi-family
Segment Reporting Information [Line Items]
Rental revenues	5,248	0
Rental expenses	(2,138)	0
Net operating income	3,110	0
Real estate-related depreciation and amortization	2,163	0
Industrial
Segment Reporting Information [Line Items]
Rental revenues	4,864	2,800
Rental expenses	(978)	(651)
Net operating income	3,886	2,149
Real estate-related depreciation and amortization	$ 2,570	$ 1,345

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (4,134)	$ 3,602
Debt-related income	(34)	(123)
Real estate-related depreciation and amortization	14,450	14,243
General and administrative expenses	2,229	2,044
Advisory fees, related party	5,501	3,128
Other (income) expense	(92)	143
Interest expense	13,351	13,374
Gain on sale of real estate property	(2,192)	(1,191)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)
Net (loss) income attributable to redeemable noncontrolling interests	(15)	0
Net (loss) income attributable to redeemable noncontrolling interests	(299)	284
Net operating income	$ 28,765	$ 34,502