Black Creek Diversified Property Fund 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity 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		8,885,406
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,026,260
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,822,390
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,235,324
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		62,556,659

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 1,730,801	$ 1,612,632
Debt-related investments, net	47,487	2,575
Cash and cash equivalents	51,487	97,772
Restricted cash	10,112	10,010
DST Program Loans	41,194	19,404
Other assets	38,407	35,872
Total assets	1,919,488	1,778,265
Liabilities
Accounts payable and accrued expenses	35,494	35,226
Debt, net	855,842	846,567
Intangible lease liabilities, net	43,354	43,503
Financing obligations, net	412,363	258,814
Other liabilities	63,315	43,867
Total liabilities	1,410,368	1,227,977
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	3,780	0
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,263,091	1,257,147
Distributions in excess of earnings	(809,999)	(775,259)
Accumulated other comprehensive loss	(32,336)	(14,662)
Total stockholders' equity	422,174	468,631
Noncontrolling interests	83,166	81,657
Total equity	505,340	550,288
Total liabilities and equity	1,919,488	1,778,265
Class E
Stockholders' equity:
Common stock	633	668
Class T
Stockholders' equity:
Common stock	85	59
Class S
Stockholders' equity:
Common stock	219	206
Class D
Stockholders' equity:
Common stock	38	35
Class I
Stockholders' equity:
Common stock	$ 443	$ 437

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000	200,000
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	500,000
Common stock, shares issued (in shares)	63,301	66,804
Common stock, shares outstanding (in shares)	63,301	66,804
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	8,510	5,852
Common stock, shares outstanding (in shares)	8,510	5,852
Class S
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	21,870	20,593
Common stock, shares outstanding (in shares)	21,870	20,593
Class D
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	3,783	3,499
Common stock, shares outstanding (in shares)	3,783	3,499
Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	44,311	43,732
Common stock, shares outstanding (in shares)	44,311	43,732

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental revenues	$ 44,598	$ 44,885	$ 88,866	$ 95,456
Debt-related income	166	35	200	158
Total revenues	44,764	44,920	89,066	95,614
Operating expenses:
Rental expenses	14,408	14,216	29,911	30,285
Real estate-related depreciation and amortization	14,459	14,745	28,909	28,988
General and administrative expenses	2,212	2,100	4,441	4,144
Advisory fees, related party	4,965	3,236	10,466	6,364
Total operating expenses	36,044	34,297	73,727	69,781
Other expenses (income):
Interest expense	14,289	11,936	27,640	25,310
Gain on sale of real estate property	0	(84,449)	(2,192)	(85,640)
Gain on extinguishment of debt and financing commitments, net	0	0	0	(1,002)
Other income	(312)	(168)	(404)	(25)
Total other expenses (income)	13,977	(72,681)	25,044	(61,357)
Net (loss) income	(5,257)	83,304	(9,705)	87,190
Net loss (income) attributable to redeemable noncontrolling interests	17	0	32	0
Net loss (income) attributable to noncontrolling interests	377	(5,905)	676	(6,189)
Net (loss) income attributable to common stockholders	$ (4,863)	$ 77,399	$ (8,997)	$ 81,001
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	142,429	136,661	142,486	134,765
Weighted-average shares outstanding-diluted (in shares)	153,973	147,087	153,917	145,219
Net (loss) income attributable to common stockholders per common share-basic and diluted (usd per share)	$ (0.03)	$ 0.57	$ (0.06)	$ 0.60

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (5,257)	$ 83,304	$ (9,705)	$ 87,190
Change from cash flow hedging derivatives	(930)	(8,995)	(19,152)	(15,488)
Comprehensive (loss) income	(6,187)	74,309	(28,857)	71,702
Comprehensive loss (income) attributable to redeemable noncontrolling interests	18	0	95	0
Comprehensive loss (income) attributable to noncontrolling interests	429	(5,264)	2,091	(5,072)
Comprehensive (loss) income attributable to common stockholders	$ (5,740)	$ 69,045	$ (26,671)	$ 66,630

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances (in shares) at Dec. 31, 2018	130,852
Beginning Balances at Dec. 31, 2018	$ 1,309	$ 1,199,736	$ (867,849)	$ 522	$ 77,295	$ 411,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			81,001		6,189	87,190
Unrealized loss from derivative instruments				(14,371)	(1,117)	(15,488)
Issuance of common stock, net of offering costs (in shares)	13,652
Issuance of common stock, net of offering costs	$ 136	93,504				93,640
Share-based compensation, net of forfeitures (in shares)	82
Share-based compensation, net of forfeitures	$ 1	604				$ 605
Redemptions of common stock (in shares)	(7,593)					(7,593)
Redemptions of common stock	$ (76)	(55,874)				$ (55,950)
Amortization of share-based compensation		(364)				(364)
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(24,682)		(1,967)	(26,649)
Redemptions of noncontrolling interests		152			(818)	(666)
Ending Balances (in shares) at Jun. 30, 2019	136,993
Ending Balances at Jun. 30, 2019	$ 1,370	1,237,758	(811,530)	(13,849)	79,582	493,331
Beginning Balances (in shares) at Mar. 31, 2019	133,754
Beginning Balances at Mar. 31, 2019	$ 1,338	1,217,952	(876,446)	(5,495)	76,121	413,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			77,399		5,905	83,304
Unrealized loss from derivative instruments				(8,354)	(641)	(8,995)
Issuance of common stock, net of offering costs (in shares)	7,825
Issuance of common stock, net of offering costs	$ 77	53,504				53,581
Share-based compensation, net of forfeitures (in shares)	56
Share-based compensation, net of forfeitures	$ 1	416				417
Redemptions of common stock (in shares)	(4,642)
Redemptions of common stock	$ (46)	(33,921)				(33,967)
Amortization of share-based compensation		(345)				(345)
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,483)		(985)	(13,468)
Redemptions of noncontrolling interests		152			(818)	(666)
Ending Balances (in shares) at Jun. 30, 2019	136,993
Ending Balances at Jun. 30, 2019	$ 1,370	1,237,758	(811,530)	(13,849)	79,582	493,331
Beginning Balances (in shares) at Dec. 31, 2019	140,480
Beginning Balances at Dec. 31, 2019	$ 1,405	1,257,147	(775,259)	(14,662)	81,657	550,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			(8,997)		(676)	(9,673)
Unrealized loss from derivative instruments						(19,152)
Unrealized loss from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(17,674)	(1,415)	(19,089)
Issuance of common stock, net of offering costs (in shares)	10,081
Issuance of common stock, net of offering costs	$ 101	72,360				72,461
Share-based compensation, net of forfeitures (in shares)	16
Share-based compensation, net of forfeitures		118				$ 118
Redemptions of common stock (in shares)	(8,802)					(8,802)
Redemptions of common stock	$ (88)	(65,924)				$ (66,012)
Amortization of share-based compensation		37				37
Issuances of OP Units for DST Interests					11,233	11,233
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(25,743)		(2,050)	(27,793)
Redemption value allocation adjustment to redeemable noncontrolling interest		(193)				(193)
Redemptions of noncontrolling interests		(454)			(5,583)	(6,037)
Ending Balances (in shares) at Jun. 30, 2020	141,775
Ending Balances at Jun. 30, 2020	$ 1,418	1,263,091	(809,999)	(32,336)	83,166	505,340
Beginning Balances (in shares) at Mar. 31, 2020	143,355
Beginning Balances at Mar. 31, 2020	$ 1,434	1,276,100	(792,286)	(31,459)	85,533	539,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			(4,863)		(377)	(5,240)
Unrealized loss from derivative instruments						(930)
Unrealized loss from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(877)	(52)	(929)
Issuance of common stock, net of offering costs (in shares)	3,104
Issuance of common stock, net of offering costs	$ 31	22,221				22,252
Share-based compensation, net of forfeitures (in shares)	0
Redemptions of common stock (in shares)	(4,684)
Redemptions of common stock	$ (47)	(35,188)				(35,235)
Amortization of share-based compensation		22				22
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,850)		(1,068)	(13,918)
Redemption value allocation adjustment to redeemable noncontrolling interest		(55)			0	(55)
Redemptions of noncontrolling interests		(9)			(870)	(879)
Ending Balances (in shares) at Jun. 30, 2020	141,775
Ending Balances at Jun. 30, 2020	$ 1,418	$ 1,263,091	$ (809,999)	$ (32,336)	$ 83,166	$ 505,340

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interests	$ (17)	$ (32)
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	$ (1)	$ (63)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net (loss) income	$ (9,705)	$ 87,190
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	28,909	28,988
Straight-line rent and amortization of above- and below-market leases	(4,231)	(8,536)
Gain on sale of real estate property	(2,192)	(85,640)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)
Other	5,400	4,461
Changes in operating assets and liabilities	658	(5,018)
Net cash provided by operating activities	18,839	20,443
Investing activities:
Real estate acquisitions	(113,166)	(38,843)
Capital expenditures	(17,680)	(28,197)
Proceeds from disposition of real estate property	2,752	129,011
Principal collections on debt-related investments	86	8,020
Investment in debt related investments	(44,996)	0
Other	(3,325)	(4,206)
Net cash (used in) provided by investing activities	(176,329)	65,785
Financing activities:
Repayments of mortgage notes	(1,459)	(33,740)
Net repayments of line of credit	0	(81,000)
Proceeds from term loan	0	50,000
Redemptions of common stock	(66,012)	(55,950)
Distributions on common stock	(15,045)	(14,456)
Proceeds from issuance of common stock	65,726	91,704
Proceeds from financing obligations	146,655	82,056
Offering costs for issuance of common stock and private placements	(4,945)	(5,683)
Distributions to noncontrolling interest holders	(2,112)	(1,967)
Redemption of OP Unit holder interests	(6,037)	(666)
Other	(5,464)	(7,833)
Net cash provided by financing activities	111,307	22,465
Net (decrease) increase in cash, cash equivalents and restricted cash	(46,183)	108,693
Cash, cash equivalents and restricted cash, at beginning of period	107,782	17,038
Cash, cash equivalents and restricted cash, at end of period	$ 61,599	$ 125,731

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 condensed 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 condensed consolidated financial statements. In March 2020, the FASB issued 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 condensed 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. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under the new lease standard, which we adopted on January 1, 2019. The guidance did not have a material effect on the Company’s condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition We must make estimates as to collectability of our accounts receivable related to rental income and straight-line rent. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of COVID-19 on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of June 30, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the condensed consolidated financial statements. The allowance for doubtful accounts as of June 30, 2020 and December 31, 2019 was approximately $0.6 million and $0.8 million, respectively.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties. As of (in thousands) June 30, 2020 December 31, 2019 Land $ 439,677 $ 418,037 Buildings and improvements 1,487,091 1,375,192 Intangible lease assets 277,588 264,121 Investment in real estate properties 2,204,356 2,057,350 Accumulated depreciation and amortization (473,555) (444,718) Net investment in real estate properties $ 1,730,801 $ 1,612,632 Acquisitions During the six months ended June 30, 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 Clayton Commerce Center Industrial 6/26/2020 59,289 Total acquisitions $ 128,251 (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 $9.2 million. During the six months ended June 30, 2020, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Six Months Ended ($ in thousands) June 30, 2020 Land $ 22,411 Building 93,961 Intangible lease assets 13,041 Above-market lease assets 618 Below-market lease liabilities (1,780) Total purchase price (1) $ 128,251 (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 six months ended June 30, 2020, as of the respective date of each acquisition, was 10.6 years. Dispositions During the six months ended June 30, 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 six months ended June 30, 2019, we sold two office properties and two outparcels for net proceeds of approximately $129.0 million, which is net of the property-related debt repayment described in Note 4. We recorded a net gain on sale of approximately $85.6 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2020 and December 31, 2019 include the following: As of June 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 255,552 $ (207,251) $ 48,301 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 22,036 (20,976) 1,060 21,417 (20,859) 558 Below-market lease liabilities (81,403) 38,049 (43,354) (80,002) 36,499 (43,503) Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 2,337 $ 2,726 $ 2,625 $ 6,908 Above-market lease amortization (47) (196) (118) (532) Below-market lease amortization 881 1,113 1,724 2,160 Real estate-related depreciation and amortization: Depreciation expense $ 11,291 $ 11,059 $ 22,254 $ 20,620 Intangible lease asset amortization 3,168 3,686 6,655 8,368

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	4. DEBT A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of June 30, December 31, June 30, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.56 % 3.16 % January 2023 $ — $ — Term loan (2) 3.27 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 208,641 200,857 Floating-rate mortgage note (5) 2.41 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.21 % 3.36 % $ 860,641 $ 852,857 Less: unamortized debt issuance costs $ (5,530) $ (6,535) Add: mark-to-market adjustment on assumed debt 731 245 Total debt, net $ 855,842 $ 846,567 Gross book value of properties encumbered by debt $ 560,095 $ 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 June 30, 2020, the unused and available portions under the line of credit were approximately $450.0 million and $254.5 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of June 30, 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 June 30, 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 June 30, 2020 includes a $50.4 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 of 2.25%. As of June 30, 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 3.1 years as of June 30, 2020, excluding the impact of certain extension options. As of June 30, 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 $ — $ — $ 1,540 $ 1,540 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 $ 335,641 $ 860,641 (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 June 30 2020, our line of credit, term loans and a $50.4 million mortgage note are our only indebtedness with initial maturity dates beyond 2021 that have exposure to LIBOR. The agreements governing the line of credit, term loans and mortgage note provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of June 30, 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 $10.1 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 $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of June 30, 2020 Interest rate swaps 14 $ 550,431 $ — $ 32,199 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 677,431 $ — $ 32,199 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 For the Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (3,000) $ (8,316) $ (21,730) $ (13,023) Amount reclassified from AOCI into interest expense 2,070 (679) 2,578 (1,091) 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 14,289 11,936 27,640 25,310 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (1) $ (1) $ (12) $ (25)

DST PROGRAM

DST PROGRAM	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DST Program	5. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). During the six months ended June 30, 2020, we sold approximately $168.4 million in gross interests related to the DST Program and incurred rent obligations of approximately $8.4 million under our master lease agreements with investors who are participating in the DST Program. Additionally, during 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 June 30, 2020, we have made approximately $41.2 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. Of the $168.4 million of gross interests sold during the six months ended June 30, 2020, $21.8 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	6 Months Ended
	Jun. 30, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	6. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of June 30, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 32,199 $ — $ 32,199 Total liabilities measured at fair value $ — $ 32,199 $ — $ 32,199 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 4” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of June 30, 2020 and December 31, 2019, the fair values of cash and cash equivalents, restricted cash, tenant receivables, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of June 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 47,948 $ 47,610 $ 2,578 $ 2,604 DST Program Loans 41,194 41,194 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 517,640 525,000 525,000 Mortgage notes 335,641 333,645 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the six months ended June 30, 2020, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 21,765 $ 18,312 $ 2,650 $ 22,999 $ — $ 65,726 DRIP 610 1,756 342 4,060 3,913 10,681 Total offering $ 22,375 $ 20,068 $ 2,992 $ 27,059 $ 3,913 $ 76,407 Number of shares sold: Primary offering 2,720 2,415 357 3,160 — 8,652 DRIP 81 234 46 542 526 1,429 Total offering 2,801 2,649 403 3,702 526 10,081 Common Stock The following table describes the changes in each class of common shares during the periods presented below: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 Issuance of common stock: Primary shares 890 3,699 270 2,266 — 7,125 Distribution reinvestment plan 22 87 20 263 308 700 Share-based compensation — — — 56 — 56 Redemptions of common stock (271) (11) (196) (588) (3,576) (4,642) Balance as June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE THREE MONTHS ENDED JUNE 30, 2020 Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355 Issuance of common stock: Primary shares 956 425 37 972 — 2,390 Distribution reinvestment plan 46 118 24 266 260 714 Share-based compensation — — — — — — Redemptions of common stock (35) (459) (93) (2,378) (1,719) (4,684) Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 1,364 6,938 514 3,474 — 12,290 Distribution reinvestment plan 40 151 39 512 620 1,362 Share-based compensation — — — 82 — 82 Redemptions of common stock (285) (15) (251) (955) (6,087) (7,593) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE SIX MONTHS ENDED JUNE 30, 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 2,720 2,415 357 3,160 — 8,652 Distribution reinvestment plan 81 234 46 542 526 1,429 Share-based compensation — — — 16 — 16 Redemptions of common stock (143) (1,372) (119) (3,139) (4,029) (8,802) Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 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 Common Stock Declared per Distributions Other Cash Reinvested in Total (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) Shares Distributions 2020 March 31 $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 June 30 0.09375 7,539 1,611 5,316 14,466 Total $ 0.18750 $ 15,072 $ 3,332 $ 10,676 $ 29,080 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 8” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the six months ended June 30, 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 Six Months Ended June 30, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 8,802 7,593 Number of shares redeemed or repurchased 8,802 7,593 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.37

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us in connection with offering and operation services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2020 2019 2020 2019 June 30, 2020 December 31, 2019 Upfront selling commissions (1) $ 298 $ 622 $ 990 $ 1,107 $ — $ — Ongoing distribution fees (1) 497 329 967 585 165 147 Advisory fees - fixed component 3,195 2,895 6,416 5,800 1,057 998 Advisory fees—performance component 662 — 2,010 — 2,010 3,776 Other expense reimbursements—Advisor 2,363 2,418 4,580 4,763 1,113 2,240 Other expense reimbursements—Dealer Manager 51 114 210 361 — — DST Program advisory fees 1,108 341 2,040 564 389 247 DST Program selling commissions (1) 814 887 1,875 1,381 — — DST Program dealer manager fees (1) 284 118 622 233 — — DST Program other reimbursements—Dealer Manager — 171 176 372 — — DST Program facilitation and loan origination fees 1,138 886 2,569 1,307 — — Total $ 10,410 $ 8,781 $ 22,455 $ 16,473 $ 4,734 $ 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	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	9. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders—basic $ (4,863) $ 77,399 $ (8,997) $ 81,001 Net (loss) income attributable to redeemable OP Units (17) — (32) — Net (loss) income attributable to OP Units (377) 5,905 (676) 6,189 Net (loss) income attributable to common stockholders—diluted $ (5,257) $ 83,304 $ (9,705) $ 87,190 Weighted-average shares outstanding—basic 142,429 136,661 142,486 134,765 Incremental weighted-average shares effect of conversion of OP Units 11,544 10,426 11,431 10,454 Weighted-average shares outstanding—diluted 153,973 147,087 153,917 145,219 Net (loss) income per share attributable to common stockholders: Basic $ (0.03) $ 0.57 $ (0.06) $ 0.60 Diluted $ (0.03) $ 0.57 $ (0.06) $ 0.60

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Six Months Ended June 30, (in thousands) 2020 2019 Distributions reinvested in common stock $ 10,681 $ 10,054 Change in accrued future ongoing distribution fees 361 3,997 Repayment of property-level loans upon disposition of real estate property — 98,600 Increase in DST Program Loans receivable through DST Program capital raising 21,790 8,674 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 193 — Mortgage notes assumed on real estate acquisitions at fair value 9,580 — Issuances of OP Units for DST Interests 11,240 — Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Six Months Ended June 30, (in thousands) 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 $ 51,487 $ 117,976 Restricted cash 10,112 7,755 Cash, cash equivalents and restricted cash $ 61,599 $ 125,731

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	11. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties Currently, one of the most significant risks and uncertainties is the adverse effect of the current pandemic of the novel coronavirus (COVID-19). A number of our customers previously announced temporary closures of their stores and requested rent deferral or rent abatement during this pandemic. The outbreak has triggered a period of global economic slowdown. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: · reduced economic activity severely impacts our customers’ businesses, financial condition and liquidity and may cause customers to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; · the negative financial impact of the pandemic could impact our future compliance with financial covenants of our credit facility and other debt agreements; and · weaker economic conditions could cause us to recognize impairment in value of our tangible or intangible assets. While COVID-19 has not had a material effect on our condensed consolidated financial statements as of the date of this report, the extent to which the COVID-19 pandemic impacts our operations and those of our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of June 30, 2020.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	13. 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 June 30, 2020 and December 31, 2019: As of (in thousands) June 30, 2020 December 31, 2019 Assets: Office properties $ 459,668 $ 458,583 Retail properties 692,017 652,707 Multi-family properties 289,266 293,498 Industrial properties 289,850 207,844 Corporate 188,687 165,633 Total assets $ 1,919,488 $ 1,778,265 The following table sets forth the financial results by segment for the three and six months ended June 30, 2020 and 2019: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended June 30, 2020 Rental revenues $ 16,238 $ 18,100 $ 4,992 $ 5,268 $ 44,598 Rental expenses (7,189) (3,763) (2,218) (1,238) (14,408) Net operating income $ 9,049 $ 14,337 $ 2,774 $ 4,030 $ 30,190 Real estate-related depreciation and amortization $ 4,957 $ 4,709 $ 2,163 $ 2,630 $ 14,459 For the Three Months Ended June 30, 2019 Rental revenues $ 24,190 $ 17,468 $ — $ 3,227 $ 44,885 Rental expenses (9,398) (4,105) — (713) (14,216) Net operating income $ 14,792 $ 13,363 $ — $ 2,514 $ 30,669 Real estate-related depreciation and amortization $ 6,813 $ 6,336 $ — $ 1,596 $ 14,745 For the Six Months Ended June 30, 2020 Rental revenues $ 32,751 $ 35,743 $ 10,240 $ 10,132 $ 88,866 Rental expenses (15,313) (8,026) (4,356) (2,216) (29,911) Net operating income $ 17,438 $ 27,717 $ 5,884 $ 7,916 $ 58,955 Real estate-related depreciation and amortization $ 9,825 $ 9,558 $ 4,326 $ 5,200 $ 28,909 For the Six Months Ended June 30, 2019 Rental revenues $ 53,914 $ 35,515 $ — $ 6,027 $ 95,456 Rental expenses (20,258) (8,663) — (1,364) (30,285) Net operating income $ 33,656 $ 26,852 $ — $ 4,663 $ 65,171 Real estate-related depreciation and amortization $ 14,988 $ 11,059 $ — $ 2,941 $ 28,988 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (4,863) $ 77,399 $ (8,997) $ 81,001 Debt-related income (166) (35) (200) (158) Real estate-related depreciation and amortization 14,459 14,745 28,909 28,988 General and administrative expenses 2,212 2,100 4,441 4,144 Advisory fees, related party 4,965 3,236 10,466 6,364 Other income (312) (168) (404) (25) Interest expense 14,289 11,936 27,640 25,310 Gain on sale of real estate property — (84,449) (2,192) (85,640) Gain on extinguishment of debt and financing commitments, net — — — (1,002) Net (loss) income attributable to redeemable noncontrolling interests (17) — (32) — Net (loss) income attributable to noncontrolling interests (377) 5,905 (676) 6,189 Net operating income $ 30,190 $ 30,669 $ 58,955 $ 65,171

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. 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 COVID-19 did not have a material effect on our condensed consolidated financial statements, 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. We continued to receive certain rent relief requests in July and August 2020, most often in the form of rent deferral requests, as a result of COVID‑19. However, new rent relief requests have reduced considerably in July and August relative to requests in the second quarter. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition We must make estimates as to collectability of our accounts receivable related to rental income and straight-line rent. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of COVID-19 on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of June 30, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the condensed consolidated financial statements. The allowance for doubtful accounts as of June 30, 2020 and December 31, 2019 was approximately $0.6 million and $0.8 million, respectively.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2020 December 31, 2019 Land $ 439,677 $ 418,037 Buildings and improvements 1,487,091 1,375,192 Intangible lease assets 277,588 264,121 Investment in real estate properties 2,204,356 2,057,350 Accumulated depreciation and amortization (473,555) (444,718) Net investment in real estate properties $ 1,730,801 $ 1,612,632
Schedule of Asset Acquisitions	During the six months ended June 30, 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 Clayton Commerce Center Industrial 6/26/2020 59,289 Total acquisitions $ 128,251 (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 $9.2 million.
Allocation of Purchase Price Allocations	During the six months ended June 30, 2020, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Six Months Ended ($ in thousands) June 30, 2020 Land $ 22,411 Building 93,961 Intangible lease assets 13,041 Above-market lease assets 618 Below-market lease liabilities (1,780) Total purchase price (1) $ 128,251 (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 June 30, 2020 and December 31, 2019 include the following: As of June 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 255,552 $ (207,251) $ 48,301 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 22,036 (20,976) 1,060 21,417 (20,859) 558 Below-market lease liabilities (81,403) 38,049 (43,354) (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 June 30, For the Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 2,337 $ 2,726 $ 2,625 $ 6,908 Above-market lease amortization (47) (196) (118) (532) Below-market lease amortization 881 1,113 1,724 2,160 Real estate-related depreciation and amortization: Depreciation expense $ 11,291 $ 11,059 $ 22,254 $ 20,620 Intangible lease asset amortization 3,168 3,686 6,655 8,368

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of June 30, December 31, June 30, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.56 % 3.16 % January 2023 $ — $ — Term loan (2) 3.27 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 208,641 200,857 Floating-rate mortgage note (5) 2.41 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.21 % 3.36 % $ 860,641 $ 852,857 Less: unamortized debt issuance costs $ (5,530) $ (6,535) Add: mark-to-market adjustment on assumed debt 731 245 Total debt, net $ 855,842 $ 846,567 Gross book value of properties encumbered by debt $ 560,095 $ 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 June 30, 2020, the unused and available portions under the line of credit were approximately $450.0 million and $254.5 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of June 30, 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 June 30, 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 June 30, 2020 includes a $50.4 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 of 2.25%. As of June 30, 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 3.1 years as of June 30, 2020, excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of June 30, 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 $ — $ — $ 1,540 $ 1,540 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 $ 335,641 $ 860,641 (1) Includes a $127.0 million floating-rate mortgage note with a maturity date of January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one-year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions.
Summary of Location and Fair Value of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of June 30, 2020 Interest rate swaps 14 $ 550,431 $ — $ 32,199 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 677,431 $ — $ 32,199 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 For the Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (3,000) $ (8,316) $ (21,730) $ (13,023) Amount reclassified from AOCI into interest expense 2,070 (679) 2,578 (1,091) 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 14,289 11,936 27,640 25,310 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (1) $ (1) $ (12) $ (25)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of June 30, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 32,199 $ — $ 32,199 Total liabilities measured at fair value $ — $ 32,199 $ — $ 32,199 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	As of June 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 47,948 $ 47,610 $ 2,578 $ 2,604 DST Program Loans 41,194 41,194 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 517,640 525,000 525,000 Mortgage notes 335,641 333,645 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 21,765 $ 18,312 $ 2,650 $ 22,999 $ — $ 65,726 DRIP 610 1,756 342 4,060 3,913 10,681 Total offering $ 22,375 $ 20,068 $ 2,992 $ 27,059 $ 3,913 $ 76,407 Number of shares sold: Primary offering 2,720 2,415 357 3,160 — 8,652 DRIP 81 234 46 542 526 1,429 Total offering 2,801 2,649 403 3,702 526 10,081
Information of Share Transactions	The following table describes the changes in each class of common shares during the periods presented below: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 3,261 13,815 2,986 38,501 75,191 133,754 Issuance of common stock: Primary shares 890 3,699 270 2,266 — 7,125 Distribution reinvestment plan 22 87 20 263 308 700 Share-based compensation — — — 56 — 56 Redemptions of common stock (271) (11) (196) (588) (3,576) (4,642) Balance as June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE THREE MONTHS ENDED JUNE 30, 2020 Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355 Issuance of common stock: Primary shares 956 425 37 972 — 2,390 Distribution reinvestment plan 46 118 24 266 260 714 Share-based compensation — — — — — — Redemptions of common stock (35) (459) (93) (2,378) (1,719) (4,684) Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 1,364 6,938 514 3,474 — 12,290 Distribution reinvestment plan 40 151 39 512 620 1,362 Share-based compensation — — — 82 — 82 Redemptions of common stock (285) (15) (251) (955) (6,087) (7,593) Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 FOR THE SIX MONTHS ENDED JUNE 30, 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 2,720 2,415 357 3,160 — 8,652 Distribution reinvestment plan 81 234 46 542 526 1,429 Share-based compensation — — — 16 — 16 Redemptions of common stock (143) (1,372) (119) (3,139) (4,029) (8,802) Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775
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 Common Stock Declared per Distributions Other Cash Reinvested in Total (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) Shares Distributions 2020 March 31 $ 0.09375 $ 7,533 $ 1,721 $ 5,360 $ 14,614 June 30 0.09375 7,539 1,611 5,316 14,466 Total $ 0.18750 $ 15,072 $ 3,332 $ 10,676 $ 29,080 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 8” 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 Six Months Ended June 30, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 8,802 7,593 Number of shares redeemed or repurchased 8,802 7,593 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.37

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 in connection with offering and operation services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager, and any related amounts payable: For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2020 2019 2020 2019 June 30, 2020 December 31, 2019 Upfront selling commissions (1) $ 298 $ 622 $ 990 $ 1,107 $ — $ — Ongoing distribution fees (1) 497 329 967 585 165 147 Advisory fees - fixed component 3,195 2,895 6,416 5,800 1,057 998 Advisory fees—performance component 662 — 2,010 — 2,010 3,776 Other expense reimbursements—Advisor 2,363 2,418 4,580 4,763 1,113 2,240 Other expense reimbursements—Dealer Manager 51 114 210 361 — — DST Program advisory fees 1,108 341 2,040 564 389 247 DST Program selling commissions (1) 814 887 1,875 1,381 — — DST Program dealer manager fees (1) 284 118 622 233 — — DST Program other reimbursements—Dealer Manager — 171 176 372 — — DST Program facilitation and loan origination fees 1,138 886 2,569 1,307 — — Total $ 10,410 $ 8,781 $ 22,455 $ 16,473 $ 4,734 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders—basic $ (4,863) $ 77,399 $ (8,997) $ 81,001 Net (loss) income attributable to redeemable OP Units (17) — (32) — Net (loss) income attributable to OP Units (377) 5,905 (676) 6,189 Net (loss) income attributable to common stockholders—diluted $ (5,257) $ 83,304 $ (9,705) $ 87,190 Weighted-average shares outstanding—basic 142,429 136,661 142,486 134,765 Incremental weighted-average shares effect of conversion of OP Units 11,544 10,426 11,431 10,454 Weighted-average shares outstanding—diluted 153,973 147,087 153,917 145,219 Net (loss) income per share attributable to common stockholders: Basic $ (0.03) $ 0.57 $ (0.06) $ 0.60 Diluted $ (0.03) $ 0.57 $ (0.06) $ 0.60

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, (in thousands) 2020 2019 Distributions reinvested in common stock $ 10,681 $ 10,054 Change in accrued future ongoing distribution fees 361 3,997 Repayment of property-level loans upon disposition of real estate property — 98,600 Increase in DST Program Loans receivable through DST Program capital raising 21,790 8,674 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 193 — Mortgage notes assumed on real estate acquisitions at fair value 9,580 — Issuances of OP Units for DST Interests 11,240 —
Schedule of Restricted Cash and Cash Equivalents	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Six Months Ended June 30, (in thousands) 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 $ 51,487 $ 117,976 Restricted cash 10,112 7,755 Cash, cash equivalents and restricted cash $ 61,599 $ 125,731

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of June 30, 2020 and December 31, 2019: As of (in thousands) June 30, 2020 December 31, 2019 Assets: Office properties $ 459,668 $ 458,583 Retail properties 692,017 652,707 Multi-family properties 289,266 293,498 Industrial properties 289,850 207,844 Corporate 188,687 165,633 Total assets $ 1,919,488 $ 1,778,265
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three and six months ended June 30, 2020 and 2019: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended June 30, 2020 Rental revenues $ 16,238 $ 18,100 $ 4,992 $ 5,268 $ 44,598 Rental expenses (7,189) (3,763) (2,218) (1,238) (14,408) Net operating income $ 9,049 $ 14,337 $ 2,774 $ 4,030 $ 30,190 Real estate-related depreciation and amortization $ 4,957 $ 4,709 $ 2,163 $ 2,630 $ 14,459 For the Three Months Ended June 30, 2019 Rental revenues $ 24,190 $ 17,468 $ — $ 3,227 $ 44,885 Rental expenses (9,398) (4,105) — (713) (14,216) Net operating income $ 14,792 $ 13,363 $ — $ 2,514 $ 30,669 Real estate-related depreciation and amortization $ 6,813 $ 6,336 $ — $ 1,596 $ 14,745 For the Six Months Ended June 30, 2020 Rental revenues $ 32,751 $ 35,743 $ 10,240 $ 10,132 $ 88,866 Rental expenses (15,313) (8,026) (4,356) (2,216) (29,911) Net operating income $ 17,438 $ 27,717 $ 5,884 $ 7,916 $ 58,955 Real estate-related depreciation and amortization $ 9,825 $ 9,558 $ 4,326 $ 5,200 $ 28,909 For the Six Months Ended June 30, 2019 Rental revenues $ 53,914 $ 35,515 $ — $ 6,027 $ 95,456 Rental expenses (20,258) (8,663) — (1,364) (30,285) Net operating income $ 33,656 $ 26,852 $ — $ 4,663 $ 65,171 Real estate-related depreciation and amortization $ 14,988 $ 11,059 $ — $ 2,941 $ 28,988
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (4,863) $ 77,399 $ (8,997) $ 81,001 Debt-related income (166) (35) (200) (158) Real estate-related depreciation and amortization 14,459 14,745 28,909 28,988 General and administrative expenses 2,212 2,100 4,441 4,144 Advisory fees, related party 4,965 3,236 10,466 6,364 Other income (312) (168) (404) (25) Interest expense 14,289 11,936 27,640 25,310 Gain on sale of real estate property — (84,449) (2,192) (85,640) Gain on extinguishment of debt and financing commitments, net — — — (1,002) Net (loss) income attributable to redeemable noncontrolling interests (17) — (32) — Net (loss) income attributable to noncontrolling interests (377) 5,905 (676) 6,189 Net operating income $ 30,190 $ 30,669 $ 58,955 $ 65,171

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Allowances for doubtful accounts	$ 0.6	$ 0.8

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired			10 years 7 months 6 days
Proceeds from disposition of real estate property | $			$ 2,752	$ 129,011
Gain on sale of real estate property | $	$ 0	$ 84,449	$ 2,192	$ 85,640
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties | property	1	2	1	2
Disposed of by Sale | Office
Real Estate Properties [Line Items]
Number of real estate properties | property		2		2

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	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 439,677	$ 418,037
Buildings and improvements	1,487,091	1,375,192
Intangible lease assets	277,588	264,121
Investment in real estate properties	2,204,356	2,057,350
Accumulated depreciation and amortization	473,555	444,718
Net investment in real estate properties	$ 1,730,801	$ 1,612,632

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Total acquisitions	$ 128,251
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
Clayton Commerce Center
Business Acquisition [Line Items]
Total acquisitions	$ 59,289

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Real Estate [Abstract]
Land	$ 22,411
Building	93,961
Intangible lease assets	13,041
Above-market lease assets	618
Below-market lease liabilities	(1,780)
Total purchase price (1)	$ 128,251

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	Jun. 30, 2020	Dec. 31, 2019
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 255,552	$ 242,704
Accumulated Amortization, Assets	(207,251)	(200,623)
Net, Assets	48,301	42,081
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,036	21,417
Accumulated Amortization, Assets	(20,976)	(20,859)
Net, Assets	1,060	558
Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Gross, Liabilities	(81,403)	(80,002)
Accumulated Amortization, Liabilities	38,049	36,499
Net, Liabilities	$ (43,354)	$ (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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 2,337	$ 2,726	$ 2,625	$ 6,908
Depreciation expense	11,291	11,059	22,254	20,620
Intangible lease asset amortization	3,168	3,686	6,655	8,368
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(47)	(196)	(118)	(532)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 881	$ 1,113	$ 1,724	$ 2,160

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.21%	3.36%
Total borrowings	$ 860,641,000	$ 852,857,000
Less: unamortized debt issuance costs	(5,530,000)	(6,535,000)
Add: mark-to-market adjustment on assumed debt	731,000	245,000
Total debt, net	855,842,000	846,567,000
Gross book value of properties encumbered by debt	$ 560,095,000	$ 535,196,000
Assets Held for Sale
Debt Instrument [Line Items]
Weighted average maturity of debt investments	3 years 1 month 6 days
LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.25%
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	1.56%	3.16%
Total borrowings	$ 0	$ 0
Current borrowing capacity	450,000,000
Available portions under the line of credit	$ 254,500,000
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	3.27%	3.04%
Total borrowings	$ 325,000,000	$ 325,000,000
Current borrowing capacity	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
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	$ 208,641,000	$ 200,857,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings	$ 50,400,000
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	2.41%	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	$ 335,641,000
Term of extension	1 year

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Remainder of 2020	$ 1,540
2021	138,917
2022	202,780
2023	48,799
2024	327,172
Thereafter	141,433
Total principal payments	860,641	$ 852,857
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 | item	2
Term Loan
Debt Instrument [Line Items]
Remainder of 2020	$ 0
2021	0
2022	200,000
2023	0
2024	325,000
Thereafter	0
Total principal payments	$ 525,000
Term Loan | Floating-Rate Mortgage Note Expiring in January 2021
Debt Instrument [Line Items]
Term of extension	6 months
Number of line of credit extensions | item	2
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2020	$ 1,540
2021	138,917
2022	2,780
2023	48,799
2024	2,172
Thereafter	141,433
Total principal payments	$ 335,641
Term of extension	1 year
Mortgage Notes | Floating-Rate Mortgage Note Expiring in January 2021
Debt Instrument [Line Items]
Amount of debt instrument	$ 127,000

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Millions	Jun. 30, 2020USD ($)
Derivative [Line Items]
Estimated increase to interest expense related to active effective hedges of floating rate debt	$ 10.1
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	Jun. 30, 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	$ 677,431		$ 747,605
Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets	0		288
Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 32,199		$ 13,308
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	4	14
Total notional amount	$ 550,431	$ 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	$ 32,199		$ 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	0		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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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	$ 14,289	$ 11,936	$ 27,640	$ 25,310
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	(1)	(1)	(12)	(25)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI	(3,000)	(8,316)	(21,730)	(13,023)
Amount reclassified from AOCI into interest expense	2,070	(679)	2,578	(1,091)
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring	$ 0	$ 0	$ 0	$ (1,374)

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Rent obligations	$ 14,289	$ 11,936	$ 27,640	$ 25,310
DST Program Loans	41,194		41,194		$ 19,404
DST Program
Variable Interest Entity [Line Items]
Proceeds from private placement			168,400
Rent obligations			8,400
Issuances of OP Units for DST Interests			11,300
DST Program Loans	$ 41,200		41,200
DST interests sold during period			$ 21,800
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	Jun. 30, 2020	Dec. 31, 2019
Assets:
Derivative instruments		$ 288
Total assets measured at fair value		288
Liabilities:
Derivative instruments	$ 32,199	13,308
Total liabilities measured at fair value	32,199	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		288
Total assets measured at fair value		288
Liabilities:
Derivative instruments	32,199	13,308
Total liabilities measured at fair value	32,199	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	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 47,948	$ 2,578
DST Program Loans	41,194	19,404
Line of credit	0	0
Term loans	525,000	525,000
Mortgage notes	335,641	327,857
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	47,610	2,604
DST Program Loans	41,194	19,404
Line of credit	0	0
Term loans	517,640	525,000
Mortgage notes	$ 333,645	$ 326,447

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 76,407
Number of shares sold | shares	10,081
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 22,375
Number of shares sold | shares	2,801
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 20,068
Number of shares sold | shares	2,649
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,992
Number of shares sold | shares	403
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 27,059
Number of shares sold | shares	3,702
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,913
Number of shares sold | shares	526
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 65,726
Number of shares sold | shares	8,652
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 21,765
Number of shares sold | shares	2,720
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 18,312
Number of shares sold | shares	2,415
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,650
Number of shares sold | shares	357
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 22,999
Number of shares sold | shares	3,160
Primary offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,681
Number of shares sold | shares	1,429
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 610
Number of shares sold | shares	81
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,756
Number of shares sold | shares	234
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 342
Number of shares sold | shares	46
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,060
Number of shares sold | shares	542
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,913
Number of shares sold | shares	526

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(8,802)	(7,593)
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,543	3,261	5,852	2,783
Primary shares (in shares)	956	890	2,720	1,364
Distribution reinvestment plan (in shares)	46	22	81	40
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(35)	(271)	(143)	(285)
Ending balance (in shares)	8,510	3,902	8,510	3,902
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	21,786	13,815	20,593	10,516
Primary shares (in shares)	425	3,699	2,415	6,938
Distribution reinvestment plan (in shares)	118	87	234	151
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(459)	(11)	(1,372)	(15)
Ending balance (in shares)	21,870	17,590	21,870	17,590
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,815	2,986	3,499	2,778
Primary shares (in shares)	37	270	357	514
Distribution reinvestment plan (in shares)	24	20	46	39
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(93)	(196)	(119)	(251)
Ending balance (in shares)	3,783	3,080	3,783	3,080
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	45,451	38,501	43,732	37,385
Primary shares (in shares)	972	2,266	3,160	3,474
Distribution reinvestment plan (in shares)	266	263	542	512
Stock-based compensation (in shares)	0	56	16	82
Redemptions of common stock (in shares)	(2,378)	(588)	(3,139)	(955)
Ending balance (in shares)	44,311	40,498	44,311	40,498
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	64,760	75,191	66,804	77,390
Primary shares (in shares)	0	0
Distribution reinvestment plan (in shares)	260	308	526	620
Stock-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(1,719)	(3,576)	(4,029)	(6,087)
Ending balance (in shares)	63,301	71,923	63,301	71,923
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	143,355	133,754	140,480	130,852
Primary shares (in shares)	2,390	7,125	8,652	12,290
Distribution reinvestment plan (in shares)	714	700	1,429	1,362
Stock-based compensation (in shares)	0	56	16	82
Redemptions of common stock (in shares)	(4,684)	(4,642)	(8,802)	(7,593)
Ending balance (in shares)	141,775	136,993	141,775	136,993

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.18750	$ 0.37500
Common Stock Distributions Paid in Cash	$ 7,539	$ 7,533	$ 7,412	$ 7,302	$ 7,303	$ 7,198	$ 15,072	$ 29,215
Other Cash Distributions	1,611	1,721	1,396	1,351	1,312	1,244	3,332	5,303
Reinvested in Shares	5,316	5,360	5,294	5,270	5,180	4,997	10,676	20,741
Total Distributions	$ 14,466	$ 14,614	$ 14,102	$ 13,923	$ 13,795	$ 13,439	$ 29,080	$ 55,259

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	8,802	7,593
Number of shares redeemed or repurchased (in shares)	8,802	7,593
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.50	$ 7.37

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expense	$ 10,410	$ 8,781	$ 22,455	$ 16,473
Payable as of	4,734		4,734		$ 7,408
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	298	622	990	1,107
Payable as of	0		0		0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	497	329	967	585
Payable as of	165		165		147
Advisory fees - fixed component
Related Party Transaction [Line Items]
Related party transaction expense	3,195	2,895	6,416	5,800
Payable as of	1,057		1,057		998
Advisory fees - performance component
Related Party Transaction [Line Items]
Related party transaction expense	662	0	2,010	0
Payable as of	2,010		2,010		3,776
Other expense reimbursements - Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,363	2,418	4,580	4,763
Payable as of	1,113		1,113		2,240
Other expense reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	51	114	210	361
Payable as of	0		0		0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	1,108	341	2,040	564
Payable as of	389		389		247
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	814	887	1,875	1,381
Payable as of	0		0		0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	284	118	622	233
Payable as of	0		0		0
DST Program other reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		171	176	372
Payable as of	0		0		0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	1,138	$ 886	2,569	$ 1,307
Payable as of	$ 0		$ 0		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (4,863)	$ 77,399	$ (8,997)	$ 81,001
Net (loss) income attributable to redeemable OP Units	(17)	0	(32)	0
Net (loss) income attributable to OP Units	(377)	5,905	(676)	6,189
Net (loss) income attributable to common stockholders-diluted	$ (5,257)	$ 83,304	$ (9,705)	$ 87,190
Weighted-average shares outstanding-basic (in shares)	142,429	136,661	142,486	134,765
Incremental weighted-average shares effect of conversion of OP Units (in shares)	11,544	10,426	11,431	10,454
Weighted-average shares outstanding-diluted (in shares)	153,973	147,087	153,917	145,219
Basic (usd per share)	$ (0.03)	$ 0.57	$ (0.06)	$ 0.60
Diluted (usd per share)	$ (0.03)	$ 0.57	$ (0.06)	$ 0.60

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 10,681	$ 10,054
Change in accrued future ongoing distribution fees	361	3,997
Repayment of property-level loans upon disposition of real estate property	0	98,600
Increase in DST Program Loans receivable through DST Program capital raising	21,790	8,674
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	3,776	0
Redemption value allocation adjustment to redeemable noncontrolling interest	193	0
Mortgage notes assumed on real estate acquisitions at fair value	9,580	0
Issuances of OP Units for DST Interests	11,240	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	51,487	117,976	$ 97,772	$ 10,008
Restricted cash	10,112	7,755	10,010	7,030
Cash, cash equivalents and restricted cash	$ 61,599	$ 125,731	$ 107,782	$ 17,038

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of operating segments | segment	4
Total assets	$ 1,919,488	$ 1,778,265
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	459,668	458,583
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	692,017	652,707
Operating Segments | Multi-family properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	289,266	293,498
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	289,850	207,844
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 188,687	$ 165,633

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Rental revenues	$ 44,598	$ 44,885	$ 88,866	$ 95,456
Rental expenses	(14,408)	(14,216)	(29,911)	(30,285)
Net operating income	30,190	30,669	58,955	65,171
Real estate-related depreciation and amortization	14,459	14,745	28,909	28,988
Office
Segment Reporting Information [Line Items]
Rental revenues	16,238	24,190	32,751	53,914
Rental expenses	(7,189)	(9,398)	(15,313)	(20,258)
Net operating income	9,049	14,792	17,438	33,656
Real estate-related depreciation and amortization	4,957	6,813	9,825	14,988
Retail properties
Segment Reporting Information [Line Items]
Rental revenues	18,100	17,468	35,743	35,515
Rental expenses	(3,763)	(4,105)	(8,026)	(8,663)
Net operating income	14,337	13,363	27,717	26,852
Real estate-related depreciation and amortization	4,709	6,336	9,558	11,059
Multi-family properties
Segment Reporting Information [Line Items]
Rental revenues	4,992	0	10,240	0
Rental expenses	(2,218)	0	(4,356)	0
Net operating income	2,774	0	5,884	0
Real estate-related depreciation and amortization	2,163	0	4,326	0
Industrial properties
Segment Reporting Information [Line Items]
Rental revenues	5,268	3,227	10,132	6,027
Rental expenses	(1,238)	(713)	(2,216)	(1,364)
Net operating income	4,030	2,514	7,916	4,663
Real estate-related depreciation and amortization	$ 2,630	$ 1,596	$ 5,200	$ 2,941

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (4,863)	$ 77,399	$ (8,997)	$ 81,001
Debt-related income	(166)	(35)	(200)	(158)
Real estate-related depreciation and amortization	14,459	14,745	28,909	28,988
General and administrative expenses	2,212	2,100	4,441	4,144
Advisory fees, related party	4,965	3,236	10,466	6,364
Other income	(312)	(168)	(404)	(25)
Interest expense	14,289	11,936	27,640	25,310
Gain on sale of real estate property	0	(84,449)	(2,192)	(85,640)
Gain on extinguishment of debt and financing commitments, net	0	0	0	(1,002)
Net (loss) income attributable to redeemable noncontrolling interests	(17)	0	(32)	0
Net (loss) income attributable to redeemable noncontrolling interests	(377)	5,905	(676)	6,189
Net operating income	$ 30,190	$ 30,669	$ 58,955	$ 65,171