Black Creek Diversified Property Fund 10-K 5 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,372,155
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,428,822
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,892,265
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,497,923
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,425,150

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 1,954,573	$ 1,612,632
Debt-related investments, net	49,628	2,575
Cash and cash equivalents	11,266	97,772
Restricted cash	10,468	10,010
DST Program Loans	45,229	19,404
Other assets	40,396	35,872
Total assets	2,111,560	1,778,265
Liabilities
Accounts payable and accrued expenses	40,371	35,226
Debt, net	965,305	846,567
Intangible lease liabilities, net	40,457	43,503
Financing obligations, net	502,533	258,814
Other liabilities	61,205	43,867
Total liabilities	1,609,871	1,227,977
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest	3,798	0
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,269,146	1,257,147
Distributions in excess of earnings	(841,496)	(775,259)
Accumulated other comprehensive loss	(27,431)	(14,662)
Total stockholders' equity	401,649	468,631
Noncontrolling interests	96,242	81,657
Total equity	497,891	550,288
Total liabilities and equity	2,111,560	1,778,265
Class E
Stockholders' equity:
Common stock	609	668
Class T
Stockholders' equity:
Common stock	98	59
Class S
Stockholders' equity:
Common stock	235	206
Class D
Stockholders' equity:
Common stock	41	35
Class I
Stockholders' equity:
Common stock	$ 447	$ 437

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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)	60,873	66,804
Common stock, shares outstanding (in shares)	60,873	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)	9,831	5,852
Common stock, shares outstanding (in shares)	9,831	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)	23,516	20,593
Common stock, shares outstanding (in shares)	23,516	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)	4,098	3,499
Common stock, shares outstanding (in shares)	4,098	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)	44,723	43,732
Common stock, shares outstanding (in shares)	44,723	43,732

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental revenues	$ 184,245	$ 184,441	$ 189,631
Debt-related income	2,347	227	694
Total revenues	186,592	184,668	190,325
Operating expenses:
Rental expenses	62,378	61,060	61,667
Real estate-related depreciation and amortization	62,923	57,342	57,866
General and administrative expenses	8,656	8,985	8,817
Advisory fees, related party	21,819	17,413	14,149
Litigation expense	2,500	0	0
Impairment of real estate property	0	113	14,648
Total operating expenses	158,276	144,913	157,147
Other expenses (income):
Interest expense	58,747	48,170	48,358
Gain on sale of real estate property	(13,335)	(160,537)	(14,093)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)	0
Other (expenses) income	(1,037)	(153)	251
Total other expenses (income)	44,375	(113,522)	34,516
Net (loss) income	(16,059)	153,277	(1,338)
Net loss attributable to redeemable noncontrolling interests	54	0	0
Net loss (income) attributable to noncontrolling interests	1,091	(10,726)	101
Net (loss) income attributable to common stockholders	$ (14,914)	$ 142,551	$ (1,237)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	142,268	136,925	128,740
Weighted-average shares outstanding-diluted (in shares)	154,052	147,316	139,674
Net (loss) income attributable to common stockholders per common share-basic and diluted (usd per share)	$ (0.10)	$ 1.04	$ (0.01)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (16,059)	$ 153,277	$ (1,338)
Net unrealized loss from available-for-sale securities		(100)	(100)
Change from cash flow hedging derivatives	(13,842)	(16,315)	1,303
Comprehensive (loss) income	(29,901)	136,862	(135)
Comprehensive loss attributable to redeemable noncontrolling interests	99	0	0
Comprehensive loss (income) attributable to noncontrolling interests	2,119	(9,495)	116
Comprehensive (loss) income attributable to common stockholders	$ (27,683)	$ 127,367	$ (19)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common StockAdjusted Balance	Common Stock	Additional Paid-in CapitalAdjusted Balance	Additional Paid-in Capital	Distributions in Excess of EarningsAdoption of ASU 2017-12	Distributions in Excess of EarningsAdjusted Balance	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)Adoption of ASU 2017-12	Accumulated Other Comprehensive Income (Loss)Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Noncontrolling InterestsAdjusted Balance	Noncontrolling Interests	Adjusted Balance	Total
Beginning Balances (in shares) at Dec. 31, 2017	132,466	132,466
Beginning Balances at Dec. 31, 2017	$ 1,325	$ 1,325	$ 1,224,061	$ 1,224,061	$ (213)	$ (818,821)	$ (818,608)	$ 213	$ (696)	$ (909)	$ 86,857	$ 86,857	$ 492,726	$ 492,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss (excluding portion attributable to redeemable noncontrolling interest)							(1,237)					(101)		(1,338)
Net unrealized gain (loss) from available-for-sale securities										(100)				(100)
Unrealized gain (loss) from derivative instruments										1,318		(15)		1,303
Issuance of common stock, net of offering costs (in shares)		21,227
Issuance of common stock, net of offering costs		$ 212		146,356										146,568
Share-based compensation, net of forfeitures (in shares)		42
Share-based compensation, net of forfeitures				(85)										$ (85)
Redemptions of common stock (in shares)		(22,883)												(22,883)
Redemptions of common stock		$ (228)		(170,705)										$ (170,933)
Amortization of share-based compensation				918										918
Distributions declared on common stock and noncontrolling interests, net of distribution fees							(47,791)					(4,196)		(51,987)
Redemptions of noncontrolling interests				(809)								(5,250)		(6,059)
Ending Balances (in shares) at Dec. 31, 2018		130,852
Ending 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)							142,551					10,726		153,277
Net unrealized gain (loss) from available-for-sale securities										(100)				(100)
Unrealized gain (loss) from derivative instruments										(15,084)		(1,231)		(16,315)
Issuance of common stock, net of offering costs (in shares)		25,955
Issuance of common stock, net of offering costs		$ 260		177,519										177,779
Share-based compensation, net of forfeitures (in shares)		86
Share-based compensation, net of forfeitures		$ 1		636										$ 637
Redemptions of common stock (in shares)		(16,413)												(16,413)
Redemptions of common stock		$ (165)		(120,415)										$ (120,580)
Amortization of share-based compensation				(111)										(111)
Distributions declared on common stock and noncontrolling interests, net of distribution fees							(49,961)					(3,913)		(53,874)
Redemptions of noncontrolling interests				(218)								(1,220)		(1,438)
Ending Balances (in shares) at Dec. 31, 2019		140,480
Ending 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)							(14,914)					(1,091)		(16,005)
Unrealized gain (loss) from derivative instruments														(13,842)
Unrealized loss from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)										(12,769)		(1,028)		(13,797)
Issuance of common stock, net of offering costs (in shares)		16,612
Issuance of common stock, net of offering costs		$ 166		118,207										118,373
Share-based compensation, net of forfeitures (in shares)		20
Share-based compensation, net of forfeitures				150										$ 150
Redemptions of common stock (in shares)		(14,071)												(14,071)
Redemptions of common stock		$ (141)		(105,447)										$ (105,588)
Amortization of share-based compensation				110										110
Issuances of OP Units for DST Interests												28,266		28,266
Distributions declared on common stock and noncontrolling interests, net of distribution fees							(51,323)					(4,241)		(55,564)
Redemption value allocation adjustment to redeemable noncontrolling interest				(310)										(310)
Redemptions of noncontrolling interests				(711)								(7,321)		(8,032)
Ending Balances (in shares) at Dec. 31, 2020		143,041
Ending Balances at Dec. 31, 2020		$ 1,430		$ 1,269,146			$ (841,496)			$ (27,431)		$ 96,242		$ 497,891

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interests	$ (54)
Unrealized loss from derivative instruments allocated to redeemable noncontrolling interest	$ 45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net (loss) income	$ (16,059)	$ 153,277	$ (1,338)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	62,923	57,342	57,866
Straight-line rent and amortization of above- and below-market leases	(8,703)	(11,026)	(18,220)
Gain on sale of real estate property	(13,335)	(160,537)	(14,093)
Lease termination fee		0	16,221
Impairment of real estate property	0	113	14,648
Gain on extinguishment of debt and financing commitments, net	0	(1,002)	0
Other	11,973	7,783	7,842
Changes in operating assets and liabilities	4,329	3,398	4,590
Net cash provided by operating activities	41,128	49,348	67,516
Investing activities:
Real estate acquisitions	(357,815)	(396,901)	(55,431)
Capital expenditures	(41,092)	(45,217)	(39,073)
Proceeds from disposition of real estate property	27,372	341,677	77,650
Principal collections on debt-related investments	173	8,104	438
Investment in debt related investments	(45,539)	0	0
Other	(3,355)	(574)	(1,569)
Net cash used in investing activities	(420,256)	(92,911)	(17,985)
Financing activities:
Proceeds from mortgage notes		62,000	0
Repayments of mortgage notes	(3,036)	(35,075)	(2,361)
Net proceeds from (repayments of) line of credit	106,000	(131,000)	(11,000)
Proceeds from term loan		50,000	0
Redemptions of common stock	(105,588)	(120,580)	(170,933)
Distributions on common stock	(30,010)	(29,117)	(28,737)
Proceeds from issuance of common stock	104,703	172,309	141,092
Proceeds from financing obligations	251,671	194,778	42,496
Offering costs for issuance of common stock and private placements	(9,635)	(12,186)	(8,763)
Distributions to noncontrolling interest holders	(4,335)	(3,913)	(4,207)
Redemption of OP Unit holder interests	(8,032)	(1,438)	(6,057)
Other	(8,658)	(11,471)	(3,039)
Net cash provided by (used in) financing activities	293,080	134,307	(51,509)
Net (decrease) increase in cash, cash equivalents and restricted cash	(86,048)	90,744	(1,978)
Cash, cash equivalents and restricted cash, at beginning of period	107,782	17,038	19,016
Cash, cash equivalents and restricted cash, at end of period	$ 21,734	$ 107,782	$ 17,038

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. Black Creek Diversified Property Fund Inc. is a Maryland corporation formed on April 11, 2005. We are primarily focused on investing in and operating a diverse portfolio of real property. Although we generally target investments in four primary property categories (office, retail, multi-family, and industrial), our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2020, our real property portfolio consisted of 57 properties, which includes nine properties that are part of the DST Program, as defined in “Note 5.” We operate four reportable segments: retail, office, multi-family, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 15” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, Black Creek Diversified Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “Note 8” for detail regarding our public offerings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated statements of cash flows for 2018 were reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases were reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2020 acquisitions. No debt was assumed in connection with our 2019 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2020, 2019 and 2018, we recorded $2.6 million, $2.0 million and $0.5 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 and 2018. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $13.9 million and $9.1 million as of December 31, 2020 and 2019, respectively. Our interest expense for the years ended December 31, 2020, 2019 and 2018 included $10.0 million, $6.9 million and $4.1 million, respectively, of amortization of financing costs. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 10” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Redeemable Noncontrolling Interest Black Creek Diversified Property Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee pursuant to the advisory agreement (the “Advisory Agreement”) by and among us, the Operating Partnership and Black Creek Diversified Property Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to transfer or redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic 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 December 31, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2020 and 2019, our allowance for doubtful accounts was approximately $1.1 million and $0.8 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 11” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: · Quoted prices for similar assets/liabilities in active markets; · Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); · Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and · Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2020, no customers represented more than 10.0% of our total annualized base rent. 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 consolidated financial statements. In November 2018, the FASB issued ASU No. 2018‑19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018‑19”), which clarifies the scope of the guidance in the amendments in ASU 2016‑13. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. In March 2020, the 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 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 consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer document to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under ASU 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which we adopted on January 1, 2019. The guidance did not have a material effect on the Company’s 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 conce ssions. 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 adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on the Company’s consolidated financial statements. 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 consolidated financial statements . 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 adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 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 derivative contracts entered into after December 31, 2022. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 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 December 31, (in thousands) 2020 2019 Land $ 476,442 $ 418,037 Buildings and improvements 1,689,474 1,375,192 Intangible lease assets 289,762 264,121 Investment in real estate properties 2,455,678 2,057,350 Accumulated depreciation and amortization (501,105) (444,718) Net investment in real estate properties $ 1,954,573 $ 1,612,632 Acquisitions During the years ended December 31, 2020 and 2019, 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) 2020 Acquisitions: 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 Air Tech (3) Industrial 10/16/2020 18,709 East Columbia IC Industrial 12/2/2020 14,914 Plainfield LC Industrial 12/16/2020 19,428 395 LC Industrial 12/21/2020 68,270 The Palms Multi-family 11/3/2020 79,212 Total 2020 acquisitions $ 377,591 2019 Acquisitions: Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 (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. (3) Includes debt assumed at fair value as of the acquisition date of $3.6 million, with a principal amount of $3.4 million. During the years ended December 31, 2020 and 2019, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2020 2019 Land $ 64,517 $ 53,756 Building 287,762 328,928 Intangible lease assets 26,144 16,480 Above-market lease assets 2,102 265 Below-market lease liabilities (2,934) (707) Total purchase price (1) $ 377,591 $ 398,722 (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 years ended December 31, 2020 and 2019, as of the respective date of each acquisition, were 9.2 years and 5.4 years, respectively. Dispositions During the year ended December 31, 2020, we sold one retail property and one retail outparcel for net proceeds of approximately $27.4 million. We recorded a net gain on sale of approximately $13.3 million. During the year ended December 31, 2019, we sold five office properties, two retail properties, and two outparcels for net proceeds of approximately $341.7 million, which is net of the property-related debt repayment described in Note 4. We recorded a net gain on sale of approximately $160.5 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2020 and 2019 include the following: As of December 31, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 266,242 $ (214,055) $ 52,187 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 23,520 (21,216) 2,304 21,417 (20,859) 558 Below-market lease liabilities (79,891) 39,434 (40,457) (80,002) 36,499 (43,503) The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2020, for the next five years and thereafter: As of December 31, 2020 (in thousands) 2021 2022 2023 2024 2025 Thereafter Total Intangible lease assets $ 11,845 $ 9,343 $ 7,621 $ 6,034 $ 5,080 $ 12,264 $ 52,187 Above-market lease assets 355 342 328 305 256 718 2,304 Below-market lease liabilities (2,898) (2,788) (2,651) (2,482) (2,447) (27,191) (40,457) 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 Year Ended December 31, (in thousands) 2020 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 5,539 $ 7,776 $ 14,508 Above-market lease amortization (357) (792) (1,096) Below-market lease amortization 3,521 4,042 4,808 Real estate-related depreciation and amortization: Depreciation expense $ 47,629 $ 40,824 $ 38,091 Intangible lease asset amortization 15,294 16,518 19,775 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 included $6.1 million and $10.1 million, respectively, related to early lease termination payments that were recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating and ground leases in effect as of December 31, 2020, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2020 Year 1 $ 122,849 Year 2 114,326 Year 3 103,878 Year 4 86,626 Year 5 71,606 Thereafter 229,768 Total $ 729,053 Leases for our multi-family customers are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment There were no impairment charges recorded during the year ended December 31, 2020. During the year ended December 31, 2019, we recorded an incremental impairment of $0.1 million due to additional costs incurred which related to the retail property located in the Holbrook, Massachusetts market that had been previously impaired during 2018, which is described below. During the year ended December 31, 2018, we recorded a $1.2 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in December 2018. Also during the year ended December 31, 2018, we recorded a total of $13.4 million of non-cash impairment charges related to two retail properties, one located in the Jacksonville, Florida market, which was disposed of in October 2018, and one located in the Holbrook, Massachusetts market, which was disposed of in August 2019. The impairment was a result of shortened hold periods based on the consideration of potential disposition options for these properties. Both ultimately resulted in the reduction of our estimated future cash flows below our net book value. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
DEBT	4. DEBT Our debt is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. Two of our mortgage notes are currently partial recourse to us, for which we provide the following limited guaranties: $4.1 million and $0.3 million that are each guaranteed until we meet certain lender-specified thresholds at the respective collateralized property. Other than these limited guarantees, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.54 % 3.16 % January 2023 $ 106,000 $ — 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) 3.55 3.52 September 2021 - December 2029 210,544 200,857 Floating-rate mortgage note (5) 2.50 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.04 % 3.36 % $ 968,544 $ 852,857 Less: unamortized debt issuance costs $ (4,083) $ (6,535) Add: mark-to-market adjustment on assumed debt 844 245 Total debt, net $ 965,305 $ 846,567 Gross book value of properties encumbered by debt $ 584,637 $ 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 December 31, 2020, the unused and available portions under the line of credit were approximately $344.0 million and $208.0 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of December 31, 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 December 31, 2020. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of December 31, 2020 includes a $49.8 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2020 and 2019, our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25% and 2.25%, respectively. Subsequent to December 31, 2020, we exercised the second one-year extension option extending the final maturity date to January 2022. (6) The weighted-average remaining term of our borrowings was approximately 2.5 years as of December 31, 2020, excluding the impact of certain extension options. As of December 31, 2020, the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total 2021 (1) $ — $ — $ 138,973 $ 138,973 2022 (2) — 200,000 2,865 202,865 2023 (3) 106,000 — 48,889 154,889 2024 — 325,000 2,266 327,266 2025 — — 72,360 72,360 Thereafter — — 72,191 72,191 Total principal payments $ 106,000 $ 525,000 $ 337,544 $ 968,544 (1) Includes a $127.0 million floating-rate mortgage note with a maturity date of January 2021. Subsequent to December 31, 2020, we exercised the second one-year extension option extending the final maturity date to January 2022. (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. LIBOR is expected to be phased out or modified by June 2023, and the writing of contracts using LIBOR is expected to stop by the end of 2021. As of December 31, 2020, our line of credit and our term loans are our only indebtedness with initial or extended maturity dates beyond 2023 that have exposure to LIBOR. The agreements governing the line of credit and term loans 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 2023 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of December 31, 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 on-going 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 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 $10.0 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of December 31, 2020 Interest rate swaps 14 $ 549,849 $ — $ 26,916 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 676,849 $ — $ 26,916 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 consolidated financial statements: For the Year Ended December 31, (in thousands) 2020 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (21,589) $ (13,341) $ 317 Amount reclassified from AOCI into interest expense 7,747 (1,600) 986 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 58,747 48,170 48,358 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (13) $ (25) $ 49

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 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 in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2020, we have approximately $45.2 million outstanding in DST Program Loans that were made to partially finance the sale of DST Interests outstanding in the DST Program. Of the $ 278.2 million of gross interests sold during the year ended December 31, 2020, $26.5 million were financed by DST Program Loans. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the years ended December 31, 2020, 2019 and 2018, we sold approximately $278.2 million, $212.7 million and $43.2 million, respectively, in gross interests related to the DST Program, $26.5 million, $18.7 million, and $0.7 million of which were financed by the DST Program Loans, respectively. During the years ended December 31, 2020, 2019 and 2018, we incurred rent obligations of approximately $19.4 million, $7.0 million and $1.1 million, respectively, under our master lease agreements with investors who are participating in the DST Program. Additionally, during 2020, 3.8 million OP Units were issued for beneficial interests for a net investment of $28.3 million in accordance with our UPREIT structure. Refer to “Note 10” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 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 December 31, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 26,916 $ — $ 26,916 Total liabilities measured at fair value $ — $ 26,916 $ — $ 26,916 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 December 31, 2020 and 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 December 31, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 49,885 $ 49,584 $ 2,578 $ 2,604 DST Program Loans 45,229 45,229 19,404 19,404 Liabilities: Line of credit $ 106,000 $ 105,592 $ — $ — Term loans 525,000 521,945 525,000 525,000 Mortgage notes 337,544 336,336 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	7. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2020, 2019 and 2018. We had a gross deferred tax asset of approximately $9.2 million and $5.3 million as of December 31, 2020 and 2019, respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2017. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2020, 2019 and 2018. This information assumes that an investor owned shares of our common stock for the full 2020 calendar year. For the Year Ended December 31, 2020 2019 2018 Ordinary income 3.28 % 22.78 % 42.22 % Non-taxable return of capital 12.34 61.01 57.78 Capital gain 84.38 16.21 — Total distributions 100.00 % 100.00 % 100.00 % Our overall taxability increased in 2020 as compared to 2019 primarily due to increased capital gain taxability which was driven by a 1031 exchange gain initiated in 2019 but recognized in 2020 due to impacts from COVID-19. Notwithstanding, DPF continues to utilize 1031 tax deferred exchanges in relation to certain dispositions in order to defer capital gains treatment. This increase in overall taxability was slightly offset by reduced taxable income from operations.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Public Offering As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S‑11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: · A public offering of up to $3.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $2.5 billion offered in our primary offering and up to $500.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2020, $2.23 billion remained unsold under this registration statement. · A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2020, $95.9 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2020, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 31,048 $ 34,263 $ 5,452 $ 33,940 $ — $ 104,703 DRIP 1,403 3,570 683 7,993 7,628 21,277 Total offering $ 32,451 $ 37,833 $ 6,135 $ 41,933 $ 7,628 $ 125,980 Number of shares sold: Primary offering 4,006 4,507 728 4,531 — 13,772 DRIP 187 476 91 1,065 1,021 2,840 Total offering 4,193 4,983 819 5,596 1,021 16,612 Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2020, 2019 and 2018: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221) (43) (331) (4,598) (17,690) (22,883) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317) (1,215) (409) (2,689) (11,783) (16,413) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,006 4,507 728 4,531 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Distributions Prior to the third quarter of 2017, distributions were paid on a quarterly basis and were calculated for each day the stockholder had been a stockholder of record during such quarter. Beginning with the third quarter of 2017, cash distributions have been paid on a monthly basis and are calculated as of monthly record dates. Cash distributions for stockholders who had elected to participate in our distribution reinvestment plan were reinvested into shares of the same class of our common stock as the shares to which the distributions relate. The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount 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 $ 1,499 $ 5,360 $ 14,392 June 30 0.09375 7,539 1,611 5,316 14,466 September 30 0.09375 7,482 1,592 5,282 14,356 December 31 0.09375 7,464 1,750 5,347 14,561 Total $ 0.37500 $ 30,018 $ 6,452 $ 21,305 $ 57,775 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 OP Units in 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 10” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2020, 2019 and 2018. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2020 2019 2018 Number of shares requested for redemption or repurchase 14,071 16,413 22,883 Number of shares redeemed or repurchased 14,071 16,413 22,883 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.35 $ 7.47

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	9. NONCONTROLLING INTERESTS OP Units As of December 31, 2020 and 2019, the Operating Partnership had issued OP Units to third-party investors, representing 8.6% and 6.8%, respectively, of limited partnership interests. Currently, all of the third-party investors own Class E OP Units, but we may in the future cause the Operating Partnership to issue Class T, Class S, Class D or Class I OP Units to third-party investors. The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2020 2019 Number of OP Units issued and outstanding to third-party investors 13,486 10,286 Estimated maximum redemption value (unaudited) $ 101,703 $ 77,080 Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2020 2019 2018 Number of OP Units redeemed 1,070 196 810 Aggregate amount of OP Units redeemed $ 8,032 $ 1,438 $ 6,059 The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the amended and restated advisory agreement, effective as of May 1, 2020, by and among us, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends April 30, 2021, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with our public offerings pursuant to the terms of the third amended and restated dealer manager agreement, effective September 1, 2017 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. The Sponsor, which owns the Advisor, is presently directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates, and the Sponsor and the Advisor are jointly controlled by the estate of Mr. Blumberg, Mr. Mulvihill and Mr. Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. The Advisor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the limited partnership agreement of the Operating Partnership (the “Operating Partnership Agreement”), and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10‑K. Selling Commissions, Dealer Manager Fees and Distribution Fees. We pay the Dealer Manager upfront selling commissions with respect to Class T and Class S shares sold in the primary offering and dealer manager fees with respect to Class T shares sold in the primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the transaction price (generally equal to the most recent monthly NAV per share) at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of all outstanding Class T, Class S and Class D shares, including shares issued under our distribution reinvestment plan. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow all or a portion of the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T, Class S, and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. We pay directly, or reimburse the Advisor and the Dealer Manager if they pay on our behalf, certain additional items of underwriting compensation, including legal fees of the Dealer Manager, costs reimbursement for registered representatives of participating broker-dealers to attend educational conferences sponsored by us or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers, and promotional items. In addition to this additional underwriting compensation, the Advisor may also pay the Dealer Manager additional amounts to fund certain of the Dealer Manager’s costs and expenses related to the distribution of our public offering, which will not be reimbursed by us. Also, the Dealer Manager may pay supplemental fees or commissions to participating broker-dealers and servicing broker-dealers with respect to Class I shares sold in the primary offering, which will not be reimbursed by us. Through June 30, 2017, we paid to the Dealer Manager primary dealer fees in the amount of 5.0% of the gross proceeds raised from certain sales of Class I shares in the primary offering. We currently do not intend to pay additional primary dealer fees in our public offerings. Organization and Offering Expense Reimbursement. We pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any issuer organization and offering expenses (meaning organization and offering expenses other than underwriting compensation) as and when incurred. After the termination of the primary offering and again after termination of the offering under our distribution reinvestment plan, the Advisor has agreed to reimburse us to the extent that total cumulative organization and offering expenses (including underwriting compensation) that we incur exceed 15% of our gross proceeds from the applicable offering. Advisory Fee and Operating Expense Reimbursement. The advisory fee consists of a fixed component and a performance component. The fixed component of the advisory fee includes a fee that will be paid monthly to the Advisor for asset management services provided to on our behalf. The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % The performance component of the advisory fee is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance component of the advisory fee be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance component equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance component of the advisory fee as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance component of the advisory fee. The loss carryforward is zero as of December 31, 2020. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance component that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2020, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 9” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” These agreements were amended, and the Special Units were issued, so that, at the election of BCDPAG, the performance component of the advisory fee previously payable to the Advisor may be paid instead to BCDPAG as a performance participation allocation with respect to the Special Units. If BCDPAG does not elect on or before the first day of a calendar year to have the performance component of the advisory fee paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to BCDPAG, as the holder of the Special Units. In such case, the performance component of the advisory fee will be payable in cash or Class I OP Units, at the election of BCDPAG. If BCDPAG elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to BCDPAG will be determined by dividing an amount equal to the value of the performance component of the advisory fee by the net asset value per Class I OP Unit as of the date of the distribution. BCDPAG may request the Operating Partnership to repurchase such OP Units from BCDPAG at a later date. Any such repurchase requests will not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership Agreement or to our stockholders under our share redemption program. In the event the performance component of the advisory fee is paid in cash to BCDPAG as an allocation and distribution in its capacity as holder of the Special Units, such amount will not be deductible by the Operating Partnership although it will reduce the cash available for distribution to holders of common OP Units and we believe that taxable income allocated to BCDPAG as holder of the Special Units should reduce the amount of taxable income allocable to the holders of common OP Units for the taxable period of the allocation. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, BCDPAG will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance component of the advisory fee, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers. Fees from Other Services. We retain certain of the Advisor’s affiliates, from time to time, for services relating to our investments or our operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services, construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance, treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Per the terms of the agreement, any such arrangements will be at market rates or a reimbursement of costs incurred by the affiliate in providing the services. DST Program DST Program Dealer Manager Fees. In connection with the DST Program, as described in “Note 5,” Black Creek Exchange LLC (“BCX”), a wholly-owned subsidiary of our taxable REIT subsidiary that is wholly-owned by the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placements for interests reflecting an indirect ownership of up to $1.0 billion of interests. The Advisor, Dealer Manager and certain of their affiliates receive fees and reimbursements in connection with their roles in the DST Program, which costs are substantially funded by the private investors in that program, through fees and expenses paid by the investors at the time of investment, or deductions from distributions paid to such investors. BCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. BCX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or BCX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by BCX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed and performance components of the advisory fee due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. BC Exchange Manager LLC (the “DST Manager”), a wholly owned subsidiary of the Operating Partnership, acts, directly or through a wholly-owned subsidiary, as the manager of each Delaware statutory trust holding a DST Property, but has assigned all of its rights and obligations as manager (including fees and reimbursements received) to BC Exchange Advisor LLC (“DST Advisor”), an affiliate of the Advisor. While the intention is to sell 100% of the interests to third parties, BCX may hold an interest for a period of time and therefore could be subject to the following description of fees and reimbursements paid to the DST Manager. The DST Manager will have primary responsibility for performing administrative actions in connection with the trust and any DST Property and has the sole power to determine when it is appropriate for a trust to sell a DST Property. For its services, DST Advisor will receive, through the DST Manager, (i) a management fee equal to a stated percentage (e.g., 1.0%) of the gross rents payable to the trust, with such amount to be set on a deal-by-deal basis, (ii) a loan fee of up to 1.0% for any financing provided by us in connection with the DST Program (in which case a subsidiary of ours would provide the debt financing and earn interest thereon, as discussed further below), (iii) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties and the sale of any DST Property to a third party, and (iv) up to 1.0% of the gross equity proceeds as compensation for developing and maintaining the DST Program technology and intellectual property. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, and such investors subsequently submit such OP Units for redemption pursuant to the terms of the Operating Partnership, a redemption fee of up to 1.0% of the amount otherwise payable to a limited partner upon redemption will be paid to DST Manager (or such other amount as may be set forth in the applicable DST Program offering documents). In connection with the DST Program, BCX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers (the “DST Investors”) of the interests in the Delaware statutory trusts (the “DST Interests”) to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any DST Investor will exceed 50% of the Purchase Price paid by such DST Investor for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each DST Investor that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The DST Investor will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Product Specialist Pursuant to a product specialist agreement with BCG Advisors LLC (“BCG Advisors”), BCG Advisors provides advisory services related to our investments in real estate securities. Pursuant to this agreement, a portion of the fixed component of the advisory fee that the Advisor receives from us (as described above) related to investments in real estate securities is reallowed to BCG Advisors in exchange for the services provided. Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us in connection with offering and operation services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2020 2019 2018 2020 2019 Upfront selling commissions (1) $ 1,498 $ 2,094 $ 1,199 $ — $ — Ongoing distribution fees (1)(2) 2,024 1,387 501 188 147 Advisory fees - fixed component (3) 12,819 11,879 11,599 1,087 998 Advisory fees—performance component 4,608 3,776 2,237 4,608 3,776 Other expense reimbursements—Advisor (4)(5) 10,002 10,601 8,801 2,112 2,240 Other expense reimbursements—Dealer Manager 251 527 878 — — DST Program advisory fees (6) 4,392 1,758 313 460 247 DST Program selling commissions (1) 3,151 2,668 1,097 — — DST Program dealer manager fees (1) 946 451 293 — — DST Program other reimbursements—Dealer Manager 265 881 212 — — DST Program facilitation and loan origination fees 4,085 2,988 356 — — Total $ 44,041 $ 39,010 $ 27,486 $ 8,455 $ 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. (2) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $15.5 million and $14.5 million as of December 31, 2020 and 2019, respectively, are included in other liabilities on the consolidated balance sheets. (3) Amount reported for the year ended December 31, 2018 include approximately $0.5 million that we were not obligated to pay in consideration of the issuance of 0.6 million Class I shares. (4) Amounts include approximately $7.7 million, $8.5 million and $6.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor for services provided to us for which the Advisor does not otherwise receive a separate fee. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) Amounts for the years December 31, 2020, 2019 and 2018 are included in advisory fees, related party on the consolidated statements of operations. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2020 and 2019, we held a 91.4% and 93.2%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 9” for detail regarding our noncontrolling interests.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	11. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders—basic $ (14,914) $ 142,551 $ (1,237) Net loss attributable to redeemable OP Units (54) — — Net (loss) income attributable to OP Units (1,091) 10,726 (105) Net (loss) income attributable to common stockholders—diluted $ (16,059) $ 153,277 $ (1,342) Weighted-average shares outstanding—basic 142,268 136,925 128,740 Incremental weighted-average shares effect of conversion of OP Units 11,784 10,391 10,934 Weighted-average shares outstanding—diluted 154,052 147,316 139,674 Net (loss) income per share attributable to common stockholders: Basic $ (0.10) $ 1.04 $ (0.01) Diluted $ (0.10) $ 1.04 $ (0.01)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Cash paid for interest $ 46,417 $ 39,515 $ 42,048 Distributions reinvested in common stock 21,278 20,595 18,988 Change in accrued future ongoing distribution fees 1,019 6,540 6,052 Repayment of property-level loans upon disposition of real estate property — 98,600 — Increase in DST Program Loans receivable through DST Program capital raising 26,486 18,744 660 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — — Redemption value allocation adjustment to redeemable noncontrolling interest 310 — — Mortgage notes assumed on real estate acquisitions at fair value 13,472 — — Issuances of OP Units for DST Interests 28,266 — — Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Beginning of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016 End of period: Cash and cash equivalents $ 11,266 $ 97,772 $ 10,008 Restricted cash 10,468 10,010 7,030 Cash, cash equivalents and restricted cash $ 21,734 $ 107,782 $ 17,038

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	13. 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 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	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES For the year ended December 31, 2020, we recorded an expense of $2.5 million associated with litigation on our consolidated statements of operations. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2020.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	15. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, multi-family and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table sets forth the financial results by segment for the years ended December 31, 2020, 2019 and 2018: (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2020 Rental revenues $ 69,110 $ 71,244 $ 20,424 $ 23,467 $ — $ 184,245 Rental expenses (30,355) (17,568) (9,448) (5,007) — (62,378) Net operating income $ 38,755 $ 53,676 $ 10,976 $ 18,460 $ — $ 121,867 Real estate-related depreciation and amortization $ 21,130 $ 19,795 $ 9,762 $ 12,236 $ — $ 62,923 Total assets $ 459,646 $ 670,455 $ 363,322 $ 461,150 $ 156,987 $ 2,111,560 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905) (17,357) (2,864) (2,934) — (61,060) Net operating income $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544) (17,618) — (1,505) — (61,667) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102 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 years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (in thousands) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (14,914) $ 142,551 $ (1,237) Debt-related income (2,347) (227) (694) Real estate-related depreciation and amortization 62,923 57,342 57,866 General and administrative expenses 8,656 8,985 8,817 Advisory fees, related party 21,819 17,413 14,149 Litigation expense 2,500 — — Impairment of real estate property — 113 14,648 Other (income) expenses (1,037) (153) 251 Interest expense 58,747 48,170 48,358 Gain on sale of real estate property (13,335) (160,537) (14,093) Gain on extinguishment of debt and financing commitments, net — (1,002) — Net loss attributable to redeemable noncontrolling interests (54) — — Net (loss) income attributable to noncontrolling interests (1,091) 10,726 (101) Net operating income $ 121,867 $ 123,381 $ 127,964

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16 . SUBSEQUENT EVENTS We performed a review of events subsequent to the consolidated balance sheet date through the date the consolidated financial statements were issued and determined that there were no such events requiring recognition or disclosure in the consolidated financial statements.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2020 Initial Cost to Company Gross Amount Carried at December 31, 2020 Cost Capitalized or Buildings and Adjustments Buildings and Accumulated No. of Improvements Subsequent to Improvements Total Costs Depreciation Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Office properties: Bala Pointe Bala Cynwyd, PA 1 $ — $ 10,115 $ 27,516 $ 37,631 $ 12,440 $ 10,115 $ 39,956 $ 50,071 $ (20,451) 8/28/2006 1-40 1300 Connecticut Washington, DC 1 49,849 25,177 41,250 66,427 8,662 25,177 49,912 75,089 (28,777) 3/10/2009 2-40 1st Avenue Plaza Denver, CO 2 — 15,713 65,252 80,965 10,400 15,713 75,652 91,365 (20,463) 8/22/2014 1-40 CityView Austin, TX 2 — 4,606 65,250 69,856 7,628 4,606 72,878 77,484 (19,597) 4/24/2015 1-40 Eden Prairie Eden Prairie, MN 1 — 3,538 25,865 29,403 125 3,538 25,990 29,528 (11,503) 10/3/2008 5-40 Preston Sherry Plaza Dallas, TX 1 — 7,500 22,303 29,803 11,748 7,500 34,051 41,551 (16,798) 12/16/2009 1-40 3 Second Street Jersey City, NJ 1 127,000 16,800 193,742 210,542 40,067 16,800 233,809 250,609 (105,712) 6/25/2010 3-40 Venture Corporate Center Hollywood, FL 3 — 10,961 34,151 45,112 5,771 10,961 39,922 50,883 (14,829) 8/6/2015 1-40 Bank of America Tower Boca Raton, FL 1 — 5,030 30,917 35,947 2,753 5,030 33,670 38,700 (7,505) 12/11/2015 1-40 Total office properties 13 $ 176,849 $ 99,440 $ 506,246 $ 605,686 $ 99,594 $ 99,440 $ 605,840 $ 705,280 $ (245,635) Retail properties: Bandera Road San Antonio, TX 1 $ — $ 8,221 $ 23,472 $ 31,693 $ 10,830 $ 8,221 $ 34,302 $ 42,523 $ (12,489) 2/1/2007 1-40 Beaver Creek Apex, NC 1 — 12,426 31,375 43,801 (1,027) 9,955 32,819 42,774 (13,215) 5/11/2007 1-40 Braintree Braintree, MA 1 — 9,270 31,266 40,536 5,716 9,270 36,982 46,252 (14,031) 8/1/2007 1-40 Kingston Kingston, MA 1 — 8,580 12,494 21,074 5,792 8,580 18,286 26,866 (6,893) 8/1/2007 1-40 Manomet Manomet, MA 1 — 1,890 6,480 8,370 1,982 1,890 8,462 10,352 (3,351) 8/1/2007 2-40 Orleans Orleans, MA 1 — 8,780 23,683 32,463 834 8,780 24,517 33,297 (10,269) 8/1/2007 1-40 Sandwich Sandwich, MA 1 — 7,380 25,778 33,158 775 7,380 26,553 33,933 (11,069) 8/1/2007 1-40 Wareham Wareham, MA 1 — 12,972 27,030 40,002 3,572 12,972 30,602 43,574 (13,310) 8/1/2007 1-40 Abington Abington, MA 1 — 14,396 594 14,990 — 14,396 594 14,990 (594) 8/1/2007 - Hyannis Hyannis, MA 1 — 10,405 917 11,322 — 10,405 917 11,322 (668) 8/1/2007 18-68 Meriden Meriden, CT 1 — 6,560 22,014 28,574 — 6,560 22,014 28,574 (9,358) 8/1/2007 13-43 Weymouth Weymouth, MA 2 — 5,170 19,396 24,566 (12) 4,913 19,641 24,554 (7,976) 8/1/2007 4-40 Whitman 475 Bedford Street Whitman, MA 1 — 3,610 11,682 15,292 — 3,610 11,682 15,292 (4,971) 8/1/2007 16-56 New Bedford New Bedford, MA 1 5,554 3,790 11,152 14,942 — 3,790 11,152 14,942 (4,387) 10/18/2007 22-40 Norwell Norwell, MA 1 1,570 5,850 14,547 20,397 — 5,850 14,547 20,397 (6,123) 10/18/2007 15-65 270 Center Washington, DC 1 70,000 19,779 42,515 62,294 1,536 19,781 44,049 63,830 (19,201) 4/6/2009 1-40 Springdale Springfield, MA 1 — 11,866 723 12,589 8 11,866 731 12,597 (613) 2/18/2011 6-62 Saugus Saugus, MA 1 — 3,783 9,713 13,496 120 3,783 9,833 13,616 (5,261) 3/17/2011 3-40 Durgin Square Portsmouth, NH 2 — 7,209 21,055 28,264 3,547 7,209 24,602 31,811 (8,544) 5/28/2014 1-40 Salt Pond Narragansett, RI 2 — 8,759 40,233 48,992 1,175 8,759 41,408 50,167 (10,973) 11/4/2014 1-40 South Cape Mashpee, MA 6 — 9,936 27,552 37,488 4,746 10,307 31,927 42,234 (7,289) 3/18/2015 1-40 Shenandoah Davie, FL 3 9,118 10,501 27,397 37,898 270 10,501 27,667 38,168 (6,293) 8/6/2015 1-40 Chester Springs Chester, NJ 4 — 7,376 51,155 58,531 6,441 7,376 57,596 64,972 (12,413) 10/8/2015 1-40 Yale Village Tulsa, OK 4 — 3,492 30,655 34,147 282 3,492 30,937 34,429 (6,143) 12/9/2015 3-40 Suniland Shopping Center Pinecrest, FL 4 — 34,804 33,902 68,706 1,517 34,804 35,419 70,223 (7,705) 5/27/2016 1-40 Village at Lee Branch Birmingham, AL 2 — 10,476 32,461 42,937 954 10,476 33,415 43,891 (1,985) 1/29/2020 1-40 Total retail properties 46 $ 86,242 $ 247,281 $ 579,241 $ 826,522 $ 49,058 $ 244,926 $ 630,654 $ 875,580 $ (205,124) Initial Cost to Company Gross Amount Carried at December 31, 2020 Cost Capitalized or Buildings and Adjustments Buildings and Accumulated No. of Improvements Subsequent to Improvements Total Costs Depreciation Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Multi-family properties: The Daley Rockville, MD 4 $ 62,000 $ 15,139 $ 80,500 $ 95,639 $ 274 $ 15,139 $ 80,774 $ 95,913 $ (5,092) 7/2/2019 1-40 Juno Winter Park Winter Park, FL 1 — 9,129 75,420 84,549 98 9,129 75,518 84,647 (3,849) 7/9/2019 1-40 Perimeter Sandy Springs, GA 1 — 17,407 99,763 117,170 270 17,407 100,033 117,440 (4,348) 12/19/2019 1-40 The Palms Davie, FL 15 — 18,737 60,475 79,212 21 18,737 60,496 79,233 (621) 11/3/2020 1-40 Total multi-family properties 21 $ 62,000 $ 60,412 $ 316,158 $ 376,570 $ 663 $ 60,412 $ 316,821 $ 377,233 $ (13,910) Industrial properties: South Columbia Campbellsville, KY 1 $ — $ 730 $ 25,092 $ 25,822 $ 5,941 $ 730 $ 31,033 $ 31,763 $ (16,291) 6/25/2010 4-40 Vasco Road Livermore, CA 1 — 4,880 12,019 16,899 (462) 4,880 11,557 16,437 (2,282) 7/21/2017 3-40 Northgate North Las Vegas, NV 1 — 3,940 20,715 24,655 16 3,943 20,728 24,671 (2,714) 7/26/2017 10-40 Stafford Grove Stafford, TX 3 — 8,540 28,879 37,419 1,660 8,586 30,493 39,079 (3,649) 4/9/2018 4-40 Kaiser Business Center Folcroft, PA 2 — 6,140 12,730 18,870 95 6,140 12,825 18,965 (1,879) 12/10/2018 2-40 Tri-County DC Schertz, TX 1 — 2,346 18,400 20,746 96 2,346 18,496 20,842 (1,937) 2/13/2019 1-40 Florence Logistics Center Florence, KY 1 — 1,791 16,968 18,759 — 1,791 16,968 18,759 (1,252) 5/14/2019 1-40 World Connect Logistics Center Indianapolis, IN 1 — 4,983 39,172 44,155 — 4,983 39,172 44,155 (2,091) 9/27/2019 1-40 Tri-County DC II A Schertz, TX 1 — 1,280 8,562 9,842 — 1,280 8,562 9,842 (628) 10/1/2019 1-40 Aurora DC Aurora, IL 1 — 1,681 6,887 8,568 410 1,681 7,297 8,978 (803) 12/13/2019 1-40 Railhead DC Dallas/Fort Worth, TX 1 8,985 2,102 17,475 19,577 8 2,102 17,483 19,585 (699) 2/4/2020 6-40 Tri-County DC II B Schertz, TX 1 — 455 2,429 2,884 10 455 2,439 2,894 (113) 2/14/2020 4-40 Sterling IC Washington, DC 1 — 1,976 3,369 5,345 (18) 1,976 3,351 5,327 (120) 3/25/2020 6-40 Clayton Commerce Center Atlanta, GA 1 — 7,403 51,886 59,289 5,253 7,403 57,139 64,542 (1,136) 6/26/2020 7-40 Bay Area Commerce Center East Bay, CA 1 — 10,135 38,672 48,807 275 10,135 38,947 49,082 (479) 8/27/2020 9-40 Air Tech DC Louisville, KY 2 3,468 615 18,471 19,086 120 615 18,591 19,206 (195) 10/16/2020 1-40 East Columbia IC Portland, OR 2 — 3,352 11,726 15,078 42 3,352 11,768 15,120 (68) 12/2/2020 3-20 Plainfield LC Indianapolis, IN 1 — 2,514 17,260 19,774 — 2,514 17,260 19,774 (27) 12/16/2020 7-40 395 LC Reno, NV 1 — 6,752 61,784 68,536 28 6,752 61,812 68,564 (73) 12/21/2020 5-40 Total industrial properties 24 $ 12,453 $ 71,615 $ 412,496 $ 484,111 $ 13,474 $ 71,664 $ 425,921 $ 497,585 $ (36,436) Grand total 104 $ 337,544 $ 478,748 $ 1,814,141 $ 2,292,889 $ 162,789 $ 476,442 $ 1,979,236 $ 2,455,678 $ (501,105) (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2020. See “Note 4 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2020, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $1.5 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: For the Year Ended December 31, 2020 2019 2018 Investments in real estate properties: Balance at the beginning of period $ 2,057,350 $ 2,008,733 $ 2,028,906 Acquisitions of properties 380,525 399,428 56,289 Improvements 40,595 44,103 46,973 Disposition of properties (22,792) (394,711) (107,292) Impairment of real estate — (113) (14,648) Write-offs of intangibles and customer leasing costs — (90) (1,495) Balance at the end of period $ 2,455,678 $ 2,057,350 $ 2,008,733 Accumulated depreciation and amortization: Balance at the beginning of period $ 444,718 $ 501,621 $ 488,636 Real estate depreciation and amortization expense 62,923 57,342 57,866 Above-market lease assets amortization expenses 357 792 1,096 Disposition of properties (6,893) (114,948) (44,482) Write-offs of intangibles and customer leasing costs — (89) (1,495) Balance at the end of period $ 501,105 $ 444,718 $ 501,621

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated statements of cash flows for 2018 were reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases were reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows.
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2020 acquisitions. No debt was assumed in connection with our 2019 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2020, 2019 and 2018, we recorded $2.6 million, $2.0 million and $0.5 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 and 2018.
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $13.9 million and $9.1 million as of December 31, 2020 and 2019, respectively. Our interest expense for the years ended December 31, 2020, 2019 and 2018 included $10.0 million, $6.9 million and $4.1 million, respectively, of amortization of financing costs.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 10” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest Black Creek Diversified Property Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee pursuant to the advisory agreement (the “Advisory Agreement”) by and among us, the Operating Partnership and Black Creek Diversified Property Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to transfer or redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic 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 December 31, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2020 and 2019, our allowance for doubtful accounts was approximately $1.1 million and $0.8 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 11” for additional information regarding net income (loss) per share.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: · Quoted prices for similar assets/liabilities in active markets; · Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); · Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and · Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2020, no customers represented more than 10.0% of our total annualized base rent.
Recently Adopted Accounting Standards	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 consolidated financial statements. In November 2018, the FASB issued ASU No. 2018‑19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018‑19”), which clarifies the scope of the guidance in the amendments in ASU 2016‑13. We adopted this standard when it became effective for us, as of the reporting period beginning January 1, 2020. The adoption did not have a material effect on our consolidated financial statements. In March 2020, the 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 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 consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer document to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under ASU 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which we adopted on January 1, 2019. The guidance did not have a material effect on the Company’s 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 conce ssions. 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 adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on the Company’s consolidated financial statements. 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 consolidated financial statements . 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 adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 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 derivative contracts entered into after December 31, 2022. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Real Estate-Related Depreciation and Amortization Useful Lives	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, (in thousands) 2020 2019 Land $ 476,442 $ 418,037 Buildings and improvements 1,689,474 1,375,192 Intangible lease assets 289,762 264,121 Investment in real estate properties 2,455,678 2,057,350 Accumulated depreciation and amortization (501,105) (444,718) Net investment in real estate properties $ 1,954,573 $ 1,612,632
Schedule of Asset Acquisitions	During the years ended December 31, 2020 and 2019, 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) 2020 Acquisitions: 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 Air Tech (3) Industrial 10/16/2020 18,709 East Columbia IC Industrial 12/2/2020 14,914 Plainfield LC Industrial 12/16/2020 19,428 395 LC Industrial 12/21/2020 68,270 The Palms Multi-family 11/3/2020 79,212 Total 2020 acquisitions $ 377,591 2019 Acquisitions: Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 (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. (3) Includes debt assumed at fair value as of the acquisition date of $3.6 million, with a principal amount of $3.4 million.
Allocation of Purchase Price Allocations	During the years ended December 31, 2020 and 2019, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2020 2019 Land $ 64,517 $ 53,756 Building 287,762 328,928 Intangible lease assets 26,144 16,480 Above-market lease assets 2,102 265 Below-market lease liabilities (2,934) (707) Total purchase price (1) $ 377,591 $ 398,722 (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 December 31, 2020 and 2019 include the following: As of December 31, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 266,242 $ (214,055) $ 52,187 $ 242,704 $ (200,623) $ 42,081 Above-market lease assets 23,520 (21,216) 2,304 21,417 (20,859) 558 Below-market lease liabilities (79,891) 39,434 (40,457) (80,002) 36,499 (43,503)
Expected Amortization During Next Five Years and Thereafter Related to Acquired Above-Market Lease Assets, Below-Market Lease Liabilities and Acquired In-Place Lease Intangibles	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2020, for the next five years and thereafter: As of December 31, 2020 (in thousands) 2021 2022 2023 2024 2025 Thereafter Total Intangible lease assets $ 11,845 $ 9,343 $ 7,621 $ 6,034 $ 5,080 $ 12,264 $ 52,187 Above-market lease assets 355 342 328 305 256 718 2,304 Below-market lease liabilities (2,898) (2,788) (2,651) (2,482) (2,447) (27,191) (40,457)
Schedule of Adjustments to Rental Revenue Related to Amortization of Above-Market Lease Assets, Below-Market Lease Liabilities, and for Straight-Line Rental Adjustments	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2020 2019 2018 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 5,539 $ 7,776 $ 14,508 Above-market lease amortization (357) (792) (1,096) Below-market lease amortization 3,521 4,042 4,808 Real estate-related depreciation and amortization: Depreciation expense $ 47,629 $ 40,824 $ 38,091 Intangible lease asset amortization 15,294 16,518 19,775 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 included $6.1 million and $10.1 million, respectively, related to early lease termination payments that were recognized to rental revenues on a straight-line basis over the remaining term of the respective lease.
Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating and ground leases in effect as of December 31, 2020, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2020 Year 1 $ 122,849 Year 2 114,326 Year 3 103,878 Year 4 86,626 Year 5 71,606 Thereafter 229,768 Total $ 729,053

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 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 December 31, December 31, December 31, December 31, ($ in thousands) 2020 2019 Current Maturity Date 2020 2019 Line of credit (1) 1.54 % 3.16 % January 2023 $ 106,000 $ — 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) 3.55 3.52 September 2021 - December 2029 210,544 200,857 Floating-rate mortgage note (5) 2.50 4.01 January 2021 127,000 127,000 Total principal amount / weighted-average (6) 3.04 % 3.36 % $ 968,544 $ 852,857 Less: unamortized debt issuance costs $ (4,083) $ (6,535) Add: mark-to-market adjustment on assumed debt 844 245 Total debt, net $ 965,305 $ 846,567 Gross book value of properties encumbered by debt $ 584,637 $ 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 December 31, 2020, the unused and available portions under the line of credit were approximately $344.0 million and $208.0 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of December 31, 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 December 31, 2020. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of December 31, 2020 includes a $49.8 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2020 and 2019, our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25% and 2.25%, respectively. Subsequent to December 31, 2020, we exercised the second one-year extension option extending the final maturity date to January 2022. (6) The weighted-average remaining term of our borrowings was approximately 2.5 years as of December 31, 2020, excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of December 31, 2020, the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total 2021 (1) $ — $ — $ 138,973 $ 138,973 2022 (2) — 200,000 2,865 202,865 2023 (3) 106,000 — 48,889 154,889 2024 — 325,000 2,266 327,266 2025 — — 72,360 72,360 Thereafter — — 72,191 72,191 Total principal payments $ 106,000 $ 525,000 $ 337,544 $ 968,544 (1) Includes a $127.0 million floating-rate mortgage note with a maturity date of January 2021. Subsequent to December 31, 2020, we exercised the second one-year extension option extending the final maturity date to January 2022. (2) The term of this term loan may be extended pursuant to two one-year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions.
Summary of Location and Fair Value of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of December 31, 2020 Interest rate swaps 14 $ 549,849 $ — $ 26,916 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 676,849 $ — $ 26,916 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 consolidated financial statements: For the Year Ended December 31, (in thousands) 2020 2019 2018 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (21,589) $ (13,341) $ 317 Amount reclassified from AOCI into interest expense 7,747 (1,600) 986 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 58,747 48,170 48,358 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (13) $ (25) $ 49

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2020 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 26,916 $ — $ 26,916 Total liabilities measured at fair value $ — $ 26,916 $ — $ 26,916 As of December 31, 2019 Assets: Derivative instruments $ — $ 288 $ — $ 288 Total assets measured at fair value $ — $ 288 $ — $ 288 Liabilities: Derivative instruments $ — $ 13,308 $ — $ 13,308 Total liabilities measured at fair value $ — $ 13,308 $ — $ 13,308
Nonrecurring Fair Value Measurements	The carrying values and fair values of these financial instruments were as follows: As of December 31, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 49,885 $ 49,584 $ 2,578 $ 2,604 DST Program Loans 45,229 45,229 19,404 19,404 Liabilities: Line of credit $ 106,000 $ 105,592 $ — $ — Term loans 525,000 521,945 525,000 525,000 Mortgage notes 337,544 336,336 327,857 326,447 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2020, 2019 and 2018. This information assumes that an investor owned shares of our common stock for the full 2020 calendar year. For the Year Ended December 31, 2020 2019 2018 Ordinary income 3.28 % 22.78 % 42.22 % Non-taxable return of capital 12.34 61.01 57.78 Capital gain 84.38 16.21 — Total distributions 100.00 % 100.00 % 100.00 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2020, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 31,048 $ 34,263 $ 5,452 $ 33,940 $ — $ 104,703 DRIP 1,403 3,570 683 7,993 7,628 21,277 Total offering $ 32,451 $ 37,833 $ 6,135 $ 41,933 $ 7,628 $ 125,980 Number of shares sold: Primary offering 4,006 4,507 728 4,531 — 13,772 DRIP 187 476 91 1,065 1,021 2,840 Total offering 4,193 4,983 819 5,596 1,021 16,612
Information of Share Transactions	The following table describes the changes in each class of common shares during each of the years ended December 31, 2020, 2019 and 2018: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221) (43) (331) (4,598) (17,690) (22,883) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317) (1,215) (409) (2,689) (11,783) (16,413) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,006 4,507 728 4,531 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041
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 $ 1,499 $ 5,360 $ 14,392 June 30 0.09375 7,539 1,611 5,316 14,466 September 30 0.09375 7,482 1,592 5,282 14,356 December 31 0.09375 7,464 1,750 5,347 14,561 Total $ 0.37500 $ 30,018 $ 6,452 $ 21,305 $ 57,775 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 OP Units in 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 10” for further detail regarding the current and historical ongoing distribution fees.
Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2020, 2019 and 2018. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2020 2019 2018 Number of shares requested for redemption or repurchase 14,071 16,413 22,883 Number of shares redeemed or repurchased 14,071 16,413 22,883 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.50 $ 7.35 $ 7.47

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2020 2019 Number of OP Units issued and outstanding to third-party investors 13,486 10,286 Estimated maximum redemption value (unaudited) $ 101,703 $ 77,080 The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2020 2019 2018 Number of OP Units redeemed 1,070 196 810 Aggregate amount of OP Units redeemed $ 8,032 $ 1,438 $ 6,059

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related party Manager fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — %
Schedule Of Fixed Components	The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 %
Schedule of Fees and Other Amounts Earned by Advisor	The following table summarizes the fees and expenses incurred by us in connection with offering and operation services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2020 2019 2018 2020 2019 Upfront selling commissions (1) $ 1,498 $ 2,094 $ 1,199 $ — $ — Ongoing distribution fees (1)(2) 2,024 1,387 501 188 147 Advisory fees - fixed component (3) 12,819 11,879 11,599 1,087 998 Advisory fees—performance component 4,608 3,776 2,237 4,608 3,776 Other expense reimbursements—Advisor (4)(5) 10,002 10,601 8,801 2,112 2,240 Other expense reimbursements—Dealer Manager 251 527 878 — — DST Program advisory fees (6) 4,392 1,758 313 460 247 DST Program selling commissions (1) 3,151 2,668 1,097 — — DST Program dealer manager fees (1) 946 451 293 — — DST Program other reimbursements—Dealer Manager 265 881 212 — — DST Program facilitation and loan origination fees 4,085 2,988 356 — — Total $ 44,041 $ 39,010 $ 27,486 $ 8,455 $ 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. (2) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $15.5 million and $14.5 million as of December 31, 2020 and 2019, respectively, are included in other liabilities on the consolidated balance sheets. (3) Amount reported for the year ended December 31, 2018 include approximately $0.5 million that we were not obligated to pay in consideration of the issuance of 0.6 million Class I shares. (4) Amounts include approximately $7.7 million, $8.5 million and $6.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor for services provided to us for which the Advisor does not otherwise receive a separate fee. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) Amounts for the years December 31, 2020, 2019 and 2018 are included in advisory fees, related party on the consolidated statements of operations.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders—basic $ (14,914) $ 142,551 $ (1,237) Net loss attributable to redeemable OP Units (54) — — Net (loss) income attributable to OP Units (1,091) 10,726 (105) Net (loss) income attributable to common stockholders—diluted $ (16,059) $ 153,277 $ (1,342) Weighted-average shares outstanding—basic 142,268 136,925 128,740 Incremental weighted-average shares effect of conversion of OP Units 11,784 10,391 10,934 Weighted-average shares outstanding—diluted 154,052 147,316 139,674 Net (loss) income per share attributable to common stockholders: Basic $ (0.10) $ 1.04 $ (0.01) Diluted $ (0.10) $ 1.04 $ (0.01)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Cash paid for interest $ 46,417 $ 39,515 $ 42,048 Distributions reinvested in common stock 21,278 20,595 18,988 Change in accrued future ongoing distribution fees 1,019 6,540 6,052 Repayment of property-level loans upon disposition of real estate property — 98,600 — Increase in DST Program Loans receivable through DST Program capital raising 26,486 18,744 660 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 3,776 — — Redemption value allocation adjustment to redeemable noncontrolling interest 310 — — Mortgage notes assumed on real estate acquisitions at fair value 13,472 — — Issuances of OP Units for DST Interests 28,266 — —
Schedule of Restricted Cash and Cash Equivalents	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Beginning of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016 End of period: Cash and cash equivalents $ 11,266 $ 97,772 $ 10,008 Restricted cash 10,468 10,010 7,030 Cash, cash equivalents and restricted cash $ 21,734 $ 107,782 $ 17,038

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the years ended December 31, 2020, 2019 and 2018: (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2020 Rental revenues $ 69,110 $ 71,244 $ 20,424 $ 23,467 $ — $ 184,245 Rental expenses (30,355) (17,568) (9,448) (5,007) — (62,378) Net operating income $ 38,755 $ 53,676 $ 10,976 $ 18,460 $ — $ 121,867 Real estate-related depreciation and amortization $ 21,130 $ 19,795 $ 9,762 $ 12,236 $ — $ 62,923 Total assets $ 459,646 $ 670,455 $ 363,322 $ 461,150 $ 156,987 $ 2,111,560 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905) (17,357) (2,864) (2,934) — (61,060) Net operating income $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544) (17,618) — (1,505) — (61,667) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102
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 years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (in thousands) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (14,914) $ 142,551 $ (1,237) Debt-related income (2,347) (227) (694) Real estate-related depreciation and amortization 62,923 57,342 57,866 General and administrative expenses 8,656 8,985 8,817 Advisory fees, related party 21,819 17,413 14,149 Litigation expense 2,500 — — Impairment of real estate property — 113 14,648 Other (income) expenses (1,037) (153) 251 Interest expense 58,747 48,170 48,358 Gain on sale of real estate property (13,335) (160,537) (14,093) Gain on extinguishment of debt and financing commitments, net — (1,002) — Net loss attributable to redeemable noncontrolling interests (54) — — Net (loss) income attributable to noncontrolling interests (1,091) 10,726 (101) Net operating income $ 121,867 $ 123,381 $ 127,964

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2020segmentproperty
Variable Interest Entity [Line Items]
Number of real estate properties	57
Number of reportable segments | segment	4
DST Program
Variable Interest Entity [Line Items]
Number of real estate properties	9

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Write-offs of unamortized intangible leases	$ 2,600	$ 2,000	$ 500
Impairment charges	0	113	14,648
Accumulated amortization of deferred financing costs	13,900	9,100
Amortization of financing costs	10,000	6,900	$ 4,100
Straight-line rent and tenant receivables, allowance for doubtful accounts	$ 1,100	800
Real Estate Acquired [Member]
Significant Accounting Policies [Line Items]
Debt assumed at fair value		$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2020
Building
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years
Building and Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Building and Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired	9 years 2 months 12 days	5 years 4 months 24 days
Number of real estate properties	57
Proceeds from disposition of real estate property | $	$ 27,372	$ 341,677	$ 77,650
Gain on sale of real estate property | $	13,335	160,537	14,093
Impairment of Real Estate | $	$ 0	113	14,648
Retail properties | Nonrecurring | Level 3 | Retail Property, Greater Boston Market
Real Estate Properties [Line Items]
Impairment of Real Estate | $			$ 1,200
Retail properties | Nonrecurring | Level 3 | Retail Property Jacksonville, Florida And Holbrook, Massachusetts Markets [Member]
Real Estate Properties [Line Items]
Number of real estate properties			2
Impairment of Real Estate | $			$ 13,400
Retail properties | Nonrecurring | Level 3 | Retail Property, Jacksonville, Florida Market
Real Estate Properties [Line Items]
Number of real estate properties			1
Retail properties | Nonrecurring | Level 3 | Retail Property, Holbrook, Massachusetts
Real Estate Properties [Line Items]
Number of real estate properties			1
Impairment of Real Estate | $		$ 100
Disposed of by Sale | Office Property
Real Estate Properties [Line Items]
Number of real estate properties		5
Disposed of by Sale | Retail
Real Estate Properties [Line Items]
Number of real estate properties	1	2
Disposed of by Sale | Outparcel
Real Estate Properties [Line Items]
Number of real estate properties	1	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	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 476,442	$ 418,037
Buildings and improvements	1,689,474	1,375,192
Intangible lease assets	289,762	264,121
Investment in real estate properties	2,455,678	2,057,350
Accumulated depreciation and amortization	(501,105)	(444,718)
Net investment in real estate properties	$ 1,954,573	$ 1,612,632

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Acquired [Member]
Business Acquisition [Line Items]
Total acquisitions	$ 377,591	$ 398,722
Debt assumed at fair value		0
Village at Lee Branch
Business Acquisition [Line Items]
Total acquisitions	41,665
Railhead DC
Business Acquisition [Line Items]
Total acquisitions	19,295
Debt assumed at fair value	9,800
Debt instrument, principal amount	9,200
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
Air Tech
Business Acquisition [Line Items]
Total acquisitions	18,709
Debt assumed at fair value	3,600
Debt instrument, principal amount	3,400
East Columbia IC
Business Acquisition [Line Items]
Total acquisitions	14,914
Plainfield LC
Business Acquisition [Line Items]
Total acquisitions	19,428
395 LC
Business Acquisition [Line Items]
Total acquisitions	68,270
The Palms
Business Acquisition [Line Items]
Total acquisitions	$ 79,212
Tri-County Distribution Center
Business Acquisition [Line Items]
Total acquisitions		20,729
Florence Logistics Center
Business Acquisition [Line Items]
Total acquisitions		18,629
World Connect Logistics Center
Business Acquisition [Line Items]
Total acquisitions		43,971
Tri-County DC II A
Business Acquisition [Line Items]
Total acquisitions		9,821
Aurora DC
Business Acquisition [Line Items]
Total acquisitions		8,548
The Daley
Business Acquisition [Line Items]
Total acquisitions		95,305
Juno Winter Park
Business Acquisition [Line Items]
Total acquisitions		84,549
Perimeter
Business Acquisition [Line Items]
Total acquisitions		$ 117,170

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 64,517	$ 53,756
Building	287,762	328,928
Intangible lease assets	26,144	16,480
Above-market lease assets	2,102	265
Below-market lease liabilities	(2,934)	(707)
Total purchase price (1)	$ 377,591	$ 398,722

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	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 289,762	$ 264,121
Gross, Liabilities	(79,891)	(80,002)
Accumulated Amortization, Liabilities	39,434	36,499
Net, Liabilities	(40,457)	(43,503)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	266,242	242,704
Accumulated Amortization, Assets	(214,055)	(200,623)
Net, Assets	52,187	42,081
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,520	21,417
Accumulated Amortization, Assets	(21,216)	(20,859)
Net, Assets	$ 2,304	$ 558

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
2021	$ (2,898)
2022	(2,788)
2023	(2,651)
2024	(2,482)
2025	(2,447)
Thereafter	(27,191)
Net, Liabilities	(40,457)	$ (43,503)
Intangible lease assets
Real Estate Properties [Line Items]
2021	11,845
2022	9,343
2023	7,621
2024	6,034
2025	5,080
Thereafter	12,264
Net, Assets	52,187	42,081
Above-market lease assets
Real Estate Properties [Line Items]
2021	355
2022	342
2023	328
2024	305
2025	256
Thereafter	718
Net, Assets	$ 2,304	$ 558

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ (5,539)	$ (7,776)	$ (14,508)
Depreciation expense	47,629	40,824	38,091
Intangible lease asset amortization	15,294	16,518	19,775
Early lease termination revenue		6,100	10,100
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(357)	(792)	(1,096)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 3,521	$ 4,042	$ 4,808

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Real Estate [Abstract]
Year 1	$ 122,849
Year 2	114,326
Year 3	103,878
Year 4	86,626
Year 5	71,606
Thereafter	229,768
Total	$ 729,053

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	2
Long-term debt, gross	$ 968,544	$ 852,857
Estimated increase to interest expense related to active effective hedges of floating rate debt	10,000
Performance Guarantee | Partial Recourse 1
Debt Instrument [Line Items]
Current guarantor obligations	4,100
Performance Guarantee | Partial Recourse 3
Debt Instrument [Line Items]
Current guarantor obligations	300
Interest rate swaps
Debt Instrument [Line Items]
Estimated increase to interest expense related to termination of hedging instrument	100
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Long-term debt, gross	210,544	$ 200,857
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Long-term debt, gross	$ 49,800

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.04%	3.36%
Total borrowings	$ 968,544,000	$ 852,857,000
Less: unamortized debt issuance costs	(4,083,000)	(6,535,000)
Add: mark-to-market adjustment on assumed debt	844,000	245,000
Total debt, net	965,305,000	846,567,000
Gross book value of properties encumbered by debt	$ 584,637,000	$ 535,196,000
Weighted average maturity of debt investments	2 years 6 months
Floating Rate Mortgage Note Expiring In January 2022
Debt Instrument [Line Items]
Term of extension	1 year
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	1.54%	3.16%
Total borrowings	$ 106,000,000	$ 0
Current borrowing capacity	344,000,000
Available portions under the line of credit	$ 208,000,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.10%
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 525,000,000
Term Loan | Term Loan Due January 2024
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.27%	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	3.55%	3.52%
Total borrowings	$ 210,544,000	$ 200,857,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings	$ 49,800,000
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	2.50%	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	$ 337,544,000
Mortgage Notes | Floating Rate Mortgage Note Expiring In January 2022
Debt Instrument [Line Items]
Term of extension	1 year

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
2021	$ 138,973
2022	202,865
2023	154,889
2024	327,266
2025	72,360
Thereafter	72,191
Total principal payments	$ 968,544	$ 852,857
Floating Rate Mortgage Note Expiring In January 2022
Debt Instrument [Line Items]
Term of extension	1 year
Line of Credit
Debt Instrument [Line Items]
2021	$ 0
2022	0
2023	106,000
2024	0
2025	0
Thereafter	0
Total principal payments	$ 106,000	$ 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]
2021	$ 0
2022	200,000
2023	0
2024	325,000
2025	0
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]
2021	$ 138,973
2022	2,865
2023	48,889
2024	2,266
2025	72,360
Thereafter	72,191
Total principal payments	337,544
Mortgage Notes | Floating-Rate Mortgage Note Expiring in January 2021
Debt Instrument [Line Items]
Amount of debt instrument	$ 127,000
Mortgage Notes | Floating Rate Mortgage Note Expiring In January 2022
Debt Instrument [Line Items]
Term of extension	1 year

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2020USD ($)contract	Jan. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	15		15
Total notional amount	$ 676,849		$ 747,605
Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets			288
Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 26,916		$ 13,308
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	4	14
Total notional amount	$ 549,849	$ 200,000	$ 601,005
Interest rate swaps | Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets			288
Interest rate swaps | Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 26,916		$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 58,747	$ 48,170	$ 48,358
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in income	(13)	(25)	49
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(21,589)	(13,341)	317
Amount reclassified from AOCI into interest expense	7,747	(1,600)	986
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring	0	1,374	0
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 58,747	$ 48,170	$ 48,358

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
DST Program Loans	$ 45,229	$ 19,404
Rent Obligations	62,378	61,060	$ 61,667
Issuances of OP Units for DST Interests	28,266
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	45,200
Proceeds from private placement	278,200	212,700	43,200
DST interests sold during period	26,500	18,700	700
Rent Obligations	19,400	$ 7,000	$ 1,100
Issuances of OP Units for DST Interests	$ 28,300
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)	3.8

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Derivative instruments	$ 0	$ 288
Total assets measured at fair value	0	288
Liabilities:
Derivative instruments	26,916	13,308
Total liabilities measured at fair value	26,916	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	26,916	13,308
Total liabilities measured at fair value	26,916	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	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 49,885	$ 2,578
DST Program Loans	45,229	19,404
Line of credit	106,000	0
Term loans	525,000	525,000
Mortgage notes	337,544	327,857
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	49,584	2,604
DST Program Loans	45,229	19,404
Line of credit	105,592	0
Term loans	521,945	525,000
Mortgage notes	$ 336,336	$ 326,447

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Gross deferred tax assets	$ 9,200	$ 5,300

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Ordinary income	3.28%	22.78%	42.22%
Non-taxable return of capital	12.34%	61.01%	57.78%
Capital gain	84.38%	16.21%	0.00%
Total distributions	100.00%	100.00%	100.00%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) $ in Millions	Dec. 31, 2020USD ($)
Stockholders Equity Note Disclosure [Line Items]
Registration offering amount	$ 3,000
Common Class T, Common Class S, Common Class D and Common Class I
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	2,230
Primary offering
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement offering	2,500
DRIP Offering
Stockholders Equity Note Disclosure [Line Items]
Amount of DRIP offering	500
DRIP Offering | Class E
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	$ 95.9

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) - Common Stock shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 125,980
Number of shares sold | shares	16,612
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 32,451
Number of shares sold | shares	4,193
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 37,833
Number of shares sold | shares	4,983
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,135
Number of shares sold | shares	819
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 41,933
Number of shares sold | shares	5,596
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,628
Number of shares sold | shares	1,021
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 104,703
Number of shares sold | shares	13,772
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 31,048
Number of shares sold | shares	4,006
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 34,263
Number of shares sold | shares	4,507
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,452
Number of shares sold | shares	728
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 33,940
Number of shares sold | shares	4,531
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 | $	$ 21,277
Number of shares sold | shares	2,840
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,403
Number of shares sold | shares	187
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,570
Number of shares sold | shares	476
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 683
Number of shares sold | shares	91
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,993
Number of shares sold | shares	1,065
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,628
Number of shares sold | shares	1,021

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(14,071)	(16,413)	(22,883)
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,852
Ending balance (in shares)	9,831	5,852
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	20,593
Ending balance (in shares)	23,516	20,593
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,499
Ending balance (in shares)	4,098	3,499
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	43,732
Ending balance (in shares)	44,723	43,732
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	66,804
Ending balance (in shares)	60,873	66,804
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	140,480	130,852	132,466
Primary shares (in shares)	13,772	23,155	18,688
Distribution reinvestment plan (in shares)	2,840	2,800	2,539
Share-based compensation (in shares)	20	86	42
Redemptions of common stock (in shares)	(14,071)	(16,413)	(22,883)
Ending balance (in shares)	143,041	140,480	130,852
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,852	2,783	2,062
Primary shares (in shares)	4,006	3,298	878
Distribution reinvestment plan (in shares)	187	88	64
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(214)	(317)	(221)
Ending balance (in shares)	9,831	5,852	2,783
Common Stock | Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	20,593	10,516	64
Primary shares (in shares)	4,507	10,926	10,414
Distribution reinvestment plan (in shares)	476	366	81
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(2,060)	(1,215)	(43)
Ending balance (in shares)	23,516	20,593	10,516
Common Stock | Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,499	2,778	2,510
Primary shares (in shares)	728	1,050	531
Distribution reinvestment plan (in shares)	91	80	68
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(220)	(409)	(331)
Ending balance (in shares)	4,098	3,499	2,778
Common Stock | Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	43,732	37,385	34,135
Primary shares (in shares)	4,531	7,881	6,865
Distribution reinvestment plan (in shares)	1,065	1,069	941
Share-based compensation (in shares)	20	86	42
Redemptions of common stock (in shares)	(4,625)	(2,689)	(4,598)
Ending balance (in shares)	44,723	43,732	37,385
Common Stock | Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	66,804	77,390	93,695
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	1,021	1,197	1,385
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(6,952)	(11,783)	(17,690)
Ending balance (in shares)	60,873	66,804	77,390

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 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	$ 0.09375	$ 0.37500	$ 0.37500
Common Stock Distributions Paid in Cash	$ 7,464	$ 7,482	$ 7,539	$ 7,533	$ 7,412	$ 7,302	$ 7,303	$ 7,198	$ 30,018	$ 29,215
Other Cash Distributions	1,750	1,592	1,611	1,499	1,396	1,351	1,312	1,244	6,452	5,303
Reinvested in Shares	5,347	5,282	5,316	5,360	5,294	5,270	5,180	4,997	21,305	20,741
Total Distributions	$ 14,561	$ 14,356	$ 14,466	$ 14,392	$ 14,102	$ 13,923	$ 13,795	$ 13,439	$ 57,775	$ 55,259

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	14,071	16,413	22,883
Number of shares redeemed or repurchased (in shares)	14,071	16,413	22,883
% of shares requested that were redeemed or repurchased	100.00%	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.50	$ 7.35	$ 7.47

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - OP Units - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Redemption Of Operating Partnership Units, Number Of Common Stock Issued Per Operating Partnership Unit	1
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	8.60%	6.80%

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Number of OP Units redeemed	14,071	16,413	22,883
Aggregate amount of OP Units redeemed	$ 105,588	$ 120,580	$ 170,933
OP Units
Noncontrolling Interest [Line Items]
Number of OP Units issued to third-party investors (in shares)	13,486	10,286
Number of OP Units outstanding to third-party investors (in shares)	13,486	10,286
Estimated maximum redemption value (unaudited)	$ 101,703	$ 77,080
Number of OP Units redeemed	1,070	196	810
Aggregate amount of OP Units redeemed	$ 8,032	$ 1,438	$ 6,059

RELATED PARTY TRANSACTIONS - (N

RELATED PARTY TRANSACTIONS - (Narrative) (Details) - USD ($)	Jan. 01, 2019	Jun. 30, 2017	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Advisory agreement contract renewal term			1 year
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares		5.00%
Class I
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)			44,723,000	43,732,000
DST Properties
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties			100.00%
Management compensation fee percent of gross rent			1.00%
Management loan fee, percent of financing arranged			1.00%
Management fee, percent of equity proceeds			1.00%
Maximum percentage of purchase price paid by investor			50.00%
Percentage of origination fee			1.00%
DST Properties | Private Placement
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds			1.50%
Amended And Restated Operating Partnership Agreement
Related Party Transaction [Line Items]
Redemption fee, payable to manager			1.00%
Black Creek Exchange LLC | Dealer Manager Agreement | Private Placement
Related Party Transaction [Line Items]
Amount of interests placed with dealer			$ 1,000,000,000
Percent of gross equity proceeds			5.00%
Private placement, dealer fee, percent of gross equity proceeds			1.50%
Ongoing dealer manager fees associated with private placement offering			0.85%
Dealer Manager | Ongoing distribution fees
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment			8.75%
Advisor | Affiliated Entity | Advisory Fees
Related Party Transaction [Line Items]
Maximum Advisor reimbursement of cumulative organization and offering costs as a percentage of gross proceeds from the Offering			15.00%
Threshold for performance component of advisory fee			12.50%
Threshold of annual total return as % of NAV			5.00%
Performance component equal			100.00%
Loss carryforward			$ 0
Class E Dealer Manager fee portion waived under NAV per share threshold			$ 10
Black Creek Diversified Property Advisors | Affiliated Entity | Amended And Restated Operating Partnership Agreement | OP Units
Related Party Transaction [Line Items]
Consideration received	$ 1,000
Number of shares issued (in shares)	100
Partnership Interest | OP Units
Related Party Transaction [Line Items]
Contributed capital			$ 2,000
OP Units held by general partner			200
Contributed of gross proceeds of common stock to the operating partnership			100.00%
Operating Partnership | Partnership Interest | OP Units
Related Party Transaction [Line Items]
Limited partner ownership interest			91.40%	93.20%

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Dealer Manager - Affiliated Entity	12 Months Ended
	Dec. 31, 2020
Class T
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class T | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.00%
Class S
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.85%
Class S | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.50%
Class D
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.25%
Class I
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.00%

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee) (Details) - Advisor - Affiliated Entity - Advisory Fees	Dec. 31, 2020
Related Party Transaction [Line Items]
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)	1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests	1.10%

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party transaction expense	$ 44,041	$ 39,010	$ 27,486
Payable as of	8,455	7,408
Executive Officer
Related Party Transaction [Line Items]
Related party transaction expense	0
Upfront selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	1,498	2,094	1,199
Payable as of	0	0
Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	2,024	1,387	501
Payable as of	188	147
Ongoing distribution fees | Other Liabilities.
Related Party Transaction [Line Items]
Payable as of	15,500	14,500
Advisory fees - fixed component
Related Party Transaction [Line Items]
Related party transaction expense	12,819	11,879	11,599
Payable as of	1,087	998
Advisory fees - fixed component | Company Advisor | Restricted Stock Units (RSUs) | Class I
Related Party Transaction [Line Items]
Related party transaction expense			$ 500
Issuance of common stock, net of offering costs (in shares)			0.6
Advisory fees - performance component
Related Party Transaction [Line Items]
Related party transaction expense	4,608	3,776	$ 2,237
Payable as of	4,608	3,776
Other expense reimbursements - Advisor
Related Party Transaction [Line Items]
Related party transaction expense	10,002	10,601	8,801
Payable as of	2,112	2,240
Other expense reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	251	527	878
Payable as of	0	0
DST Program advisory fees
Related Party Transaction [Line Items]
Related party transaction expense	4,392	1,758	313
Payable as of	460	247
DST Program selling commissions
Related Party Transaction [Line Items]
Related party transaction expense	3,151	2,668	1,097
Payable as of	0	0
DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	946	451	293
Payable as of	0	0
DST Program other reimbursements - Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	265	881	212
Payable as of	0	0
DST Program facilitation and loan origination fees
Related Party Transaction [Line Items]
Related party transaction expense	4,085	2,988	356
Payable as of	0	0
Advisor Fees, Reimbursements For Portion Of Compensation Costs
Related Party Transaction [Line Items]
Related party transaction expense	$ 7,700	$ 8,500	$ 6,600

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (14,914)	$ 142,551	$ (1,237)
Net loss attributable to redeemable OP Units	(54)	0	0
Net (loss) income attributable to OP Units	(1,091)	10,726	(105)
Net (loss) income attributable to common stockholders-diluted	$ (16,059)	$ 153,277	$ (1,342)
Weighted-average shares outstanding-basic (in shares)	142,268	136,925	128,740
Incremental weighted-average shares effect of conversion of OP Units (in shares)	11,784	10,391	10,934
Weighted-average shares outstanding-diluted (in shares)	154,052	147,316	139,674
Basic (usd per share)	$ (0.10)	$ 1.04	$ (0.01)
Diluted (usd per share)	$ (0.10)	$ 1.04	$ (0.01)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncash Investing and Financing Items [Abstract]
Cash paid for interest	$ 46,417	$ 39,515	$ 42,048
Distributions reinvested in common stock	21,278	20,595	18,988
Change in accrued future ongoing distribution fees	1,019	6,540	6,052
Repayment of property-level loans upon disposition of real estate property	0	98,600	0
Increase in DST Program Loans receivable through DST Program capital raising	26,486	18,744	660
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	3,776	0	0
Redemption value allocation adjustment to redeemable noncontrolling interest	310	0	0
Mortgage notes assumed on real estate acquisitions at fair value	13,472	0	0
Issuances of OP Units for DST Interests	28,266	0	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	11,266	97,772	10,008	$ 10,475
Restricted cash	10,468	10,010	7,030	8,541
Cash, cash equivalents and restricted cash	$ 21,734	$ 107,782	$ 17,038	$ 19,016

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Litigation expense	$ 2,500	$ 0	$ 0

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Rental revenues	$ 184,245	$ 184,441	$ 189,631
Rental expenses	(62,378)	(61,060)	(61,667)
Net operating income	121,867	123,381	127,964
Real estate-related depreciation and amortization	62,923	57,342	57,866
Total assets	2,111,560	1,778,265	1,581,102
Operating Segments | Office
Segment Reporting Information [Line Items]
Rental revenues	69,110	93,826	108,421
Rental expenses	(30,355)	(37,905)	(42,544)
Net operating income	38,755	55,921	65,877
Real estate-related depreciation and amortization	21,130	26,194	33,335
Total assets	459,646	458,583	724,875
Operating Segments | Retail properties
Segment Reporting Information [Line Items]
Rental revenues	71,244	70,462	73,416
Rental expenses	(17,568)	(17,357)	(17,618)
Net operating income	53,676	53,105	55,798
Real estate-related depreciation and amortization	19,795	20,317	20,616
Total assets	670,455	652,707	671,007
Operating Segments | Multi-family properties
Segment Reporting Information [Line Items]
Rental revenues	20,424	6,418	0
Rental expenses	(9,448)	(2,864)	0
Net operating income	10,976	3,554	0
Real estate-related depreciation and amortization	9,762	4,028	0
Total assets	363,322	293,498	0
Operating Segments | Industrial properties
Segment Reporting Information [Line Items]
Rental revenues	23,467	13,735	7,794
Rental expenses	(5,007)	(2,934)	(1,505)
Net operating income	18,460	10,801	6,289
Real estate-related depreciation and amortization	12,236	6,803	3,915
Total assets	461,150	207,844	111,230
Corporate
Segment Reporting Information [Line Items]
Rental revenues	0	0	0
Rental expenses	0	0	0
Net operating income	0	0	0
Real estate-related depreciation and amortization	0	0	0
Total assets	$ 156,987	$ 165,633	$ 73,990

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (14,914)	$ 142,551	$ (1,237)
Debt-related income	(2,347)	(227)	(694)
Real estate-related depreciation and amortization	62,923	57,342	57,866
General and administrative expenses	8,656	8,985	8,817
Advisory fees, related party	21,819	17,413	14,149
Litigation expense	2,500	0	0
Impairment of real estate property	0	113	14,648
Other (income) expense	(1,037)	(153)	251
Interest expense	58,747	48,170	48,358
Gain on sale of real estate property	(13,335)	(160,537)	(14,093)
Gain on extinguishment of debt and financing commitments, net	0	(1,002)	0
Net loss attributable to redeemable noncontrolling interests	(54)	0	0
Net (loss) income attributable to noncontrolling interests	(1,091)	10,726	(101)
Net operating income	$ 121,867	$ 123,381	$ 127,964

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)building	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	104
Debt	$ 337,544
Initial Cost to Company, Land	478,748
Initial Cost to Company, Building & Improvements	1,814,141
Initial Cost to Company, Total	2,292,889
Cost Capitalized or Adjustments Subsequent to Acquisition	162,789
Gross Amount Carried, Land	476,442
Gross Amount Carried, Building and Improvements	1,979,236
Real Estate, Gross, Total Cost	2,455,678	$ 2,057,350	$ 2,008,733	$ 2,028,906
Accumulated Depreciation	(501,105)	$ (444,718)	$ (501,621)	$ (488,636)
Aggregate cost of investments in real property for federal income tax purposes	$ 1,500,000
Office
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	13
Debt	$ 176,849
Initial Cost to Company, Land	99,440
Initial Cost to Company, Building & Improvements	506,246
Initial Cost to Company, Total	605,686
Cost Capitalized or Adjustments Subsequent to Acquisition	99,594
Gross Amount Carried, Land	99,440
Gross Amount Carried, Building and Improvements	605,840
Real Estate, Gross, Total Cost	705,280
Accumulated Depreciation	$ (245,635)
Office | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 10,115
Initial Cost to Company, Building & Improvements	27,516
Initial Cost to Company, Total	37,631
Cost Capitalized or Adjustments Subsequent to Acquisition	12,440
Gross Amount Carried, Land	10,115
Gross Amount Carried, Building and Improvements	39,956
Real Estate, Gross, Total Cost	50,071
Accumulated Depreciation	$ (20,451)
Office | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 49,849
Initial Cost to Company, Land	25,177
Initial Cost to Company, Building & Improvements	41,250
Initial Cost to Company, Total	66,427
Cost Capitalized or Adjustments Subsequent to Acquisition	8,662
Gross Amount Carried, Land	25,177
Gross Amount Carried, Building and Improvements	49,912
Real Estate, Gross, Total Cost	75,089
Accumulated Depreciation	$ (28,777)
Office | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 15,713
Initial Cost to Company, Building & Improvements	65,252
Initial Cost to Company, Total	80,965
Cost Capitalized or Adjustments Subsequent to Acquisition	10,400
Gross Amount Carried, Land	15,713
Gross Amount Carried, Building and Improvements	75,652
Real Estate, Gross, Total Cost	91,365
Accumulated Depreciation	$ (20,463)
Office | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 4,606
Initial Cost to Company, Building & Improvements	65,250
Initial Cost to Company, Total	69,856
Cost Capitalized or Adjustments Subsequent to Acquisition	7,628
Gross Amount Carried, Land	4,606
Gross Amount Carried, Building and Improvements	72,878
Real Estate, Gross, Total Cost	77,484
Accumulated Depreciation	$ (19,597)
Office | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 3,538
Initial Cost to Company, Building & Improvements	25,865
Initial Cost to Company, Total	29,403
Cost Capitalized or Adjustments Subsequent to Acquisition	125
Gross Amount Carried, Land	3,538
Gross Amount Carried, Building and Improvements	25,990
Real Estate, Gross, Total Cost	29,528
Accumulated Depreciation	$ (11,503)
Office | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 7,500
Initial Cost to Company, Building & Improvements	22,303
Initial Cost to Company, Total	29,803
Cost Capitalized or Adjustments Subsequent to Acquisition	11,748
Gross Amount Carried, Land	7,500
Gross Amount Carried, Building and Improvements	34,051
Real Estate, Gross, Total Cost	41,551
Accumulated Depreciation	$ (16,798)
Office | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 127,000
Initial Cost to Company, Land	16,800
Initial Cost to Company, Building & Improvements	193,742
Initial Cost to Company, Total	210,542
Cost Capitalized or Adjustments Subsequent to Acquisition	40,067
Gross Amount Carried, Land	16,800
Gross Amount Carried, Building and Improvements	233,809
Real Estate, Gross, Total Cost	250,609
Accumulated Depreciation	$ (105,712)
Office | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost to Company, Land	$ 10,961
Initial Cost to Company, Building & Improvements	34,151
Initial Cost to Company, Total	45,112
Cost Capitalized or Adjustments Subsequent to Acquisition	5,771
Gross Amount Carried, Land	10,961
Gross Amount Carried, Building and Improvements	39,922
Real Estate, Gross, Total Cost	50,883
Accumulated Depreciation	$ (14,829)
Office | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 5,030
Initial Cost to Company, Building & Improvements	30,917
Initial Cost to Company, Total	35,947
Cost Capitalized or Adjustments Subsequent to Acquisition	2,753
Gross Amount Carried, Land	5,030
Gross Amount Carried, Building and Improvements	33,670
Real Estate, Gross, Total Cost	38,700
Accumulated Depreciation	$ (7,505)
Office | Minimum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Office | Minimum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office | Minimum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Office | Minimum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Minimum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office | Maximum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 1st Avenue Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Venture Corporate Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office | Maximum | Bank of America Tower
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	46
Debt	$ 86,242
Initial Cost to Company, Land	247,281
Initial Cost to Company, Building & Improvements	579,241
Initial Cost to Company, Total	826,522
Cost Capitalized or Adjustments Subsequent to Acquisition	49,058
Gross Amount Carried, Land	244,926
Gross Amount Carried, Building and Improvements	630,654
Real Estate, Gross, Total Cost	875,580
Accumulated Depreciation	$ (205,124)
Retail | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 8,221
Initial Cost to Company, Building & Improvements	23,472
Initial Cost to Company, Total	31,693
Cost Capitalized or Adjustments Subsequent to Acquisition	10,830
Gross Amount Carried, Land	8,221
Gross Amount Carried, Building and Improvements	34,302
Real Estate, Gross, Total Cost	42,523
Accumulated Depreciation	$ (12,489)
Retail | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 12,426
Initial Cost to Company, Building & Improvements	31,375
Initial Cost to Company, Total	43,801
Cost Capitalized or Adjustments Subsequent to Acquisition	(1,027)
Gross Amount Carried, Land	9,955
Gross Amount Carried, Building and Improvements	32,819
Real Estate, Gross, Total Cost	42,774
Accumulated Depreciation	$ (13,215)
Retail | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 9,270
Initial Cost to Company, Building & Improvements	31,266
Initial Cost to Company, Total	40,536
Cost Capitalized or Adjustments Subsequent to Acquisition	5,716
Gross Amount Carried, Land	9,270
Gross Amount Carried, Building and Improvements	36,982
Real Estate, Gross, Total Cost	46,252
Accumulated Depreciation	$ (14,031)
Retail | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 8,580
Initial Cost to Company, Building & Improvements	12,494
Initial Cost to Company, Total	21,074
Cost Capitalized or Adjustments Subsequent to Acquisition	5,792
Gross Amount Carried, Land	8,580
Gross Amount Carried, Building and Improvements	18,286
Real Estate, Gross, Total Cost	26,866
Accumulated Depreciation	$ (6,893)
Retail | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 1,890
Initial Cost to Company, Building & Improvements	6,480
Initial Cost to Company, Total	8,370
Cost Capitalized or Adjustments Subsequent to Acquisition	1,982
Gross Amount Carried, Land	1,890
Gross Amount Carried, Building and Improvements	8,462
Real Estate, Gross, Total Cost	10,352
Accumulated Depreciation	$ (3,351)
Retail | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 8,780
Initial Cost to Company, Building & Improvements	23,683
Initial Cost to Company, Total	32,463
Cost Capitalized or Adjustments Subsequent to Acquisition	834
Gross Amount Carried, Land	8,780
Gross Amount Carried, Building and Improvements	24,517
Real Estate, Gross, Total Cost	33,297
Accumulated Depreciation	$ (10,269)
Retail | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 7,380
Initial Cost to Company, Building & Improvements	25,778
Initial Cost to Company, Total	33,158
Cost Capitalized or Adjustments Subsequent to Acquisition	775
Gross Amount Carried, Land	7,380
Gross Amount Carried, Building and Improvements	26,553
Real Estate, Gross, Total Cost	33,933
Accumulated Depreciation	$ (11,069)
Retail | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 12,972
Initial Cost to Company, Building & Improvements	27,030
Initial Cost to Company, Total	40,002
Cost Capitalized or Adjustments Subsequent to Acquisition	3,572
Gross Amount Carried, Land	12,972
Gross Amount Carried, Building and Improvements	30,602
Real Estate, Gross, Total Cost	43,574
Accumulated Depreciation	$ (13,310)
Retail | Abington
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 14,396
Initial Cost to Company, Building & Improvements	594
Initial Cost to Company, Total	14,990
Gross Amount Carried, Land	14,396
Gross Amount Carried, Building and Improvements	594
Real Estate, Gross, Total Cost	14,990
Accumulated Depreciation	$ (594)
Retail | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 10,405
Initial Cost to Company, Building & Improvements	917
Initial Cost to Company, Total	11,322
Gross Amount Carried, Land	10,405
Gross Amount Carried, Building and Improvements	917
Real Estate, Gross, Total Cost	11,322
Accumulated Depreciation	$ (668)
Retail | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 6,560
Initial Cost to Company, Building & Improvements	22,014
Initial Cost to Company, Total	28,574
Gross Amount Carried, Land	6,560
Gross Amount Carried, Building and Improvements	22,014
Real Estate, Gross, Total Cost	28,574
Accumulated Depreciation	$ (9,358)
Retail | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 5,170
Initial Cost to Company, Building & Improvements	19,396
Initial Cost to Company, Total	24,566
Cost Capitalized or Adjustments Subsequent to Acquisition	(12)
Gross Amount Carried, Land	4,913
Gross Amount Carried, Building and Improvements	19,641
Real Estate, Gross, Total Cost	24,554
Accumulated Depreciation	$ (7,976)
Retail | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 3,610
Initial Cost to Company, Building & Improvements	11,682
Initial Cost to Company, Total	15,292
Gross Amount Carried, Land	3,610
Gross Amount Carried, Building and Improvements	11,682
Real Estate, Gross, Total Cost	15,292
Accumulated Depreciation	$ (4,971)
Retail | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 5,554
Initial Cost to Company, Land	3,790
Initial Cost to Company, Building & Improvements	11,152
Initial Cost to Company, Total	14,942
Gross Amount Carried, Land	3,790
Gross Amount Carried, Building and Improvements	11,152
Real Estate, Gross, Total Cost	14,942
Accumulated Depreciation	$ (4,387)
Retail | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 1,570
Initial Cost to Company, Land	5,850
Initial Cost to Company, Building & Improvements	14,547
Initial Cost to Company, Total	20,397
Gross Amount Carried, Land	5,850
Gross Amount Carried, Building and Improvements	14,547
Real Estate, Gross, Total Cost	20,397
Accumulated Depreciation	$ (6,123)
Retail | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 70,000
Initial Cost to Company, Land	19,779
Initial Cost to Company, Building & Improvements	42,515
Initial Cost to Company, Total	62,294
Cost Capitalized or Adjustments Subsequent to Acquisition	1,536
Gross Amount Carried, Land	19,781
Gross Amount Carried, Building and Improvements	44,049
Real Estate, Gross, Total Cost	63,830
Accumulated Depreciation	$ (19,201)
Retail | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 11,866
Initial Cost to Company, Building & Improvements	723
Initial Cost to Company, Total	12,589
Cost Capitalized or Adjustments Subsequent to Acquisition	8
Gross Amount Carried, Land	11,866
Gross Amount Carried, Building and Improvements	731
Real Estate, Gross, Total Cost	12,597
Accumulated Depreciation	$ (613)
Retail | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 3,783
Initial Cost to Company, Building & Improvements	9,713
Initial Cost to Company, Total	13,496
Cost Capitalized or Adjustments Subsequent to Acquisition	120
Gross Amount Carried, Land	3,783
Gross Amount Carried, Building and Improvements	9,833
Real Estate, Gross, Total Cost	13,616
Accumulated Depreciation	$ (5,261)
Retail | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 7,209
Initial Cost to Company, Building & Improvements	21,055
Initial Cost to Company, Total	28,264
Cost Capitalized or Adjustments Subsequent to Acquisition	3,547
Gross Amount Carried, Land	7,209
Gross Amount Carried, Building and Improvements	24,602
Real Estate, Gross, Total Cost	31,811
Accumulated Depreciation	$ (8,544)
Retail | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 8,759
Initial Cost to Company, Building & Improvements	40,233
Initial Cost to Company, Total	48,992
Cost Capitalized or Adjustments Subsequent to Acquisition	1,175
Gross Amount Carried, Land	8,759
Gross Amount Carried, Building and Improvements	41,408
Real Estate, Gross, Total Cost	50,167
Accumulated Depreciation	$ (10,973)
Retail | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost to Company, Land	$ 9,936
Initial Cost to Company, Building & Improvements	27,552
Initial Cost to Company, Total	37,488
Cost Capitalized or Adjustments Subsequent to Acquisition	4,746
Gross Amount Carried, Land	10,307
Gross Amount Carried, Building and Improvements	31,927
Real Estate, Gross, Total Cost	42,234
Accumulated Depreciation	$ (7,289)
Retail | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Debt	$ 9,118
Initial Cost to Company, Land	10,501
Initial Cost to Company, Building & Improvements	27,397
Initial Cost to Company, Total	37,898
Cost Capitalized or Adjustments Subsequent to Acquisition	270
Gross Amount Carried, Land	10,501
Gross Amount Carried, Building and Improvements	27,667
Real Estate, Gross, Total Cost	38,168
Accumulated Depreciation	$ (6,293)
Retail | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost to Company, Land	$ 7,376
Initial Cost to Company, Building & Improvements	51,155
Initial Cost to Company, Total	58,531
Cost Capitalized or Adjustments Subsequent to Acquisition	6,441
Gross Amount Carried, Land	7,376
Gross Amount Carried, Building and Improvements	57,596
Real Estate, Gross, Total Cost	64,972
Accumulated Depreciation	$ (12,413)
Retail | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost to Company, Land	$ 3,492
Initial Cost to Company, Building & Improvements	30,655
Initial Cost to Company, Total	34,147
Cost Capitalized or Adjustments Subsequent to Acquisition	282
Gross Amount Carried, Land	3,492
Gross Amount Carried, Building and Improvements	30,937
Real Estate, Gross, Total Cost	34,429
Accumulated Depreciation	$ (6,143)
Retail | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost to Company, Land	$ 34,804
Initial Cost to Company, Building & Improvements	33,902
Initial Cost to Company, Total	68,706
Cost Capitalized or Adjustments Subsequent to Acquisition	1,517
Gross Amount Carried, Land	34,804
Gross Amount Carried, Building and Improvements	35,419
Real Estate, Gross, Total Cost	70,223
Accumulated Depreciation	$ (7,705)
Retail | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 10,476
Initial Cost to Company, Building & Improvements	32,461
Initial Cost to Company, Total	42,937
Cost Capitalized or Adjustments Subsequent to Acquisition	954
Gross Amount Carried, Land	10,476
Gross Amount Carried, Building and Improvements	33,415
Real Estate, Gross, Total Cost	43,891
Accumulated Depreciation	$ (1,985)
Retail | Minimum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Retail | Minimum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	18 years
Retail | Minimum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Retail | Minimum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Retail | Minimum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail | Minimum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	22 years
Retail | Minimum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	15 years
Retail | Minimum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Retail | Minimum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail | Minimum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Minimum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail | Maximum | Bandera Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Braintree
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Manomet
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	68 years
Retail | Maximum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	43 years
Retail | Maximum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	56 years
Retail | Maximum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	65 years
Retail | Maximum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	62 years
Retail | Maximum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Durgin Square
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail | Maximum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	21
Debt	$ 62,000
Initial Cost to Company, Land	60,412
Initial Cost to Company, Building & Improvements	316,158
Initial Cost to Company, Total	376,570
Cost Capitalized or Adjustments Subsequent to Acquisition	663
Gross Amount Carried, Land	60,412
Gross Amount Carried, Building and Improvements	316,821
Real Estate, Gross, Total Cost	377,233
Accumulated Depreciation	$ (13,910)
Multi family properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Debt	$ 62,000
Initial Cost to Company, Land	15,139
Initial Cost to Company, Building & Improvements	80,500
Initial Cost to Company, Total	95,639
Cost Capitalized or Adjustments Subsequent to Acquisition	274
Gross Amount Carried, Land	15,139
Gross Amount Carried, Building and Improvements	80,774
Real Estate, Gross, Total Cost	95,913
Accumulated Depreciation	$ (5,092)
Multi family properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 9,129
Initial Cost to Company, Building & Improvements	75,420
Initial Cost to Company, Total	84,549
Cost Capitalized or Adjustments Subsequent to Acquisition	98
Gross Amount Carried, Land	9,129
Gross Amount Carried, Building and Improvements	75,518
Real Estate, Gross, Total Cost	84,647
Accumulated Depreciation	$ (3,849)
Multi family properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 17,407
Initial Cost to Company, Building & Improvements	99,763
Initial Cost to Company, Total	117,170
Cost Capitalized or Adjustments Subsequent to Acquisition	270
Gross Amount Carried, Land	17,407
Gross Amount Carried, Building and Improvements	100,033
Real Estate, Gross, Total Cost	117,440
Accumulated Depreciation	$ (4,348)
Multi family properties | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	15
Initial Cost to Company, Land	$ 18,737
Initial Cost to Company, Building & Improvements	60,475
Initial Cost to Company, Total	79,212
Cost Capitalized or Adjustments Subsequent to Acquisition	21
Gross Amount Carried, Land	18,737
Gross Amount Carried, Building and Improvements	60,496
Real Estate, Gross, Total Cost	79,233
Accumulated Depreciation	$ (621)
Multi family properties | Minimum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Minimum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Minimum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Minimum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Multi family properties | Maximum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties | Maximum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties | Maximum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Multi family properties | Maximum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	24
Debt	$ 12,453
Initial Cost to Company, Land	71,615
Initial Cost to Company, Building & Improvements	412,496
Initial Cost to Company, Total	484,111
Cost Capitalized or Adjustments Subsequent to Acquisition	13,474
Gross Amount Carried, Land	71,664
Gross Amount Carried, Building and Improvements	425,921
Real Estate, Gross, Total Cost	497,585
Accumulated Depreciation	$ (36,436)
Industrial | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 730
Initial Cost to Company, Building & Improvements	25,092
Initial Cost to Company, Total	25,822
Cost Capitalized or Adjustments Subsequent to Acquisition	5,941
Gross Amount Carried, Land	730
Gross Amount Carried, Building and Improvements	31,033
Real Estate, Gross, Total Cost	31,763
Accumulated Depreciation	$ (16,291)
Industrial | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 4,880
Initial Cost to Company, Building & Improvements	12,019
Initial Cost to Company, Total	16,899
Cost Capitalized or Adjustments Subsequent to Acquisition	(462)
Gross Amount Carried, Land	4,880
Gross Amount Carried, Building and Improvements	11,557
Real Estate, Gross, Total Cost	16,437
Accumulated Depreciation	$ (2,282)
Industrial | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 3,940
Initial Cost to Company, Building & Improvements	20,715
Initial Cost to Company, Total	24,655
Cost Capitalized or Adjustments Subsequent to Acquisition	16
Gross Amount Carried, Land	3,943
Gross Amount Carried, Building and Improvements	20,728
Real Estate, Gross, Total Cost	24,671
Accumulated Depreciation	$ (2,714)
Industrial | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost to Company, Land	$ 8,540
Initial Cost to Company, Building & Improvements	28,879
Initial Cost to Company, Total	37,419
Cost Capitalized or Adjustments Subsequent to Acquisition	1,660
Gross Amount Carried, Land	8,586
Gross Amount Carried, Building and Improvements	30,493
Real Estate, Gross, Total Cost	39,079
Accumulated Depreciation	$ (3,649)
Industrial | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 6,140
Initial Cost to Company, Building & Improvements	12,730
Initial Cost to Company, Total	18,870
Cost Capitalized or Adjustments Subsequent to Acquisition	95
Gross Amount Carried, Land	6,140
Gross Amount Carried, Building and Improvements	12,825
Real Estate, Gross, Total Cost	18,965
Accumulated Depreciation	$ (1,879)
Industrial | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 2,346
Initial Cost to Company, Building & Improvements	18,400
Initial Cost to Company, Total	20,746
Cost Capitalized or Adjustments Subsequent to Acquisition	96
Gross Amount Carried, Land	2,346
Gross Amount Carried, Building and Improvements	18,496
Real Estate, Gross, Total Cost	20,842
Accumulated Depreciation	$ (1,937)
Industrial | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 1,791
Initial Cost to Company, Building & Improvements	16,968
Initial Cost to Company, Total	18,759
Gross Amount Carried, Land	1,791
Gross Amount Carried, Building and Improvements	16,968
Real Estate, Gross, Total Cost	18,759
Accumulated Depreciation	$ (1,252)
Industrial | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 4,983
Initial Cost to Company, Building & Improvements	39,172
Initial Cost to Company, Total	44,155
Gross Amount Carried, Land	4,983
Gross Amount Carried, Building and Improvements	39,172
Real Estate, Gross, Total Cost	44,155
Accumulated Depreciation	$ (2,091)
Industrial | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 1,280
Initial Cost to Company, Building & Improvements	8,562
Initial Cost to Company, Total	9,842
Gross Amount Carried, Land	1,280
Gross Amount Carried, Building and Improvements	8,562
Real Estate, Gross, Total Cost	9,842
Accumulated Depreciation	$ (628)
Industrial | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 1,681
Initial Cost to Company, Building & Improvements	6,887
Initial Cost to Company, Total	8,568
Cost Capitalized or Adjustments Subsequent to Acquisition	410
Gross Amount Carried, Land	1,681
Gross Amount Carried, Building and Improvements	7,297
Real Estate, Gross, Total Cost	8,978
Accumulated Depreciation	$ (803)
Industrial | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Debt	$ 8,985
Initial Cost to Company, Land	2,102
Initial Cost to Company, Building & Improvements	17,475
Initial Cost to Company, Total	19,577
Cost Capitalized or Adjustments Subsequent to Acquisition	8
Gross Amount Carried, Land	2,102
Gross Amount Carried, Building and Improvements	17,483
Real Estate, Gross, Total Cost	19,585
Accumulated Depreciation	$ (699)
Industrial | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 455
Initial Cost to Company, Building & Improvements	2,429
Initial Cost to Company, Total	2,884
Cost Capitalized or Adjustments Subsequent to Acquisition	10
Gross Amount Carried, Land	455
Gross Amount Carried, Building and Improvements	2,439
Real Estate, Gross, Total Cost	2,894
Accumulated Depreciation	$ (113)
Industrial | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 1,976
Initial Cost to Company, Building & Improvements	3,369
Initial Cost to Company, Total	5,345
Cost Capitalized or Adjustments Subsequent to Acquisition	(18)
Gross Amount Carried, Land	1,976
Gross Amount Carried, Building and Improvements	3,351
Real Estate, Gross, Total Cost	5,327
Accumulated Depreciation	$ (120)
Industrial | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 7,403
Initial Cost to Company, Building & Improvements	51,886
Initial Cost to Company, Total	59,289
Cost Capitalized or Adjustments Subsequent to Acquisition	5,253
Gross Amount Carried, Land	7,403
Gross Amount Carried, Building and Improvements	57,139
Real Estate, Gross, Total Cost	64,542
Accumulated Depreciation	$ (1,136)
Industrial | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 10,135
Initial Cost to Company, Building & Improvements	38,672
Initial Cost to Company, Total	48,807
Cost Capitalized or Adjustments Subsequent to Acquisition	275
Gross Amount Carried, Land	10,135
Gross Amount Carried, Building and Improvements	38,947
Real Estate, Gross, Total Cost	49,082
Accumulated Depreciation	$ (479)
Industrial | Air Tech
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Debt	$ 3,468
Initial Cost to Company, Land	615
Initial Cost to Company, Building & Improvements	18,471
Initial Cost to Company, Total	19,086
Cost Capitalized or Adjustments Subsequent to Acquisition	120
Gross Amount Carried, Land	615
Gross Amount Carried, Building and Improvements	18,591
Real Estate, Gross, Total Cost	19,206
Accumulated Depreciation	$ (195)
Industrial | East Columbia
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost to Company, Land	$ 3,352
Initial Cost to Company, Building & Improvements	11,726
Initial Cost to Company, Total	15,078
Cost Capitalized or Adjustments Subsequent to Acquisition	42
Gross Amount Carried, Land	3,352
Gross Amount Carried, Building and Improvements	11,768
Real Estate, Gross, Total Cost	15,120
Accumulated Depreciation	$ (68)
Industrial | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 2,514
Initial Cost to Company, Building & Improvements	17,260
Initial Cost to Company, Total	19,774
Gross Amount Carried, Land	2,514
Gross Amount Carried, Building and Improvements	17,260
Real Estate, Gross, Total Cost	19,774
Accumulated Depreciation	$ (27)
Industrial | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost to Company, Land	$ 6,752
Initial Cost to Company, Building & Improvements	61,784
Initial Cost to Company, Total	68,536
Cost Capitalized or Adjustments Subsequent to Acquisition	28
Gross Amount Carried, Land	6,752
Gross Amount Carried, Building and Improvements	61,812
Real Estate, Gross, Total Cost	68,564
Accumulated Depreciation	$ (73)
Industrial | Minimum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial | Minimum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial | Minimum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial | Minimum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial | Minimum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial | Minimum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial | Minimum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial | Minimum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial | Minimum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial | Minimum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial | Minimum | Air Tech
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial | Minimum | East Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial | Minimum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial | Minimum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial | Maximum | South Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | Air Tech
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | East Columbia
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial | Maximum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial | Maximum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate properties:
Balance at the beginning of period	$ 2,057,350	$ 2,008,733	$ 2,028,906
Acquisitions of properties	380,525	399,428	56,289
Improvements	40,595	44,103	46,973
Disposition of properties	(22,792)	(394,711)	(107,292)
Impairment of real estate	0	(113)	(14,648)
Write-offs of intangibles and customer leasing costs	0	(90)	(1,495)
Balance at the end of period	2,455,678	2,057,350	2,008,733
Accumulated depreciation and amortization:
Balance at the beginning of period	444,718	501,621	488,636
Real estate depreciation and amortization expense	62,923	57,342	57,866
Above-market lease assets amortization expenses	357	792	1,096
Disposition of properties	(6,893)	(114,948)	(44,482)
Write-offs of intangibles and customer leasing costs	0	(89)	(1,495)
Balance at the end of period	$ 501,105	$ 444,718	$ 501,621