Black Creek Diversified Property Fund 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity 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		9,493,373
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,874,214
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,019,769
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,622,052
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,235,175

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 1,777,347	$ 1,612,632
Debt-related investments, net	49,007	2,575
Cash and cash equivalents	16,124	97,772
Restricted cash	10,316	10,010
DST Program Loans	42,104	19,404
Other assets	41,848	35,872
Total assets	1,936,746	1,778,265
Liabilities
Accounts payable and accrued expenses	46,341	35,226
Debt, net	855,784	846,567
Intangible lease liabilities, net	42,573	43,503
Financing obligations, net	446,048	258,814
Other liabilities	61,287	43,867
Total liabilities	1,452,033	1,227,977
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	3,791
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,261,886	1,257,147
Distributions in excess of earnings	(833,598)	(775,259)
Accumulated other comprehensive loss	(30,227)	(14,662)
Total stockholders' equity	399,478	468,631
Noncontrolling interests	81,444	81,657
Total equity	480,922	550,288
Total liabilities and equity	1,936,746	1,778,265
Class E
Stockholders' equity:
Common stock	621	668
Class T
Stockholders' equity:
Common stock	91	59
Class S
Stockholders' equity:
Common stock	222	206
Class D
Stockholders' equity:
Common stock	39	35
Class I
Stockholders' equity:
Common stock	$ 444	$ 437

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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)	62,080	66,804
Common stock, shares outstanding (in shares)	62,080	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)	9,141	5,852
Common stock, shares outstanding (in shares)	9,141	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)	22,238	20,593
Common stock, shares outstanding (in shares)	22,238	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)	3,919	3,499
Common stock, shares outstanding (in shares)	3,919	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)	44,430	43,732
Common stock, shares outstanding (in shares)	44,430	43,732

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenues	$ 44,129	$ 44,195	$ 132,995	$ 139,651
Debt-related income	981	35	1,181	193
Total revenues	45,110	44,230	134,176	139,844
Operating expenses:
Rental expenses	15,881	15,360	45,792	45,645
Real estate-related depreciation and amortization	15,649	14,473	44,558	43,461
General and administrative expenses	2,217	2,181	6,611	6,325
Advisory fees, related party	5,543	3,523	16,009	9,887
Litigation expense	2,500	0	2,500	0
Impairment of real estate property		113		113
Total operating expenses	41,790	35,650	115,470	105,431
Other expenses (income):
Interest expense	15,290	11,764	42,930	37,074
Gain on sale of real estate property		(10,890)	(2,192)	(96,530)
Gain on extinguishment of debt and financing commitments, net		0		(1,002)
Other income	(262)	(131)	(619)	(156)
Total other expenses (income)	15,028	743	40,119	(60,614)
Net (loss) income	(11,708)	7,837	(21,413)	95,027
Net loss attributable to redeemable noncontrolling interests	39	0	71	0
Net loss (income) attributable to noncontrolling interests	839	(546)	1,515	(6,735)
Net (loss) income attributable to common stockholders	$ (10,830)	$ 7,291	$ (19,827)	$ 88,292
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	141,682	138,063	142,216	135,877
Weighted-average shares outstanding-diluted (in shares)	153,166	148,423	153,665	146,299
Net (loss) income attributable to common stockholders per common share-basic and diluted (usd per share)	$ (0.08)	$ 0.05	$ (0.14)	$ 0.65

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,708)	$ 7,837	$ (21,413)	$ 95,027
Net unrealized loss from available-for-sale securities		(100)		(100)
Change from cash flow hedging derivatives	2,278	(3,900)	(16,874)	(19,388)
Comprehensive (loss) income	(9,430)	3,837	(38,287)	75,539
Comprehensive loss attributable to redeemable noncontrolling interests	31	0	126	0
Comprehensive loss (income) attributable to noncontrolling interests	678	(222)	2,769	(5,294)
Comprehensive (loss) income attributable to common stockholders	$ (8,721)	$ 3,615	$ (35,392)	$ 70,245

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)			88,292		6,735	95,027
Net unrealized loss from available-for-sale securities				(100)		(100)
Unrealized loss from derivative instruments				(17,947)	(1,441)	(19,388)
Issuance of common stock, net of offering costs (in shares)	18,920
Issuance of common stock, net of offering costs	$ 189	128,810				128,999
Share-based compensation, net of forfeitures	$ 1	636				$ 637
Share-based compensation, net of forfeitures (in shares)	86
Redemptions of common stock (in shares)	(11,263)					(11,263)
Redemptions of common stock	$ (113)	(82,653)				$ (82,766)
Amortization of share-based compensation		(248)				(248)
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(37,254)		(2,938)	(40,192)
Redemptions of noncontrolling interests		(218)			(1,026)	(1,244)
Ending Balances (in shares) at Sep. 30, 2019	138,595
Ending Balances at Sep. 30, 2019	$ 1,386	1,246,063	(816,811)	(17,525)	78,625	491,738
Beginning Balances (in shares) at Jun. 30, 2019	136,993
Beginning Balances at Jun. 30, 2019	$ 1,370	1,237,758	(811,530)	(13,849)	79,582	493,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			7,291		546	7,837
Net unrealized loss from available-for-sale securities				(100)		(100)
Unrealized loss from derivative instruments				(3,576)	(324)	(3,900)
Issuance of common stock, net of offering costs (in shares)	5,268
Issuance of common stock, net of offering costs	$ 53	35,306				35,359
Share-based compensation, net of forfeitures		32				32
Share-based compensation, net of forfeitures (in shares)	4
Redemptions of common stock (in shares)	(3,670)
Redemptions of common stock	$ (37)	(26,779)				(26,816)
Amortization of share-based compensation		116				116
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,572)		(971)	(13,543)
Redemptions of noncontrolling interests		(370)			(208)	(578)
Ending Balances (in shares) at Sep. 30, 2019	138,595
Ending Balances at Sep. 30, 2019	$ 1,386	1,246,063	(816,811)	(17,525)	78,625	491,738
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)			(19,827)		(1,515)	(21,342)
Unrealized loss from derivative instruments						(16,874)
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(15,565)	(1,254)	(16,819)
Issuance of common stock, net of offering costs (in shares)	12,916
Issuance of common stock, net of offering costs	$ 128	92,222				92,350
Share-based compensation, net of forfeitures		150				$ 150
Share-based compensation, net of forfeitures (in shares)	20
Redemptions of common stock (in shares)	(11,608)					(11,608)
Redemptions of common stock	$ (116)	(86,949)				$ (87,065)
Amortization of share-based compensation		58				58
Issuances of OP Units for DST Interests					11,233	11,233
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(38,512)		(3,079)	(41,591)
Redemption value allocation adjustment to redeemable noncontrolling interest		(281)				(281)
Redemptions of noncontrolling interests		(461)			(5,598)	(6,059)
Ending Balances (in shares) at Sep. 30, 2020	141,808
Ending Balances at Sep. 30, 2020	$ 1,417	1,261,886	(833,598)	(30,227)	81,444	480,922
Beginning Balances (in shares) at Jun. 30, 2020	141,775
Beginning Balances at Jun. 30, 2020	$ 1,418	1,263,091	(809,999)	(32,336)	83,166	505,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)			(10,830)		(839)	(11,669)
Unrealized loss from derivative instruments						2,278
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				2,109	161	2,270
Issuance of common stock, net of offering costs (in shares)	2,835
Issuance of common stock, net of offering costs	$ 27	19,862				19,889
Share-based compensation, net of forfeitures		32				32
Share-based compensation, net of forfeitures (in shares)	4
Redemptions of common stock (in shares)	(2,806)
Redemptions of common stock	$ (28)	(21,025)				(21,053)
Amortization of share-based compensation		21				21
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,769)		(1,029)	(13,798)
Redemption value allocation adjustment to redeemable noncontrolling interest		(88)			0	(88)
Redemptions of noncontrolling interests		(7)			(15)	(22)
Ending Balances (in shares) at Sep. 30, 2020	141,808
Ending Balances at Sep. 30, 2020	$ 1,417	$ 1,261,886	$ (833,598)	$ (30,227)	$ 81,444	$ 480,922

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interests	$ (39)	$ (71)
Unrealized (loss) gain from derivative instruments allocated to redeemable noncontrolling interest	$ (8)	$ (55)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net (loss) income	$ (21,413)	$ 95,027
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	44,558	43,461
Straight-line rent and amortization of above- and below-market leases	(6,177)	(10,252)
Gain on sale of real estate property	(2,192)	(96,530)
Impairment of real estate property		113
Gain on extinguishment of debt and financing commitments, net		(1,002)
Other	9,220	6,321
Changes in operating assets and liabilities	4,851	(1,485)
Net cash provided by operating activities	28,847	35,653
Investing activities:
Real estate acquisitions	(162,114)	(257,506)
Capital expenditures	(28,659)	(34,963)
Proceeds from disposition of real estate property	2,752	177,997
Principal collections on debt-related investments	129	8,062
Investment in debt related investments	(45,539)	0
Other	(3,355)	(4,624)
Net cash used in investing activities	(236,786)	(111,034)
Financing activities:
Repayments of mortgage notes	(2,223)	(34,401)
Net repayments of line of credit		(58,000)
Proceeds from term loan		50,000
Redemptions of common stock	(87,065)	(82,766)
Distributions on common stock	(22,527)	(21,737)
Proceeds from issuance of common stock	81,932	125,375
Proceeds from financing obligations	179,592	139,109
Offering costs for issuance of common stock and private placements	(7,331)	(8,524)
Distributions to noncontrolling interest holders	(3,189)	(2,938)
Redemption of OP Unit holder interests	(6,059)	(1,244)
Other	(6,533)	(9,434)
Net cash provided by financing activities	126,597	95,440
Net (decrease) increase in cash, cash equivalents and restricted cash	(81,342)	20,059
Cash, cash equivalents and restricted cash, at beginning of period	107,782	17,038
Cash, cash equivalents and restricted cash, at end of period	$ 26,440	$ 37,097

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. We plan to adopt ASU 2020-06 when it becomes effective for the Company, as of the reporting period beginning January 1, 2021. Our initial analysis indicates that the adoption of this standard will not have a material effect on our condensed consolidated financial statements. 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. However, its future impact to the Company is dependent upon the extent of lease concessions granted to customers as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. It is not possible at this time to accurately project the nature or extent of any such possible future concessions. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements” (“ASU 2020-10”), which updates various codification topics by clarifying or improving 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 .

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 September 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 September 30, 2020 and December 31, 2019 was approximately $1.0 million and $0.8 million, respectively.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Land $ 449,812 $ 418,037 Buildings and improvements 1,535,621 1,375,192 Intangible lease assets 281,275 264,121 Investment in real estate properties 2,266,708 2,057,350 Accumulated depreciation and amortization (489,361) (444,718) Net investment in real estate properties $ 1,777,347 $ 1,612,632 Acquisitions During the nine months ended September 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 Bay Area Commerce Center Industrial 8/27/2020 48,807 Total acquisitions $ 177,058 (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 $9.2 million. During the nine months ended September 30, 2020, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Nine Months Ended ($ in thousands) September 30, 2020 Land $ 32,547 Building 128,946 Intangible lease assets 15,510 Above-market lease assets 1,835 Below-market lease liabilities (1,780) Total purchase price (1) $ 177,058 (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 nine months ended September 30, 2020, as of the respective date of each acquisition, was 10.2 years. Dispositions During the nine months ended September 30, 2020, we sold one retail outparcel for net proceeds of approximately $2.8 million. We recorded a net gain on sale of approximately $2.2 million. During the nine months ended September 30, 2019, we sold three office properties, one retail property and two retail outparcels for net proceeds of approximately $178.0 million, which is net of the property-related debt repayment described in Note 4. We recorded a net gain on sale of approximately $96.5 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2020 and December 31, 2019 include the following: As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 258,021 $ (210,595) $ 47,426 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 23,254 (21,134) 2,120 21,417 (20,859) 558 Below-market lease liabilities (81,403) 38,830 (42,573) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,322 $ 855 $ 3,947 $ 7,763 Above-market lease amortization (157) (125) (275) (657) Below-market lease amortization 781 986 2,505 3,146 Real estate-related depreciation and amortization: Depreciation expense $ 12,406 $ 10,416 $ 34,660 $ 31,036 Intangible lease asset amortization 3,243 4,057 9,898 12,425

DEBT

DEBT	9 Months Ended
	Sep. 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 September 30, December 31, September 30, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.55 % 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) 3.53 3.52 September 2021 - December 2029 207,877 200,857 Floating-rate mortgage note (5) 2.40 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.21 % 3.36 % $ 859,877 $ 852,857 Less: unamortized debt issuance costs $ (4,768) $ (6,535) Add: mark-to-market adjustment on assumed debt 675 245 Total debt, net $ 855,784 $ 846,567 Gross book value of properties encumbered by debt $ 563,755 $ 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 September 30, 2020, the unused and available portions under the line of credit were approximately $450.0 million and $219.5 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 September 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 September 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 September 30, 2020 includes a $50.1 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 September 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 2.8 years as of September 30, 2020, excluding the impact of certain extension options. As of September 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 $ — $ — $ 776 $ 776 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 $ 334,877 $ 859,877 (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 September 30 2020, our line of credit, term loans and a $50.1 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 September 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. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. 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 September 30, 2020 Interest rate swaps 14 $ 550,143 $ — $ 29,934 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 677,143 $ — $ 29,934 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 Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (292) $ (3,438) $ (22,022) $ (16,461) Amount reclassified from AOCI into interest expense 2,570 (462) 5,148 (1,553) 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 15,290 11,764 42,930 37,074 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (1) $ — $ (13) $ (25)

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 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 nine months ended September 30, 2020, we sold approximately $202.3 million in gross interests related to the DST Program and incurred rent obligations of approximately $13.7 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 September 30, 2020, we have made approximately $42.1 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. Of the $202.3 million of gross interests sold during the nine months ended September 30, 2020, $22.7 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	9 Months Ended
	Sep. 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 September 30, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 29,934 $ — $ 29,934 Total liabilities measured at fair value $ — $ 29,934 $ — $ 29,934 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 September 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 September 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 49,329 $ 48,969 $ 2,578 $ 2,604 DST Program Loans 42,104 42,104 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 518,942 525,000 525,000 Mortgage notes 334,877 333,124 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 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 nine months ended September 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 $ 25,769 $ 23,400 $ 3,800 $ 28,963 $ — $ 81,932 DRIP 991 2,650 512 6,030 5,789 15,972 Total offering $ 26,760 $ 26,050 $ 4,312 $ 34,993 $ 5,789 $ 97,904 Number of shares sold: Primary offering 3,322 3,083 508 3,869 — 10,782 DRIP 132 353 69 804 776 2,134 Total offering 3,454 3,436 577 4,673 776 12,916 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 SEPTEMBER 30, 2019 Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 Issuance of common stock: Primary shares 668 1,932 292 1,658 — 4,550 Distribution reinvestment plan 19 104 20 280 295 718 Share-based compensation — — - 4 — 4 Redemptions of common stock (25) (108) (62) (351) (3,124) (3,670) Balance as September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 Issuance of common stock: Primary shares 602 668 151 709 — 2,130 Distribution reinvestment plan 51 119 23 262 250 705 Share-based compensation — — — 4 — 4 Redemptions of common stock (22) (419) (38) (856) (1,471) (2,806) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 2,032 8,870 806 5,132 — 16,840 Distribution reinvestment plan 59 255 59 792 915 2,080 Share-based compensation — — — 86 — 86 Redemptions of common stock (310) (123) (313) (1,306) (9,211) (11,263) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE NINE MONTHS ENDED SEPTEMBER 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 3,322 3,083 508 3,869 — 10,782 Distribution reinvestment plan 132 353 69 804 776 2,134 Share-based compensation — — — 20 — 20 Redemptions of common stock (165) (1,791) (157) (3,995) (5,500) (11,608) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 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 September 30 0.09375 7,482 1,592 5,282 14,356 Total $ 0.28125 $ 22,554 $ 4,924 $ 15,958 $ 43,436 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”); and (ii) 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 nine months ended September 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 Nine Months Ended September 30, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 11,608 11,263 Number of shares redeemed or repurchased 11,608 11,263 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.35

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2020 2019 2020 2019 September 30, 2020 December 31, 2019 Upfront selling commissions (1) $ 226 $ 449 $ 1,216 $ 1,556 $ — $ — Ongoing distribution fees (1) 515 379 1,482 964 171 147 Advisory fees - fixed component 3,181 3,008 9,597 8,808 891 998 Advisory fees—performance component 1,333 — 3,343 — 3,343 3,776 Other expense reimbursements—Advisor 2,691 2,636 7,271 7,399 1,590 2,240 Other expense reimbursements—Dealer Manager 3 135 213 496 — — DST Program advisory fees 1,029 515 3,069 1,079 407 247 DST Program selling commissions (1) 425 588 2,300 1,969 — — DST Program dealer manager fees (1) 122 78 744 311 — — DST Program other reimbursements—Dealer Manager 42 237 218 609 — — DST Program facilitation and loan origination fees 515 815 3,084 2,122 — — Total $ 10,082 $ 8,840 $ 32,537 $ 25,313 $ 6,402 $ 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	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders—basic $ (10,830) $ 7,291 $ (19,827) $ 88,292 Net loss attributable to redeemable OP Units (39) — (71) — Net (loss) income attributable to OP Units (839) 546 (1,515) 6,735 Net (loss) income attributable to common stockholders—diluted $ (11,708) $ 7,837 $ (21,413) $ 95,027 Weighted-average shares outstanding—basic 141,682 138,063 142,216 135,877 Incremental weighted-average shares effect of conversion of OP Units 11,484 10,360 11,449 10,422 Weighted-average shares outstanding—diluted 153,166 148,423 153,665 146,299 Net (loss) income per share attributable to common stockholders: Basic $ (0.08) $ 0.05 $ (0.14) $ 0.65 Diluted $ (0.08) $ 0.05 $ (0.14) $ 0.65

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) 2020 2019 Distributions reinvested in common stock $ 15,972 $ 15,310 Change in accrued future ongoing distribution fees 335 5,415 Repayment of property-level loans upon disposition of real estate property — 83,140 Increase in DST Program Loans receivable through DST Program capital raising 22,700 12,358 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 281 — Mortgage notes assumed on real estate acquisitions at fair value 9,834 — 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 Nine Months Ended September 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 $ 16,124 $ 26,372 Restricted cash 10,316 10,725 Cash, cash equivalents and restricted cash $ 26,440 $ 37,097

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 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 novel coronavirus (COVID-19) pandemic. 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. 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. 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	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES During the third quarter of 2020, we recorded an expense of $2.5 million associated with litigation on our condensed consolidated statements of operations and an accrued liability equal to the same amount within the other liabilities section of the condensed consolidated balance sheet as of September 30, 2020. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of September 30, 2020.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: As of (in thousands) September 30, 2020 December 31, 2019 Assets: Office properties $ 461,993 $ 458,583 Retail properties 689,395 652,707 Multi-family properties 287,035 293,498 Industrial properties 338,924 207,844 Corporate 159,399 165,633 Total assets $ 1,936,746 $ 1,778,265 The following table sets forth the financial results by segment for the three and nine months ended September 30, 2020 and 2019: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended September 30, 2020 Rental revenues $ 16,237 $ 17,310 $ 4,351 $ 6,231 $ 44,129 Rental expenses (7,748) (4,535) (2,282) (1,316) (15,881) Net operating income $ 8,489 $ 12,775 $ 2,069 $ 4,915 $ 28,248 Real estate-related depreciation and amortization $ 4,851 $ 5,309 $ 2,234 $ 3,255 $ 15,649 For the Three Months Ended September 30, 2019 Rental revenues $ 20,470 $ 17,422 $ 2,945 $ 3,358 $ 44,195 Rental expenses (8,916) (4,323) (1,441) (680) (15,360) Net operating income $ 11,554 $ 13,099 $ 1,504 $ 2,678 $ 28,835 Real estate-related depreciation and amortization $ 6,281 $ 4,547 $ 2,008 $ 1,637 $ 14,473 For the Nine Months Ended September 30, 2020 Rental revenues $ 48,988 $ 53,053 $ 14,591 $ 16,363 $ 132,995 Rental expenses (23,061) (12,561) (6,638) (3,532) (45,792) Net operating income $ 25,927 $ 40,492 $ 7,953 $ 12,831 $ 87,203 Real estate-related depreciation and amortization $ 14,676 $ 14,867 $ 6,560 $ 8,455 $ 44,558 For the Nine Months Ended September 30, 2019 Rental revenues $ 74,383 $ 52,938 $ 2,945 $ 9,385 $ 139,651 Rental expenses (29,174) (12,986) (1,441) (2,044) (45,645) Net operating income $ 45,209 $ 39,952 $ 1,504 $ 7,341 $ 94,006 Real estate-related depreciation and amortization $ 21,268 $ 15,606 $ 2,008 $ 4,579 $ 43,461 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (10,830) $ 7,291 $ (19,827) $ 88,292 Debt-related income (981) (35) (1,181) (193) Real estate-related depreciation and amortization 15,649 14,473 44,558 43,461 General and administrative expenses 2,217 2,181 6,611 6,325 Advisory fees, related party 5,543 3,523 16,009 9,887 Litigation expense 2,500 — 2,500 — Impairment of real estate property — 113 — 113 Other income (262) (131) (619) (156) Interest expense 15,290 11,764 42,930 37,074 Gain on sale of real estate property — (10,890) (2,192) (96,530) Gain on extinguishment of debt and financing commitments, net — — — (1,002) Net loss attributable to redeemable noncontrolling interests (39) — (71) — Net (loss) income attributable to noncontrolling interests (839) 546 (1,515) 6,735 Net operating income $ 28,248 $ 28,835 $ 87,203 $ 94,006

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Acquisitions of Real Property Subsequent to September 30, 2020 we acquired (excluding properties related to our DST Program) one industrial property located in Louisville, Kentucky, and one multi-family property located in Davie, Florida for a total aggregate purchase price of approximately $97.7 million. Disposition of Real Property On October 20, 2020, we s old to an unrelated third party a retail property located in Mansfield, Massachusetts (“Mansfield”) for a gross sale price of approximately $25.0 million. Our accounting basis (net of accumulated depreciation and amortization) for this real estate property as of the closing date was approximately $15.2 million .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 September 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 September 30, 2020 and December 31, 2019 was approximately $1.0 million and $0.8 million, respectively.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Land $ 449,812 $ 418,037 Buildings and improvements 1,535,621 1,375,192 Intangible lease assets 281,275 264,121 Investment in real estate properties 2,266,708 2,057,350 Accumulated depreciation and amortization (489,361) (444,718) Net investment in real estate properties $ 1,777,347 $ 1,612,632
Schedule of Asset Acquisitions	During the nine months ended September 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 Bay Area Commerce Center Industrial 8/27/2020 48,807 Total acquisitions $ 177,058 (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 $9.2 million.
Allocation of Purchase Price Allocations	During the nine months ended September 30, 2020, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Nine Months Ended ($ in thousands) September 30, 2020 Land $ 32,547 Building 128,946 Intangible lease assets 15,510 Above-market lease assets 1,835 Below-market lease liabilities (1,780) Total purchase price (1) $ 177,058 (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 September 30, 2020 and December 31, 2019 include the following: As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 258,021 $ (210,595) $ 47,426 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 23,254 (21,134) 2,120 21,417 (20,859) 558 Below-market lease liabilities (81,403) 38,830 (42,573) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,322 $ 855 $ 3,947 $ 7,763 Above-market lease amortization (157) (125) (275) (657) Below-market lease amortization 781 986 2,505 3,146 Real estate-related depreciation and amortization: Depreciation expense $ 12,406 $ 10,416 $ 34,660 $ 31,036 Intangible lease asset amortization 3,243 4,057 9,898 12,425

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, September 30, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.55 % 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) 3.53 3.52 September 2021 - December 2029 207,877 200,857 Floating-rate mortgage note (5) 2.40 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.21 % 3.36 % $ 859,877 $ 852,857 Less: unamortized debt issuance costs $ (4,768) $ (6,535) Add: mark-to-market adjustment on assumed debt 675 245 Total debt, net $ 855,784 $ 846,567 Gross book value of properties encumbered by debt $ 563,755 $ 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 September 30, 2020, the unused and available portions under the line of credit were approximately $450.0 million and $219.5 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 September 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 September 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 September 30, 2020 includes a $50.1 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 September 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 2.8 years as of September 30, 2020, excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of September 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 $ — $ — $ 776 $ 776 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 $ 334,877 $ 859,877 (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 September 30, 2020 Interest rate swaps 14 $ 550,143 $ — $ 29,934 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 677,143 $ — $ 29,934 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 Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Derivative instruments designated as cash flow hedges: Loss recognized in AOCI $ (292) $ (3,438) $ (22,022) $ (16,461) Amount reclassified from AOCI into interest expense 2,570 (462) 5,148 (1,553) 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 15,290 11,764 42,930 37,074 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (1) $ — $ (13) $ (25)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 29,934 $ — $ 29,934 Total liabilities measured at fair value $ — $ 29,934 $ — $ 29,934 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	Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 49,329 $ 48,969 $ 2,578 $ 2,604 DST Program Loans 42,104 42,104 19,404 19,404 Liabilities: Line of credit $ — $ — $ — $ — Term loans 525,000 518,942 525,000 525,000 Mortgage notes 334,877 333,124 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Public Offerings	A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the nine months ended September 30, 2020, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 25,769 $ 23,400 $ 3,800 $ 28,963 $ — $ 81,932 DRIP 991 2,650 512 6,030 5,789 15,972 Total offering $ 26,760 $ 26,050 $ 4,312 $ 34,993 $ 5,789 $ 97,904 Number of shares sold: Primary offering 3,322 3,083 508 3,869 — 10,782 DRIP 132 353 69 804 776 2,134 Total offering 3,454 3,436 577 4,673 776 12,916
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 SEPTEMBER 30, 2019 Balance as of June 30, 2019 3,902 17,590 3,080 40,498 71,923 136,993 Issuance of common stock: Primary shares 668 1,932 292 1,658 — 4,550 Distribution reinvestment plan 19 104 20 280 295 718 Share-based compensation — — - 4 — 4 Redemptions of common stock (25) (108) (62) (351) (3,124) (3,670) Balance as September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 Issuance of common stock: Primary shares 602 668 151 709 — 2,130 Distribution reinvestment plan 51 119 23 262 250 705 Share-based compensation — — — 4 — 4 Redemptions of common stock (22) (419) (38) (856) (1,471) (2,806) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 2,032 8,870 806 5,132 — 16,840 Distribution reinvestment plan 59 255 59 792 915 2,080 Share-based compensation — — — 86 — 86 Redemptions of common stock (310) (123) (313) (1,306) (9,211) (11,263) Balance as of September 30, 2019 4,564 19,518 3,330 42,089 69,094 138,595 FOR THE NINE MONTHS ENDED SEPTEMBER 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 3,322 3,083 508 3,869 — 10,782 Distribution reinvestment plan 132 353 69 804 776 2,134 Share-based compensation — — — 20 — 20 Redemptions of common stock (165) (1,791) (157) (3,995) (5,500) (11,608) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808
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 September 30 0.09375 7,482 1,592 5,282 14,356 Total $ 0.28125 $ 22,554 $ 4,924 $ 15,958 $ 43,436 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”); and (ii) 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 Nine Months Ended September 30, (in thousands, except for per share data) 2020 2019 Number of shares requested for redemption or repurchase 11,608 11,263 Number of shares redeemed or repurchased 11,608 11,263 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.35

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2020 2019 2020 2019 September 30, 2020 December 31, 2019 Upfront selling commissions (1) $ 226 $ 449 $ 1,216 $ 1,556 $ — $ — Ongoing distribution fees (1) 515 379 1,482 964 171 147 Advisory fees - fixed component 3,181 3,008 9,597 8,808 891 998 Advisory fees—performance component 1,333 — 3,343 — 3,343 3,776 Other expense reimbursements—Advisor 2,691 2,636 7,271 7,399 1,590 2,240 Other expense reimbursements—Dealer Manager 3 135 213 496 — — DST Program advisory fees 1,029 515 3,069 1,079 407 247 DST Program selling commissions (1) 425 588 2,300 1,969 — — DST Program dealer manager fees (1) 122 78 744 311 — — DST Program other reimbursements—Dealer Manager 42 237 218 609 — — DST Program facilitation and loan origination fees 515 815 3,084 2,122 — — Total $ 10,082 $ 8,840 $ 32,537 $ 25,313 $ 6,402 $ 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)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders—basic $ (10,830) $ 7,291 $ (19,827) $ 88,292 Net loss attributable to redeemable OP Units (39) — (71) — Net (loss) income attributable to OP Units (839) 546 (1,515) 6,735 Net (loss) income attributable to common stockholders—diluted $ (11,708) $ 7,837 $ (21,413) $ 95,027 Weighted-average shares outstanding—basic 141,682 138,063 142,216 135,877 Incremental weighted-average shares effect of conversion of OP Units 11,484 10,360 11,449 10,422 Weighted-average shares outstanding—diluted 153,166 148,423 153,665 146,299 Net (loss) income per share attributable to common stockholders: Basic $ (0.08) $ 0.05 $ (0.14) $ 0.65 Diluted $ (0.08) $ 0.05 $ (0.14) $ 0.65

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) 2020 2019 Distributions reinvested in common stock $ 15,972 $ 15,310 Change in accrued future ongoing distribution fees 335 5,415 Repayment of property-level loans upon disposition of real estate property — 83,140 Increase in DST Program Loans receivable through DST Program capital raising 22,700 12,358 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — Redemption value allocation adjustment to redeemable noncontrolling interest 281 — Mortgage notes assumed on real estate acquisitions at fair value 9,834 — 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 Nine Months Ended September 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 $ 16,124 $ 26,372 Restricted cash 10,316 10,725 Cash, cash equivalents and restricted cash $ 26,440 $ 37,097

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of September 30, 2020 and December 31, 2019: As of (in thousands) September 30, 2020 December 31, 2019 Assets: Office properties $ 461,993 $ 458,583 Retail properties 689,395 652,707 Multi-family properties 287,035 293,498 Industrial properties 338,924 207,844 Corporate 159,399 165,633 Total assets $ 1,936,746 $ 1,778,265
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three and nine months ended September 30, 2020 and 2019: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended September 30, 2020 Rental revenues $ 16,237 $ 17,310 $ 4,351 $ 6,231 $ 44,129 Rental expenses (7,748) (4,535) (2,282) (1,316) (15,881) Net operating income $ 8,489 $ 12,775 $ 2,069 $ 4,915 $ 28,248 Real estate-related depreciation and amortization $ 4,851 $ 5,309 $ 2,234 $ 3,255 $ 15,649 For the Three Months Ended September 30, 2019 Rental revenues $ 20,470 $ 17,422 $ 2,945 $ 3,358 $ 44,195 Rental expenses (8,916) (4,323) (1,441) (680) (15,360) Net operating income $ 11,554 $ 13,099 $ 1,504 $ 2,678 $ 28,835 Real estate-related depreciation and amortization $ 6,281 $ 4,547 $ 2,008 $ 1,637 $ 14,473 For the Nine Months Ended September 30, 2020 Rental revenues $ 48,988 $ 53,053 $ 14,591 $ 16,363 $ 132,995 Rental expenses (23,061) (12,561) (6,638) (3,532) (45,792) Net operating income $ 25,927 $ 40,492 $ 7,953 $ 12,831 $ 87,203 Real estate-related depreciation and amortization $ 14,676 $ 14,867 $ 6,560 $ 8,455 $ 44,558 For the Nine Months Ended September 30, 2019 Rental revenues $ 74,383 $ 52,938 $ 2,945 $ 9,385 $ 139,651 Rental expenses (29,174) (12,986) (1,441) (2,044) (45,645) Net operating income $ 45,209 $ 39,952 $ 1,504 $ 7,341 $ 94,006 Real estate-related depreciation and amortization $ 21,268 $ 15,606 $ 2,008 $ 4,579 $ 43,461
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (10,830) $ 7,291 $ (19,827) $ 88,292 Debt-related income (981) (35) (1,181) (193) Real estate-related depreciation and amortization 15,649 14,473 44,558 43,461 General and administrative expenses 2,217 2,181 6,611 6,325 Advisory fees, related party 5,543 3,523 16,009 9,887 Litigation expense 2,500 — 2,500 — Impairment of real estate property — 113 — 113 Other income (262) (131) (619) (156) Interest expense 15,290 11,764 42,930 37,074 Gain on sale of real estate property — (10,890) (2,192) (96,530) Gain on extinguishment of debt and financing commitments, net — — — (1,002) Net loss attributable to redeemable noncontrolling interests (39) — (71) — Net (loss) income attributable to noncontrolling interests (839) 546 (1,515) 6,735 Net operating income $ 28,248 $ 28,835 $ 87,203 $ 94,006

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Allowances for doubtful accounts	$ 1	$ 0.8

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired		10 years 2 months 12 days
Proceeds from disposition of real estate property | $		$ 2,752	$ 177,997
Gain on sale of real estate property | $	$ 10,890	$ 2,192	$ 96,530
Disposed of by Sale | Office
Real Estate Properties [Line Items]
Number of real estate properties	3		3
Disposed of by Sale | Retail
Real Estate Properties [Line Items]
Number of real estate properties	1	1	1
Disposed of by Sale | Outparcel [Member]
Real Estate Properties [Line Items]
Number of real estate properties	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	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 449,812	$ 418,037
Buildings and improvements	1,535,621	1,375,192
Intangible lease assets	281,275	264,121
Investment in real estate properties	2,266,708	2,057,350
Accumulated depreciation and amortization	489,361	444,718
Net investment in real estate properties	$ 1,777,347	$ 1,612,632

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Total acquisitions	$ 177,058
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
Bay Area Commerce Center
Business Acquisition [Line Items]
Total acquisitions	$ 48,807

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Real Estate [Abstract]
Land	$ 32,547
Building	128,946
Intangible lease assets	15,510
Above-market lease assets	1,835
Below-market lease liabilities	(1,780)
Total purchase price (1)	$ 177,058

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Leased Assets and Liabilities Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 258,021	$ 242,704
Accumulated Amortization, Assets	(210,595)	(200,623)
Net, Assets	47,426	42,081
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,254	21,417
Accumulated Amortization, Assets	(21,134)	(20,859)
Net, Assets	2,120	558
Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Gross, Liabilities	(81,403)	(80,002)
Accumulated Amortization, Liabilities	38,830	36,499
Net, Liabilities	$ (42,573)	$ (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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 1,322	$ 855	$ 3,947	$ 7,763
Depreciation expense	12,406	10,416	34,660	31,036
Intangible lease asset amortization	3,243	4,057	9,898	12,425
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(157)	(125)	(275)	(657)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 781	$ 986	$ 2,505	$ 3,146

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.21%	3.36%
Total borrowings	$ 859,877,000	$ 852,857,000
Less: unamortized debt issuance costs	(4,768,000)	(6,535,000)
Add: mark-to-market adjustment on assumed debt	675,000	245,000
Total debt, net	855,784,000	846,567,000
Gross book value of properties encumbered by debt	$ 563,755,000	$ 535,196,000
Assets Held for Sale
Debt Instrument [Line Items]
Weighted average maturity of debt investments	2 years 9 months 18 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	1.55%	3.16%
Total borrowings	$ 0	$ 0
Current borrowing capacity	450,000,000
Available portions under the line of credit	$ 219,500,000
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
Maximum borrowing capacity	325,000,000
Current borrowing capacity	0
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
Maximum borrowing capacity	200,000,000
Current borrowing capacity	$ 0
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	3.53%	3.52%
Total borrowings	$ 207,877,000	$ 200,857,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings	$ 50,100,000
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	2.40%	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	$ 334,877,000

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Remainder of 2020	$ 776
2021	138,917
2022	202,780
2023	48,799
2024	327,172
Thereafter	141,433
Total principal payments	859,877	$ 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	$ 776
2021	138,917
2022	2,780
2023	48,799
2024	2,172
Thereafter	141,433
Total principal payments	$ 334,877
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	Sep. 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	Sep. 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	$ 677,143		$ 747,605
Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets	0		288
Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 29,934		$ 13,308
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	4	14
Total notional amount	$ 550,143	$ 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	$ 29,934		$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ 15,290	$ 11,764	$ 42,930	$ 37,074
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	(1)	0	(13)	(25)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI	(292)	(3,438)	(22,022)	(16,461)
Amount reclassified from AOCI into interest expense	2,570	(462)	5,148	(1,553)
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Rent obligations	$ 15,290	$ 11,764	$ 42,930	$ 37,074
DST Program Loans	42,104		42,104		$ 19,404
DST Program
Variable Interest Entity [Line Items]
Proceeds from private placement			202,300
Rent obligations			13,700
Issuances of OP Units for DST Interests			11,300
DST Program Loans	$ 42,100		42,100
DST interests sold during period			$ 22,700
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	Sep. 30, 2020	Dec. 31, 2019
Assets:
Derivative instruments	$ 0	$ 288
Total assets measured at fair value	0	288
Liabilities:
Derivative instruments	29,934	13,308
Total liabilities measured at fair value	29,934	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	0	288
Total assets measured at fair value	0	288
Liabilities:
Derivative instruments	29,934	13,308
Total liabilities measured at fair value	29,934	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	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 49,329	$ 2,578
DST Program Loans	42,104	19,404
Line of credit	0	0
Term loans	525,000	525,000
Mortgage notes	334,877	327,857
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	48,969	2,604
DST Program Loans	42,104	19,404
Line of credit	0	0
Term loans	518,942	525,000
Mortgage notes	$ 333,124	$ 326,447

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 97,904
Number of shares sold | shares	12,916
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 26,760
Number of shares sold | shares	3,454
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 26,050
Number of shares sold | shares	3,436
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,312
Number of shares sold | shares	577
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 34,993
Number of shares sold | shares	4,673
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,789
Number of shares sold | shares	776
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 81,932
Number of shares sold | shares	10,782
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 25,769
Number of shares sold | shares	3,322
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 23,400
Number of shares sold | shares	3,083
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,800
Number of shares sold | shares	508
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 28,963
Number of shares sold | shares	3,869
Primary offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,972
Number of shares sold | shares	2,134
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 991
Number of shares sold | shares	132
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,650
Number of shares sold | shares	353
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 512
Number of shares sold | shares	69
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,030
Number of shares sold | shares	804
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,789
Number of shares sold | shares	776

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(11,608)	(11,263)
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,510	3,902	5,852	2,783
Primary shares (in shares)	602	668	3,322	2,032
Distribution reinvestment plan (in shares)	51	19	132	59
Stock-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(22)	(25)	(165)	(310)
Ending balance (in shares)	9,141	4,564	9,141	4,564
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	21,870	17,590	20,593	10,516
Primary shares (in shares)	668	1,932	3,083	8,870
Distribution reinvestment plan (in shares)	119	104	353	255
Stock-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(419)	(108)	(1,791)	(123)
Ending balance (in shares)	22,238	19,518	22,238	19,518
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,783	3,080	3,499	2,778
Primary shares (in shares)	151	292	508	806
Distribution reinvestment plan (in shares)	23	20	69	59
Stock-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(38)	(62)	(157)	(313)
Ending balance (in shares)	3,919	3,330	3,919	3,330
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,311	40,498	43,732	37,385
Primary shares (in shares)	709	1,658	3,869	5,132
Distribution reinvestment plan (in shares)	262	280	804	792
Stock-based compensation (in shares)	4	4	20	86
Redemptions of common stock (in shares)	(856)	(351)	(3,995)	(1,306)
Ending balance (in shares)	44,430	42,089	44,430	42,089
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	63,301	71,923	66,804	77,390
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	250	295	776	915
Stock-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,471)	(3,124)	(5,500)	(9,211)
Ending balance (in shares)	62,080	69,094	62,080	69,094
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	141,775	136,993	140,480	130,852
Primary shares (in shares)	2,130	4,550	10,782	16,840
Distribution reinvestment plan (in shares)	705	718	2,134	2,080
Stock-based compensation (in shares)	4	4	20	86
Redemptions of common stock (in shares)	(2,806)	(3,670)	(11,608)	(11,263)
Ending balance (in shares)	141,808	138,595	141,808	138,595

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 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	$ 0.09375	$ 0.28125	$ 0.37500
Common Stock Distributions Paid in Cash	$ 7,482	$ 7,539	$ 7,533	$ 7,412	$ 7,302	$ 7,303	$ 7,198	$ 22,554	$ 29,215
Other Cash Distributions	1,592	1,611	1,721	1,396	1,351	1,312	1,244	4,924	5,303
Reinvested in Shares	5,282	5,316	5,360	5,294	5,270	5,180	4,997	15,958	20,741
Total Distributions	$ 14,356	$ 14,466	$ 14,614	$ 14,102	$ 13,923	$ 13,795	$ 13,439	$ 43,436	$ 55,259

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	11,608	11,263
Number of shares redeemed or repurchased (in shares)	11,608	11,263
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.50	$ 7.35

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expense	$ 10,082	$ 8,840	$ 32,537	$ 25,313
Payable as of	6,402		6,402		$ 7,408
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	226	449	1,216	1,556
Payable as of	0		0		0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	515	379	1,482	964
Payable as of	171		171		147
Advisory fees - fixed component
Related Party Transaction [Line Items]
Related party transaction expense	3,181	3,008	9,597	8,808
Payable as of	891		891		998
Advisory fees - performance component
Related Party Transaction [Line Items]
Related party transaction expense	1,333	0	3,343	0
Payable as of	3,343		3,343		3,776
Other expense reimbursements - Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,691	2,636	7,271	7,399
Payable as of	1,590		1,590		2,240
Other expense reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	3	135	213	496
Payable as of	0		0		0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	1,029	515	3,069	1,079
Payable as of	407		407		247
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	425	588	2,300	1,969
Payable as of	0		0		0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	122	78	744	311
Payable as of	0		0		0
DST Program other reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	42	237	218	609
Payable as of	0		0		0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	515	$ 815	3,084	$ 2,122
Payable as of	$ 0		$ 0		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (10,830)	$ 7,291	$ (19,827)	$ 88,292
Net loss attributable to redeemable OP Units	(39)	0	(71)	0
Net (loss) income attributable to OP Units	(839)	546	(1,515)	6,735
Net (loss) income attributable to common stockholders-diluted	$ (11,708)	$ 7,837	$ (21,413)	$ 95,027
Weighted-average shares outstanding-basic (in shares)	141,682	138,063	142,216	135,877
Incremental weighted-average shares effect of conversion of OP Units (in shares)	11,484	10,360	11,449	10,422
Weighted-average shares outstanding-diluted (in shares)	153,166	148,423	153,665	146,299
Basic (usd per share)	$ (0.08)	$ 0.05	$ (0.14)	$ 0.65
Diluted (usd per share)	$ (0.08)	$ 0.05	$ (0.14)	$ 0.65

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 15,972	$ 15,310
Change in accrued future ongoing distribution fees	335	5,415
Repayment of property-level loans upon disposition of real estate property	0	83,140
Increase in DST Program Loans receivable through DST Program capital raising	22,700	12,358
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	3,776	0
Redemption value allocation adjustment to redeemable noncontrolling interest	281	0
Mortgage notes assumed on real estate acquisitions at fair value	9,834	0
Issuances of OP Units for DST Interests	11,240	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	16,124	26,372	$ 97,772	$ 10,008
Restricted cash	10,316	10,725	10,010	7,030
Cash, cash equivalents and restricted cash	$ 26,440	$ 37,097	$ 107,782	$ 17,038

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Litigation expense	$ 2,500	$ 0	$ 2,500	$ 0

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total assets	$ 1,936,746	$ 1,778,265
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	461,993	458,583
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	689,395	652,707
Operating Segments | Multi-family properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	287,035	293,498
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	338,924	207,844
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 159,399	$ 165,633

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Rental revenues	$ 44,129	$ 44,195	$ 132,995	$ 139,651
Rental expenses	(15,881)	(15,360)	(45,792)	(45,645)
Net operating income	28,248	28,835	87,203	94,006
Real estate-related depreciation and amortization	15,649	14,473	44,558	43,461
Office
Segment Reporting Information [Line Items]
Rental revenues	16,237	20,470	48,988	74,383
Rental expenses	(7,748)	(8,916)	(23,061)	(29,174)
Net operating income	8,489	11,554	25,927	45,209
Real estate-related depreciation and amortization	4,851	6,281	14,676	21,268
Retail properties
Segment Reporting Information [Line Items]
Rental revenues	17,310	17,422	53,053	52,938
Rental expenses	(4,535)	(4,323)	(12,561)	(12,986)
Net operating income	12,775	13,099	40,492	39,952
Real estate-related depreciation and amortization	5,309	4,547	14,867	15,606
Multi-family properties
Segment Reporting Information [Line Items]
Rental revenues	4,351	2,945	14,591	2,945
Rental expenses	(2,282)	(1,441)	(6,638)	(1,441)
Net operating income	2,069	1,504	7,953	1,504
Real estate-related depreciation and amortization	2,234	2,008	6,560	2,008
Industrial properties
Segment Reporting Information [Line Items]
Rental revenues	6,231	3,358	16,363	9,385
Rental expenses	(1,316)	(680)	(3,532)	(2,044)
Net operating income	4,915	2,678	12,831	7,341
Real estate-related depreciation and amortization	$ 3,255	$ 1,637	$ 8,455	$ 4,579

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (10,830)	$ 7,291	$ (19,827)	$ 88,292
Debt-related income	(981)	(35)	(1,181)	(193)
Real estate-related depreciation and amortization	15,649	14,473	44,558	43,461
General and administrative expenses	2,217	2,181	6,611	6,325
Advisory fees, related party	5,543	3,523	16,009	9,887
Litigation expense	2,500	0	2,500	0
Impairment of real estate property		113		113
Other income	(262)	(131)	(619)	(156)
Interest expense	15,290	11,764	42,930	37,074
Gain on sale of real estate property		(10,890)	(2,192)	(96,530)
Gain on extinguishment of debt and financing commitments, net		0		(1,002)
Net loss attributable to redeemable noncontrolling interests	(39)	0	(71)	0
Net (loss) income attributable to noncontrolling interests	(839)	546	(1,515)	6,735
Net operating income	$ 28,248	$ 28,835	$ 87,203	$ 94,006

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Oct. 20, 2020USD ($)	Nov. 10, 2020USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property
Subsequent Event [Line Items]
Real estate acquisitions			$ 162,114	$ 257,506
Subsequent Event
Subsequent Event [Line Items]
Real estate acquisitions		$ 97,700
Proceeds from Sale of Real Estate	$ 25,000
Real Estate Acquired [Member] | Industrial | Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties | property		1
Real Estate Acquired [Member] | Multifamily [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties | property		1
Disposed of by Sale | Retail
Subsequent Event [Line Items]
Number of real estate properties | property			1	1
Disposed of by Sale | Retail | Subsequent Event
Subsequent Event [Line Items]
Carrying value of real estate property at closing date	$ 15,200