Black Creek Diversified Property Fund 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Black Creek Diversified Property Fund Inc.
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,076,586
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,822,435
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,293,775
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		47,409,326
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,369,100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Net investment in real estate properties	$ 1,970,456	$ 1,954,573
Debt-related investments, net	47,685	49,628
Cash and cash equivalents	17,100	11,266
Restricted cash	10,502	10,468
DST Program Loans	50,012	45,229
Other assets	47,717	40,396
Total assets	2,143,472	2,111,560
Liabilities
Accounts payable and accrued expenses	33,464	40,371
Debt, net	912,881	965,305
Intangible lease liabilities, net	40,078	40,457
Financing obligations, net	528,051	502,533
Other liabilities	60,217	61,205
Total liabilities	1,574,691	1,609,871
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	8,430	3,798
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,298,328	1,269,146
Distributions in excess of earnings	(837,019)	(841,496)
Accumulated other comprehensive loss	(22,096)	(27,431)
Total stockholders' equity	440,686	401,649
Noncontrolling interests	119,665	96,242
Total equity	560,351	497,891
Total liabilities and equity	2,143,472	2,111,560
Class E
Stockholders' equity:
Common stock	594	609
Class T
Stockholders' equity:
Common stock	104	98
Class S
Stockholders' equity:
Common stock	264	235
Class D
Stockholders' equity:
Common stock	49	41
Class I
Stockholders' equity:
Common stock	$ 462	$ 447

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
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)	59,412	60,873
Common stock, shares outstanding (in shares)	59,412	60,873
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)	10,369	9,831
Common stock, shares outstanding (in shares)	10,369	9,831
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)	26,443	23,516
Common stock, shares outstanding (in shares)	26,443	23,516
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)	4,899	4,098
Common stock, shares outstanding (in shares)	4,899	4,098
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)	46,169	44,723
Common stock, shares outstanding (in shares)	46,169	44,723

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental revenues	$ 50,432	$ 44,268
Debt-related income	2,124	34
Total revenues	52,556	44,302
Operating expenses:
Rental expenses	17,562	15,503
Real estate-related depreciation and amortization	16,733	14,450
General and administrative expenses	2,585	2,229
Advisory fees, related party	6,573	5,501
Impairment of real estate property	758	0
Total operating expenses	44,211	37,683
Other expenses (income):
Interest expense	16,563	13,351
Gain on sale of real estate property	(27,342)	(2,192)
Other (expenses) income	(274)	(92)
Total other expenses (income)	(11,053)	11,067
Net income (loss)	19,398	(4,448)
Net (income) loss attributable to redeemable noncontrolling interests	(134)	15
Net (income) loss attributable to noncontrolling interests	(1,699)	299
Net income (loss) attributable to common stockholders	$ 17,565	$ (4,134)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	145,861	142,543
Weighted-average shares outstanding-diluted (in shares)	161,089	153,357
Net income (loss) attributable to common stockholders per common share - basic and diluted (usd per share)	$ 0.12	$ (0.03)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 19,398	$ (4,448)
Change from cash flow hedging derivatives	5,915	(18,222)
Comprehensive income (loss)	25,313	(22,670)
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(175)	77
Comprehensive (income) loss attributable to noncontrolling interests	(2,238)	1,662
Comprehensive income (loss) attributable to common stockholders	$ 22,900	$ (20,931)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances (in shares) at Dec. 31, 2019	140,480
Beginning Balances at Dec. 31, 2019	$ 1,405	$ 1,257,147	$ (775,259)	$ (14,662)	$ 81,657	$ 550,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(4,134)		(299)	(4,433)
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(16,797)	(1,363)	(18,160)
Issuance of common stock, net of offering costs (in shares)	6,977
Issuance of common stock, net of offering costs	$ 70	50,139				50,209
Share-based compensation, net of forfeitures (in shares)	16
Share-based compensation, net of forfeitures		118				$ 118
Redemptions of common stock (in shares)	(4,118)					(4,118)
Redemptions of common stock	$ (41)	(30,736)				$ (30,777)
Amortization of share-based compensation		15				15
Issuances of OP Units for DST Interests					11,233	11,233
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,893)		(982)	(13,875)
Redemption value allocation adjustment to redeemable noncontrolling interest		(138)				(138)
Redemptions of noncontrolling interests		(445)			(4,713)	(5,158)
Ending Balances (in shares) at Mar. 31, 2020	143,355
Ending Balances at Mar. 31, 2020	$ 1,434	1,276,100	(792,286)	(31,459)	85,533	539,322
Beginning Balances (in shares) at Dec. 31, 2020	143,041
Beginning Balances at Dec. 31, 2020	$ 1,430	1,269,146	(841,496)	(27,431)	96,242	497,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			17,565		1,699	19,264
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				5,335	539	5,874
Issuance of common stock, net of offering costs (in shares)	6,487
Issuance of common stock, net of offering costs	$ 65	46,663				46,728
Share-based compensation, net of forfeitures (in shares)	8
Share-based compensation, net of forfeitures		57				$ 57
Redemptions of common stock (in shares)	(2,244)					(2,244)
Redemptions of common stock	$ (22)	(16,907)				$ (16,929)
Amortization of share-based compensation		(10)				(10)
Issuances of OP Units for DST Interests					25,941	25,941
Distributions declared on common stock and noncontrolling interests, net of distribution fees (excludes attributable to redeemable noncontrolling interest)		(587)	(13,088)		(3,711)	(17,386)
Redemption value allocation adjustment to redeemable noncontrolling interest		48				48
Redemptions of noncontrolling interests		(82)			(1,045)	(1,127)
Ending Balances (in shares) at Mar. 31, 2021	147,292
Ending Balances at Mar. 31, 2021	$ 1,473	$ 1,298,328	$ (837,019)	$ (22,096)	$ 119,665	$ 560,351

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interests	$ 134	$ (15)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	41	$ (62)
Distribution fees attributable to redeemable noncontrolling interest	$ 103

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ 19,398	$ (4,448)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	16,733	14,450
Straight-line rent and amortization of above- and below-market leases	(1,825)	(1,060)
Gain on sale of real estate property	(27,342)	(2,192)
Impairment of real estate property	758	0
Other	3,082	2,691
Changes in operating assets and liabilities	(3,145)	(1,986)
Net cash provided by operating activities	7,659	7,455
Investing activities:
Real estate acquisitions	(49,053)	(56,385)
Capital expenditures	(7,916)	(11,227)
Proceeds from disposition of real estate property	48,960	2,752
Principal collections on debt-related investments	2,405	43
Investment in debt related investments	(402)	0
Other	(1,698)	(473)
Net cash used in investing activities	(7,704)	(65,290)
Financing activities:
Repayments of mortgage notes	(786)	(704)
Net repayments of line of credit	(52,000)	0
Redemptions of common stock	(16,929)	(30,777)
Distributions on common stock	(7,517)	(7,483)
Proceeds from issuance of common stock	43,895	47,444
Proceeds from financing obligations	46,824	82,396
Offering costs for issuance of common stock and private placements	(2,687)	(2,606)
Distributions to noncontrolling interest holders	(1,303)	(982)
Redemption of OP Unit holder interests	(1,127)	(5,158)
Other	(2,457)	(3,183)
Net cash provided by financing activities	5,913	78,947
Net increase in cash, cash equivalents and restricted cash	5,868	21,112
Cash, cash equivalents and restricted cash, at beginning of period	21,734	107,782
Cash, cash equivalents and restricted cash, at end of period	$ 27,602	$ 128,894

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our,” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10‑K for the year ended December 31, 2020, filed with the SEC on March 5, 2021 (“2020 Form 10‑K”). As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. Recently Adopted Accounting Standards In 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 condensed 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 condensed consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	2. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: As of (in thousands) March 31, 2021 December 31, 2020 Land $ 480,989 $ 476,442 Buildings and improvements 1,705,947 1,689,474 Intangible lease assets 281,681 289,762 Investment in real estate properties 2,468,617 2,455,678 Accumulated depreciation and amortization (498,161) (501,105) Net investment in real estate properties $ 1,970,456 $ 1,954,573 Acquisitions During the three months ended March 31, 2021, we acquired 100% of the following property, which was determined to be an asset acquisition: ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center LLC Industrial 3/31/2021 $ 49,168 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 acquisition. During the three months ended March 31, 2021, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Three Months Ended ($ in thousands) March 31, 2021 Land $ 7,167 Building 40,952 Intangible lease assets 1,421 Below-market lease liabilities (372) Total purchase price (1) $ 49,168 (1) There was no debt assumed in connection with the 2021 acquisition. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisition during the three months ended March 31, 2021, as of the date of the acquisition, was 7.1 years. Dispositions During the three months ended March 31, 2021, we sold one retail property and one industrial property for net proceeds of approximately $49.0 million. We recorded a net gain on sale of approximately $27.3 million. During the three months ended March 31, 2020, we sold one retail outparcel for net proceeds of approximately $2.8 million. We recorded a net gain on sale of approximately $2.2 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2021 and December 31, 2020 include the following: As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 259,464 $ (209,352) $ 50,112 $ 266,242 $ (214,055) $ 52,187 Above-market lease assets 22,217 (20,015) 2,202 23,520 (21,216) 2,304 Below-market lease liabilities (80,244) 40,166 (40,078) (79,891) 39,434 (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 Three Months Ended March 31, (in thousands) 2021 2020 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,176 $ 288 Above-market lease amortization (102) (71) Below-market lease amortization 751 843 Real estate-related depreciation and amortization: Depreciation expense $ 13,354 $ 10,963 Intangible lease asset amortization 3,379 3,487 Real Estate Property Impairment During the three months ended March 31, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Manomet, Massachusetts market, which was disposed of in March 2021. 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.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	3. DEBT A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of March 31, December 31, March 31, December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) 1.51 % 1.54 % January 2023 $ 54,000 $ 106,000 Term loan (2) 3.27 3.27 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 3.55 September 2021 - December 2029 209,758 210,544 Floating-rate mortgage note (5) 2.50 2.50 January 2022 127,000 127,000 Total principal amount / weighted-average (6) 3.12 % 3.04 % $ 915,758 $ 968,544 Less: unamortized debt issuance costs $ (3,657) $ (4,083) Add: mark-to-market adjustment on assumed debt 780 844 Total debt, net $ 912,881 $ 965,305 Gross book value of properties encumbered by debt $ 587,162 $ 584,637 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10%, depending on our consolidated leverage ratio. As of March 31, 2021, the unused and available portions under the line of credit were approximately $396.0 million and $260.2 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of March 31, 2021. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million. There are no amounts unused or available under this term loan as of March 31, 2021. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of March 31, 2021 includes a $49.5 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 both March 31, 2021, and December 31, 2020, our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25%. (6) The weighted-average remaining term of our borrowings was approximately 2.5 years as of March 31, 2021, excluding the impact of certain extension options. As of March 31, 2021, the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total Remainder of 2021 $ — $ — $ 9,021 $ 9,021 2022 (1) — 200,000 128,367 328,367 2023 (2) 54,000 — 49,549 103,549 2024 — 325,000 — 325,000 2025 — — 70,000 70,000 Thereafter — — 79,821 79,821 Total principal payments $ 54,000 $ 525,000 $ 336,758 $ 915,758 (1) The term of this term loan may be extended pursuant to two one-year extension options, subject to certain conditions. (2) 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 March 31, 2021, 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 March 31, 2021. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that approximately $9.3 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of March 31, 2021 Interest rate swaps 14 $ 549,549 $ — $ 21,014 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 676,549 $ — $ 21,014 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 The following table presents the effect of our derivative instruments on our condensed consolidated financial statements: For the Three Months Ended March 31, (in thousands) 2021 2020 Derivative instruments designated as cash flow hedges: Gain (loss) recognized in AOCI $ 3,343 $ (18,730) Amount reclassified from AOCI into interest expense 2,572 508 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 16,563 13,351 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (13) $ (11)

DST PROGRAM

DST PROGRAM	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DST PROGRAM	4. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). During the three months ended March 31, 2021 and 2020, we sold approximately $51.8 million and $94.3 million, respectively, in gross interests related to the DST Program, including interests financed by the DST Program Loans (as defined below), and incurred rent obligations of approximately $6.5 million and $3.6 million, respectively, under our master lease agreements with investors who are participating in the DST Program. Additionally, during the three months ended March 31, 2021 and 2020, 3.4 million partnership units (“OP Units”) in our operating partnership, Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”) and 1.5 million OP Units, respectively were issued in exchange for DST Interests, for a net investment of $25.9 million and $11.3 million, respectively, in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests to potential investors. As of March 31, 2021 and December 31, 2020, we had approximately $50.0 million and $45.2 million, respectively, outstanding in DST Program Loans that were made to partially finance the sale of DST Interests outstanding in the DST Program. Of the $51.8 million and $94.3 million, respectively, of gross interests sold during the three months ended March 31, 2021 and 2020, $5.0 million and $11.9 million, respectively, were financed by DST Program Loans. We include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program Loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	5. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of March 31, 2021 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 21,014 $ — $ 21,014 Total liabilities measured at fair value $ — $ 21,014 $ — $ 21,014 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 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps and an interest rate cap whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to these derivative instruments being unique and not actively traded, the fair value is classified as Level 2. See “Note 3” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of March 31, 2021 and December 31, 2020, the fair values of cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of March 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 47,883 $ 47,645 $ 49,885 $ 49,584 DST Program Loans 50,012 50,012 45,229 45,229 Liabilities: Line of credit $ 54,000 $ 53,971 $ 106,000 $ 105,592 Term loans 525,000 524,085 525,000 521,945 Mortgage notes 336,758 335,349 337,544 336,336 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Public Offering A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the three months ended March 31, 2021, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 4,047 $ 22,244 $ 6,156 $ 11,448 $ — $ 43,895 DRIP 440 1,016 189 2,003 1,810 5,458 Total offering $ 4,487 $ 23,260 $ 6,345 $ 13,451 $ 1,810 $ 49,353 Number of shares sold: Primary offering 523 2,909 816 1,516 — 5,764 DRIP 58 135 25 265 240 723 Total offering 581 3,044 841 1,781 240 6,487 Common Stock The following table describes the changes in each class of common shares during the periods presented below: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 1,764 1,990 320 2,188 — 6,262 Distribution reinvestment plan 35 116 22 276 266 715 Share-based compensation — — — 16 — 16 Redemptions of common stock (108) (913) (26) (761) (2,310) (4,118) Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355 FOR THE THREE MONTHS ENDED MARCH 31, 2021 Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 523 2,909 816 1,516 — 5,764 Distribution reinvestment plan 58 135 25 265 240 723 Share-based compensation — — — 8 — 8 Redemptions of common stock (43) (117) (40) (343) (1,701) (2,244) Balance as of March 31, 2021 10,369 26,443 4,899 46,169 59,412 147,292 Distributions The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount Common Stock Declared per Distributions Other Cash Reinvested in Total (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) Shares Distributions 2021 March 31 $ 0.09375 $ 7,562 $ 2,010 $ 5,526 $ 15,098 Total $ 0.09375 $ 7,562 $ 2,010 $ 5,526 $ 15,098 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 (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; and (ii) ongoing distribution fees paid to the dealer manager for our public offerings, Black Creek Capital Markets, LLC (the “Dealer Manager”), with respect to certain classes of our shares. See “Note 8” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the three months ended March 31, 2021 and 2020. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Three Months Ended March 31, (in thousands, except for per share data) 2021 2020 Number of shares requested for redemption or repurchase 2,244 4,118 Number of shares redeemed or repurchased 2,244 4,118 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.55 $ 7.47

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2021
REDEEMABLE NONCONTROLLING INTERESTS
REDEEMABLE NONCONTROLLING INTERESTS	7. REDEEMABLE NONCONTROLLING INTERESTS Our sponsor, Black Creek Diversified Property Advisors Group LLC (the “Sponsor”), holds, either directly or indirectly, OP Units, which were issued as payment of the performance component of the advisory fee pursuant to the amended and restated advisory agreement, by and among the Company, the Operating Partnership and our external advisor, Black Creek Diversified Property Advisors LLC (the “Advisor”). We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the Sponsor has the ability to tender its OP Units at any time irrespective of the period that such OP Units have been held by the Sponsor, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of the Company’s common stock of the class corresponding to the class of such OP Units. 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. The following table summarizes the redeemable noncontrolling interest activity for the three months ended March 31, 2021: ($ in thousands) As of December 31, 2020 $ 3,798 Settlement of 2020 advisory fee—performance component (1) 4,608 Distributions to OP Unitholders (103) Net income attributable to redeemable noncontrolling interest 134 Change from cash flow hedging activities attributable to redeemable noncontrolling interest 41 Redemption value allocation adjustment to redeemable noncontrolling interest (48) As of March 31, 2021 $ 8,430 (1) The 2020 performance component of the advisory fee in the amount of $4.6 million became payable to the Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Sponsor in January 2021.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: For the Three Months Ended March 31, Payable as of (in thousands) 2021 2020 March 31, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) $ 406 $ 692 $ — $ — Ongoing distribution fees (1)(2) 603 470 226 188 Advisory fees - fixed component 4,824 4,153 1,630 1,547 Advisory fees—performance component 1,749 1,348 1,749 4,608 Other expense reimbursements—Advisor (3)(4) 3,041 2,217 781 2,112 Other expense reimbursements—Dealer Manager 58 335 — — DST Program selling commissions, dealer manager and distribution fees (1) 1,395 1,399 224 — Other DST Program related costs - Advisor (3) 1,019 1,431 73 — Total $ 13,095 $ 12,045 $ 4,683 $ 8,455 (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 $19.5 million and $15.5 million as of March 31, 2021 and December 31, 2020, respectively, are included in other liabilities on the consolidated balance sheets. (3) Includes costs reimbursed to the Advisor related to the DST Program. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described after this footnote, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor does not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the three months ended March 31, 2021, and 2020 were approximately $2.5 million and $1.8 million, respectively. 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.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	9. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Net income (loss) attributable to common stockholders—basic $ 17,565 $ (4,134) Net income (loss) attributable to redeemable OP Units 134 (15) Net income (loss) attributable to OP Units 1,699 (299) Net income (loss) attributable to common stockholders—diluted $ 19,398 $ (4,448) Weighted-average shares outstanding—basic 145,861 142,543 Incremental weighted-average shares effect of conversion of OP Units 15,228 10,814 Weighted-average shares outstanding—diluted 161,089 153,357 Net income (loss) per share attributable to common stockholders: Basic $ 0.12 $ (0.03) Diluted $ 0.12 $ (0.03)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Distributions reinvested in common stock $ 5,459 $ 5,340 Change in accrued future ongoing distribution fees 3,987 709 Increase in DST Program Loans receivable through DST Program capital raising 4,992 11,909 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 4,608 3,776 Redemption value allocation adjustment to redeemable noncontrolling interest (48) 138 Mortgage notes assumed on real estate acquisitions at fair value — 9,518 Issuances of OP Units for DST Interests 25,941 11,232 Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning of period: Cash and cash equivalents $ 11,266 $ 97,772 Restricted cash 10,468 10,010 Cash, cash equivalents and restricted cash $ 21,734 $ 107,782 End of period: Cash and cash equivalents $ 17,100 $ 118,275 Restricted cash 10,502 10,619 Cash, cash equivalents and restricted cash $ 27,602 $ 128,894

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	11. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties Currently, one of the most significant risks and uncertainties is the adverse effect of the current novel coronavirus (COVID-19) pandemic. A number of our customers previously announced temporary closures of their stores and requested rent deferral or rent abatement during this pandemic. The 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 has not had a material effect on our condensed consolidated financial statements, we are unable to predict the impact that the COVID-19 pandemic and the vaccination rates in the United States 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	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of March 31, 2021.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	13. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, multi-family and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table reflects our total assets by business segment as of March 31, 2021 and December 31, 2020: As of (in thousands) March 31, 2021 December 31, 2020 Assets: Office properties $ 456,762 $ 459,646 Retail properties 661,015 670,455 Multi-family properties 360,701 363,322 Industrial properties 491,978 461,150 Corporate 173,016 156,987 Total assets $ 2,143,472 $ 2,111,560 The following table sets forth the financial results by segment for the three months ended March 31, 2021 and 2020: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended March 31, 2021 Rental revenues $ 16,823 $ 17,911 $ 6,640 $ 9,058 $ 50,432 Rental expenses (7,509) (4,902) (3,242) (1,909) (17,562) Net operating income $ 9,314 $ 13,009 $ 3,398 $ 7,149 $ 32,870 Real estate-related depreciation and amortization $ 4,869 $ 4,627 $ 2,740 $ 4,497 $ 16,733 For the Three Months Ended March 31, 2020 Rental revenues $ 16,513 $ 17,643 $ 5,248 $ 4,864 $ 44,268 Rental expenses (8,124) (4,263) (2,138) (978) (15,503) Net operating income $ 8,389 $ 13,380 $ 3,110 $ 3,886 $ 28,765 Real estate-related depreciation and amortization $ 4,868 $ 4,849 $ 2,163 $ 2,570 $ 14,450 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (in thousands) 2021 2020 Net income (loss) attributable to common stockholders $ 17,565 $ (4,134) Debt-related income (2,124) (34) Real estate-related depreciation and amortization 16,733 14,450 General and administrative expenses 2,585 2,229 Advisory fees, related party 6,573 5,501 Impairment of real estate property 758 — Other income (274) (92) Interest expense 16,563 13,351 Gain on sale of real estate property (27,342) (2,192) Net income (loss) attributable to redeemable noncontrolling interests 134 (15) Net income (loss) attributable to noncontrolling interests 1,699 (299) Net operating income $ 32,870 $ 28,765

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS We performed a review of events subsequent to the condensed consolidated balance sheet date through the date the condensed consolidated financial statements were issued and determined that there were no such events requiring recognition or disclosure in the condensed consolidated financial statements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued and Adopted Accounting Standards	Recently Adopted 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 condensed 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 condensed consolidated financial statements.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale	The following table summarizes our consolidated investments in real estate properties: As of (in thousands) March 31, 2021 December 31, 2020 Land $ 480,989 $ 476,442 Buildings and improvements 1,705,947 1,689,474 Intangible lease assets 281,681 289,762 Investment in real estate properties 2,468,617 2,455,678 Accumulated depreciation and amortization (498,161) (501,105) Net investment in real estate properties $ 1,970,456 $ 1,954,573
Schedule of Asset Acquisitions	During the three months ended March 31, 2021, we acquired 100% of the following property, which was determined to be an asset acquisition: ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center LLC Industrial 3/31/2021 $ 49,168 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 acquisition.
Allocation of Purchase Price Allocations	During the three months ended March 31, 2021, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: For the Three Months Ended ($ in thousands) March 31, 2021 Land $ 7,167 Building 40,952 Intangible lease assets 1,421 Below-market lease liabilities (372) Total purchase price (1) $ 49,168 (1) There was no debt assumed in connection with the 2021 acquisition.
Schedule of Intangible Lease Assets and Liabilities Excluding Properties Held for Sale	Intangible lease assets and liabilities as of March 31, 2021 and December 31, 2020 include the following: As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets $ 259,464 $ (209,352) $ 50,112 $ 266,242 $ (214,055) $ 52,187 Above-market lease assets 22,217 (20,015) 2,202 23,520 (21,216) 2,304 Below-market lease liabilities (80,244) 40,166 (40,078) (79,891) 39,434 (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 Three Months Ended March 31, (in thousands) 2021 2020 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,176 $ 288 Above-market lease amortization (102) (71) Below-market lease amortization 751 843 Real estate-related depreciation and amortization: Depreciation expense $ 13,354 $ 10,963 Intangible lease asset amortization 3,379 3,487

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of March 31, December 31, March 31, December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) 1.51 % 1.54 % January 2023 $ 54,000 $ 106,000 Term loan (2) 3.27 3.27 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 3.55 September 2021 - December 2029 209,758 210,544 Floating-rate mortgage note (5) 2.50 2.50 January 2022 127,000 127,000 Total principal amount / weighted-average (6) 3.12 % 3.04 % $ 915,758 $ 968,544 Less: unamortized debt issuance costs $ (3,657) $ (4,083) Add: mark-to-market adjustment on assumed debt 780 844 Total debt, net $ 912,881 $ 965,305 Gross book value of properties encumbered by debt $ 587,162 $ 584,637 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10%, depending on our consolidated leverage ratio. As of March 31, 2021, the unused and available portions under the line of credit were approximately $396.0 million and $260.2 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of March 31, 2021. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05%, depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million. There are no amounts unused or available under this term loan as of March 31, 2021. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of March 31, 2021 includes a $49.5 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 both March 31, 2021, and December 31, 2020, our floating-rate mortgage note was subject to a weighted-average interest rate spread of 2.25%. (6) The weighted-average remaining term of our borrowings was approximately 2.5 years as of March 31, 2021, excluding the impact of certain extension options.
Schedule of Borrowings Reflects Contractual Debt Maturities	As of March 31, 2021, the principal payments due on our outstanding debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes Total Remainder of 2021 $ — $ — $ 9,021 $ 9,021 2022 (1) — 200,000 128,367 328,367 2023 (2) 54,000 — 49,549 103,549 2024 — 325,000 — 325,000 2025 — — 70,000 70,000 Thereafter — — 79,821 79,821 Total principal payments $ 54,000 $ 525,000 $ 336,758 $ 915,758 (1) The term of this term loan may be extended pursuant to two one-year extension options, subject to certain conditions. (2) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions.
Summary of Location and Fair Value of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of March 31, 2021 Interest rate swaps 14 $ 549,549 $ — $ 21,014 Interest rate caps 1 127,000 — — Total derivative instruments 15 $ 676,549 $ — $ 21,014 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
Effect of Derivative Financial Instruments on Financial Statements	The following table presents the effect of our derivative instruments on our condensed consolidated financial statements: For the Three Months Ended March 31, (in thousands) 2021 2020 Derivative instruments designated as cash flow hedges: Gain (loss) recognized in AOCI $ 3,343 $ (18,730) Amount reclassified from AOCI into interest expense 2,572 508 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 16,563 13,351 Derivative instruments not designated as cash flow hedges: Loss recognized in income $ (13) $ (11)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Assets: Derivative instruments $ — $ — $ — $ — Total assets measured at fair value $ — $ — $ — $ — Liabilities: Derivative instruments $ — $ 21,014 $ — $ 21,014 Total liabilities measured at fair value $ — $ 21,014 $ — $ 21,014 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
Nonrecurring Fair Value Measurements	The carrying values and fair values of these financial instruments were as follows: As of March 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 47,883 $ 47,645 $ 49,885 $ 49,584 DST Program Loans 50,012 50,012 45,229 45,229 Liabilities: Line of credit $ 54,000 $ 53,971 $ 106,000 $ 105,592 Term loans 525,000 524,085 525,000 521,945 Mortgage notes 336,758 335,349 337,544 336,336 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021, is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 4,047 $ 22,244 $ 6,156 $ 11,448 $ — $ 43,895 DRIP 440 1,016 189 2,003 1,810 5,458 Total offering $ 4,487 $ 23,260 $ 6,345 $ 13,451 $ 1,810 $ 49,353 Number of shares sold: Primary offering 523 2,909 816 1,516 — 5,764 DRIP 58 135 25 265 240 723 Total offering 581 3,044 841 1,781 240 6,487
Information of Share Transactions	The following table describes the changes in each class of common shares during the periods presented below: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 1,764 1,990 320 2,188 — 6,262 Distribution reinvestment plan 35 116 22 276 266 715 Share-based compensation — — — 16 — 16 Redemptions of common stock (108) (913) (26) (761) (2,310) (4,118) Balance as of March 31, 2020 7,543 21,786 3,815 45,451 64,760 143,355 FOR THE THREE MONTHS ENDED MARCH 31, 2021 Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 523 2,909 816 1,516 — 5,764 Distribution reinvestment plan 58 135 25 265 240 723 Share-based compensation — — — 8 — 8 Redemptions of common stock (43) (117) (40) (343) (1,701) (2,244) Balance as of March 31, 2021 10,369 26,443 4,899 46,169 59,412 147,292
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 2021 March 31 $ 0.09375 $ 7,562 $ 2,010 $ 5,526 $ 15,098 Total $ 0.09375 $ 7,562 $ 2,010 $ 5,526 $ 15,098 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 (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; and (ii) ongoing distribution fees paid to the dealer manager for our public offerings, Black Creek Capital Markets, LLC (the “Dealer Manager”), with respect to certain classes of our shares. See “Note 8” for further detail regarding the current and historical ongoing distribution fees.
Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the three months ended March 31, 2021 and 2020. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Three Months Ended March 31, (in thousands, except for per share data) 2021 2020 Number of shares requested for redemption or repurchase 2,244 4,118 Number of shares redeemed or repurchased 2,244 4,118 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.55 $ 7.47

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2021
REDEEMABLE NONCONTROLLING INTERESTS
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interest activity for the three months ended March 31, 2021: ($ in thousands) As of December 31, 2020 $ 3,798 Settlement of 2020 advisory fee—performance component (1) 4,608 Distributions to OP Unitholders (103) Net income attributable to redeemable noncontrolling interest 134 Change from cash flow hedging activities attributable to redeemable noncontrolling interest 41 Redemption value allocation adjustment to redeemable noncontrolling interest (48) As of March 31, 2021 $ 8,430 (1) The 2020 performance component of the advisory fee in the amount of $4.6 million became payable to the Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Sponsor in January 2021.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Fees and Other Amounts Earned by Advisor	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: For the Three Months Ended March 31, Payable as of (in thousands) 2021 2020 March 31, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) $ 406 $ 692 $ — $ — Ongoing distribution fees (1)(2) 603 470 226 188 Advisory fees - fixed component 4,824 4,153 1,630 1,547 Advisory fees—performance component 1,749 1,348 1,749 4,608 Other expense reimbursements—Advisor (3)(4) 3,041 2,217 781 2,112 Other expense reimbursements—Dealer Manager 58 335 — — DST Program selling commissions, dealer manager and distribution fees (1) 1,395 1,399 224 — Other DST Program related costs - Advisor (3) 1,019 1,431 73 — Total $ 13,095 $ 12,045 $ 4,683 $ 8,455 (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 $19.5 million and $15.5 million as of March 31, 2021 and December 31, 2020, respectively, are included in other liabilities on the consolidated balance sheets. (3) Includes costs reimbursed to the Advisor related to the DST Program. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described after this footnote, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Net income (loss) attributable to common stockholders—basic $ 17,565 $ (4,134) Net income (loss) attributable to redeemable OP Units 134 (15) Net income (loss) attributable to OP Units 1,699 (299) Net income (loss) attributable to common stockholders—diluted $ 19,398 $ (4,448) Weighted-average shares outstanding—basic 145,861 142,543 Incremental weighted-average shares effect of conversion of OP Units 15,228 10,814 Weighted-average shares outstanding—diluted 161,089 153,357 Net income (loss) per share attributable to common stockholders: Basic $ 0.12 $ (0.03) Diluted $ 0.12 $ (0.03)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Distributions reinvested in common stock $ 5,459 $ 5,340 Change in accrued future ongoing distribution fees 3,987 709 Increase in DST Program Loans receivable through DST Program capital raising 4,992 11,909 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 4,608 3,776 Redemption value allocation adjustment to redeemable noncontrolling interest (48) 138 Mortgage notes assumed on real estate acquisitions at fair value — 9,518 Issuances of OP Units for DST Interests 25,941 11,232
Schedule of Restricted Cash and Cash Equivalents	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning of period: Cash and cash equivalents $ 11,266 $ 97,772 Restricted cash 10,468 10,010 Cash, cash equivalents and restricted cash $ 21,734 $ 107,782 End of period: Cash and cash equivalents $ 17,100 $ 118,275 Restricted cash 10,502 10,619 Cash, cash equivalents and restricted cash $ 27,602 $ 128,894

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of March 31, 2021 and December 31, 2020: As of (in thousands) March 31, 2021 December 31, 2020 Assets: Office properties $ 456,762 $ 459,646 Retail properties 661,015 670,455 Multi-family properties 360,701 363,322 Industrial properties 491,978 461,150 Corporate 173,016 156,987 Total assets $ 2,143,472 $ 2,111,560
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three months ended March 31, 2021 and 2020: (in thousands) Office Retail Multi-family Industrial Consolidated For the Three Months Ended March 31, 2021 Rental revenues $ 16,823 $ 17,911 $ 6,640 $ 9,058 $ 50,432 Rental expenses (7,509) (4,902) (3,242) (1,909) (17,562) Net operating income $ 9,314 $ 13,009 $ 3,398 $ 7,149 $ 32,870 Real estate-related depreciation and amortization $ 4,869 $ 4,627 $ 2,740 $ 4,497 $ 16,733 For the Three Months Ended March 31, 2020 Rental revenues $ 16,513 $ 17,643 $ 5,248 $ 4,864 $ 44,268 Rental expenses (8,124) (4,263) (2,138) (978) (15,503) Net operating income $ 8,389 $ 13,380 $ 3,110 $ 3,886 $ 28,765 Real estate-related depreciation and amortization $ 4,868 $ 4,849 $ 2,163 $ 2,570 $ 14,450
Reconciliation of Net Operating Income to Reported Net Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (in thousands) 2021 2020 Net income (loss) attributable to common stockholders $ 17,565 $ (4,134) Debt-related income (2,124) (34) Real estate-related depreciation and amortization 16,733 14,450 General and administrative expenses 2,585 2,229 Advisory fees, related party 6,573 5,501 Impairment of real estate property 758 — Other income (274) (92) Interest expense 16,563 13,351 Gain on sale of real estate property (27,342) (2,192) Net income (loss) attributable to redeemable noncontrolling interests 134 (15) Net income (loss) attributable to noncontrolling interests 1,699 (299) Net operating income $ 32,870 $ 28,765

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired	7 years 1 month 6 days
Proceeds from disposition of real estate property	$ 48,960	$ 2,752
Gain on sale of real estate property	27,342	2,192
Impairment of Real Estate	$ 758	$ 0
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1
Disposed of by Sale | Retail properties | Retail Property, Manomet, Massachusetts Market
Real Estate Properties [Line Items]
Impairment of Real Estate	$ 800
Disposed of by Sale | Outparcel
Real Estate Properties [Line Items]
Number of real estate properties | property		1
Disposed of by Sale | Industrial
Real Estate Properties [Line Items]
Number of real estate properties | property	1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 480,989	$ 476,442
Buildings and improvements	1,705,947	1,689,474
Intangible lease assets	281,681	289,762
Investment in real estate properties	2,468,617	2,455,678
Accumulated depreciation and amortization	(498,161)	(501,105)
Net investment in real estate properties	$ 1,970,456	$ 1,954,573

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Real Estate Acquired [Member]
Real Estate [Line Items]
Debt assumed at fair value	$ 0
Radar Distribution Center LLC [Member]
Real Estate [Line Items]
Total acquisitions	$ 49,168

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Real Estate [Line Items]
Land	$ 7,167
Building	40,952
Intangible lease assets	1,421
Below-market lease liabilities	(372)
Total purchase price	49,168
Real Estate Acquired [Member]
Real Estate [Line Items]
Debt assumed at fair value	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Leased Assets and Liabilities Excluding Properties Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 281,681	$ 289,762
Gross, Liabilities	(80,244)	(79,891)
Accumulated Amortization, Liabilities	40,166	39,434
Net, Liabilities	(40,078)	(40,457)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	259,464	266,242
Accumulated Amortization, Assets	(209,352)	(214,055)
Net, Assets	50,112	52,187
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,217	23,520
Accumulated Amortization, Assets	(20,015)	(21,216)
Net, Assets	$ 2,202	$ 2,304

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 1,176	$ 288
Depreciation expense	13,354	10,963
Intangible lease asset amortization	3,379	3,487
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(102)	(71)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 751	$ 843

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.12%	3.04%
Total borrowings	$ 915,758,000	$ 968,544,000
Less: unamortized debt issuance costs	(3,657,000)	(4,083,000)
Add: mark-to-market adjustment on assumed debt	780,000	844,000
Total debt, net	912,881,000	965,305,000
Gross book value of properties encumbered by debt	$ 587,162,000	$ 584,637,000
Weighted average maturity of debt investments	2 years 6 months
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	1.51%	1.54%
Total borrowings	$ 54,000,000	$ 106,000,000
Current borrowing capacity	396,000,000
Available portions under the line of credit	$ 260,200,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.30%	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.10%	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%	3.27%
Total borrowings	$ 325,000,000	$ 325,000,000
Maximum borrowing capacity	325,000,000	$ 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%	1.25%
Term Loan | Term Loan Due January 2024 | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.05%	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%	1.25%
Term Loan | Term Loan Due February 2022 | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.05%	2.05%
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.55%	3.55%
Total borrowings	$ 209,758,000	$ 210,544,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings	$ 49,500,000
Effective interest rate on debt	2.85%
Fixed-Rate Mortgage Notes | Preston Sherry Plaza | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.65%
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	2.50%	2.50%
Total borrowings	$ 127,000,000	$ 127,000,000
Floating-Rate Mortgage Notes | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.25%	2.25%
Mortgage Notes
Debt Instrument [Line Items]
Total borrowings	$ 336,758,000

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Remainder of 2021	$ 9,021
2022	328,367
2023	103,549
2024	325,000
2025	70,000
Thereafter	79,821
Total principal payments	915,758	$ 968,544
Line of Credit
Debt Instrument [Line Items]
Remainder of 2021	0
2022	0
2023	54,000
2024	0
2025	0
Thereafter	0
Total principal payments	$ 54,000	$ 106,000
Line of Credit | Floating-Rate Mortgage Note Expiring in January 2023
Debt Instrument [Line Items]
Term of extension	6 months
Number of line of credit extensions | item	2
Term Loan
Debt Instrument [Line Items]
Remainder of 2021	$ 0
2022	200,000
2023	0
2024	325,000
2025	0
Thereafter	0
Total principal payments	$ 525,000
Term Loan | $200 Million Term
Debt Instrument [Line Items]
Term of extension	1 year
Number of extension options | item	2
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2021	$ 9,021
2022	128,367
2023	49,549
2024	0
2025	70,000
Thereafter	79,821
Total principal payments	$ 336,758

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Mar. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	15	15
Total notional amount	$ 676,549	$ 676,849
Estimated increase to interest expense related to active effective hedges of floating rate debt	(9,300)
Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 21,014	$ 26,916
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	14
Total notional amount	$ 549,549	$ 549,849
Estimated increase to interest expense related to termination of hedging instrument	(100)
Interest rate swaps | Other Assets.
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Interest rate swaps | Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 21,014	$ 26,916
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	1	1
Total notional amount	$ 127,000	$ 127,000
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

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 16,563	$ 13,351
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	(13)	(11)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	3,343	(18,730)
Amount reclassified from AOCI into interest expense	$ 2,572	$ 508

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
DST Program Loans	$ 50,012		$ 45,229
Rent Obligations	17,562	$ 15,503
Issuances of OP Units for DST Interests	25,941	11,233
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	50,000		$ 45,200
Proceeds from private placement	51,800	94,300
DST interest sold that were financed during period	5,000	11,900
Rent Obligations	6,500	3,600
Issuances of OP Units for DST Interests	$ 25,900	$ 11,300
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)	3.4	1.5

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Derivative instruments	$ 0	$ 0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	21,014	26,916
Total liabilities measured at fair value	21,014	26,916
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	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	21,014	26,916
Total liabilities measured at fair value	21,014	26,916
Level 3
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 47,883	$ 49,885
DST Program Loans	50,012	45,229
Line of credit	54,000	106,000
Term loans	525,000	525,000
Mortgage notes	336,758	337,544
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	47,645	49,584
DST Program Loans	50,012	45,229
Line of credit	53,971	105,592
Term loans	524,085	521,945
Mortgage notes	$ 335,349	$ 336,336

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 49,353
Number of shares sold | shares	6,487
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,487
Number of shares sold | shares	581
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 23,260
Number of shares sold | shares	3,044
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,345
Number of shares sold | shares	841
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 13,451
Number of shares sold | shares	1,781
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,810
Number of shares sold | shares	240
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 43,895
Number of shares sold | shares	5,764
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,047
Number of shares sold | shares	523
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 22,244
Number of shares sold | shares	2,909
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,156
Number of shares sold | shares	816
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 11,448
Number of shares sold | shares	1,516
Primary offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,458
Number of shares sold | shares	723
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 440
Number of shares sold | shares	58
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,016
Number of shares sold | shares	135
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 189
Number of shares sold | shares	25
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,003
Number of shares sold | shares	265
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,810
Number of shares sold | shares	240

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(2,244)	(4,118)
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,831
Ending balance (in shares)	10,369
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	23,516
Ending balance (in shares)	26,443
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,098
Ending balance (in shares)	4,899
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,723
Ending balance (in shares)	46,169
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	60,873
Ending balance (in shares)	59,412
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	143,041	140,480
Primary shares (in shares)	5,764	6,262
Distribution reinvestment plan (in shares)	723	715
Share-based compensation (in shares)	8	16
Redemptions of common stock (in shares)	(2,244)	(4,118)
Ending balance (in shares)	147,292	143,355
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,831	5,852
Primary shares (in shares)	523	1,764
Distribution reinvestment plan (in shares)	58	35
Share-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(43)	(108)
Ending balance (in shares)	10,369	7,543
Common Stock | Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	23,516	20,593
Primary shares (in shares)	2,909	1,990
Distribution reinvestment plan (in shares)	135	116
Share-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(117)	(913)
Ending balance (in shares)	26,443	21,786
Common Stock | Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,098	3,499
Primary shares (in shares)	816	320
Distribution reinvestment plan (in shares)	25	22
Share-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(40)	(26)
Ending balance (in shares)	4,899	3,815
Common Stock | Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,723	43,732
Primary shares (in shares)	1,516	2,188
Distribution reinvestment plan (in shares)	265	276
Share-based compensation (in shares)	8	16
Redemptions of common stock (in shares)	(343)	(761)
Ending balance (in shares)	46,169	45,451
Common Stock | Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	60,873	66,804
Primary shares (in shares)	0	0
Distribution reinvestment plan (in shares)	240	266
Share-based compensation (in shares)	0	0
Redemptions of common stock (in shares)	(1,701)	(2,310)
Ending balance (in shares)	59,412	64,760

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.37500
Common Stock Distributions Paid in Cash	$ 7,562	$ 7,464	$ 7,482	$ 7,539	$ 7,533	$ 30,018
Other Cash Distributions	2,010	1,750	1,592	1,611	1,499	6,452
Reinvested in Shares	5,526	5,347	5,282	5,316	5,360	21,305
Total Distributions	$ 15,098	$ 14,561	$ 14,356	$ 14,466	$ 14,392	$ 57,775

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	2,244	4,118
Number of shares redeemed or repurchased (in shares)	2,244	4,118
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.55	$ 7.47

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 3,798
Settlement of 2020 advisory fee-performance component	4,608
Distributions to OP Unitholders	(103)
Net income (loss) attributable to redeemable noncontrolling interests	134	$ (15)
Change from cash flow hedging activities attributable to redeemable noncontrolling interest	41	$ (62)
Redemption value allocation adjustment to redeemable noncontrolling interest	(48)
Ending balance	8,430
Due to Related Parties	4,683		$ 8,455
Black Creek Diversified Property Advisors, LLC | Advisory Fee, Performance Component [Member]
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties	$ 1,749		$ 4,608

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction expense	$ 13,095	$ 12,045
Payable as of	4,683		$ 8,455
Black Creek Diversified Property Advisors, LLC
Related Party Transaction [Line Items]
Amount reimbursed for services	2,500	1,800
Black Creek Diversified Property Advisors, LLC | Other Liabilities.
Related Party Transaction [Line Items]
Payable as of	19,500		15,500
Black Creek Diversified Property Advisors, LLC | Ongoing Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party transaction expense	603	470
Payable as of	226		188
Black Creek Diversified Property Advisors, LLC | Advisory Fee, Fixed Component [Member]
Related Party Transaction [Line Items]
Related party transaction expense	4,824	4,153
Payable as of	1,630		1,547
Black Creek Diversified Property Advisors, LLC | Advisory Fee, Performance Component [Member]
Related Party Transaction [Line Items]
Related party transaction expense	1,749	1,348
Payable as of	1,749		4,608
Black Creek Diversified Property Advisors, LLC | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	3,041	2,217
Payable as of	781		2,112
Black Creek Diversified Property Advisors, LLC | Other DST Program Related Costs [Member]
Related Party Transaction [Line Items]
Related party transaction expense	1,019	1,431
Payable as of	73		0
Black Creek Capital Markets, LLC [Member] | Selling commissions and dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	406	692
Payable as of	0		0
Black Creek Capital Markets, LLC [Member] | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	58	335
Payable as of	0		0
Black Creek Capital Markets, LLC [Member] | DST Program selling commissions, dealer manager and distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	1,395	$ 1,399
Payable as of	$ 224		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders - basic	$ 17,565	$ (4,134)
Net income (loss) attributable to redeemable OP Units	134	(15)
Net income (loss) attributable to OP Units	1,699	(299)
Net income (loss) attributable to common stockholders - diluted	$ 19,398	$ (4,448)
Weighted-average shares outstanding-basic (in shares)	145,861	142,543
Incremental weighted-average shares effect of conversion of OP Units (in shares)	15,228	10,814
Weighted-average shares outstanding-diluted (in shares)	161,089	153,357
Basic (usd per share)	$ 0.12	$ (0.03)
Diluted (usd per share)	$ 0.12	$ (0.03)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 5,459	$ 5,340
Change in accrued future ongoing distribution fees	3,987	709
Increase in DST Program Loans receivable through DST Program capital raising	4,992	11,909
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	4,608	3,776
Redemption value allocation adjustment to redeemable noncontrolling interest	(48)	138
Mortgage notes assumed on real estate acquisitions at fair value	0	9,518
Issuances of OP Units for DST Interests	25,941	11,232
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	17,100	118,275	$ 11,266	$ 97,772
Restricted cash	10,502	10,619	10,468	10,010
Cash, cash equivalents and restricted cash	$ 27,602	$ 128,894	$ 21,734	$ 107,782

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total assets	$ 2,143,472	$ 2,111,560
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	456,762	459,646
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	661,015	670,455
Operating Segments | Multi-family properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	360,701	363,322
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	491,978	461,150
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 173,016	$ 156,987

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues	$ 50,432	$ 44,268
Rental expenses	(17,562)	(15,503)
Net operating income	32,870	28,765
Real estate-related depreciation and amortization	16,733	14,450
Office
Segment Reporting Information [Line Items]
Rental revenues	16,823	16,513
Rental expenses	(7,509)	(8,124)
Net operating income	9,314	8,389
Real estate-related depreciation and amortization	4,869	4,868
Retail properties
Segment Reporting Information [Line Items]
Rental revenues	17,911	17,643
Rental expenses	(4,902)	(4,263)
Net operating income	13,009	13,380
Real estate-related depreciation and amortization	4,627	4,849
Multi-family properties
Segment Reporting Information [Line Items]
Rental revenues	6,640	5,248
Rental expenses	(3,242)	(2,138)
Net operating income	3,398	3,110
Real estate-related depreciation and amortization	2,740	2,163
Industrial properties
Segment Reporting Information [Line Items]
Rental revenues	9,058	4,864
Rental expenses	(1,909)	(978)
Net operating income	7,149	3,886
Real estate-related depreciation and amortization	$ 4,497	$ 2,570

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of net operating income attributable to common shareholders
Net income (loss) attributable to common stockholders	$ 17,565	$ (4,134)
Debt-related income	(2,124)	(34)
Real estate-related depreciation and amortization	16,733	14,450
General and administrative expenses	2,585	2,229
Advisory fees, related party	6,573	5,501
Impairment of real estate property	758	0
Other income	(274)	(92)
Interest expense	16,563	13,351
Gain on sale of real estate property	(27,342)	(2,192)
Net income (loss) attributable to redeemable noncontrolling interests	134	(15)
Net income (loss) attributable to noncontrolling interests	1,699	(299)
Net operating income	$ 32,870	$ 28,765