Black Creek Diversified Property Fund 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-52596
Entity Registrant Name	BLACK CREEK DIVERSIFIED PROPERTY FUND INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0309068
Entity Address, Address Line One	518 Seventeenth Street, 17th Floor
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,452,925
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,065,634
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,384,703
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,893,075
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		56,629,226

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Net investment in real estate properties	$ 2,196,663	$ 1,954,573
Debt-related investments, net	47,804	49,628
Cash and cash equivalents	12,463	11,266
Restricted cash	10,533	10,468
DST Program Loans	58,276	45,229
Other assets	52,404	40,396
Total assets	2,378,143	2,111,560
Liabilities
Accounts payable and accrued expenses	51,060	40,371
Debt, net	919,185	965,305
Intangible lease liabilities, net	51,536	40,457
Financing obligations, net	623,050	502,533
Other liabilities	66,370	61,205
Total liabilities	1,711,201	1,609,871
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	8,624	3,798
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,389,823	1,269,146
Distributions in excess of earnings	(859,050)	(841,496)
Accumulated other comprehensive loss	(18,289)	(27,431)
Total stockholders' equity	514,088	401,649
Noncontrolling interests	144,230	96,242
Total equity	658,318	497,891
Total liabilities and equity	2,378,143	2,111,560
Class E
Stockholders' equity:
Common stock	573	609
Class T
Stockholders' equity:
Common stock	137	98
Class S
Stockholders' equity:
Common stock	321	235
Class D
Stockholders' equity:
Common stock	60	41
Class I
Stockholders' equity:
Common stock	$ 513	$ 447

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 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)	57,259	60,873
Common stock, shares outstanding (in shares)	57,259	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)	13,682	9,831
Common stock, shares outstanding (in shares)	13,682	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)	32,148	23,516
Common stock, shares outstanding (in shares)	32,148	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)	5,990	4,098
Common stock, shares outstanding (in shares)	5,990	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)	51,306	44,723
Common stock, shares outstanding (in shares)	51,306	44,723

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental revenues	$ 53,596	$ 44,129	$ 152,657	$ 132,995
Debt-related income	2,298	981	6,741	1,181
Total revenues	55,894	45,110	159,398	134,176
Operating expenses:
Rental expenses	17,842	15,881	52,318	45,792
Real estate-related depreciation and amortization	18,821	15,649	52,728	44,558
General and administrative expenses	2,183	1,977	6,582	5,769
Advisory fees, related party	5,480	4,210	15,389	12,666
Performance participation allocation	3,774	1,333	7,769	3,343
Acquisition costs and reimbursements	738	240	1,451	842
Litigation expense	0	2,500	0	2,500
Impairment of real estate property	0	0	758	0
Total operating expenses	48,838	41,790	136,995	115,470
Other expenses (income):
Interest expense	17,866	15,290	51,477	42,930
Gain on sale of real estate property	(25,979)	0	(53,321)	(2,192)
Other income	(524)	(262)	(1,274)	(619)
Total other expenses (income)	(8,637)	15,028	(3,118)	40,119
Net income (loss)	15,693	(11,708)	25,521	(21,413)
Net (income) loss attributable to redeemable noncontrolling interests	(99)	39	(169)	71
Net (income) loss attributable to noncontrolling interests	(1,654)	839	(2,430)	1,515
Net income (loss) attributable to common stockholders	$ 13,940	$ (10,830)	$ 22,922	$ (19,827)
Weighted average number of common shares outstanding
Weighted-average shares outstanding - basic	157,025	141,682	151,045	142,216
Weighted-average shares outstanding - diluted	176,777	153,166	168,475	153,665
Net income (loss) attributable to common stockholders per common share - basic	$ 0.09	$ (0.08)	$ 0.15	$ (0.14)
Net income (loss) attributable to common stockholders per common share - diluted	$ 0.09	$ (0.08)	$ 0.15	$ (0.14)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 15,693	$ (11,708)	$ 25,521	$ (21,413)
Change from cash flow hedging derivatives	2,313	2,278	10,259	(16,874)
Comprehensive income (loss)	18,006	(9,430)	35,780	(38,287)
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(114)	31	(239)	126
Comprehensive (income) loss attributable to noncontrolling interests	(1,940)	678	(3,477)	2,769
Comprehensive income (loss) attributable to common stockholders	$ 15,952	$ (8,721)	$ 32,064	$ (35,392)

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)			(19,827)		(1,515)	(21,342)
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(15,565)	(1,254)	(16,819)
Issuance of common stock, net of offering costs (in shares)	12,916
Issuance of common stock, net of offering costs	$ 128	92,222				92,350
Share-based compensation, net of forfeitures (in shares)	20
Share-based compensation, net of forfeitures		150				$ 150
Redemptions of common stock (in shares)	(11,608)					(11,608)
Redemptions of common stock	$ (116)	(86,949)				$ (87,065)
Amortization of share-based compensation		58				58
Issuances of OP Units for DST Interests					11,233	11,233
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(38,512)		(3,079)	(41,591)
Redemption value allocation adjustment to redeemable noncontrolling interest		(281)				(281)
Redemptions of noncontrolling interests		(461)			(5,598)	(6,059)
Ending Balances (in shares) at Sep. 30, 2020	141,808
Ending Balances at Sep. 30, 2020	$ 1,417	1,261,886	(833,598)	(30,227)	81,444	480,922
Beginning Balances (in shares) at Jun. 30, 2020	141,775
Beginning Balances at Jun. 30, 2020	$ 1,418	1,263,091	(809,999)	(32,336)	83,166	505,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(10,830)		(839)	(11,669)
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				2,109	161	2,270
Issuance of common stock, net of offering costs (in shares)	2,835
Issuance of common stock, net of offering costs	$ 27	19,862				19,889
Share-based compensation, net of forfeitures (in shares)	4
Share-based compensation, net of forfeitures		32				32
Redemptions of common stock (in shares)	(2,806)
Redemptions of common stock	$ (28)	(21,025)				(21,053)
Amortization of share-based compensation		21				21
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(12,769)		(1,029)	(13,798)
Redemption value allocation adjustment to redeemable noncontrolling interest		(88)				(88)
Redemptions of noncontrolling interests		(7)			(15)	(22)
Ending Balances (in shares) at Sep. 30, 2020	141,808
Ending Balances at Sep. 30, 2020	$ 1,417	1,261,886	(833,598)	(30,227)	81,444	480,922
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)			22,922		2,430	25,352
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				9,142	1,047	10,189
Issuance of common stock, net of offering costs (in shares)	23,916
Issuance of common stock, net of offering costs	$ 239	173,196				173,435
Share-based compensation, net of forfeitures (in shares)	29
Share-based compensation, net of forfeitures		217				$ 217
Redemptions of common stock (in shares)	(6,601)					(6,601)
Redemptions of common stock	$ (65)	(50,065)				$ (50,130)
Amortization of share-based compensation		(72)				(72)
Issuances of OP Units for DST Interests					57,729	57,729
Distributions declared on common stock and noncontrolling interests, net of distribution fees (excludes attributable to redeemable noncontrolling interest)		(2,001)	(40,476)		(9,231)	(51,708)
Redemption value allocation adjustment to redeemable noncontrolling interest		(293)				(293)
Redemptions of noncontrolling interests		(305)			(3,987)	(4,292)
Ending Balances (in shares) at Sep. 30, 2021	160,385
Ending Balances at Sep. 30, 2021	$ 1,604	1,389,823	(859,050)	(18,289)	144,230	658,318
Beginning Balances (in shares) at Jun. 30, 2021	152,021
Beginning Balances at Jun. 30, 2021	$ 1,520	1,330,413	(859,021)	(20,301)	116,306	568,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			13,940		1,654	15,594
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				2,012	286	2,298
Issuance of common stock, net of offering costs (in shares)	10,268
Issuance of common stock, net of offering costs	$ 103	75,114				75,217
Share-based compensation, net of forfeitures (in shares)	21
Share-based compensation, net of forfeitures		160				160
Redemptions of common stock (in shares)	(1,925)
Redemptions of common stock	$ (19)	(14,731)				(14,750)
Amortization of share-based compensation		(100)				(100)
Issuances of OP Units for DST Interests					31,788	31,788
Distributions declared on common stock and noncontrolling interests, net of distribution fees (excludes attributable to redeemable noncontrolling interest)		(759)	(13,969)		(4,000)	(18,728)
Redemption value allocation adjustment to redeemable noncontrolling interest		(108)				(108)
Redemptions of noncontrolling interests		(166)			(1,804)	(1,970)
Ending Balances (in shares) at Sep. 30, 2021	160,385
Ending Balances at Sep. 30, 2021	$ 1,604	$ 1,389,823	$ (859,050)	$ (18,289)	$ 144,230	$ 658,318

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interests	$ 99	$ (39)	$ 169	$ (71)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	15	8	70	(55)
Distribution fees attributable to redeemable noncontrolling interest	$ 106	$ 47	$ 314	$ 141

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income (loss)	$ 25,521	$ (21,413)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	52,728	44,558
Straight-line rent and amortization of above- and below-market leases	(6,759)	(6,177)
Gain on sale of real estate property	(53,321)	(2,192)
Impairment of real estate property	758	0
Other	10,991	9,220
Changes in operating assets and liabilities	8,832	4,851
Net cash provided by operating activities	38,750	28,847
Investing activities:
Real estate acquisitions	(346,480)	(162,114)
Capital expenditures	(22,725)	(28,659)
Proceeds from disposition of real estate property	141,360	2,752
Principal collections on debt-related investments	2,405	129
Investment in debt-related investments	(402)	(45,539)
Other	(333)	(3,355)
Net cash used in investing activities	(226,175)	(236,786)
Financing activities:
Repayments of mortgage notes	(26,241)	(2,223)
Net repayments of line of credit	(21,000)	0
Redemptions of common stock	(50,130)	(87,065)
Distributions paid to common stockholders	(23,002)	(22,527)
Proceeds from issuance of common stock	166,750	81,932
Proceeds from financing obligations, net	163,018	179,592
Offering costs for issuance of common stock and private placements	(8,689)	(7,331)
Distributions paid to noncontrolling interest holders and redeemable noncontrolling interest holders	(4,550)	(3,189)
Redemption of OP Unit holder interests	(4,292)	(6,059)
Other	(3,177)	(6,533)
Net cash provided by financing activities	188,687	126,597
Net increase (decrease) in cash, cash equivalents and restricted cash	1,262	(81,342)
Cash, cash equivalents and restricted cash, at beginning of period	21,734	107,782
Cash, cash equivalents and restricted cash, at end of period	$ 22,996	$ 26,440

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 Company is externally managed by its advisor. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including the Company’s former advisor, Black Creek Diversified Property Advisors LLC (the “Former Advisor”). As a result of the closing of this transaction, Ares Commercial Real Estate Management LLC became the Company’s new advisor (the “New Advisor”). Ares did not acquire the Company’s former sponsor, Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”), and the Company now considers the Ares real estate group (“AREG”) to be its Sponsor. See Note 8 for additional information regarding this transaction. References to the “Advisor” throughout this report mean Black Creek Diversified Property Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. 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. Reclassifications Certain items in our condensed consolidated statements of operations for the three and nine months ended September 30, 2020 have been reclassified to conform to the 2021 presentation. Acquisition costs and reimbursements have been reclassified from general and administrative expenses to be shown separately on one line item on the condensed consolidated statements of operations. 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	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 Land ​ $ 574,254 ​ $ 476,442 Buildings and improvements ​ 1,840,097 ​ 1,689,474 Intangible lease assets ​ 293,075 ​ 289,762 Investment in real estate properties ​ 2,707,426 ​ 2,455,678 Accumulated depreciation and amortization ​ (510,763) ​ (501,105) Net investment in real estate properties ​ $ 2,196,663 ​ $ 1,954,573 ​ Acquisitions During the nine months ended September 30, 2021, we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center LLC ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain SC ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Logistics ​ Industrial ​ 7/9/2021 ​ ​ 24,238 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,803 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,061 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 Total acquisitions ​ $ 348,376 (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 acquisitions. During the nine months ended September 30, 2021, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2021 Land ​ $ 116,421 Building ​ 217,341 Intangible lease assets ​ 27,103 Above-market lease assets ​ 1,317 Below-market lease liabilities ​ (13,806) Total purchase price (1) ​ $ 348,376 (1) There was no debt assumed in connection with the 2021 acquisitions. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the nine months ended September 30, 2021, as of the respective date of each acquisition, was 8.9 years. Dispositions During the nine months ended September 30, 2021, we sold one retail property, one industrial property, and two office properties for net proceeds of approximately $141.4 million. We recorded a net gain on sale of approximately $53.3 million. During the nine months ended September 30, 2020, we sold one retail outparcel for net proceeds of approximately $2.8 million. We recorded a net gain on sale of approximately $2.2 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2021 and December 31, 2020 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 As of December 31, 2020 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 269,956 ​ $ (202,569) ​ $ 67,387 ​ $ 266,242 ​ $ (214,055) ​ $ 52,187 Above-market lease assets ​ 23,119 ​ (19,825) ​ 3,294 ​ 23,520 ​ (21,216) ​ 2,304 Below-market lease liabilities ​ (92,475) ​ 40,939 ​ (51,536) ​ (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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 2,798 ​ $ 1,322 ​ $ 4,667 ​ $ 3,947 ​ Above-market lease amortization ​ (138) ​ (157) ​ (327) ​ (275) ​ Below-market lease amortization ​ 922 ​ 781 ​ 2,419 ​ 2,505 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 15,332 ​ $ 12,406 ​ $ 42,740 ​ $ 34,660 ​ Intangible lease asset amortization ​ 3,489 ​ 3,243 ​ 9,988 ​ 9,898 ​ ​ Real Estate Property Impairment During the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) ​ 1.48 % 1.54 % January 2023 ​ $ 85,000 ​ $ 106,000 Term loan (2) 3.26 ​ 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) 3.68 ​ 3.55 ​ October 2022 - December 2029 ​ 150,346 210,544 Floating-rate mortgage note (5) 2.34 ​ 2.50 ​ November 2021 - January 2022 ​ 160,957 127,000 Total principal amount / weighted-average (6) 3.01 % 3.04 % ​ $ 921,303 $ 968,544 Less: unamortized debt issuance costs ​ $ (2,769) $ (4,083) Add: mark-to-market adjustment on assumed debt ​ 651 844 Total debt, net ​ $ 919,185 $ 965,305 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 557,103 ​ $ 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 September 30, 2021, the unused and available portions under the line of credit were approximately $365.0 million and $252.6 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of September 30, 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 September 30, 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 December 31, 2020 includes a $49.8 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we had effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expired in July 2021. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of September 30, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.65% to 2.25% . As of December 31, 2020, our floating-rate mortgage note was subject to an interest rate spread of 2.25% . (6) The weighted-average remaining term of our borrowings was approximately 1.9 years as of September 30, 2021, excluding the impact of certain extension options. ​ As of September 30, 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 ​ $ — ​ $ — ​ $ 33,957 ​ $ 33,957 2022 (1) ​ — ​ 200,000 ​ 127,951 ​ 327,951 2023 (2) ​ 85,000 ​ — ​ — ​ 85,000 2024 ​ — ​ 325,000 ​ — ​ 325,000 2025 ​ — ​ — ​ 70,000 ​ 70,000 Thereafter ​ — ​ — ​ 79,395 ​ 79,395 Total principal payments ​ $ 85,000 ​ $ 525,000 ​ $ 311,303 ​ $ 921,303 (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 September 30, 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 September 30, 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 $7.4 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 Liabilities As of September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 13 ​ $ 500,000 ​ $ 16,696 Interest rate caps 1 ​ 127,000 ​ — Total derivative instruments 14 ​ $ 627,000 ​ $ 16,696 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 For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) gain recognized in AOCI ​ $ (224) ​ $ (292) ​ $ 2,519 ​ $ (22,022) ​ Amount reclassified from AOCI into interest expense ​ 2,537 ​ 2,570 ​ 7,740 ​ 5,148 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 17,866 ​ 15,290 ​ 51,477 ​ 42,930 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ — ​ $ (1) ​ $ (13) ​ $ (13) ​ ​

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 30, 2021
Delaware Statutory Trust Program [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 nine months ended September 30, 2021 and 2020, we sold approximately $188.0 million and $202.3 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 $20.7 million and $13.7 million, respectively, under our master lease agreements with investors who are participating in the DST Program. Additionally, during the nine months ended September 30, 2021 and 2020, 7.6 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 $57.7 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 have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests to potential investors. As of September 30, 2021 and December 31, 2020, there were approximately $58.3 million and $45.2 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. Of the $188.0 million and $202.3 million, respectively, of gross interests sold during the nine months ended September 30, 2021 and 2020, $17.1 million and $22.7 million, respectively, were financed by DST Program Loans. We include our investments in DST Program Loans separately on our condensed consolidated balance sheets in the “DST Program Loans” line item and we include income earned from DST Program Loans in “other income” on our condensed consolidated statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 16,696 ​ $ — ​ $ 16,696 Total liabilities measured at fair value ​ $ — ​ $ 16,696 ​ $ — ​ $ 16,696 As of December 31, 2020 ​ ​ ​ ​ 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. Nonrecurring Fair Value Measurements As of September 30, 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 September 30, 2021 ​ As of December 31, 2020 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 47,883 ​ $ 47,883 ​ $ 49,885 ​ $ 49,584 DST Program Loans ​ 58,276 ​ 58,276 ​ 45,229 ​ 45,229 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 85,000 ​ $ 85,000 ​ $ 106,000 ​ $ 105,592 Term loans ​ 525,000 ​ 525,000 ​ 525,000 ​ 521,945 Mortgage notes ​ 311,303 ​ 313,614 ​ 337,544 ​ 336,336 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 31,724 ​ $ 68,283 ​ $ 15,367 ​ $ 51,376 ​ $ — ​ $ 166,750 DRIP ​ 1,430 ​ 3,377 ​ 655 ​ 6,266 ​ 5,274 ​ 17,002 Total offering ​ $ 33,154 ​ $ 71,660 ​ $ 16,022 ​ $ 57,642 ​ $ 5,274 ​ $ 183,752 Number of shares sold: ​ ​ ​ ​ ​ ​ Primary offering ​ 3,826 ​ 8,873 ​ 2,024 ​ 6,956 ​ — ​ 21,679 DRIP ​ 188 ​ 444 ​ 86 ​ 824 ​ 695 ​ 2,237 Total offering ​ 4,014 ​ 9,317 ​ 2,110 ​ 7,780 ​ 695 ​ 23,916 ​ Common Stock The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 602 668 ​ 151 ​ 709 ​ — 2,130 Distribution reinvestment plan 51 119 ​ 23 ​ 262 ​ 250 705 Share-based compensation — — ​ — ​ 4 ​ — 4 Redemptions of common stock (22) (419) ​ (38) ​ (856) ​ (1,471) (2,806) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 11,692 28,958 5,509 47,745 58,117 152,021 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,985 3,245 568 3,700 — 9,498 Distribution reinvestment plan 69 162 32 282 225 770 Share-based compensation — — — 21 — 21 Redemptions of common stock (64) (217) (119) (442) (1,083) (1,925) Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: ​ Primary shares 3,322 3,083 508 3,869 — 10,782 Distribution reinvestment plan 132 353 69 804 776 2,134 Share-based compensation — — — 20 — 20 Redemptions of common stock (165) (1,791) (157) (3,995) (5,500) (11,608) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 3,826 8,873 2,024 6,956 — 21,679 Distribution reinvestment plan 188 444 86 824 695 2,237 Share-based compensation — — — 29 — 29 Redemptions of common stock (163) (685) (218) (1,226) (4,309) (6,601) Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 ​ ​ 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 June 30 ​ 0.09375 ​ 7,696 ​ 2,266 ​ 5,723 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 2,613 ​ 5,985 ​ 16,582 Total ​ $ 0.28125 ​ $ 23,242 ​ $ 6,889 ​ $ 17,234 ​ $ 47,365 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, Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”), with respect to certain classes of our shares. See “Note 8” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 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 Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2021 2020 ​ Number of shares requested for redemption or repurchase ​ 6,601 ​ 11,608 ​ Number of shares redeemed or repurchased ​ 6,601 ​ 11,608 ​ % of shares requested that were redeemed or repurchased ​ 100.0 % ​ 100.0 % ​ Average redemption or repurchase price per share ​ $ 7.59 ​ $ 7.50 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	7. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership issued OP Units to the Former Sponsor as payment of the performance participation allocation (also referred to as 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 Advisor. The Former Sponsor subsequently transferred these OP Units to its members or their affiliates. 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 limited partners who hold these OP Units have the ability to tender the OP Units at any time irrespective of the period that they have held such OP Units, 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 interests are 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 interests activity for the nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ As of December 31, 2019 ​ $ - ​ Settlement of 2019 performance participation allocation (1) ​ ​ 3,776 ​ Distributions declared on redeemable noncontrolling interests ​ ​ (141) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (71) ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (55) ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 281 ​ As of September 30, 2020 ​ $ 3,790 ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ $ 3,798 ​ Settlement of 2020 performance participation allocation (2) ​ ​ 4,608 ​ Distributions declared on redeemable noncontrolling interests ​ ​ (314) ​ Net income attributable to redeemable noncontrolling interests ​ ​ 169 ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 70 ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 293 ​ As of September 30, 2021 ​ $ 8,624 ​ (1) The 2019 performance participation allocation in the amount of $3.8 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $3.8 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates. (2) The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former 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 Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2021 2020 2021 2020 September 30, 2021 December 31, 2020 ​ Selling commissions and dealer manager fees (1) ​ $ 845 ​ $ 226 ​ $ 1,866 ​ $ 1,216 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 788 ​ ​ 515 ​ ​ 2,064 ​ ​ 1,482 ​ ​ 291 ​ ​ 188 ​ Advisory fees - fixed component ​ ​ 5,480 ​ ​ 4,210 ​ ​ 15,389 ​ ​ 12,666 ​ ​ 1,893 ​ ​ 1,547 ​ Performance participation allocation ​ 3,774 ​ 1,333 ​ 7,769 ​ 3,343 ​ 7,769 ​ 4,608 ​ Other expense reimbursements— Advisor (3)(4) ​ 2,950 ​ 2,691 ​ 8,783 ​ 7,271 ​ 3,804 ​ 2,112 ​ Other expense reimbursements—Dealer Manager ​ 107 ​ 45 ​ 249 ​ 431 ​ — ​ — ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 3,106 ​ 547 ​ 6,422 ​ 3,044 ​ 236 ​ — ​ Other DST Program related costs—Advisor (3) ​ 1,710 ​ 515 ​ 3,978 ​ 3,084 ​ 82 ​ — ​ Total ​ $ 18,760 ​ $ 10,082 ​ $ 46,520 ​ $ 32,537 ​ $ 14,075 ​ $ 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 $26.4 million and $15.5 million as of September 30, 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 our 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 did not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the three months ended September 30, 2021, and 2020 were approximately $2.6 million and $2.1 million, respectively. Amounts incurred related to these compensation expenses for the nine months ended September 30, 2021, and 2020 were approximately $7.3 million and $5.8 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. Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the condensed consolidated statements of operations. Completion of the Transaction with Ares On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including Black Creek Diversified Property Advisors LLC, the Company’s Former Advisor (the “Transaction”). On the same date, the Company’s Former Advisor assigned the advisory agreement to the Company’s New Advisor. Ares did not acquire the Former Sponsor, and the Company now considers the Ares real estate group to be the Company’s sponsor. Ares intends to continue to operate the business of Black Creek Group consistent with past practice. The principals of Black Creek Group, the rest of the management team and the Company’s current officers are expected to continue to serve in their roles with respect to the Company for the foreseeable future, although a member of Ares’ personnel has joined the Company’s board of directors and members of Ares’ personnel have joined the Advisor’s investment committee. Any changes to the Company’s management team or investment policies will require approval of the Company’s board of directors. Although such changes may be made in the future, no such changes have been approved at this time. Advisory Agreement On July 1, 2021, in connection with the Transaction, the Company and the Operating Partnership entered into the Second Amended and Restated Advisory Agreement (2021) (the “Advisory Agreement”) with the New Advisor. The Advisory Agreement amends and restates the Amended and Restated Advisory Agreement (2021) (the “Prior Advisory Agreement”) to, among other things, reflect the assignment of the Advisor’s rights and obligations under the Prior Advisory Agreement to the New Advisor. The term of the Advisory Agreement ends on April 30, 2022, subject to renewals by mutual consent of the parties for an unlimited number of successive one-year periods. The terms of the Advisory Agreement are otherwise substantially the same as the terms of the Prior Advisory Agreement. Limited Partnership Agreement On July 1, 2021, in connection with the Transaction, the Company, on behalf of itself as general partner and on behalf of the limited partners thereto other than the special limited partner, entered into the Tenth Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Limited Partnership Agreement”). The Limited Partnership Agreement amends and restates the Ninth Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of December 20, 2019, as amended by Amendment No. 1 dated as of December 8, 2020 (the “Prior Limited Partnership Agreement”) in order to reflect the assignment and transfer of all of the special partnership units to the New Advisor. The terms of the Limited Partnership Agreement are otherwise substantially the same as the terms of the Prior Limited Partnership Agreement. ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders—basic ​ $ 13,940 ​ $ (10,830) ​ $ 22,922 ​ $ (19,827) ​ Net income (loss) attributable to redeemable OP Units ​ ​ 99 ​ ​ (39) ​ ​ 169 ​ ​ (71) ​ Net income (loss) attributable to OP Units ​ 1,654 ​ (839) ​ 2,430 ​ (1,515) ​ Net income (loss) attributable to common stockholders—diluted ​ $ 15,693 ​ $ (11,708) ​ $ 25,521 ​ $ (21,413) ​ Weighted-average shares outstanding—basic ​ 157,025 ​ 141,682 ​ 151,045 ​ 142,216 ​ Incremental weighted-average shares effect of conversion of OP Units ​ 19,752 ​ 11,484 ​ 17,430 ​ 11,449 ​ Weighted-average shares outstanding—diluted ​ 176,777 ​ 153,166 ​ 168,475 ​ 153,665 ​ Net income (loss) per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ 0.09 ​ $ (0.08) ​ $ 0.15 ​ $ (0.14) ​ Diluted ​ $ 0.09 ​ $ (0.08) ​ $ 0.15 ​ $ (0.14) ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 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 Nine Months Ended ​ ​ September 30, (in thousands) ​ 2021 ​ 2020 Distributions reinvested in common stock ​ $ 17,001 ​ $ 15,972 Change in accrued future ongoing distribution fees ​ ​ 10,864 ​ ​ 335 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 17,105 ​ ​ 22,700 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 4,608 ​ ​ 3,776 Redemption value allocation adjustment to redeemable noncontrolling interest ​ ​ 293 ​ ​ 281 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ 9,834 Issuances of OP Units for DST Interests ​ 57,729 ​ 11,240 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ (in thousands) 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 ​ $ 12,463 ​ $ 16,124 ​ Restricted cash ​ 10,533 ​ 10,316 ​ Cash, cash equivalents and restricted cash ​ $ 22,996 ​ $ 26,440 ​ ​

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 30, 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 the pandemic, particularly in early 2020. 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 could severely impact our customers’ businesses, financial condition and liquidity and could 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 during the year ended December 31, 2020 and the nine months ended September 30, 2021 and the vaccination rates in the United States are encouraging, 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 severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2021, we were not involved in any material legal proceedings. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of September 30, 2021.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	13. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, residential and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table reflects our total assets by business segment as of September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2021 ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 387,423 ​ $ 459,646 Retail properties ​ 712,769 ​ 670,455 Residential properties ​ 356,234 ​ 363,322 Industrial properties ​ 740,237 ​ 461,150 Corporate ​ 181,480 ​ 156,987 Total assets ​ $ 2,378,143 ​ $ 2,111,560 ​ The following table sets forth the financial results by segment for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,887 ​ $ 18,679 ​ $ 7,237 ​ $ 10,793 ​ $ 53,596 Rental expenses ​ (7,111) ​ (4,660) ​ (3,257) ​ (2,814) ​ (17,842) Net operating income ​ $ 9,776 ​ $ 14,019 ​ $ 3,980 ​ $ 7,979 ​ $ 35,754 Real estate-related depreciation and amortization ​ $ 4,945 ​ $ 5,336 ​ $ 2,283 ​ $ 6,257 ​ $ 18,821 For the Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,237 ​ $ 17,310 ​ $ 4,351 ​ $ 6,231 ​ $ 44,129 Rental expenses ​ ​ (7,748) ​ ​ (4,535) ​ ​ (2,282) ​ ​ (1,316) ​ ​ (15,881) Net operating income ​ $ 8,489 ​ $ 12,775 ​ $ 2,069 ​ $ 4,915 ​ $ 28,248 Real estate-related depreciation and amortization ​ $ 4,851 ​ $ 5,309 ​ $ 2,234 ​ $ 3,255 ​ $ 15,649 For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 49,663 ​ $ 53,600 ​ $ 20,885 ​ $ 28,509 ​ $ 152,657 Rental expenses ​ ​ (22,116) ​ (13,854) ​ (9,666) ​ (6,682) ​ ​ (52,318) Net operating income ​ $ 27,547 ​ $ 39,746 ​ $ 11,219 ​ $ 21,827 ​ $ 100,339 Real estate-related depreciation and amortization ​ $ 14,814 ​ $ 14,445 ​ $ 7,612 ​ $ 15,857 ​ $ 52,728 For the Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 48,988 ​ $ 53,053 ​ $ 14,591 ​ $ 16,363 ​ $ 132,995 Rental expenses ​ ​ (23,061) ​ ​ (12,561) ​ ​ (6,638) ​ ​ (3,532) ​ ​ (45,792) Net operating income ​ $ 25,927 ​ $ 40,492 ​ $ 7,953 ​ $ 12,831 ​ $ 87,203 Real estate-related depreciation and amortization ​ $ 14,676 ​ $ 14,867 ​ $ 6,560 ​ $ 8,455 ​ $ 44,558 ​ We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders ​ $ 13,940 ​ $ (10,830) ​ $ 22,922 ​ $ (19,827) ​ Debt-related income ​ (2,298) ​ (981) ​ (6,741) ​ (1,181) ​ Real estate-related depreciation and amortization ​ 18,821 ​ 15,649 ​ 52,728 ​ 44,558 ​ General and administrative expenses ​ 2,183 ​ 1,977 ​ 6,582 ​ 5,769 ​ Advisory fees, related party ​ 5,480 ​ 4,210 ​ 15,389 ​ 12,666 ​ Performance participation allocation ​ 3,774 ​ 1,333 ​ 7,769 ​ 3,343 ​ Acquisition costs and reimbursements ​ 738 ​ 240 ​ 1,451 ​ 842 ​ Litigation expense ​ — ​ 2,500 ​ — ​ 2,500 ​ Impairment of real estate property ​ — ​ — ​ 758 ​ — ​ Other income ​ ​ (524) ​ ​ (262) ​ ​ (1,274) ​ ​ (619) ​ Interest expense ​ 17,866 ​ 15,290 ​ 51,477 ​ 42,930 ​ Gain on sale of real estate property ​ (25,979) ​ — ​ (53,321) ​ (2,192) ​ Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 99 ​ ​ (39) ​ ​ 169 ​ ​ (71) ​ Net income (loss) attributable to noncontrolling interests ​ 1,654 ​ (839) ​ 2,430 ​ (1,515) ​ Net operating income ​ $ 35,754 ​ $ 28,248 ​ $ 100,339 ​ $ 87,203 ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14 . SUBSEQUENT EVENTS Purchase of Membership Interests On October 20, 2021, we acquired a majority interest in an entity that owns a residential property in Tucson, Arizona, which is a student housing property, for a total contractual purchase price of approximately $124.0 million. Acquisition of Property Subsequent to September 30, 2021, we acquired (excluding properties related to our DST Program) one industrial property located in Burlington, New Jersey for a purchase price of approximately $6.4 million. Acquisition Under Contract On November 3, 2021, we entered into a contract to acquire an Agreement to Sell Property On October 29, 2021, we entered into an agreement to sell a

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	The following table summarizes our consolidated investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2021 December 31, 2020 Land ​ $ 574,254 ​ $ 476,442 Buildings and improvements ​ 1,840,097 ​ 1,689,474 Intangible lease assets ​ 293,075 ​ 289,762 Investment in real estate properties ​ 2,707,426 ​ 2,455,678 Accumulated depreciation and amortization ​ (510,763) ​ (501,105) Net investment in real estate properties ​ $ 2,196,663 ​ $ 1,954,573
Schedule of Asset Acquisitions	During the nine months ended September 30, 2021, we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center LLC ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain SC ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Logistics ​ Industrial ​ 7/9/2021 ​ ​ 24,238 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,803 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,061 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 Total acquisitions ​ $ 348,376 (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 acquisitions.
Allocation of Purchase Price Allocations	During the nine months ended September 30, 2021, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2021 Land ​ $ 116,421 Building ​ 217,341 Intangible lease assets ​ 27,103 Above-market lease assets ​ 1,317 Below-market lease liabilities ​ (13,806) Total purchase price (1) ​ $ 348,376 (1) There was no debt assumed in connection with the 2021 acquisitions.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of September 30, 2021 and December 31, 2020 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 As of December 31, 2020 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 269,956 ​ $ (202,569) ​ $ 67,387 ​ $ 266,242 ​ $ (214,055) ​ $ 52,187 Above-market lease assets ​ 23,119 ​ (19,825) ​ 3,294 ​ 23,520 ​ (21,216) ​ 2,304 Below-market lease liabilities ​ (92,475) ​ 40,939 ​ (51,536) ​ (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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 2,798 ​ $ 1,322 ​ $ 4,667 ​ $ 3,947 ​ Above-market lease amortization ​ (138) ​ (157) ​ (327) ​ (275) ​ Below-market lease amortization ​ 922 ​ 781 ​ 2,419 ​ 2,505 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 15,332 ​ $ 12,406 ​ $ 42,740 ​ $ 34,660 ​ Intangible lease asset amortization ​ 3,489 ​ 3,243 ​ 9,988 ​ 9,898 ​

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 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 ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) ​ 1.48 % 1.54 % January 2023 ​ $ 85,000 ​ $ 106,000 Term loan (2) 3.26 ​ 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) 3.68 ​ 3.55 ​ October 2022 - December 2029 ​ 150,346 210,544 Floating-rate mortgage note (5) 2.34 ​ 2.50 ​ November 2021 - January 2022 ​ 160,957 127,000 Total principal amount / weighted-average (6) 3.01 % 3.04 % ​ $ 921,303 $ 968,544 Less: unamortized debt issuance costs ​ $ (2,769) $ (4,083) Add: mark-to-market adjustment on assumed debt ​ 651 844 Total debt, net ​ $ 919,185 $ 965,305 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 557,103 ​ $ 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 September 30, 2021, the unused and available portions under the line of credit were approximately $365.0 million and $252.6 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million. There are no amounts unused or available under this term loan as of September 30, 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 September 30, 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 December 31, 2020 includes a $49.8 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we had effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expired in July 2021. (5) The effective interest rate is calculated based on LIBOR plus a margin. As of September 30, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.65% to 2.25% . As of December 31, 2020, our floating-rate mortgage note was subject to an interest rate spread of 2.25% . (6) The weighted-average remaining term of our borrowings was approximately 1.9 years as of September 30, 2021, excluding the impact of certain extension options. ​
Schedule of Borrowings Reflects Contractual Debt Maturities	As of September 30, 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 ​ $ — ​ $ — ​ $ 33,957 ​ $ 33,957 2022 (1) ​ — ​ 200,000 ​ 127,951 ​ 327,951 2023 (2) ​ 85,000 ​ — ​ — ​ 85,000 2024 ​ — ​ 325,000 ​ — ​ 325,000 2025 ​ — ​ — ​ 70,000 ​ 70,000 Thereafter ​ — ​ — ​ 79,395 ​ 79,395 Total principal payments ​ $ 85,000 ​ $ 525,000 ​ $ 311,303 ​ $ 921,303 (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 Liabilities As of September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 13 ​ $ 500,000 ​ $ 16,696 Interest rate caps 1 ​ 127,000 ​ — Total derivative instruments 14 ​ $ 627,000 ​ $ 16,696 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 For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) gain recognized in AOCI ​ $ (224) ​ $ (292) ​ $ 2,519 ​ $ (22,022) ​ Amount reclassified from AOCI into interest expense ​ 2,537 ​ 2,570 ​ 7,740 ​ 5,148 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 17,866 ​ 15,290 ​ 51,477 ​ 42,930 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ — ​ $ (1) ​ $ (13) ​ $ (13) ​

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 16,696 ​ $ — ​ $ 16,696 Total liabilities measured at fair value ​ $ — ​ $ 16,696 ​ $ — ​ $ 16,696 As of December 31, 2020 ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916 Total liabilities measured at fair value ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916
Nonrecurring Fair Value Measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 47,883 ​ $ 47,883 ​ $ 49,885 ​ $ 49,584 DST Program Loans ​ 58,276 ​ 58,276 ​ 45,229 ​ 45,229 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 85,000 ​ $ 85,000 ​ $ 106,000 ​ $ 105,592 Term loans ​ 525,000 ​ 525,000 ​ 525,000 ​ 521,945 Mortgage notes ​ 311,303 ​ 313,614 ​ 337,544 ​ 336,336 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 31,724 ​ $ 68,283 ​ $ 15,367 ​ $ 51,376 ​ $ — ​ $ 166,750 DRIP ​ 1,430 ​ 3,377 ​ 655 ​ 6,266 ​ 5,274 ​ 17,002 Total offering ​ $ 33,154 ​ $ 71,660 ​ $ 16,022 ​ $ 57,642 ​ $ 5,274 ​ $ 183,752 Number of shares sold: ​ ​ ​ ​ ​ ​ Primary offering ​ 3,826 ​ 8,873 ​ 2,024 ​ 6,956 ​ — ​ 21,679 DRIP ​ 188 ​ 444 ​ 86 ​ 824 ​ 695 ​ 2,237 Total offering ​ 4,014 ​ 9,317 ​ 2,110 ​ 7,780 ​ 695 ​ 23,916
Information of Share Transactions	The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2020 8,510 21,870 3,783 44,311 63,301 141,775 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 602 668 ​ 151 ​ 709 ​ — 2,130 Distribution reinvestment plan 51 119 ​ 23 ​ 262 ​ 250 705 Share-based compensation — — ​ — ​ 4 ​ — 4 Redemptions of common stock (22) (419) ​ (38) ​ (856) ​ (1,471) (2,806) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 11,692 28,958 5,509 47,745 58,117 152,021 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,985 3,245 568 3,700 — 9,498 Distribution reinvestment plan 69 162 32 282 225 770 Share-based compensation — — — 21 — 21 Redemptions of common stock (64) (217) (119) (442) (1,083) (1,925) Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: ​ Primary shares 3,322 3,083 508 3,869 — 10,782 Distribution reinvestment plan 132 353 69 804 776 2,134 Share-based compensation — — — 20 — 20 Redemptions of common stock (165) (1,791) (157) (3,995) (5,500) (11,608) Balance as of September 30, 2020 9,141 22,238 3,919 44,430 62,080 141,808 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 3,826 8,873 2,024 6,956 — 21,679 Distribution reinvestment plan 188 444 86 824 695 2,237 Share-based compensation — — — 29 — 29 Redemptions of common stock (163) (685) (218) (1,226) (4,309) (6,601) Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385
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 June 30 ​ 0.09375 ​ 7,696 ​ 2,266 ​ 5,723 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 2,613 ​ 5,985 ​ 16,582 Total ​ $ 0.28125 ​ $ 23,242 ​ $ 6,889 ​ $ 17,234 ​ $ 47,365 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, Ares Wealth Management Solutions, LLC (formerly known as 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 nine months ended September 30, 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 Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2021 2020 ​ Number of shares requested for redemption or repurchase ​ 6,601 ​ 11,608 ​ Number of shares redeemed or repurchased ​ 6,601 ​ 11,608 ​ % of shares requested that were redeemed or repurchased ​ 100.0 % ​ 100.0 % ​ Average redemption or repurchase price per share ​ $ 7.59 ​ $ 7.50 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ As of December 31, 2019 ​ $ - ​ Settlement of 2019 performance participation allocation (1) ​ ​ 3,776 ​ Distributions declared on redeemable noncontrolling interests ​ ​ (141) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (71) ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (55) ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 281 ​ As of September 30, 2020 ​ $ 3,790 ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ $ 3,798 ​ Settlement of 2020 performance participation allocation (2) ​ ​ 4,608 ​ Distributions declared on redeemable noncontrolling interests ​ ​ (314) ​ Net income attributable to redeemable noncontrolling interests ​ ​ 169 ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 70 ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 293 ​ As of September 30, 2021 ​ $ 8,624 ​ (1) The 2019 performance participation allocation in the amount of $3.8 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $3.8 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates. (2) The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former 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 Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2021 2020 2021 2020 September 30, 2021 December 31, 2020 ​ Selling commissions and dealer manager fees (1) ​ $ 845 ​ $ 226 ​ $ 1,866 ​ $ 1,216 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 788 ​ ​ 515 ​ ​ 2,064 ​ ​ 1,482 ​ ​ 291 ​ ​ 188 ​ Advisory fees - fixed component ​ ​ 5,480 ​ ​ 4,210 ​ ​ 15,389 ​ ​ 12,666 ​ ​ 1,893 ​ ​ 1,547 ​ Performance participation allocation ​ 3,774 ​ 1,333 ​ 7,769 ​ 3,343 ​ 7,769 ​ 4,608 ​ Other expense reimbursements— Advisor (3)(4) ​ 2,950 ​ 2,691 ​ 8,783 ​ 7,271 ​ 3,804 ​ 2,112 ​ Other expense reimbursements—Dealer Manager ​ 107 ​ 45 ​ 249 ​ 431 ​ — ​ — ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 3,106 ​ 547 ​ 6,422 ​ 3,044 ​ 236 ​ — ​ Other DST Program related costs—Advisor (3) ​ 1,710 ​ 515 ​ 3,978 ​ 3,084 ​ 82 ​ — ​ Total ​ $ 18,760 ​ $ 10,082 ​ $ 46,520 ​ $ 32,537 ​ $ 14,075 ​ $ 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 $26.4 million and $15.5 million as of September 30, 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 our Advisor, equipment, utilities, insurance, travel and entertainment.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders—basic ​ $ 13,940 ​ $ (10,830) ​ $ 22,922 ​ $ (19,827) ​ Net income (loss) attributable to redeemable OP Units ​ ​ 99 ​ ​ (39) ​ ​ 169 ​ ​ (71) ​ Net income (loss) attributable to OP Units ​ 1,654 ​ (839) ​ 2,430 ​ (1,515) ​ Net income (loss) attributable to common stockholders—diluted ​ $ 15,693 ​ $ (11,708) ​ $ 25,521 ​ $ (21,413) ​ Weighted-average shares outstanding—basic ​ 157,025 ​ 141,682 ​ 151,045 ​ 142,216 ​ Incremental weighted-average shares effect of conversion of OP Units ​ 19,752 ​ 11,484 ​ 17,430 ​ 11,449 ​ Weighted-average shares outstanding—diluted ​ 176,777 ​ 153,166 ​ 168,475 ​ 153,665 ​ Net income (loss) per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ 0.09 ​ $ (0.08) ​ $ 0.15 ​ $ (0.14) ​ Diluted ​ $ 0.09 ​ $ (0.08) ​ $ 0.15 ​ $ (0.14) ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended ​ ​ September 30, (in thousands) ​ 2021 ​ 2020 Distributions reinvested in common stock ​ $ 17,001 ​ $ 15,972 Change in accrued future ongoing distribution fees ​ ​ 10,864 ​ ​ 335 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 17,105 ​ ​ 22,700 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 4,608 ​ ​ 3,776 Redemption value allocation adjustment to redeemable noncontrolling interest ​ ​ 293 ​ ​ 281 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ 9,834 Issuances of OP Units for DST Interests ​ 57,729 ​ 11,240
Schedule of Restricted Cash and Cash Equivalents	Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ (in thousands) 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 ​ $ 12,463 ​ $ 16,124 ​ Restricted cash ​ 10,533 ​ 10,316 ​ Cash, cash equivalents and restricted cash ​ $ 22,996 ​ $ 26,440 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total assets by business segment as of September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2021 ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 387,423 ​ $ 459,646 Retail properties ​ 712,769 ​ 670,455 Residential properties ​ 356,234 ​ 363,322 Industrial properties ​ 740,237 ​ 461,150 Corporate ​ 181,480 ​ 156,987 Total assets ​ $ 2,378,143 ​ $ 2,111,560
Revenue and Components of Net Operating Income	The following table sets forth the financial results by segment for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,887 ​ $ 18,679 ​ $ 7,237 ​ $ 10,793 ​ $ 53,596 Rental expenses ​ (7,111) ​ (4,660) ​ (3,257) ​ (2,814) ​ (17,842) Net operating income ​ $ 9,776 ​ $ 14,019 ​ $ 3,980 ​ $ 7,979 ​ $ 35,754 Real estate-related depreciation and amortization ​ $ 4,945 ​ $ 5,336 ​ $ 2,283 ​ $ 6,257 ​ $ 18,821 For the Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,237 ​ $ 17,310 ​ $ 4,351 ​ $ 6,231 ​ $ 44,129 Rental expenses ​ ​ (7,748) ​ ​ (4,535) ​ ​ (2,282) ​ ​ (1,316) ​ ​ (15,881) Net operating income ​ $ 8,489 ​ $ 12,775 ​ $ 2,069 ​ $ 4,915 ​ $ 28,248 Real estate-related depreciation and amortization ​ $ 4,851 ​ $ 5,309 ​ $ 2,234 ​ $ 3,255 ​ $ 15,649 For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 49,663 ​ $ 53,600 ​ $ 20,885 ​ $ 28,509 ​ $ 152,657 Rental expenses ​ ​ (22,116) ​ (13,854) ​ (9,666) ​ (6,682) ​ ​ (52,318) Net operating income ​ $ 27,547 ​ $ 39,746 ​ $ 11,219 ​ $ 21,827 ​ $ 100,339 Real estate-related depreciation and amortization ​ $ 14,814 ​ $ 14,445 ​ $ 7,612 ​ $ 15,857 ​ $ 52,728 For the Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 48,988 ​ $ 53,053 ​ $ 14,591 ​ $ 16,363 ​ $ 132,995 Rental expenses ​ ​ (23,061) ​ ​ (12,561) ​ ​ (6,638) ​ ​ (3,532) ​ ​ (45,792) Net operating income ​ $ 25,927 ​ $ 40,492 ​ $ 7,953 ​ $ 12,831 ​ $ 87,203 Real estate-related depreciation and amortization ​ $ 14,676 ​ $ 14,867 ​ $ 6,560 ​ $ 8,455 ​ $ 44,558
Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders ​ $ 13,940 ​ $ (10,830) ​ $ 22,922 ​ $ (19,827) ​ Debt-related income ​ (2,298) ​ (981) ​ (6,741) ​ (1,181) ​ Real estate-related depreciation and amortization ​ 18,821 ​ 15,649 ​ 52,728 ​ 44,558 ​ General and administrative expenses ​ 2,183 ​ 1,977 ​ 6,582 ​ 5,769 ​ Advisory fees, related party ​ 5,480 ​ 4,210 ​ 15,389 ​ 12,666 ​ Performance participation allocation ​ 3,774 ​ 1,333 ​ 7,769 ​ 3,343 ​ Acquisition costs and reimbursements ​ 738 ​ 240 ​ 1,451 ​ 842 ​ Litigation expense ​ — ​ 2,500 ​ — ​ 2,500 ​ Impairment of real estate property ​ — ​ — ​ 758 ​ — ​ Other income ​ ​ (524) ​ ​ (262) ​ ​ (1,274) ​ ​ (619) ​ Interest expense ​ 17,866 ​ 15,290 ​ 51,477 ​ 42,930 ​ Gain on sale of real estate property ​ (25,979) ​ — ​ (53,321) ​ (2,192) ​ Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 99 ​ ​ (39) ​ ​ 169 ​ ​ (71) ​ Net income (loss) attributable to noncontrolling interests ​ 1,654 ​ (839) ​ 2,430 ​ (1,515) ​ Net operating income ​ $ 35,754 ​ $ 28,248 ​ $ 100,339 ​ $ 87,203 ​

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Real Estate Properties [Line Items]
Intangible lease assets and liabilities acquired			8 years 10 months 24 days
Proceeds from disposition of real estate property | $			$ 141,360	$ 2,752
Gain on sale of real estate property | $	$ 25,979	$ 0	53,321	2,192
Impairment of Real Estate | $	$ 0	$ 0	$ 758	$ 0
Disposed of by Sale | Office Property
Real Estate Properties [Line Items]
Number of real estate properties | property	2		2
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1		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		1
Disposed of by Sale | Industrial
Real Estate Properties [Line Items]
Number of real estate properties | property	1		1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 574,254	$ 476,442
Buildings and improvements	1,840,097	1,689,474
Intangible lease assets	293,075	289,762
Investment in real estate properties	2,707,426	2,455,678
Accumulated depreciation and amortization	(510,763)	(501,105)
Net investment in real estate properties	$ 2,196,663	$ 1,954,573

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Property Acquisitions) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Real Estate [Line Items]
Percentage of assets acquired	100.00%
Real Estate Acquired [Member]
Real Estate [Line Items]
Total acquisitions	$ 348,376
Debt assumed at fair value	0
Radar Distribution Center LLC
Real Estate [Line Items]
Total acquisitions	49,168
Intermountain SC
Real Estate [Line Items]
Total acquisitions	61,057
Airway Logistics
Real Estate [Line Items]
Total acquisitions	24,238
Greenwood Business Center
Real Estate [Line Items]
Total acquisitions	16,803
25 Linden Industrial Center
Real Estate [Line Items]
Total acquisitions	17,061
Little Orchard Business Park
Real Estate [Line Items]
Total acquisitions	96,559
Tustin Business Center
Real Estate [Line Items]
Total acquisitions	33,285
Barrow Crossing
Real Estate [Line Items]
Total acquisitions	$ 50,205

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Real Estate [Line Items]
Land	$ 116,421
Building	217,341
Intangible lease assets	27,103
Above-market lease assets	1,317
Below-market lease liabilities	(13,806)
Total purchase price	348,376
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 Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 293,075	$ 289,762
Gross, Liabilities	(92,475)	(79,891)
Accumulated Amortization, Liabilities	40,939	39,434
Net, Liabilities	(51,536)	(40,457)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	269,956	266,242
Accumulated Amortization, Assets	(202,569)	(214,055)
Net, Assets	67,387	52,187
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,119	23,520
Accumulated Amortization, Assets	(19,825)	(21,216)
Net, Assets	$ 3,294	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 2,798	$ 1,322	$ 4,667	$ 3,947
Depreciation expense	15,332	12,406	42,740	34,660
Intangible lease asset amortization	3,489	3,243	9,988	9,898
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(138)	(157)	(327)	(275)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 922	$ 781	$ 2,419	$ 2,505

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.01%	3.04%
Total borrowings	$ 921,303,000	$ 968,544,000
Less: unamortized debt issuance costs	(2,769,000)	(4,083,000)
Add: mark-to-market adjustment on assumed debt	651,000	844,000
Total debt, net	919,185,000	965,305,000
Gross book value of properties encumbered by debt	$ 557,103,000	$ 584,637,000
Weighted average maturity of debt investments	1 year 10 months 24 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	1.48%	1.54%
Total borrowings	$ 85,000,000	$ 106,000,000
Current borrowing capacity	365,000,000
Available portions under the line of credit	$ 252,600,000
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	3.26%	3.27%
Total borrowings	$ 325,000,000	$ 325,000,000
Maximum borrowing capacity	325,000,000
Current borrowing capacity	0
Long-term line of credit	$ 300,000,000
Term Loan | Term Loan Due January 2024 | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.25%	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	3.68%	3.55%
Total borrowings	$ 150,346,000	$ 210,544,000
Fixed-Rate Mortgage Notes | Preston Sherry Plaza
Debt Instrument [Line Items]
Total borrowings		$ 49,800,000
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	2.34%	2.50%
Total borrowings	$ 160,957,000	$ 127,000,000
Floating-Rate Mortgage Notes | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		2.25%
Floating-Rate Mortgage Notes | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.65%
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.25%
Mortgage Notes
Debt Instrument [Line Items]
Total borrowings	$ 311,303,000

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Remainder of 2021	$ 33,957
2022	327,951
2023	85,000
2024	325,000
2025	70,000
Thereafter	79,395
Total principal payments	921,303	$ 968,544
Line of Credit
Debt Instrument [Line Items]
Remainder of 2021	0
2022	0
2023	85,000
2024	0
2025	0
Thereafter	0
Total principal payments	$ 85,000	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	$ 33,957
2022	127,951
2023	0
2024	0
2025	70,000
Thereafter	79,395
Total principal payments	311,303
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Total principal payments	$ 160,957	$ 127,000

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Sep. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	15
Total notional amount	$ 627,000	$ 676,849
Estimated increase to interest expense related to active effective hedges of floating rate debt	(7,400)
Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 16,696	$ 26,916
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	13	14
Total notional amount	$ 500,000	$ 549,849
Estimated increase to interest expense related to termination of hedging instrument	(100)
Interest rate swaps | Other Liabilities.
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 16,696	$ 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 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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	$ 17,866	$ 15,290	$ 51,477	$ 42,930
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in income	0	(1)	(13)	(13)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(224)	(292)	2,519	(22,022)
Amount reclassified from AOCI into interest expense	$ 2,537	$ 2,570	$ 7,740	$ 5,148

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
DST Program Loans	$ 58,276		$ 58,276		$ 45,229
Rent Obligations	17,842	$ 15,881	52,318	$ 45,792
Issuances of OP Units for DST Interests	31,788		57,729	11,233
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	$ 58,300		58,300		$ 45,200
Proceeds from private placement			188,000	202,300
DST interest sold that were financed during period			17,100	22,700
Rent Obligations			20,700	13,700
Issuances of OP Units for DST Interests			$ 57,700	$ 11,300
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)			7.6	1.5

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Derivative instruments	$ 16,696	$ 26,916
Total liabilities measured at fair value	16,696	26,916
Level 1
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 2
Liabilities:
Derivative instruments	16,696	26,916
Total liabilities measured at fair value	16,696	26,916
Level 3
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 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	58,276	45,229
Line of credit	85,000	106,000
Term loans	525,000	525,000
Mortgage notes	311,303	337,544
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	47,883	49,584
DST Program Loans	58,276	45,229
Line of credit	85,000	105,592
Term loans	525,000	521,945
Mortgage notes	$ 313,614	$ 336,336

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 183,752
Number of shares sold | shares	23,916
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 33,154
Number of shares sold | shares	4,014
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 71,660
Number of shares sold | shares	9,317
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 16,022
Number of shares sold | shares	2,110
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 57,642
Number of shares sold | shares	7,780
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,274
Number of shares sold | shares	695
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 166,750
Number of shares sold | shares	21,679
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 31,724
Number of shares sold | shares	3,826
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 68,283
Number of shares sold | shares	8,873
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,367
Number of shares sold | shares	2,024
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 51,376
Number of shares sold | shares	6,956
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 | $	$ 17,002
Number of shares sold | shares	2,237
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,430
Number of shares sold | shares	188
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,377
Number of shares sold | shares	444
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 655
Number of shares sold | shares	86
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,266
Number of shares sold | shares	824
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,274
Number of shares sold | shares	695

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(6,601)	(11,608)
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			9,831
Ending Balances (in shares)	13,682		13,682
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			23,516
Ending Balances (in shares)	32,148		32,148
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			4,098
Ending Balances (in shares)	5,990		5,990
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			44,723
Ending Balances (in shares)	51,306		51,306
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			60,873
Ending Balances (in shares)	57,259		57,259
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	152,021	141,775	143,041	140,480
Primary shares (in shares)	9,498	2,130	21,679	10,782
Distribution reinvestment plan (in shares)	770	705	2,237	2,134
Share-based compensation (in shares)	21	4	29	20
Redemptions of common stock (in shares)	(1,925)	(2,806)	(6,601)	(11,608)
Ending Balances (in shares)	160,385	141,808	160,385	141,808
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	11,692	8,510	9,831	5,852
Primary shares (in shares)	1,985	602	3,826	3,322
Distribution reinvestment plan (in shares)	69	51	188	132
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(64)	(22)	(163)	(165)
Ending Balances (in shares)	13,682	9,141	13,682	9,141
Common Stock | Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	28,958	21,870	23,516	20,593
Primary shares (in shares)	3,245	668	8,873	3,083
Distribution reinvestment plan (in shares)	162	119	444	353
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(217)	(419)	(685)	(1,791)
Ending Balances (in shares)	32,148	22,238	32,148	22,238
Common Stock | Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	5,509	3,783	4,098	3,499
Primary shares (in shares)	568	151	2,024	508
Distribution reinvestment plan (in shares)	32	23	86	69
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(119)	(38)	(218)	(157)
Ending Balances (in shares)	5,990	3,919	5,990	3,919
Common Stock | Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	47,745	44,311	44,723	43,732
Primary shares (in shares)	3,700	709	6,956	3,869
Distribution reinvestment plan (in shares)	282	262	824	804
Share-based compensation (in shares)	21	4	29	20
Redemptions of common stock (in shares)	(442)	(856)	(1,226)	(3,995)
Ending Balances (in shares)	51,306	44,430	51,306	44,430
Common Stock | Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	58,117	63,301	60,873	66,804
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	225	250	695	776
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,083)	(1,471)	(4,309)	(5,500)
Ending Balances (in shares)	57,259	62,080	57,259	62,080

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.28125	$ 0.37500
Common Stock Distributions Paid in Cash	$ 7,984	$ 7,696	$ 7,562	$ 7,464	$ 7,482	$ 7,539	$ 7,533	$ 23,242	$ 30,018
Other Cash Distributions	2,613	2,266	2,010	1,750	1,592	1,611	1,499	6,889	6,452
Reinvested in Shares	5,985	5,723	5,526	5,347	5,282	5,316	5,360	17,234	21,305
Total Distributions	$ 16,582	$ 15,685	$ 15,098	$ 14,561	$ 14,356	$ 14,466	$ 14,392	$ 47,365	$ 57,775

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	6,601	11,608
Number of shares redeemed or repurchased (in shares)	6,601	11,608
% of shares requested that were redeemed or repurchased	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.59	$ 7.50

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			$ 3,798	$ 0	$ 0
Settlement of performance participation allocation			4,608	3,776	4,600	$ 3,800
Distributions declared on redeemable noncontrolling interests	$ (106)	$ (47)	(314)	(141)
Net income (loss) attributable to redeemable noncontrolling interests	99	(39)	169	(71)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests	15	8	70	(55)
Redemption value allocation adjustment to redeemable noncontrolling interests			293	281
Ending balance	8,624	$ 3,790	8,624	$ 3,790	3,798	0
Due to Related Parties	14,075		14,075		8,455
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties	$ 7,769		$ 7,769		$ 4,608	$ 3,800

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expense	$ 18,760	$ 10,082	$ 46,520	$ 32,537
Payable as of	14,075		14,075		$ 8,455
Black Creek Diversified Property Advisors, LLC
Related Party Transaction [Line Items]
Amount reimbursed for services	2,600	2,100	7,300	5,800
Black Creek Diversified Property Advisors, LLC | Other Liabilities.
Related Party Transaction [Line Items]
Payable as of	26,400		26,400		15,500
Black Creek Diversified Property Advisors, LLC | Ongoing Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party transaction expense	788	515	2,064	1,482
Payable as of	291		291		188
Black Creek Diversified Property Advisors, LLC | Advisory Fee, Fixed Component [Member]
Related Party Transaction [Line Items]
Related party transaction expense	5,480	4,210	15,389	12,666
Payable as of	1,893		1,893		1,547
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation
Related Party Transaction [Line Items]
Related party transaction expense	3,774	1,333	7,769	3,343
Payable as of	7,769		7,769		4,608	$ 3,800
Black Creek Diversified Property Advisors, LLC | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	2,950	2,691	8,783	7,271
Payable as of	3,804		3,804		2,112
Black Creek Diversified Property Advisors, LLC | Other DST Program Related Costs [Member]
Related Party Transaction [Line Items]
Related party transaction expense	1,710	515	3,978	3,084
Payable as of	82		82		0
Black Creek Capital Markets, LLC [Member] | Selling commissions and dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	845	226	1,866	1,216
Payable as of	0		0		0
Black Creek Capital Markets, LLC [Member] | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	107	45	249	431
Payable as of	0		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	3,106	$ 547	6,422	$ 3,044
Payable as of	$ 236		$ 236		$ 0

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders - basic	$ 13,940	$ (10,830)	$ 22,922	$ (19,827)
Net income (loss) attributable to redeemable OP Units	99	(39)	169	(71)
Net income (loss) attributable to OP Units	1,654	(839)	2,430	(1,515)
Net income (loss) attributable to common stockholders - diluted	$ 15,693	$ (11,708)	$ 25,521	$ (21,413)
Weighted-average shares outstanding - basic	157,025	141,682	151,045	142,216
Incremental weighted-average shares effect of conversion of OP Units (in shares)	19,752	11,484	17,430	11,449
Weighted-average shares outstanding - diluted (in shares)	176,777	153,166	168,475	153,665
Basic	$ 0.09	$ (0.08)	$ 0.15	$ (0.14)
Diluted	$ 0.09	$ (0.08)	$ 0.15	$ (0.14)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 17,001	$ 15,972
Change in accrued future ongoing distribution fees	10,864	335
Increase in DST Program Loans receivable through DST Program capital raising	17,105	22,700
Redeemable noncontrolling interest issued as settlement of performance participation allocation	4,608	3,776
Redemption value allocation adjustment to redeemable noncontrolling interest	293	281
Mortgage notes assumed on real estate acquisitions at fair value	0	9,834
Issuances of OP Units for DST Interests	57,729	11,240
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	12,463	16,124	$ 11,266	$ 97,772
Restricted cash	10,533	10,316	10,468	10,010
Cash, cash equivalents and restricted cash	$ 22,996	$ 26,440	$ 21,734	$ 107,782

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total assets	$ 2,378,143	$ 2,111,560
Operating Segments | Office properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	387,423	459,646
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	712,769	670,455
Operating Segments | Residential properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	356,234	363,322
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	740,237	461,150
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 181,480	$ 156,987

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Rental revenues	$ 53,596	$ 44,129	$ 152,657	$ 132,995
Rental expenses	(17,842)	(15,881)	(52,318)	(45,792)
Net operating income	35,754	28,248	100,339	87,203
Real estate-related depreciation and amortization	18,821	15,649	52,728	44,558
Office properties
Segment Reporting Information [Line Items]
Rental revenues	16,887	16,237	49,663	48,988
Rental expenses	(7,111)	(7,748)	(22,116)	(23,061)
Net operating income	9,776	8,489	27,547	25,927
Real estate-related depreciation and amortization	4,945	4,851	14,814	14,676
Retail properties
Segment Reporting Information [Line Items]
Rental revenues	18,679	17,310	53,600	53,053
Rental expenses	(4,660)	(4,535)	(13,854)	(12,561)
Net operating income	14,019	12,775	39,746	40,492
Real estate-related depreciation and amortization	5,336	5,309	14,445	14,867
Residential properties
Segment Reporting Information [Line Items]
Rental revenues	7,237	4,351	20,885	14,591
Rental expenses	(3,257)	(2,282)	(9,666)	(6,638)
Net operating income	3,980	2,069	11,219	7,953
Real estate-related depreciation and amortization	2,283	2,234	7,612	6,560
Industrial properties
Segment Reporting Information [Line Items]
Rental revenues	10,793	6,231	28,509	16,363
Rental expenses	(2,814)	(1,316)	(6,682)	(3,532)
Net operating income	7,979	4,915	21,827	12,831
Real estate-related depreciation and amortization	$ 6,257	$ 3,255	$ 15,857	$ 8,455

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of net operating income attributable to common shareholders
Net income (loss) attributable to common stockholders	$ 13,940	$ (10,830)	$ 22,922	$ (19,827)
Debt-related income	(2,298)	(981)	(6,741)	(1,181)
Real estate-related depreciation and amortization	18,821	15,649	52,728	44,558
General and administrative expenses	2,183	1,977	6,582	5,769
Advisory fees, related party	5,480	4,210	15,389	12,666
Performance participation allocation	3,774	1,333	7,769	3,343
Acquisition costs and reimbursements	738	240	1,451	842
Litigation expense	0	2,500	0	2,500
Impairment of real estate property	0	0	758	0
Other income	(524)	(262)	(1,274)	(619)
Interest expense	17,866	15,290	51,477	42,930
Gain on sale of real estate property	(25,979)	0	(53,321)	(2,192)
Net income (loss) attributable to redeemable noncontrolling interests	99	(39)	169	(71)
Net income (loss) attributable to noncontrolling interests	1,654	(839)	2,430	(1,515)
Net operating income	$ 35,754	$ 28,248	$ 100,339	$ 87,203

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Oct. 29, 2021USD ($)property	Oct. 20, 2021USD ($)	Nov. 03, 2021USD ($)property	Oct. 01, 2021USD ($)property	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Accounting basis (net of accumulated depreciation and amortization)					$ 2,196,663	$ 1,954,573
Industrial | Subsequent Event | Campus Drive
Subsequent Event [Line Items]
Asset purchase price				$ 6,400
Number of real estate properties | property				1
Industrial | Subsequent Event | VM 8 Logistics Center | Scenario, Plan [Member]
Subsequent Event [Line Items]
Asset purchase price			$ 17,400
Number of real estate properties | property			1
Industrial | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property					1
Retail properties | Durgin Square
Subsequent Event [Line Items]
Accounting basis (net of accumulated depreciation and amortization)					$ 21,700
Retail properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property					1
Retail properties | Disposed of by Sale | Durgin Square | Subsequent Event | Scenario, Plan [Member]
Subsequent Event [Line Items]
Gross proceeds	$ 40,500
Number of real estate properties | property	1
Core Tucson Main Gate | Subsequent Event
Subsequent Event [Line Items]
Membership interest contract purchase price		$ 124,000