Cim Income Nav 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-55187
Entity Registrant Name	CIM INCOME NAV, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3147801
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	0001498542
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Address, Address Line One	2398 East Camelback Road, 4th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	(602)
Local Phone Number	778-8700
D Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		15,700,000
T Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		14,000,000
S Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		7,300
I Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		946,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate assets:
Land	$ 141,391	$ 145,373
Buildings and improvements	641,986	656,208
Intangible lease assets	107,865	112,718
Total real estate assets, at cost	891,242	914,299
Less: accumulated depreciation and amortization	(90,391)	(80,938)
Total real estate assets, net	800,851	833,361
Investment in CIM UII Onshore	46,698	0
Investment in marketable securities	15,556	15,002
Total real estate assets, equity investments and marketable securities, net	863,105	848,363
Cash and cash equivalents	33,401	5,111
Restricted cash	506	607
Rents and tenant receivables, net	15,765	13,599
Prepaid expenses and other assets	918	777
Deferred costs, net	475	672
Due from affiliates	5	8
Total assets	914,175	869,137
LIABILITIES AND EQUITY
Credit facility and notes payable, net	471,289	348,939
Accrued expenses and accounts payable	4,519	3,444
Escrowed stockholder proceeds	0	50
Due to affiliates	13,916	16,567
Intangible lease liabilities, net	12,775	13,618
Due to stockholders	8,194	2,814
Derivative liabilities, deferred rental income and other liabilities	14,655	7,676
Total liabilities	525,348	393,108
Commitments and contingencies
Redeemable common stock	26,265	59,263
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	487,762	507,913
Accumulated distributions in excess of earnings	(115,389)	(87,513)
Accumulated other comprehensive loss	(10,841)	(4,710)
Total stockholders’ equity	361,839	416,027
Non-controlling interests	723	739
Total equity	362,562	416,766
Total liabilities, redeemable common stock, and equity	914,175	869,137
D Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	158	181
T Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	139	145
S Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	0	0
I Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 10	$ 11

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
D Shares Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	122,500,000	122,500,000
Common Stock, Shares, Issued	15,788,306	18,143,147
Common Stock, Shares, Outstanding	15,788,306	18,143,147
T Shares Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	122,500,000	122,500,000
Common Stock, Shares, Issued	13,954,099	14,499,636
Common Stock, Shares, Outstanding	13,954,099	14,499,636
S Shares Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	122,500,000	122,500,000
Common Stock, Shares, Issued	7,196	7,031
Common Stock, Shares, Outstanding	7,196	7,031
I Shares Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	122,500,000	122,500,000
Common Stock, Shares, Issued	942,270	1,097,896
Common Stock, Shares, Outstanding	942,270	1,097,896

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental and other property income	$ 17,148,000	$ 19,250,000	$ 35,736,000	$ 38,753,000
Interest income on marketable securities	88,000	38,000	178,000	76,000
Total revenues	17,236,000	19,288,000	35,914,000	38,829,000
Operating expenses:
General and administrative	1,469,000	1,719,000	2,654,000	3,729,000
Property operating	973,000	1,150,000	2,427,000	2,219,000
Real estate tax	1,443,000	1,328,000	2,776,000	2,580,000
Advisory fees and expenses	1,644,000	1,988,000	3,384,000	3,880,000
Transaction-related	252,000	225,000	343,000	713,000
Depreciation and amortization	6,949,000	7,431,000	13,988,000	14,835,000
Impairment	8,058,000	0	13,744,000	0
Total operating expenses	20,788,000	13,841,000	39,316,000	27,956,000
Gain on disposition of real estate, net	14,000	3,575,000	14,000	3,575,000
Operating (expense) income	(3,538,000)	9,022,000	(3,388,000)	14,448,000
Other expense:
Loss on investment in CIM UII Onshore	(3,302,000)	0	(3,302,000)	0
Interest expense and other, net	(4,452,000)	(3,569,000)	(8,112,000)	(7,359,000)
Net (loss) income	(11,292,000)	5,453,000	(14,802,000)	7,089,000
Net income allocated to noncontrolling interest	9,000	8,000	13,000	17,000
Net (loss) income attributable to the Company	(11,301,000)	5,445,000	(14,815,000)	7,072,000
D Shares Common Stock
Other expense:
Net (loss) income attributable to the Company	$ (5,839,000)	$ 3,058,000	$ (7,696,000)	$ 4,036,000
Basic and diluted weighted average number of common shares outstanding (in shares)	16,389,898	18,828,972	17,012,238	18,935,853
Basic and diluted net (loss) income per common share (in dollars per share)	$ (0.36)	$ 0.16	$ (0.45)	$ 0.21
T Shares Common Stock
Other expense:
Net (loss) income attributable to the Company	$ (5,125,000)	$ 2,202,000	$ (6,670,000)	$ 2,788,000
Basic and diluted weighted average number of common shares outstanding (in shares)	14,253,280	13,926,825	14,389,210	13,615,611
Basic and diluted net (loss) income per common share (in dollars per share)	$ (0.36)	$ 0.16	$ (0.46)	$ 0.20
S Shares Common Stock
Other expense:
Net (loss) income attributable to the Company	$ (3,000)	$ 0	$ (4,000)	$ 0
Basic and diluted weighted average number of common shares outstanding (in shares)	7,179	0	7,136	0
Basic and diluted net (loss) income per common share (in dollars per share)	$ (0.51)	$ 0	$ (0.58)	$ 0
I Shares Common Stock
Other expense:
Net (loss) income attributable to the Company	$ (334,000)	$ 185,000	$ (445,000)	$ 248,000
Basic and diluted weighted average number of common shares outstanding (in shares)	946,146	1,120,341	1,001,782	1,126,328
Basic and diluted net (loss) income per common share (in dollars per share)	$ (0.35)	$ 0.17	$ (0.44)	$ 0.22

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,292)	$ 5,453	$ (14,802)	$ 7,089
Other comprehensive income (loss)
Unrealized holding gain on marketable securities	417	100	568	223
Reclassification adjustment for realized loss included in income as other expense	13	1	11	8
Unrealized loss on interest rate swaps	(759)	(3,575)	(8,343)	(5,495)
Amount of loss (gain) reclassified from other comprehensive loss into income as interest expense and other, net	1,245	(198)	1,633	(416)
Total other comprehensive income (loss)	916	(3,672)	(6,131)	(5,680)
Comprehensive (loss) income	(10,376)	1,781	(20,933)	1,409
Comprehensive income allocated to noncontrolling interest	9	8	13	17
Comprehensive (loss) income attributable to the Company	$ (10,385)	$ 1,773	$ (20,946)	$ 1,392

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Total Stockholders’ Equity	Non- Controlling Interests
Beginning Balance (in shares) at Dec. 31, 2018		32,879,581
Beginning Balance at Dec. 31, 2018	$ 430,090	$ 329	$ 497,581	$ (69,151)	$ 565	$ 429,324	$ 766
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2,132,534
Issuance of common stock	38,522	$ 22	38,500			38,522
Distributions declared on common stock	(8,070)			(8,070)		(8,070)
Commissions, dealer manager and ongoing stockholder servicing fees	(1,788)		(1,788)			(1,788)
Other offering costs	(285)		(285)			(285)
Redemptions of common stock (in shares)		(1,177,580)
Redemptions of common stock	(21,046)	$ (13)	(21,033)			(21,046)
Equity-based compensation	33		33			33
Changes in redeemable common stock	(1,011)		(1,011)			(1,011)
Distributions to non-controlling interests	(15)						(15)
Comprehensive (loss) income	(372)			1,627	(2,008)	(381)	9
Ending Balance (in shares) at Mar. 31, 2019		33,834,535
Ending Balance at Mar. 31, 2019	436,058	$ 338	511,997	(75,594)	(1,443)	435,298	760
Beginning Balance (in shares) at Dec. 31, 2018		32,879,581
Beginning Balance at Dec. 31, 2018	430,090	$ 329	497,581	(69,151)	565	429,324	766
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	1,409
Ending Balance (in shares) at Jun. 30, 2019		33,914,644
Ending Balance at Jun. 30, 2019	429,843	$ 339	512,281	(78,406)	(5,115)	429,099	744
Beginning Balance (in shares) at Mar. 31, 2019		33,834,535
Beginning Balance at Mar. 31, 2019	436,058	$ 338	511,997	(75,594)	(1,443)	435,298	760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,530,101
Issuance of common stock	27,385	$ 15	27,370			27,385
Distributions declared on common stock	(8,257)			(8,257)		(8,257)
Commissions, dealer manager and ongoing stockholder servicing fees	(1,307)		(1,307)			(1,307)
Other offering costs	(203)		(203)			(203)
Redemptions of common stock (in shares)		(1,449,992)
Redemptions of common stock	(25,643)	$ (14)	(25,629)			(25,643)
Equity-based compensation	32		32			32
Changes in redeemable common stock	21		21			21
Distributions to non-controlling interests	(24)						(24)
Comprehensive (loss) income	1,781			5,445	(3,672)	1,773	8
Ending Balance (in shares) at Jun. 30, 2019		33,914,644
Ending Balance at Jun. 30, 2019	429,843	$ 339	512,281	(78,406)	(5,115)	429,099	744
Beginning Balance (in shares) at Dec. 31, 2019		33,747,710
Beginning Balance at Dec. 31, 2019	416,766	$ 337	507,913	(87,513)	(4,710)	416,027	739
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,131,064
Issuance of common stock	20,135	$ 11	20,124			20,135
Distributions declared on common stock	(8,096)			(8,096)		(8,096)
Commissions, dealer manager and ongoing stockholder servicing fees	(415)		(415)			(415)
Other offering costs	(149)		(149)			(149)
Redemptions of common stock (in shares)		(2,653,586)
Redemptions of common stock	(46,684)	$ (26)	(46,658)			(46,684)
Equity-based compensation	33		33			33
Changes in redeemable common stock	2,650		2,650			2,650
Distributions to non-controlling interests	(14)						(14)
Comprehensive (loss) income	(10,557)			(3,514)	(7,047)	(10,561)	4
Ending Balance (in shares) at Mar. 31, 2020		32,225,188
Ending Balance at Mar. 31, 2020	373,669	$ 322	483,498	(99,123)	(11,757)	372,940	729
Beginning Balance (in shares) at Dec. 31, 2019		33,747,710
Beginning Balance at Dec. 31, 2019	416,766	$ 337	507,913	(87,513)	(4,710)	416,027	739
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	(20,933)
Ending Balance (in shares) at Jun. 30, 2020		30,691,871
Ending Balance at Jun. 30, 2020	362,562	$ 307	487,762	(115,389)	(10,841)	361,839	723
Beginning Balance (in shares) at Mar. 31, 2020		32,225,188
Beginning Balance at Mar. 31, 2020	373,669	$ 322	483,498	(99,123)	(11,757)	372,940	729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		213,374
Issuance of common stock	3,727	$ 2	3,725			3,727
Distributions declared on common stock	(4,965)			(4,965)		(4,965)
Commissions, dealer manager and ongoing stockholder servicing fees	289		289			289
Other offering costs	(28)		(28)			(28)
Redemptions of common stock (in shares)		(1,746,691)
Redemptions of common stock	(30,120)	$ (17)	(30,103)			(30,120)
Equity-based compensation	33		33			33
Changes in redeemable common stock	30,348		30,348			30,348
Distributions to non-controlling interests	(15)						(15)
Comprehensive (loss) income	(10,376)			(11,301)	916	(10,385)	9
Ending Balance (in shares) at Jun. 30, 2020		30,691,871
Ending Balance at Jun. 30, 2020	$ 362,562	$ 307	$ 487,762	$ (115,389)	$ (10,841)	$ 361,839	$ 723

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared on common stock (in dollars per share)	$ 0.16	$ 0.24	$ 0.24	$ 0.24

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (14,802,000)	$ 7,089,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	13,859,000	14,632,000
Straight-line rental income	(1,844,000)	(1,661,000)
Write-off of uncollectible lease-related receivables	2,325,000	23,000
Amortization of deferred financing costs	547,000	539,000
Amortization on marketable securities	29,000	3,000
Equity-based compensation	66,000	65,000
Loss on sale of marketable securities	11,000	8,000
Loss on investment in CIM UII Onshore	3,302,000	0
Gain on disposition of real estate, net	(14,000)	(3,575,000)
Impairment of real estate assets	13,744,000	0
Changes in assets and liabilities:
Rents and tenant receivables	(2,656,000)	(440,000)
Prepaid expenses and other assets	(379,000)	(155,000)
Accrued expenses and accounts payable	1,042,000	435,000
Deferred rental income and other liabilities	303,000	(1,132,000)
Due from affiliates	3,000	106,000
Due to affiliates	(1,024,000)	(577,000)
Net cash provided by operating activities	14,512,000	15,360,000
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(1,663,000)	(32,428,000)
Investment in marketable securities	(2,852,000)	(712,000)
Proceeds from sale and maturities of marketable securities	2,837,000	351,000
Investment in CIM UII Onshore	(50,000,000)	0
Net proceeds from disposition of real estate assets	5,783,000	35,811,000
Payment of property escrow deposits	0	(200,000)
Refund of property escrow deposits	0	200,000
Proceeds from the settlement of insurance claims	204,000	118,000
Net cash (used in) provided by investing activities	(45,691,000)	3,140,000
Cash flows from financing activities:
Proceeds from issuance of common stock	17,297,000	57,931,000
Offering costs on issuance of common stock	(1,930,000)	(2,955,000)
Redemptions of common stock	(71,021,000)	(46,689,000)
Distributions to stockholders	(6,899,000)	(8,346,000)
Proceeds from credit facility	122,000,000	25,500,000
Repayments of credit facility	0	(31,500,000)
Deferred financing costs paid	0	(17,000)
Change in escrowed stockholder proceeds liability	(50,000)	0
Distributions to noncontrolling interests	(29,000)	(39,000)
Net cash provided by (used in) financing activities	59,368,000	(6,115,000)
Net increase in cash and cash equivalents and restricted cash	28,189,000	12,385,000
Cash and cash equivalents and restricted cash, beginning of period	5,718,000	4,450,000
Cash and cash equivalents and restricted cash, end of period	33,907,000	16,835,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Total cash and cash equivalents and restricted cash	$ 33,907,000	$ 16,835,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS CIM Income NAV, Inc. (the “Company”) is a monthly priced perpetual life non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on July 27, 2010, that qualified as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. Substantially all of the Company’s business is conducted through CIM Income NAV Operating Partnership, LP, a Delaware limited partnership (“CIM Income NAV OP”), of which the Company is the sole general partner, and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by CIM Income NAV Management, LLC, a Delaware limited liability company (“CIM Income NAV Management”), which is an affiliate of CIM Group, LLC (“CIM”). CIM is a community-focused real estate and infrastructure owner, operator, developer and lender with multi-disciplinary expertise, including in acquisitions, management, development, leasing, research and capital markets. CIM is headquartered in Los Angeles, California and has offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; Phoenix, Arizona; Orlando, Florida; Tokyo, Japan; and Atlanta, Georgia. CCO Group, LLC owns and controls CIM Income NAV Management, the Company’s advisor, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor and as a sponsor to CIM Real Estate Finance Trust, Inc. (formerly known as Cole Credit Property Trust IV, Inc.) (“CMFT”), Cole Credit Property Trust V, Inc. (“CCPT V”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) and Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”). On December 6, 2011, the Company commenced its initial public offering on a “best efforts” basis of $4.0 billion in shares of common stock. As part of the Company’s first follow-on offering, on August 26, 2013, the Company designated the existing shares of the Company’s common stock that were sold prior to such date to be Wrap Class shares (“W Shares”) of common stock and registered two new classes of the Company’s common stock, Advisor Class shares (“A Shares”) and Institutional Class shares (“I Shares”). On February 10, 2017, the Company commenced its second follow-on offering (the “Second Follow-on Offering”), pursuant to which the Company offered up to $4.0 billion in shares of common stock (collectively with the initial public offering and the Third Follow-on Offering (as defined below), the “Offering”), consisting of $3.5 billion in shares in the Company’s primary offering (the “Primary Offering”) and $500.0 million in shares pursuant to a distribution reinvestment plan (the “DRIP”). On August 7, the Company commenced its third follow-on offering, pursuant to which the Company is offering up to $4.0 billion in shares of common stock (the “Third Follow-on Offering”), consisting of $3.5 billion in share in the Primary Offering and $500.0 million in shares pursuant to the DRIP. On November 27, 2018, the Company amended its charter to, among other things, change the name and designation of its W Shares to Class D Common Stock (the “D Shares”), and its A Shares to Class T Common Stock (the “T Shares”), respectively, and reclassified a portion of its common stock as Class S Common Stock (the “S Shares”), to be offered alongside its D Shares, T Shares and I Shares in its continuous public offering (the “Share Modifications”). The Company is offering to sell any combination of D Shares, T Shares, S Shares and I Shares with a dollar value up to the maximum offering amount. As of June 30, 2020, the Company had issued approximately 48.1 million shares of common stock in the Offering, including 3.3 million in shares issued in the DRIP, for gross offering proceeds of $868.0 million before $24.9 million in upfront selling commissions, dealer manager fees and the current portion of stockholder servicing fees and $6.4 million in organization and offering costs. The per share purchase price for each class of common stock varies from month-to-month and, each month, is generally equal to, for each class of common stock, the Company’s net asset value (“NAV”) for such class, divided by the number of shares of that class outstanding, as of the prior month, plus, for T Shares and S Shares sold in the Primary Offering, applicable upfront selling commissions and dealer manager fees. The Company’s NAV per share is calculated monthly as of the last calendar day of each month by an independent fund accountant using a process that incorporates (1) the periodic valuations of each of the Company’s real estate assets and related liabilities by the Company’s independent valuation expert, (2) ongoing assessment by the valuation expert of the estimated impact of any events that require adjustment to the most recent valuations determined by the valuation expert, (3) updates in the price of liquid assets for which third-party market quotes are available, (4) valuations of any securities or other assets for which market quotes are not available (5) valuation of the Company’s other assets and liabilities, (6) accruals of the Company’s distributions for each share class, and (7) estimates of monthly accruals, on a net basis, of operating r evenues, expenses, debt service costs and fees. As of June 30, 2020, the NAV per share for D Shares, T Shares, S Shares and I Sh ares was $16.97, $16.56, $16.54 and $17.23, respectively. The Company’s NAV is not audited or reviewed by its independent registered public accounting firm. The Company has engaged its independent valuation expert to provide on a monthly, instead of a rolling annual, basis, valuations of each of its commercial real estate assets and real estate related liabilities, going forward, until such time that the Company has greater visibility into the impact of the current novel coronavirus (“COVID-19”) pandemic on the Company’s property valuations. The Company has used substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio primarily consisting of retail, office and industrial properties that are leased to creditworthy tenants under long-term net leases, and are strategically located throughout the United States. As of June 30, 2020, the Company own ed 126 commercial properties, including two properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprised of 5.4 million rentable square feet of commercial space located in 34 states, and which was 98.7% leased, in cluding month-to-month agreements, if any. As of June 30, 2020, the Company also owned limited partnership interests with CIM UII Onshore, L.P. (“CIM UII Onshore”) , the sole purpose of which is to invest all of its assets in CIM Urban Income Investments, L.P. (“CIM Urban Income”), which is a private institutional fund that acquires, owns and operates substantially stabilized, diversified real estate and real estate-related assets in urban markets primarily located throughout North America.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019, and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s condensed consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of June 30, 2020 and December 31, 2019 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the requirements for consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company is presenting the write-off of uncollectable lease-related receivables of $23,000 for the six months ended June 30, 2019, which was previously included in straight-line rental income, net in the condensed consolidated statements of cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the six months ended June 30, 2020, as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $13.7 million related to one anchored shopping center and one retail property d ue to the carrying value being greater than the estimated fair value of the property, net of selling costs, and one anchored shopping center and two retail propert ies, due to tenant bankruptcy. The Company’s impairment assessment as of June 30, 2020 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2020 or in future periods, particularly with respect to any negative impacts to the Company that may result from the economic disruption caused by the COVID-19 pandemic. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. As of June 30, 2020, the Company has not identified any further impairments resulting from COVID-19 related impacts, including as a result of tenant requests for rent relief. The Company generally intends to hold its assets for the long-term; therefore, a temporary change in cash flows due to COVID-19 related impacts alone would not be an impairment indicator. However, the Company has yet to see the long-term effects of COVID-19 on the economy and the extent to which it may impact the Company’s tenants in the future. Indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry as a result of the economic impacts of COVID-19, or changes in the Company’s long-term hold strategies, could be indicative of an impairment indicator. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether the carrying value of the Company’s real estate assets are recoverable. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate acquisition and disposition activity. No impairment indicators were identified and no impairment losses were recorded during the six months ended June 30, 2019. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of June 30, 2020 and December 31, 2019. Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The Company’s property dispositions during the six months ended June 30, 2020 and 2019 did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. All real estate acquisitions qualified as asset acquisitions and, as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Investment in Marketable Securities Investment in marketable securities consists primarily of the Company’s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of June 30, 2020, the Company classified its investments as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive income (loss) . The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), as further described in “Recent Accounting Pronouncements,” on January 1, 2020. The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through an allowance for credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Investment in CIM UII Onshore As of June 30, 2020, the Company had invested $50.0 million of capital in CIM UII Onshore with a carrying value of $46.7 million , which represents a less than 5% ownership of CIM UII Onshore. The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and subsequently adjusted for the Company’s share of equity in CIM UII Onshore’s earnings and distributions. The Company records its share of CIM UII Onshore’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s condensed consolidated balance sheet and is recognized as a profit or loss on the condensed consolidated statements of operations. Additionally, any dividends received reduce the carrying amount of the Company’s investment and are not recognized as dividend income. Noncontrolling Interest in Consolidated Joint Venture The Company has a controlling interest in a Consolidated Joint Venture and, therefore, meets the requirements for consolidation. The Company recorded net income of $13,000 and paid distributions of $29,000 to the noncontrolling interest during the six months ended June 30, 2020. The Company recorded the noncontrolling interest of $723,000 and $739,000 as of June 30, 2020 and December 31, 2019, re spectively, on the condensed consolidated balance sheets. Restricted Cash The Company had $506,000 and $607,000 in restricted cash as of June 30, 2020 and December 31, 2019, respectively. Included in restricted cash was $157,000 and $136,000 held by lenders in lockbox accounts as of June 30, 2020 and December 31, 2019, respectively. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company. Restricted cash also included $349,000 and $421,000 held in escrow for tenant improvements at a certain property in accordance with the associated lease agreement as of June 30, 2020 and December 31, 2019, respectively. In addition, restricted cash included $50,000 of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2019. There were no such proceeds as of June 30, 2020. Stockholder Servicing Fees The Company pays CCO Capital stockholder servicing fees, which are calculated on a daily basis in the amount of 1/365th of 0.25%, 0.85% and 0.85% of the per share NAV for each class of common stock outstanding for D Shares, T Shares and S Shares, respectively. The Company does not pay a stockholder servicing fee with respect to I Shares. The stockholder servicing fees are paid monthly in arrears. An estimated liability for future stockholder servicing fees payable to CCO Capital is recognized at the time each share is sold and included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value. The Company recognized a liability for future fees payable to CCO Capital of $12.3 million and $13.9 million as of June 30, 2020 and December 31, 2019, respectively. Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not party to any material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. Revenue Recognition Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate . The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable. During the three and six months ended June 30, 2020, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $1.6 million and $2.5 million for the three and six months ended June 30, 2020, respectively, which included $277,000 and $1.0 million of straight-line rental income for the respective periods, and $175,000 related to certain tenant reimbursements that were written off during the three months ended June 30, 2020. These write offs reduced rental and other property income during the three and six months ended June 30, 2020. (Loss) Earnings and Distributions Per Share The Company has four classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. Diluted income per share, when applicable, considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and six months ended June 30, 2020 or 2019. Distributions per share are calculated based on the authorized monthly distribution rate. Prior to April 1, 2020, distributions were calculated based on the authorized daily distribution rate. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”), in November 2018. Subsequently, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-02 to provide additional guidance on the credit losses standard. ASU 2016-13 and the related updates are intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held-for-investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASU No. 2016-02, Leases ( Topic 842 ) (“ASC 842”) . ASU 2016-13 and ASU 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2016-13 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of ASU 2018-13 are to be applied retrospectively, and early adoption is permitted. The Company adopted ASU 2018-13 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes or another acceptable benchmark interest rate. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings, including one interest rate swap agreement entered into since the date of adoption of ASU 2018-16. The Company has evaluated the effect of this new benchmark interest rate option, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. ASU 2018-17 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted ASU 2018-17 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Due to the business disruptions and challenges severely affecting the global economy caused by COVID-19, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842 addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from COVID-19 related impacts. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 related impacts and (2) result in the cash flows remaining substantially the same or less than the original contract and will account for these lease concessions as if no changes were made to the leases. During the three and six months ended June 30, 2020, the Co

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Credit facility and notes payable — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of June 30, 2020, the estimated fair value of the Company’s debt was $473.7 million , compared to a carrying value of $473.0 million . As of December 31, 2019, the estimated fair value of the Company’s debt was $351.2 million, compared to a carrying value of $351.0 million . Marketable securities — The Company’s marketable securities are carried at fair value and are valued using Level 1 inputs. The estimated fair value of the Company’s marketable securities are based on quoted market prices that are readily and regularly available in an active market. Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2020 and December 31, 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, t he Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accrued expenses and accounts payable , other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of June 30, 2020 and December 31, 2019, there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant June 30, 2020 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 15,556 $ 15,556 $ — $ — Financial liabilities: Interest rate swaps $ (11,593) $ — $ (11,593) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2019 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 34 $ — $ 34 $ — Marketable securities 15,002 15,002 — — Total financial assets $ 15,036 $ 15,002 $ 34 $ — Financial liabilities: Interest rate swaps $ (4,917) $ — $ (4,917) $ — Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the six months ended June 30, 2020, real estate assets related to one anchored shopping center and two retail properties were impaired due to tenant bankruptcy. Additionally, real estate assets related to one anchored shopping center and one retail property were deemed to be impaired, due to the carrying value being greater than the estimated fair value of the property, net of selling costs. Th e carrying value of these properties was reduced to an estimated fair value of $39.5 million, resulting in impairment charges of $13.7 million . The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants. For the Company’s impairment test for the real estate assets during the six months ended June 30, 2020 , the Company used a range of discount rates from 8.3% to 9.7% and terminal capitalization rates from 7.8% to 9.2%. The Company determined that the selling price used to determine the fair values was a Level 2 input. No impairment indicators were identified and no impairment losses were recorded during the six months ended June 30, 2019. The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2020 (in thousands): Six Months Ended June 30, 2020 Asset class impaired: Land $ 2,601 Buildings and improvements 8,788 Intangible lease assets 2,358 Intangible lease liabilities (3) Total impairment loss $ 13,744

REAL ESTATE ASSETS

REAL ESTATE ASSETS	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS 2020 Property Acquisitions During the six months ended June 30, 2020, the Company did not acquire any properties. 2020 Property Dispositions During the six months ended June 30, 2020, the Company disposed of one anchored shopping center and one retail property for an aggregate gross sales price of $6.1 million, resulting in net proceeds of $5.8 million after closing costs and a net gain of $14,000. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the dispositions did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through the respective dates of disposition. 2020 Impairment The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets. During the six months ended June 30, 2020, five properties totaling approximately 303,000 square feet with a carrying value of $53.2 million were deemed to be impaired and their carrying values were reduced to a combined estimated fair value of $39.5 million , resulting in impairment charges of $13.7 million which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges. There were no impairment charges during the six months ended June 30, 2019. 2019 Property Acquisitions During the six months ended June 30, 2019, the Company acquired a 100% interest in three commercial properties for an aggregate purchase price of $31.5 million (the “2019 Asset Acquisitions”), which included $190,000 of acquisition-related expenses that were capitalized. The Company funded the 2019 Asset Acquisitions with net proceeds from the Offering, real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2019 Asset Acquisitions purchased during the six months ended June 30, 2019 (in thousands): 2019 Asset Acquisitions Land $ 7,078 Building and improvements 22,432 Acquired in-place leases and other intangibles (1) 2,285 Intangible lease liabilities (2) (313) Total purchase price $ 31,482 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 15.8 years . (2) The weighted average amortization period for acquired intangible lease liabilities was 15.0 years. 2019 Property Dispositions During the six months ended June 30, 2019, the Company disposed of eight retail properties for an aggregate gross sales price of $36.9 million, resulting in net proceeds of $35.8 million after closing costs and a net gain of $3.6 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition. Consolidated Joint Venture As of June 30, 2020, the Company had an interest in a Consolidated Joint Venture that owns and manages two properties, with total assets of $7.2 million, which included $7.2 million of land, building and improvements and $641,000 of intangible assets, net of accumulated depreciation and amortization of $810,000, and total liabilities of $118,000. The Consolidated Joint Venture did not have any debt outstanding as of June 30, 2020. The Company has the ability to control operating and financial policies of the Consolidated Joint Venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the approval of the partner (the “Consolidated Joint Venture Partner”) in accordance with the joint venture agreement for any major transactions. The Company and the Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS AND LIABILITIES	INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands, except weighted average life remaining): June 30, 2020 December 31, 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $24,899 and $23,026, respectively (with a weighted average life remaining of 10.2 years and 14.6 years, respectively) $ 69,133 $ 75,754 Acquired above-market leases, net of accumulated amortization of $3,585 and $3,118, respectively (with a weighted average life remaining of 11.3 years and 12.7 years, respectively) 10,248 10,820 Total intangible lease assets, net $ 79,381 $ 86,574 Intangible lease liabilities: Acquired below-market liabilities, net of accumulated amortization of $4,197 and $4,111, respectively (with a weighted average life remaining of 11.4 years and 20.9 years, respectively) $ 12,775 $ 13,618 Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 In-place lease and other intangible amortization $ 1,943 $ 2,386 $ 3,972 $ 4,774 Above-market lease amortization $ 254 $ 283 $ 511 $ 568 Below-market lease amortization $ 351 $ 397 $ 704 $ 795 As of June 30, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2020 $ 3,683 $ 504 $ 625 2021 7,342 1,008 1,239 2022 7,297 1,008 1,232 2023 7,082 1,007 1,204 2024 6,715 946 1,140 Thereafter 37,014 5,775 7,335 Total $ 69,133 $ 10,248 $ 12,775

INVESTMENT IN CIM UII ONSHORE

INVESTMENT IN CIM UII ONSHORE	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN CIM UII ONSHORE	INVESTMENT IN CIM UII ONSHORE On September 27, 2019, the Company executed a subscription agreement to purchase $50.0 million of limited partnership interests in CIM UII Onshore. CIM UII Onshore’s sole purpose is to invest all of its assets in CIM Urban Income, which is a private institutional fund that acquires, owns and operates substantially stabilized, diversified real estate and real estate-related assets in urban markets primarily located throughout North America. The investment was made by the Company to gain exposure to the urban real assets invested in by CIM Urban Income. The Company’s subscription agreement was accepted by the general partner of CIM UII Onshore on September 30, 2019, and the entire $50.0 million of capital was called and funded on March 31, 2020. The Company accounts for its investment using the equity method. During the three and six months ended June 30, 2020, the Company recognized an equity method net loss of $3.3 million related to its investment. The Company did not receive any dividends related to its investment during the three and six months ended June 30, 2020. As of June 30, 2020, the carrying value of the Company’s investment was $46.7 million, which represents a less than 5% ownership of CIM UII Onshore, and approximates fair value.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $15.6 million and $15.0 million as of June 30, 2020 and December 31, 2019, respectively. The following is a summary of the Company’s available-for-sale securities as of June 30, 2020 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Fair Value U.S. Treasury Bonds $ 5,230 $ 307 $ 5,537 U.S. Agency Bonds 2,479 31 2,510 Corporate Bonds 7,095 414 7,509 Total available-for-sale securities $ 14,804 $ 752 $ 15,556 The following table provides the activity for the marketable securities during the six months ended June 30, 2020 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2020 $ 14,829 $ 173 $ 15,002 Face value of marketable securities acquired 2,715 — 2,715 Premiums and discounts on purchase of marketable securities, net of acquisition costs 137 — 137 Amortization on marketable securities (29) — (29) Sales and maturities of securities (2,848) 11 (2,837) Unrealized gain on marketable securities — 568 568 Marketable securities as of June 30, 2020 $ 14,804 $ 752 $ 15,556 During t he six months ended June 30, 2020, the Company sold 22 marketable securities for aggregate proceeds of $2.8 million resulting in a loss of $11,000. The Company recorded an unrealized gain of $568,000 on its investments, which is included in accumulated other comprehensive loss attributable to the Company in the accompanying condensed consolidated statement of changes in equity for the six months ended June 30, 2020 and the condensed consolidated balance sheet as of June 30, 2020. The total unrealized holding gain on marketable securities of $752,000 and $173,000 as of June 30, 2020 and December 31, 2019, respectively, is included in accumulated other comprehensive loss attributable to the Company in the accompanying condensed consolidated statement of changes in equity. The scheduled maturities of the Company’s marketable securities as of June 30, 2020 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 1,754 $ 1,773 Due after one year through five years 5,375 5,659 Due after five years through ten years 5,253 5,673 Due after ten years 2,422 2,451 Total $ 14,804 $ 15,556 Actual maturities of marketable securities can differ from contractual maturities because borrowers on certain debt securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating credit losses, management considers a variety of factors, including (1) whether the Company will be required to sell the impaired security before the recovery of its amortized cost basis, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the Company expects to recover the entire amortized cost basis of the security. The Company believes that none of the unrealized losses on investment securities are credit losses as management expects the Company will fully recover the entire amortized cost basis of all securities. As of June 30, 2020, the Company had no credit losses.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. As of June 30, 2020, the Company had nine interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of June 30, 2020 and December 31, 2019 (dollar amounts in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location June 30, 2020 Rate (1) Date Date June 30, 2020 December 31, 2019 Interest Rate Swaps (2) Derivative liabilities, deferred rental income and other liabilities $ 290,705 3.32% to 4.84% 12/1/2015 to 9/30/2019 12/1/2020 to 9/6/2022 $ (11,593) $ (4,917) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2020. (2) As of December 31, 2019, interest rate swaps with an aggregate outstanding notional amount of $49.2 million were in an asset position with an aggregate fair value balance of $34,000 and were included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss) , with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and six months ended June 30, 2020, the amount of losses reclassified from other comprehensive income (loss) as an increase to interest expense was $1.2 million and $1.6 million, respectively . For the three and six months ended June 30, 2019, the amount of gain s reclassified from other comprehensive income (loss) as a decrease to interest expense was $198,000 and $416,000, respectively. The total unrealized holding loss on interest rate swaps of $11.6 million and $4.9 million as of June 30, 2020 and December 31, 2019, respectively, is included in accumulated other comprehensive loss attributable to the Company in the accompanying condensed consolidated statement of changes in equity. During the next 12 months, the Company estimates that $6.0 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company includes cash flows from interest rate swap agreements in cash flows provided by operating activities on the condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in the condensed consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations, under the agreements at an aggregate termination value, inclusive of interest payments of $11.8 million, which includes accrued interest, at June 30, 2020. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of June 30, 2020.

CREDIT FACILITY AND NOTES PAYAB

CREDIT FACILITY AND NOTES PAYABLE	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	CREDIT FACILITY AND NOTES PAYABLE As of June 30, 2020, the Company had $471.3 million of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.9 years and a weighted average interest rate of 3.53% . The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date . Sho uld a loan not be repaid by its scheduled repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date. The following table summarizes the debt balances as of June 30, 2020 and December 31, 2019, and the debt activity for the six months ended June 30, 2020 (in thousands): During the Six Months Ended June 30, 2020 Balance as of Debt Issuance, Net (1) Repayments Amortization Balance as of Credit facility $ 212,500 $ 122,000 $ — $ — $ 334,500 Fixed rate debt 138,459 — — — 138,459 Total debt 350,959 122,000 — — 472,959 Deferred costs – credit facility (2) (1,023) — — 189 (834) Deferred costs – fixed rate debt (997) — — 161 (836) Total debt, net $ 348,939 $ 122,000 $ — $ 350 $ 471,289 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs related to the term portion of the credit facility. Notes Payable As of June 30, 2020, the Company had fixed rate debt outstanding of $138.5 million , including $78.2 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rate per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.56% to 4.17% per annum and as of June 30, 2020, the fixed rate debt had a weighted average interest rate o f 3.91% . The fixed rate debt outstanding matures on various dates fr om December 2020 to February 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $248.0 million as of June 30, 2020. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which th e debt was placed. With respect to the remaining $9.2 million of debt maturing within the next 12 months following the date these financial statements are issued, the Company believes cash on hand, net cash provided by operations, borrowings available under the Credit Facility (as defined below) or the entry into new financing arrangements will be sufficient in order to meet its debt obligations as they become due. Credit Facility T he Company is party to a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), that provides for borrowings up to $425.0 million, which is comprised of up to $212.5 million in unsecured revolving loans (the “Revolving Loans”) and up to $212.5 million in unsecured term loans (the “Term Loans”) (collectively, with the Revolving Loans, the “Credit Facility”). The Term Loans mature on September 6, 2022 and the Revolving Loans mature on September 6, 2021 ; however, the Company may elect to extend the maturity date for the Revolving Loans for up to two six-month periods, but no later than September 6, 2022 , subject to satisfying certain conditions contained in the Second Amended Credit Agreement. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month LIBOR multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.70% to 2.20% for Revolving Loans and 1.60% to 2.10% for Term Loans; or (ii) a base rate ranging from 0.70% to 1.20% for Revolving Loans and 0.60% to 1.10% for Term Loans, plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Second Amended Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Second Amended Credit Agreement) plus 0.50%; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.0%. As of June 30, 2020, the Revolving Loans outstanding totaled $122.0 million at an interest rate of 2.08% . As of June 30, 2020, the Term Loans outstanding totaled $212.5 million, all of which are subject to interest rate swap agreements (the “Swapped Term Loans”). The interest rate swap agreements have th e effect of fixing the Eurodollar Rate per annum of the Swapped Term Loan at an all-in rate of 4.11% . As of June 30, 2020, the Company had $334.5 million ou tstanding under the Credit Facility at a weighted average interest rate of 3.37% and $90.5 million in unused capacity, subject to borrowing availability. The Company had available borrowings of $9.5 million as of June 30, 2020. The Second Amended Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Second Amended Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $367.1 million plus (ii) 75% of the equity issued (iii) minus the aggregate amount of any redemptions or similar transaction from the date of the Second Amended Credit Agreement, a leverage ratio less than or equal to 60% , a fixed charge coverage ratio equal to or greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 , a secured debt ratio equal to or less than 40%, and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. As of June 30, 2020, the Company believes it was in compliance with the financial covenants of the Second Amended Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2020 (in thousands): Principal Repayments Remainder of 2020 $ 9,240 2021 142,442 2022 304,327 2023 — 2024 — Thereafter 16,950 Total $ 472,959

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the six months ended June 30, 2020 and 2019 are as follows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Change in accrued dealer manager fee, ongoing stockholder servicing fees, and other offering costs $ (225) $ 2,216 Distributions to stockholders declared and unpaid $ 2,411 $ 2,724 Common stock issued through distribution reinvestment plan $ 6,565 $ 7,976 Redemptions to stockholders declared and unpaid $ 5,783 $ — Change in fair value of marketable securities $ 579 $ 231 Change in fair value of interest rate swaps $ (6,710) $ (5,911) Accrued capital expenditures $ 33 $ — Accrued deferred financing costs $ — $ 1 Supplemental Cash Flow Disclosures: Interest paid $ 7,576 $ 7,036 Cash paid for taxes $ 93 $ 60

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

RELATED-PARTY TRANSACTIONS AND

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, commissions, fees and expenses payable to CIM Income NAV Management and certain of its affiliates in connection with the Offering, and the acquisition, management and performance of the Company’s assets. Upfront selling commissions, dealer manager and ongoing stockholder servicing fees In connection with the Offering, CCO Capital, the Company’s dealer manager, will receive upfront selling commissions and dealer manager fees, and/or an asset-based stockholder servicing fees, as summarized in the table below for each class of common stock: Upfront Selling Commissions Dealer Manager Fees Ongoing Stockholder Servicing Fees (2) D Shares (1) — % — % 0.25 % T Shares (1) 3.00 % 0.50 % 0.85 % S Shares (1) 3.50 % — % 0.85 % I Shares — % — % — % ______________________ (1) The upfront selling commissions are based on a percentage of the transaction price, which is exclusive of the upfront selling commission for T Shares and S Shares. Prior to February 28, 2020, there was a 1.50% upfront selling commission payable on D Shares. Effective February 28, 2020, there are no upfront selling commissions or dealer manager fees payable on D Shares. The dealer manager fee is based on a percentage of the transaction price for T Shares. Upfront selling commissions and dealer manager fees are deducted directly from the offering price for T Shares and S Shares and paid to CCO Capital. The Company has been advised that CCO Capital intends to reallow 100% of the upfront selling commissions on T Shares and S Shares, to participating broker-dealers and may reallow a portion of the dealer manager fee. (2) The stockholder servicing fees will be calculated as a percentage of the NAV per D Share, T Share or S Share, as applicable, and are paid monthly in arrears. CCO Capital, in its sole discretion, may reallow a portion of the stockholder servicing fees to participating broker-dealers. The Company will cease paying the stockholder servicing fees with respect to any D Shares, T Shares or S Shares held in a stockholder’s account when the total upfront selling commissions, dealer manager fees and stockholder servicing fees would exceed, in the aggregate, 8.75% (or, in the case of shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Company’s dealer manager and a participating broker-dealer) of the gross proceeds from the sale of such shares. Other organization and offering expenses All other organization and offering expenses associated with the sale of the Company’s common stock (excluding upfront selling commissions, dealer manager fee and the ongoing stockholder servicing fees) are paid for by CIM Income NAV Management or its affiliates and can be reimbursed by the Company up to 0.75% of the aggregate gross offering proceeds, excluding upfront selling commissions and dealer manager fees charged on T Shares and S Shares sold in the Primary Offering. Prior to February 28, 2020, there was a 1.50% upfront selling commission on D Shares. Effective February 28, 2020, there are no upfront selling commissions on D Shares. As of June 30, 2020, CIM Income NAV Management or its affiliates had paid organization and offering expenses in excess of 0.75% of the gross proceeds from the Offering. These excess amounts were not included in the financial statements of the Company because such amounts were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess amounts may become payable to CIM Income NAV Management or its affiliates. Advisory fees and expenses The Company pays CIM Income NAV Management an asset-based advisory fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to 1/365th of 1.10% of the Company’s NAV for each class of common stock. Operating expenses The Company reimburses CIM Income NAV Management for the operating expenses it paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceeds the greater of (1) 2% of average invested assets, or (2) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Acquisition expenses In addition, the Company reimburses CIM Income NAV Management for all out-of-pocket expenses incurred in connection with the acquisition of the Company’s investments. While most of the acquisition expenses are expected to be paid to third parties, a portion of the out-of-pocket acquisition expenses may be reimbursed to CIM Income NAV Management or its affiliates. Acquisition expenses, together with any acquisition fees paid to third parties for a particular real estate-related asset, will in no event exceed 6% of the gross purchase price of such asset. Other acquisition-related expenses, such as advisor reimbursements, are expensed as incurred and are included in transaction-related expenses in the accompanying condensed consolidated statements of operations. Performance Fee As compensation for services provided pursuant to the Second Amended and Restated Advisory Agreement with CIM Income NAV Management (the “Advisory Agreement”), the Company will also pay CIM Income NAV Management a performance-based fee calculated based on the Company’s annual total return to stockholders for each class of common stock (defined below), payable annually in arrears. The total return to stockholders is defined, for each class of the Company’s common stock, as the change in NAV per share plus distributions per share for such class. For each respective class, the NAV per share calculated on the last trading day of a calendar year shall be the amount against which changes in NAV per share for such class are measured during the subsequent calendar year. Under the terms of the advisory agreement, in the event that performance fees are earned for any particular period, CIM Income NAV Management will not be obligated to return any portion of such fees previously paid based on the Company’s subsequent performance. The performance-based fee is equal to 12.5% of the Total Return for each class of common stock, subject to a 5% Hurdle Amount, a High Water Mark and a Catch-Up (each term as defined in the Advisory Agreement). The Company did not reach the 5% Hurdle Amount during the six months ended June 30, 2020 or 2019, and therefore, no performance-based fees were paid during those periods. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CIM Income NAV Management and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Upfront selling commissions $ 28 $ 362 $ 351 $ 879 Stockholder servicing fees (1) $ 670 $ 725 $ 1,303 $ 1,427 Dealer manager fees (1) $ 5 $ 65 $ 61 $ 158 Organization and offering expense reimbursement $ 28 $ 203 $ 177 $ 488 Acquisition expense reimbursement $ 248 $ 214 $ 337 $ 702 Advisory fee $ 1,644 $ 1,988 $ 3,384 $ 3,880 Operating expense reimbursement $ 75 $ 525 $ 241 $ 1,480 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future fees payable to CCO Capital of $12.3 million and $13.9 million as of June 30, 2020 and 2019, respectively, which are included in due to affiliates in the condensed consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies. Due to/from Affiliates As of June 30, 2020 and December 31, 2019, $13.9 million and $16.6 million, respectively, were due to CIM Income NAV Management or its affiliates, primarily related to the estimated liability for current and future stockholder servicing fees, the reimbursement of organization and offering expenses and advisory fees, which were included in amounts due to affiliates on the condensed consolidated balance sheets. As of June 30, 2020 and December 31, 2019, $5,000 and $8,000, respectively, was due from CIM Income NAV Management or its affiliates related to amounts received by affiliates of the advisor which were due to the Company. CIM UII Onshore Investment On September 27, 2019, the Company executed a Subscription Agreement to purchase $50.0 million of limited partnership interests of CIM UII Onshore, which was accepted by the general partner of CIM UII Onshore on September 30, 2019. As of June 30, 2020, the limited partnership interest in CIM UII Onshore had a carrying value of $46.7 million. Both CIM UII Onshore and CIM Urban Income were formed by CIM, and CIM controls the general partner of both CIM UII Onshore and CIM Urban Income.

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	6 Months Ended
	Jun. 30, 2020
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCYUnder various agreements, the Company has engaged and may in the future engage CIM Income NAV Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CIM Income NAV Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY The table below provides information regarding the issuances and redemptions of each class of the Company’s common stock during the three and six months ended June 30, 2020 and 2019 (dollar amounts in thousands): D Shares T Shares S Shares I Shares Total Shares Par Value Shares Par Value Shares Par Value Shares Par Value Shares Par Value Balance as of January 1, 2020 18,143,147 $ 181 14,499,636 $ 145 7,031 $ — 1,097,896 $ 11 33,747,710 $ 337 Issuance of common stock 356,188 4 752,814 7 98 — 21,964 — 1,131,064 11 Redemptions of common stock (1,657,375) (17) (830,138) (8) — — (166,073) (1) (2,653,586) (26) Balance as of March 31, 2020 16,841,960 $ 168 14,422,312 $ 144 7,129 $ — 953,787 $ 10 32,225,188 $ 322 Issuance of common stock 83,933 1 125,984 1 67 — 3,390 — 213,374 2 Redemptions of common stock (1,137,587) (11) (594,197) (6) — — (14,907) — (1,746,691) (17) Balance as of June 30, 2020 15,788,306 $ 158 13,954,099 $ 139 7,196 $ — 942,270 $ 10 30,691,871 $ 307 D Shares T Shares S Shares I Shares Total Shares Par Value Shares Par Value Shares Par Value Shares Par Value Shares Par Value Balance as of January 1, 2019 18,942,529 $ 189 12,777,322 $ 128 — $ — 1,159,730 $ 12 32,879,581 $ 329 Issuance of common stock 971,303 10 1,152,999 12 — — 8,232 — 2,132,534 22 Redemptions of common stock (870,578) (9) (249,886) (3) — — (57,116) (1) (1,177,580) (13) Balance as of March 31, 2019 19,043,254 $ 190 13,680,435 $ 137 — $ — 1,110,846 $ 11 33,834,535 $ 338 Issuance of common stock 670,464 7 844,457 8 — — 15,180 — 1,530,101 15 Redemptions of common stock (1,010,203) (10) (439,789) (4) — — — — (1,449,992) (14) Balance as of June 30, 2019 18,703,515 $ 187 14,085,103 $ 141 — $ — 1,126,026 $ 11 33,914,644 $ 339 Equity-Based Compensation On August 9, 2018, the Company’s board of directors (the “Board”) approved the adoption of the Company’s 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s common shares were reserved for issuance and share awards of 385,000 are available for future grant as of June 30, 2020. As of June 30, 2020, the Company has granted awards of approximately 3,650 restricted D Shares to each of the independent members of the Board (approximately 14,600 restricted shares in aggregate) under the Plan. As of June 30, 2020, 7,200 of the restricted D Shares had vested based on one year of continuous service. The remaining 7,400 shares issued had not been forfeited as of June 30, 2020. The fair value of the Company’s share awards is determined using the Company’s NAV per share on the date of grant. Compensation expense related to these restricted D Shares is recognized over the vesting period. The Company recorded compensation expense of $33,000 and $66,000 for the three and six months ended June 30, 2020, respectively, and $32,000 and $65,000 for the three and six months ended June 30, 2019, respectively, related to these restricted D Shares, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June 30, 2020 , there w as $33,000 of total unrec ognized compensation expense related to the restricted D Shares issued during 2019, which will be recognized ratably over the period of service prior to October 1, 2020.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASESThe Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of June 30, 2020, the leases had a weighted-average remaining term of 10.2 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2020, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2020 $ 32,537 2021 (1) 64,361 2022 64,671 2023 64,121 2024 62,722 Thereafter 399,031 Total $ 687,443 ______________________ (1) Excludes $32,000 of rental income deferrals requested and granted during 2020 due to the COVID-19 pandemic, which are scheduled to be collected in 2021 based on the terms of the executed deferral arrangements. A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three and six months ended June 30, 2020 and 2019, the amount of the contingent rent earned by the Company was not significant . Rental and other property income during the three and six months ended June 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed rental and other property income (1) $ 15,055 $ 17,342 $ 31,216 $ 34,639 Variable rental and other property income (2) 2,093 1,908 4,520 4,114 Total rental and other property income $ 17,148 $ 19,250 $ 35,736 $ 38,753 ______________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to June 30, 2020: Redemption Plan Limits Given the recent levels of investor subscriptions and increased redemption requests, which the Company believes have been exacerbated by the challenging economic environment caused by the COVID-19 pandemic, the Company’s stated objectives of maintaining target liquidity and satisfying the redemption plan limits are in conflict. As of July 2020, the Board determined that monthly redemptions temporarily will be limited to shares whose aggregate value is no more than 0.8% of the aggregate NAV as of the last calendar day of the previous calendar month, and in any calendar quarter, redemptions will be limited to shares whose aggregate value is no more than 2.0% of the aggregate NAV as of the last calendar day of the previous calendar quarter. While no assurances can be made regarding the timing of a return to the redemption plan limits stated in the existing share redemption plan, if at all, the Company is targeting the return to the redemption plan limits to occur in the fourth quarter of 2020. Board Compensation On July 23, 2020, the Board determined 50% of the Company’s independent directors’ quarterly compensation payments for the third and fourth quarter of 2020 will be paid in the form of a grant of D Shares based on the then current NAV per share at the time of grant. Advisory Fee On July 23, 2020, CIM Income NAV Management has determined to take 50% of its monthly advisory fee from August 2020 to December 31, 2020 in I Shares based on the then current NAV per share of such shares at the time of grant. Year-End Distribution On July 23, 2020, the Board authorized a year-end distribution (the “Year-End Distribution”) of $0.0839 per share of our D Shares, T Shares, S Shares and I Shares, which amount will be adjusted based on the relative NAV of our D Shares, T Shares, S Shares and I Shares so that distributions constitute a uniform percentage of the NAV per share of all classes. The Year-End Distribution is payable to stockholders of record as of the close of business on December 30, 2020 and will be paid in January 2021 upon a determination by the Company’s chief financial officer that as of the payment date of the Year-End Distribution, the Company will be able to pay its debts as they become due in the usual course of business and its assets will not be less than the sum of its total liabilities. The Year-End Distribution will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the distribution reinvestment plan. The Year-End Distribution is expected to be paid in addition to any distribution to be considered for authorization by the Board for the month of December 2020. Commencement of Third Follow-on Offering On August 7, 2020, the registration statement filed in connection with the Third Follow-on Offering was declared effective by the SEC and, accordingly, the Company commenced the Third Follow-on Offering.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019, and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.
Principles of Consolidation	The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Noncontrolling Interest in Consolidated Joint Venture	The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s condensed consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of June 30, 2020 and December 31, 2019 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the requirements for consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company is presenting the write-off of uncollectable lease-related receivables of $23,000 for the six months ended June 30, 2019, which was previously included in straight-line rental income, net in the condensed consolidated statements of cash flows.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, Assets Held for Sale and Disposition of Real Estate Assets	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2020 or in future periods, particularly with respect to any negative impacts to the Company that may result from the economic disruption caused by the COVID-19 pandemic. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. As of June 30, 2020, the Company has not identified any further impairments resulting from COVID-19 related impacts, including as a result of tenant requests for rent relief. The Company generally intends to hold its assets for the long-term; therefore, a temporary change in cash flows due to COVID-19 related impacts alone would not be an impairment indicator. However, the Company has yet to see the long-term effects of COVID-19 on the economy and the extent to which it may impact the Company’s tenants in the future. Indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry as a result of the economic impacts of COVID-19, or changes in the Company’s long-term hold strategies, could be indicative of an impairment indicator. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether the carrying value of the Company’s real estate assets are recoverable. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate acquisition and disposition activity. No impairment indicators were identified and no impairment losses were recorded during the six months ended June 30, 2019. Assets Held for Sale Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The Company’s property dispositions during the six months ended June 30, 2020 and 2019 did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net .
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Investment in Marketable Securities	Investment in Marketable Securities Investment in marketable securities consists primarily of the Company’s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of June 30, 2020, the Company classified its investments as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive income (loss) . The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), as further described in “Recent Accounting Pronouncements,” on January 1, 2020. The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through an allowance for credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
Investment in CIM UII Onshore	Investment in CIM UII OnshoreThe Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and subsequently adjusted for the Company’s share of equity in CIM UII Onshore’s earnings and distributions. The Company records its share of CIM UII Onshore’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s condensed consolidated balance sheet and is recognized as a profit or loss on the condensed consolidated statements of operations. Additionally, any dividends received reduce the carrying amount of the Company’s investment and are not recognized as dividend income.
Restricted Cash	Restricted CashAs part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company.
Stockholder Servicing Fees	Stockholder Servicing Fees The Company pays CCO Capital stockholder servicing fees, which are calculated on a daily basis in the amount of 1/365th of 0.25%, 0.85% and 0.85% of the per share NAV for each class of common stock outstanding for D Shares, T Shares and S Shares, respectively. The Company does not pay a stockholder servicing fee with respect to I Shares.
Leases	Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not party to any material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.
Revenue Recognition	Revenue Recognition Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate . The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable. During the three and six months ended June 30, 2020, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and
(Loss) Earnings and Distributions Per Share	(Loss) Earnings and Distributions Per Share The Company has four classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. Diluted income per share, when applicable, considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and six months ended June 30, 2020 or 2019. Distributions per share are calculated based on the authorized monthly distribution rate. Prior to April 1, 2020, distributions were calculated based on the authorized daily distribution rate.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”), in November 2018. Subsequently, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-02 to provide additional guidance on the credit losses standard. ASU 2016-13 and the related updates are intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held-for-investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASU No. 2016-02, Leases ( Topic 842 ) (“ASC 842”) . ASU 2016-13 and ASU 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2016-13 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of ASU 2018-13 are to be applied retrospectively, and early adoption is permitted. The Company adopted ASU 2018-13 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes or another acceptable benchmark interest rate. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings, including one interest rate swap agreement entered into since the date of adoption of ASU 2018-16. The Company has evaluated the effect of this new benchmark interest rate option, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. ASU 2018-17 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted ASU 2018-17 during the first quarter of fiscal year 2020, and has concluded that there is no material impact on its condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Due to the business disruptions and challenges severely affecting the global economy caused by COVID-19, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842 addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from COVID-19 related impacts. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Investment in and valuation of real estate and related assets	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value of company's financial assets and liabilities	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant June 30, 2020 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 15,556 $ 15,556 $ — $ — Financial liabilities: Interest rate swaps $ (11,593) $ — $ (11,593) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2019 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 34 $ — $ 34 $ — Marketable securities 15,002 15,002 — — Total financial assets $ 15,036 $ 15,002 $ 34 $ — Financial liabilities: Interest rate swaps $ (4,917) $ — $ (4,917) $ —
Schedule of real estate impairment charges	The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2020 (in thousands): Six Months Ended June 30, 2020 Asset class impaired: Land $ 2,601 Buildings and improvements 8,788 Intangible lease assets 2,358 Intangible lease liabilities (3) Total impairment loss $ 13,744 The following table summarizes the purchase price allocation for the 2019 Asset Acquisitions purchased during the six months ended June 30, 2019 (in thousands): 2019 Asset Acquisitions Land $ 7,078 Building and improvements 22,432 Acquired in-place leases and other intangibles (1) 2,285 Intangible lease liabilities (2) (313) Total purchase price $ 31,482 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 15.8 years . (2) The weighted average amortization period for acquired intangible lease liabilities was 15.0 years. 2019 Property Dispositions During the six months ended June 30, 2019, the Company disposed of eight retail properties for an aggregate gross sales price of $36.9 million, resulting in net proceeds of $35.8 million after closing costs and a net gain of $3.6 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition.

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of asset acquisitions	The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2020 (in thousands): Six Months Ended June 30, 2020 Asset class impaired: Land $ 2,601 Buildings and improvements 8,788 Intangible lease assets 2,358 Intangible lease liabilities (3) Total impairment loss $ 13,744 The following table summarizes the purchase price allocation for the 2019 Asset Acquisitions purchased during the six months ended June 30, 2019 (in thousands): 2019 Asset Acquisitions Land $ 7,078 Building and improvements 22,432 Acquired in-place leases and other intangibles (1) 2,285 Intangible lease liabilities (2) (313) Total purchase price $ 31,482 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 15.8 years . (2) The weighted average amortization period for acquired intangible lease liabilities was 15.0 years. 2019 Property Dispositions During the six months ended June 30, 2019, the Company disposed of eight retail properties for an aggregate gross sales price of $36.9 million, resulting in net proceeds of $35.8 million after closing costs and a net gain of $3.6 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition.

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets and liabilities consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands, except weighted average life remaining): June 30, 2020 December 31, 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $24,899 and $23,026, respectively (with a weighted average life remaining of 10.2 years and 14.6 years, respectively) $ 69,133 $ 75,754 Acquired above-market leases, net of accumulated amortization of $3,585 and $3,118, respectively (with a weighted average life remaining of 11.3 years and 12.7 years, respectively) 10,248 10,820 Total intangible lease assets, net $ 79,381 $ 86,574 Intangible lease liabilities: Acquired below-market liabilities, net of accumulated amortization of $4,197 and $4,111, respectively (with a weighted average life remaining of 11.4 years and 20.9 years, respectively) $ 12,775 $ 13,618
Schedule of amortization expense of below market lease	The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 In-place lease and other intangible amortization $ 1,943 $ 2,386 $ 3,972 $ 4,774 Above-market lease amortization $ 254 $ 283 $ 511 $ 568 Below-market lease amortization $ 351 $ 397 $ 704 $ 795
Schedule of finite-lived intangible assets amortization expense	The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 In-place lease and other intangible amortization $ 1,943 $ 2,386 $ 3,972 $ 4,774 Above-market lease amortization $ 254 $ 283 $ 511 $ 568 Below-market lease amortization $ 351 $ 397 $ 704 $ 795
Schedule of finite-lived intangible liabilities, future amortization expense	As of June 30, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2020 $ 3,683 $ 504 $ 625 2021 7,342 1,008 1,239 2022 7,297 1,008 1,232 2023 7,082 1,007 1,204 2024 6,715 946 1,140 Thereafter 37,014 5,775 7,335 Total $ 69,133 $ 10,248 $ 12,775
Schedule of finite-lived intangible assets, future amortization expense	As of June 30, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2020 $ 3,683 $ 504 $ 625 2021 7,342 1,008 1,239 2022 7,297 1,008 1,232 2023 7,082 1,007 1,204 2024 6,715 946 1,140 Thereafter 37,014 5,775 7,335 Total $ 69,133 $ 10,248 $ 12,775

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	The following is a summary of the Company’s available-for-sale securities as of June 30, 2020 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Fair Value U.S. Treasury Bonds $ 5,230 $ 307 $ 5,537 U.S. Agency Bonds 2,479 31 2,510 Corporate Bonds 7,095 414 7,509 Total available-for-sale securities $ 14,804 $ 752 $ 15,556
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the six months ended June 30, 2020 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2020 $ 14,829 $ 173 $ 15,002 Face value of marketable securities acquired 2,715 — 2,715 Premiums and discounts on purchase of marketable securities, net of acquisition costs 137 — 137 Amortization on marketable securities (29) — (29) Sales and maturities of securities (2,848) 11 (2,837) Unrealized gain on marketable securities — 568 568 Marketable securities as of June 30, 2020 $ 14,804 $ 752 $ 15,556
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of June 30, 2020 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 1,754 $ 1,773 Due after one year through five years 5,375 5,659 Due after five years through ten years 5,253 5,673 Due after ten years 2,422 2,451 Total $ 14,804 $ 15,556

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of June 30, 2020 and December 31, 2019 (dollar amounts in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location June 30, 2020 Rate (1) Date Date June 30, 2020 December 31, 2019 Interest Rate Swaps (2) Derivative liabilities, deferred rental income and other liabilities $ 290,705 3.32% to 4.84% 12/1/2015 to 9/30/2019 12/1/2020 to 9/6/2022 $ (11,593) $ (4,917) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2020.

CREDIT FACILITY AND NOTES PAY_2

CREDIT FACILITY AND NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of debt activity	The following table summarizes the debt balances as of June 30, 2020 and December 31, 2019, and the debt activity for the six months ended June 30, 2020 (in thousands): During the Six Months Ended June 30, 2020 Balance as of Debt Issuance, Net (1) Repayments Amortization Balance as of Credit facility $ 212,500 $ 122,000 $ — $ — $ 334,500 Fixed rate debt 138,459 — — — 138,459 Total debt 350,959 122,000 — — 472,959 Deferred costs – credit facility (2) (1,023) — — 189 (834) Deferred costs – fixed rate debt (997) — — 161 (836) Total debt, net $ 348,939 $ 122,000 $ — $ 350 $ 471,289 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs related to the term portion of the credit facility.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2020 (in thousands): Principal Repayments Remainder of 2020 $ 9,240 2021 142,442 2022 304,327 2023 — 2024 — Thereafter 16,950 Total $ 472,959

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow disclosure	Supplemental cash flow disclosures for the six months ended June 30, 2020 and 2019 are as follows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Change in accrued dealer manager fee, ongoing stockholder servicing fees, and other offering costs $ (225) $ 2,216 Distributions to stockholders declared and unpaid $ 2,411 $ 2,724 Common stock issued through distribution reinvestment plan $ 6,565 $ 7,976 Redemptions to stockholders declared and unpaid $ 5,783 $ — Change in fair value of marketable securities $ 579 $ 231 Change in fair value of interest rate swaps $ (6,710) $ (5,911) Accrued capital expenditures $ 33 $ — Accrued deferred financing costs $ — $ 1 Supplemental Cash Flow Disclosures: Interest paid $ 7,576 $ 7,036 Cash paid for taxes $ 93 $ 60

RELATED-PARTY TRANSACTIONS AN_2

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of related party transactions	In connection with the Offering, CCO Capital, the Company’s dealer manager, will receive upfront selling commissions and dealer manager fees, and/or an asset-based stockholder servicing fees, as summarized in the table below for each class of common stock: Upfront Selling Commissions Dealer Manager Fees Ongoing Stockholder Servicing Fees (2) D Shares (1) — % — % 0.25 % T Shares (1) 3.00 % 0.50 % 0.85 % S Shares (1) 3.50 % — % 0.85 % I Shares — % — % — % ______________________ (1) The upfront selling commissions are based on a percentage of the transaction price, which is exclusive of the upfront selling commission for T Shares and S Shares. Prior to February 28, 2020, there was a 1.50% upfront selling commission payable on D Shares. Effective February 28, 2020, there are no upfront selling commissions or dealer manager fees payable on D Shares. The dealer manager fee is based on a percentage of the transaction price for T Shares. Upfront selling commissions and dealer manager fees are deducted directly from the offering price for T Shares and S Shares and paid to CCO Capital. The Company has been advised that CCO Capital intends to reallow 100% of the upfront selling commissions on T Shares and S Shares, to participating broker-dealers and may reallow a portion of the dealer manager fee. (2) The stockholder servicing fees will be calculated as a percentage of the NAV per D Share, T Share or S Share, as applicable, and are paid monthly in arrears. CCO Capital, in its sole discretion, may reallow a portion of the stockholder servicing fees to participating broker-dealers. The Company will cease paying the stockholder servicing fees with respect to any D Shares, T Shares or S Shares held in a stockholder’s account when the total upfront selling commissions, dealer manager fees and stockholder servicing fees would exceed, in the aggregate, 8.75% (or, in the case of shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Company’s dealer manager and a participating broker-dealer) of the gross proceeds from the sale of such shares. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CIM Income NAV Management and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Upfront selling commissions $ 28 $ 362 $ 351 $ 879 Stockholder servicing fees (1) $ 670 $ 725 $ 1,303 $ 1,427 Dealer manager fees (1) $ 5 $ 65 $ 61 $ 158 Organization and offering expense reimbursement $ 28 $ 203 $ 177 $ 488 Acquisition expense reimbursement $ 248 $ 214 $ 337 $ 702 Advisory fee $ 1,644 $ 1,988 $ 3,384 $ 3,880 Operating expense reimbursement $ 75 $ 525 $ 241 $ 1,480 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future fees payable to CCO Capital of $12.3 million and $13.9 million as of June 30, 2020 and 2019, respectively, which are included in due to affiliates in the condensed consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of stockholders equity	The table below provides information regarding the issuances and redemptions of each class of the Company’s common stock during the three and six months ended June 30, 2020 and 2019 (dollar amounts in thousands): D Shares T Shares S Shares I Shares Total Shares Par Value Shares Par Value Shares Par Value Shares Par Value Shares Par Value Balance as of January 1, 2020 18,143,147 $ 181 14,499,636 $ 145 7,031 $ — 1,097,896 $ 11 33,747,710 $ 337 Issuance of common stock 356,188 4 752,814 7 98 — 21,964 — 1,131,064 11 Redemptions of common stock (1,657,375) (17) (830,138) (8) — — (166,073) (1) (2,653,586) (26) Balance as of March 31, 2020 16,841,960 $ 168 14,422,312 $ 144 7,129 $ — 953,787 $ 10 32,225,188 $ 322 Issuance of common stock 83,933 1 125,984 1 67 — 3,390 — 213,374 2 Redemptions of common stock (1,137,587) (11) (594,197) (6) — — (14,907) — (1,746,691) (17) Balance as of June 30, 2020 15,788,306 $ 158 13,954,099 $ 139 7,196 $ — 942,270 $ 10 30,691,871 $ 307 D Shares T Shares S Shares I Shares Total Shares Par Value Shares Par Value Shares Par Value Shares Par Value Shares Par Value Balance as of January 1, 2019 18,942,529 $ 189 12,777,322 $ 128 — $ — 1,159,730 $ 12 32,879,581 $ 329 Issuance of common stock 971,303 10 1,152,999 12 — — 8,232 — 2,132,534 22 Redemptions of common stock (870,578) (9) (249,886) (3) — — (57,116) (1) (1,177,580) (13) Balance as of March 31, 2019 19,043,254 $ 190 13,680,435 $ 137 — $ — 1,110,846 $ 11 33,834,535 $ 338 Issuance of common stock 670,464 7 844,457 8 — — 15,180 — 1,530,101 15 Redemptions of common stock (1,010,203) (10) (439,789) (4) — — — — (1,449,992) (14) Balance as of June 30, 2019 18,703,515 $ 187 14,085,103 $ 141 — $ — 1,126,026 $ 11 33,914,644 $ 339

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	As of June 30, 2020, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2020 $ 32,537 2021 (1) 64,361 2022 64,671 2023 64,121 2024 62,722 Thereafter 399,031 Total $ 687,443 ______________________ (1) Excludes $32,000 of rental income deferrals requested and granted during 2020 due to the COVID-19 pandemic, which are scheduled to be collected in 2021 based on the terms of the executed deferral arrangements.
Schedule of rental and other property income	Rental and other property income during the three and six months ended June 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed rental and other property income (1) $ 15,055 $ 17,342 $ 31,216 $ 34,639 Variable rental and other property income (2) 2,093 1,908 4,520 4,114 Total rental and other property income $ 17,148 $ 19,250 $ 35,736 $ 38,753 ______________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables.

ORGANIZATION AND BUSINESS (Narr

ORGANIZATION AND BUSINESS (Narrative) (Details) $ / shares in Units, ft² in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)ft²propertystates$ / sharesshares	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)ft²propertystates$ / sharesshares	Aug. 07, 2020USD ($)	Dec. 31, 2019shares	Feb. 10, 2017USD ($)	Aug. 26, 2013class_of_stock	Dec. 06, 2011USD ($)
Organization and business
Issuance of common stock	$ 3,727,000	$ 20,135,000	$ 27,385,000	$ 38,522,000
Number of states in which entity owns properties | states	34				34
Percentage of rentable space leased	98.70%				98.70%
D Shares Common Stock
Organization and business
Shares issued (in shares) | shares	15,788,306				15,788,306		18,143,147
Net asset value per share (in dollars per share) | $ / shares	$ 16.97				$ 16.97
T Shares Common Stock
Organization and business
Shares issued (in shares) | shares	13,954,099				13,954,099		14,499,636
Net asset value per share (in dollars per share) | $ / shares	$ 16.56				$ 16.56
S Shares Common Stock
Organization and business
Shares issued (in shares) | shares	7,196				7,196		7,031
Net asset value per share (in dollars per share) | $ / shares	$ 16.54				$ 16.54
I Shares Common Stock
Organization and business
Shares issued (in shares) | shares	942,270				942,270		1,097,896
Net asset value per share (in dollars per share) | $ / shares	$ 17.23				$ 17.23
Common Stock
Organization and business
Issuance of common stock	$ 2,000	11,000	15,000	22,000
Common Stock | D Shares Common Stock
Organization and business
Issuance of common stock	1,000	4,000	7,000	10,000
Common Stock | T Shares Common Stock
Organization and business
Issuance of common stock	1,000	7,000	8,000	12,000
Common Stock | S Shares Common Stock
Organization and business
Issuance of common stock	0	0	0	0
Common Stock | I Shares Common Stock
Organization and business
Issuance of common stock	$ 0	$ 0	$ 0	$ 0
IPO
Organization and business
Common stock, value authorized										$ 4,000,000,000
Classes of common stock, number of additions | class_of_stock									2
IPO | Common Stock
Organization and business
Shares issued (in shares) | shares	48,100,000				48,100,000
Issuance of common stock					$ 868,000,000
Offering costs, selling commissions and dealer manager fees					24,900,000
Dealer manager and distribution fees					$ 6,400,000
Multi-class offering
Organization and business
Common stock, value authorized								$ 4,000,000,000
Multi-class offering | Subsequent Event
Organization and business
Common stock, value authorized						$ 4,000,000,000
Primary Offering
Organization and business
Common stock, value authorized								3,500,000,000
Primary Offering | Subsequent Event
Organization and business
Common stock, value authorized						3,500,000,000
Distribution Reinvestment Plan
Organization and business
Common stock, value authorized								$ 500,000,000
Distribution Reinvestment Plan | Subsequent Event
Organization and business
Common stock, value authorized						$ 500,000,000
DRIP | Common Stock
Organization and business
Shares issued (in shares) | shares	3,300,000				3,300,000
CIM Income NAV OP
Organization and business
General partner partnership interest percentage					100.00%
Consolidated properties
Organization and business
Number of owned properties | property	126				126
Rentable square feet (in square feet) | ft²	5.4				5.4
Consolidated properties | Consolidated joint venture
Organization and business
Number of owned properties | property	2				2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Impairment | $	$ 8,058,000	$ 0	$ 13,744,000	$ 0
Real estate property held for sale | $		$ 0		$ 0	$ 0
Buildings
Real Estate Properties [Line Items]
Acquired real estate asset, useful life (years)			40 years
Site improvements
Real Estate Properties [Line Items]
Acquired real estate asset, useful life (years)			15 years
Anchored Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties impaired			1
Number of real estate properties impaired due to tenant bankruptcy			1
Retail Site
Real Estate Properties [Line Items]
Number of real estate properties impaired			1
Number of real estate properties impaired due to tenant bankruptcy			2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investment in CIM UII Onshore) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Sep. 27, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 46,698			$ 0
CIM UII Onshore
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments	50,000	$ 50,000	$ 50,000
Carrying value	$ 46,700
Ownership percent	5.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Net income allocated to noncontrolling interest	$ 9	$ 8	$ 13	$ 17
Payments to noncontrolling interests			29
Non-controlling interests	$ 723		$ 723		$ 739

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Restricted Cash and Cash Equivalents
Restricted cash	$ 506,000	$ 607,000	$ 670,000
Lockbox Accounts
Restricted Cash and Cash Equivalents
Restricted cash	157,000	136,000
Escrow Deposits
Restricted Cash and Cash Equivalents
Restricted cash	349,000	421,000
Escrowed Investor Proceeds
Restricted Cash and Cash Equivalents
Restricted cash	$ 0	$ 50,000

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stockholder Servicing Fees) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Related Party Transaction
Due to affiliates	$ 13,916	$ 16,567
D Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.25%
T Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.85%
S Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.85%
Dealer manager
Related Party Transaction
Due to affiliates	$ 12,300	$ 13,900	$ 13,900

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other) (Details) $ in Thousands	Jun. 30, 2020USD ($)class_of_stock	Jun. 30, 2020USD ($)class_of_stockshares	Jun. 30, 2019shares	Jun. 30, 2020USD ($)class_of_stockshares	Jun. 30, 2019shares	Aug. 10, 2020
Earnings (Loss) Per Share
Weighted average number diluted shares outstanding adjustment (in shares) | shares		0	0	0	0
Rent deferral request granted	$ 32	$ 32		$ 32
Write-off of uncollectible lease-related receivables	$ 32
Subsequent Event
Earnings (Loss) Per Share
Percent of rental payments collected						90.00%
Multi-class offering
Earnings (Loss) Per Share
Classes of common stock, number | class_of_stock	4	4		4

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassification) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Write-off of uncollectible lease-related receivables	$ 1,600	$ 2,500	$ 23

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Write-off of uncollectible lease-related receivables	$ 1,600	$ 2,500	$ 23
Straight Line Rent
Disaggregation of Revenue [Line Items]
Write-off of uncollectible lease-related receivables	277	1,000
Tenant Reimbursement
Disaggregation of Revenue [Line Items]
Write-off of uncollectible lease-related receivables	$ 175	$ 175

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of impaired properties | property			5
Impairment | $	$ 8,058,000	$ 0	$ 13,744,000	$ 0
Discount Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets, measurement input	0.083		0.083
Discount Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets, measurement input	0.097		0.097
Terminal Capitalization Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets, measurement input	0.078		0.078
Terminal Capitalization Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets, measurement input	0.092		0.092
Retail Site
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired due to tenant bankruptcy | property			2
Number of impaired properties | property			1
Anchored Shopping Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired due to tenant bankruptcy | property			1
Number of impaired properties | property			1
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of impaired property | $	$ 39,500,000		$ 39,500,000
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding | $	473,000,000		473,000,000		$ 351,000,000
Carrying value of impaired property | $	53,200,000		53,200,000
Significant Other Observable Inputs (Level 2) | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding | $	$ 473,700,000		$ 473,700,000		$ 351,200,000

FAIR VALUE MEASUREMENTS (Items

FAIR VALUE MEASUREMENTS (Items Measured at Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial asset:
Marketable securities	$ 15,556	$ 15,002
Recurring
Financial asset:
Interest rate swap		34
Marketable securities	15,556	15,002
Total financial assets		15,036
Financial liabilities:
Interest rate swaps	(11,593)	(4,917)
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Financial asset:
Interest rate swap		0
Marketable securities	15,556	15,002
Total financial assets		15,002
Financial liabilities:
Interest rate swaps	0	0
Significant Other Observable Inputs (Level 2) | Recurring
Financial asset:
Interest rate swap		34
Marketable securities	0	0
Total financial assets		34
Financial liabilities:
Interest rate swaps	(11,593)	(4,917)
Significant Unobservable Inputs (Level 3) | Recurring
Financial asset:
Interest rate swap		0
Marketable securities	0	0
Total financial assets		0
Financial liabilities:
Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Real E

FAIR VALUE MEASUREMENTS (Real Estate Impairment Charges) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Asset class impaired:
Impairment of real estate assets	$ 8,058,000	$ 0	$ 13,744,000	$ 0
Intangible lease liabilities			(3,000)
Total impairment loss			13,744,000
Land
Asset class impaired:
Impairment of real estate assets			2,601,000
Buildings and improvements
Asset class impaired:
Impairment of real estate assets			8,788,000
Intangible lease assets
Asset class impaired:
Impairment of real estate assets			$ 2,358,000

REAL ESTATE ASSETS (Property Ac

REAL ESTATE ASSETS (Property Acquisitions Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property	Dec. 31, 2019USD ($)
Business Acquisition
Number of properties acquired through business combinations and asset acquisitions in the period | property	0	3
Percent of assets acquired		100.00%
Total real estate assets, at cost	$ 891,242		$ 914,299
External acquisition-related capitalized expenses		$ 190
Wholly Owned Properties
Business Acquisition
Total real estate assets, at cost		$ 31,482

REAL ESTATE ASSETS (Property Di

REAL ESTATE ASSETS (Property Disposition) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales proceeds | $			$ 6,100
Proceeds from disposition of real estate assets | $			5,783	$ 35,811
Gain on disposition of real estate, net | $	$ 14	$ 3,575	$ 14	$ 3,575
Number of impaired properties | property			5
Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			1
Number of impaired properties | property			1
Number of real estate properties disposed | property				8
Aggregate gross sale price | $		$ 36,900		$ 36,900
Net proceeds | $				35,800
Gain on disposal | $				$ 3,600
Anchored Shopping Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			1
Number of impaired properties | property			1

REAL ESTATE ASSETS (Impairment

REAL ESTATE ASSETS (Impairment of a Property) (Details) ft² in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)ft²	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)ft²property	Jun. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of real estate property impaired | ft²	303		303
Number of impaired properties | property			5
Impairment	$ 8,058,000	$ 0	$ 13,744,000	$ 0
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of impaired property	53,200,000		53,200,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of impaired property	$ 39,500,000		$ 39,500,000
Retail Site
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of impaired properties | property			1

REAL ESTATE ASSETS (Assets and

REAL ESTATE ASSETS (Assets and Liabilities Acquired Through Asset Acquisition) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Real Estate [Line Items]
Land	$ 141,391	$ 145,373
Buildings and improvements	641,986	656,208
Intangible lease assets	107,865	112,718
Total real estate assets, at cost	$ 891,242	$ 914,299
Below market lease, weighted average useful life	11 years 4 months 24 days	20 years 10 months 24 days	15 years
In-Place Leases and Other Intangibles
Real Estate [Line Items]
Weighted average amortization period			15 years 9 months 18 days
Wholly Owned Properties
Real Estate [Line Items]
Land			$ 7,078
Buildings and improvements			22,432
Intangible lease liabilities			(313)
Total real estate assets, at cost			31,482
Wholly Owned Properties | In-Place Leases and Other Intangibles
Real Estate [Line Items]
Intangible lease assets			$ 2,285

REAL ESTATE ASSETS (Consolidate

REAL ESTATE ASSETS (Consolidated Joint Venture) (Details) $ in Thousands	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Business Acquisition
Assets	$ 914,175	$ 869,137
Total real estate investments, net	800,851	833,361
Intangible leased assets	79,381	86,574
Liabilities	525,348	$ 393,108
Consolidated joint venture
Business Acquisition
Assets	7,200
Total real estate investments, net	7,200
Intangible leased assets	641
Accumulated depreciation, depletion and amortization, property, plant, and equipment	810
Liabilities	$ 118
Consolidated properties
Business Acquisition
Number of owned properties | property	126
Consolidated properties | Consolidated joint venture
Business Acquisition
Number of owned properties | property	2

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 79,381	$ 86,574
Below market leases net of amortization	12,775	13,618
Below market lease, accumulated amortization	$ 4,197	$ 4,111
Below market lease, weighted average useful life	11 years 4 months 24 days	20 years 10 months 24 days	15 years
In-Place Leases and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 69,133	$ 75,754
Accumulated amortization	$ 24,899	$ 23,026
Useful life	10 years 2 months 12 days	14 years 7 months 6 days
Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 10,248	$ 10,820
Accumulated amortization	$ 3,585	$ 3,118
Useful life	11 years 3 months 18 days	12 years 8 months 12 days

INTANGIBLE LEASE ASSETS AND L_4

INTANGIBLE LEASE ASSETS AND LIABILITIES (Schedule of Finite-lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Below-market lease amortization	$ 351	$ 397	$ 704	$ 795
In-place lease and other intangible
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,943	2,386	3,972	4,774
Above market lease
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 254	$ 283	$ 511	$ 568

INTANGIBLE LEASE ASSETS AND L_5

INTANGIBLE LEASE ASSETS AND LIABILITIES (Estimated Amortization of Intangible Lease Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortization In-Place Leases and Other Intangibles and Above-Market Leases
Intangible leased assets	$ 79,381	$ 86,574
Amortization, Below-Market Leases
Remainder of 2020	625
2021	1,239
2022	1,232
2023	1,204
2024	1,140
Thereafter	7,335
Below market leases net of amortization	12,775	13,618
In-Place Leases and Other Intangibles
Amortization In-Place Leases and Other Intangibles and Above-Market Leases
Remainder of 2020	3,683
2021	7,342
2022	7,297
2023	7,082
2024	6,715
Thereafter	37,014
Intangible leased assets	69,133	75,754
Above-Market Leases
Amortization In-Place Leases and Other Intangibles and Above-Market Leases
Remainder of 2020	504
2021	1,008
2022	1,008
2023	1,007
2024	946
Thereafter	5,775
Intangible leased assets	$ 10,248	$ 10,820

INVESTMENT IN CIM UII ONSHORE (

INVESTMENT IN CIM UII ONSHORE (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Sep. 27, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Loss on investment in CIM UII Onshore				$ 3,302,000	$ 0	$ 3,302,000	$ 0
Carrying value	$ 46,698,000			46,698,000		46,698,000		$ 0
CIM UII Onshore
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments	50,000,000	$ 50,000,000	$ 50,000,000
Loss on investment in CIM UII Onshore				3,300,000		3,300,000
Carrying value	$ 46,700,000			$ 46,700,000		$ 46,700,000
Ownership percent	5.00%			5.00%		5.00%
Proceeds from Equity Method Investment, Distribution				$ 0		$ 0

MARKETABLE SECURITIES (Narrativ

MARKETABLE SECURITIES (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Investment in marketable securities	$ 15,556,000		$ 15,002,000
Number of securities sold | security	22
Proceeds from sale and maturities of marketable securities	$ 2,837,000	$ 351,000
Loss on sale of marketable securities	11,000
Unrealized gain on marketable securities	568,000
Unrealized Gain (Loss)	752,000		$ 173,000
Other than temporary impairment losses, investments, available-for-sale securities	$ 0

MARKETABLE SECURITIES (Schedule

MARKETABLE SECURITIES (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 14,804	$ 14,829
Unrealized Gain (Loss)	752	173
Fair Value	15,556	$ 15,002
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	5,230
Unrealized Gain (Loss)	307
Fair Value	5,537
U.S. Agency Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,479
Unrealized Gain (Loss)	31
Fair Value	2,510
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	7,095
Unrealized Gain (Loss)	414
Fair Value	$ 7,509

MARKETABLE SECURITIES (Schedu_2

MARKETABLE SECURITIES (Schedule of Available-for-sale Securities Reconciliation) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Amortized Cost Basis
Marketable securities as of January 1, 2020	$ 14,829
Face value of marketable securities acquired	2,715
Premiums and discounts on purchase of marketable securities, net of acquisition costs	137
Amortization on marketable securities	(29)
Sales and maturities of securities	(2,848)
Marketable securities as of June 30, 2020	14,804
Unrealized Gain (Loss)
Marketable securities as of January 1, 2020	173
Sales and maturities of securities	11
Unrealized gain on marketable securities	568
Marketable securities as of June 30, 2020	752
Fair Value
Marketable securities as of January 1, 2020	15,002
Face value of marketable securities acquired	2,715
Premiums and discounts on purchase of marketable securities, net of acquisition costs	137
Amortization on marketable securities	(29)
Sales and maturities of securities	(2,837)
Unrealized gain on marketable securities	568
Marketable securities as of June 30, 2020	$ 15,556

MARKETABLE SECURITIES (Schedu_3

MARKETABLE SECURITIES (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due within one year	$ 1,754
Due after one year through five years	5,375
Due after five years through ten years	5,253
Due after ten years	2,422
Amortized Cost Basis	14,804	$ 14,829
Estimated Fair Value
Due within one year	1,773
Due after one year through five years	5,659
Due after five years through ten years	5,673
Due after ten years	2,451
Total	$ 15,556	$ 15,002

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)swap_agreement	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)swap_agreement	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Amount of (loss) reclassified from other comprehensive loss into income as interest expense and other, net	$ (1,245)	$ 198	$ (1,633)	$ 416
Termination value	11,800		11,800
Total stockholders’ equity	$ 361,839		$ 361,839		$ 416,027
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held | swap_agreement	9		9
Interest rate swaps | Total accumulated unrealized holding loss
Derivatives, Fair Value [Line Items]
Total stockholders’ equity	$ 11,600		$ 11,600		$ 4,900
Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 6,000		$ 6,000

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments) (Details) - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Minimum | Cash Flow Hedging | Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rate	3.32%
Maximum | Cash Flow Hedging | Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rate	4.84%
Designated as Hedging Instrument | Prepaid expenses, interest receivable and other assets
Derivatives, Fair Value [Line Items]
Outstanding notional amount		$ 49,200
Fair value of assets		34
Designated as Hedging Instrument | Cash Flow Hedging | Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 290,705
Fair Value of Liabilities	$ (11,593)	$ (4,917)

CREDIT FACILITY AND NOTES PAY_3

CREDIT FACILITY AND NOTES PAYABLE (Fixed Rate Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, including net deferred financing costs	$ 471,289	$ 348,939
Weighted average years to maturity	1 year 10 months 24 days
Weighted average interest rate (percentage)	3.53%
Debt outstanding	$ 472,959	350,959
Fixed rate debt
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.91%
Debt outstanding	$ 138,459	$ 138,459
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	248,000
Dent maturing within the next 12 months	$ 9,200
Fixed rate debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.56%
Fixed rate debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.17%
Interest rate swaps | Variable rate debt
Debt Instrument [Line Items]
Debt outstanding	$ 78,200

CREDIT FACILITY AND NOTES PAY_4

CREDIT FACILITY AND NOTES PAYABLE (Schedule of Debt) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 350,959
Total debt, net, beginning of period	348,939
Proceeds from borrowings	122,000
Debt Issuance, Net	122,000
Repayments	0
Repayments and modifications, total debt, net	0
Amortization of deferred financing costs	350
Long-term debt, gross, ending balance	472,959
Total debt, net, ending of period	471,289
Credit facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance	212,500
Deferred costs, beginning of period	(1,023)
Proceeds from borrowings	122,000
Debt Issuance, Net, Deferred Costs	0
Repayments	0
Amortization	189
Long-term debt, gross, ending balance	334,500
Deferred costs, end of period	(834)
Fixed rate debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	138,459
Deferred costs, beginning of period	(997)
Proceeds from borrowings	0
Repayments	0
Amortization	161
Long-term debt, gross, ending balance	138,459
Deferred costs, end of period	$ (836)

CREDIT FACILITY AND NOTES PAY_5

CREDIT FACILITY AND NOTES PAYABLE (Credit Agreement) (Details)	6 Months Ended
	Jun. 30, 2020USD ($)extension	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 471,289,000	$ 348,939,000
Weighted average interest rate (percentage)	3.53%
Line of Credit | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 425,000,000
Notes payable and credit facility, net	$ 334,500,000
Weighted average interest rate (percentage)	3.37%
Line of credit, remaining borrowing capacity	$ 90,500,000
Line of credit facility, remaining borrowing capacity	9,500,000
Line of credit facility, covenant, minimum consolidated net worth	$ 367,100,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Line of credit facility, covenant, leverage ratio (less than or equal to)	60.00%
Debt instrument, covenant, fixed charge coverage ratio (equal to or greater than)	1.50
Debt Instrument, covenant, unsecured debt to unencumbered asset value ratio (less than)	60.00%
Debt instrument, covenant, debt service coverage ratio (greater than)	1.75
Debt instrument, covenant, secured leverage ratio (equal to or less than)	40.00%
Debt instrument, covenant, secured recourse debt coverage ratio (no greater than)	15.00%
Line of Credit | JPMorgan Chase Bank, N.A. | Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Line of Credit | JPMorgan Chase Bank, N.A. | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 212,500,000
Number of extension options | extension	2
Debt instrument, extension term	6 months
Notes payable and credit facility, net	$ 122,000,000
Interest rate	2.08%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.70%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.20%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.70%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.20%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 212,500,000
Notes payable and credit facility, net	$ 212,500,000
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.60%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.10%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.60%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.10%
Line of Credit | Interest rate swaps | Term Loan | JPMorgan Chase Bank, N.A. | Cash Flow Hedging
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	4.11%

CREDIT FACILITY AND NOTES PAY_6

CREDIT FACILITY AND NOTES PAYABLE (Schedule Of Aggregate Principal Repayments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Remainder of 2020	$ 9,240
2021	142,442
2022	304,327
2023	0
2024	0
Thereafter	16,950
Total	$ 472,959	$ 350,959

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Change in accrued dealer manager fee, ongoing stockholder servicing fees, and other offering costs	$ (225)	$ 2,216
Distributions to stockholders declared and unpaid	2,411	2,724
Common stock issued through distribution reinvestment plan	6,565	7,976
Redemptions to stockholders declared and unpaid	5,783	0
Change in fair value of marketable securities	579	231
Change in fair value of interest rate swaps	(6,710)	(5,911)
Accrued capital expenditures	33	0
Accrued deferred financing costs	0	1
Supplemental Cash Flow Disclosures:
Interest paid	7,576	7,036
Cash paid for taxes	$ 93	$ 60

RELATED-PARTY TRANSACTIONS AN_3

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Selling Commissions, Dealer Manager and Distribution Fees) (Details) - Dealer manager	Jun. 30, 2020	Feb. 28, 2020	Feb. 27, 2020
Upfront Selling Commissions
Related Party Transaction
Daily asset based related party fee reallowed to third party percent	100.00%
Ongoing Stockholder Servicing Fees
Related Party Transaction
Daily distribution and servicing fee, termination of payments threshold, percent	8.75%
D Shares Common Stock | Upfront Selling Commissions
Related Party Transaction
Expenses from transaction with related party, percent	0.00%	0.00%	1.50%
D Shares Common Stock | Dealer Manager Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.00%
D Shares Common Stock | Ongoing Stockholder Servicing Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.25%
T Shares Common Stock | Upfront Selling Commissions
Related Party Transaction
Expenses from transaction with related party, percent	3.00%
T Shares Common Stock | Dealer Manager Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.50%
T Shares Common Stock | Ongoing Stockholder Servicing Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.85%
S Shares Common Stock | Upfront Selling Commissions
Related Party Transaction
Expenses from transaction with related party, percent	3.50%
S Shares Common Stock | Dealer Manager Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.00%
S Shares Common Stock | Ongoing Stockholder Servicing Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.85%
I Shares Common Stock | Upfront Selling Commissions
Related Party Transaction
Expenses from transaction with related party, percent	0.00%
I Shares Common Stock | Dealer Manager Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.00%
I Shares Common Stock | Ongoing Stockholder Servicing Fees
Related Party Transaction
Expenses from transaction with related party, percent	0.00%

RELATED-PARTY TRANSACTIONS AN_4

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Other Organization and Offering Expenses and Advisory Fees and Expenses) (Details)	6 Months Ended
	Jun. 30, 2020	Feb. 28, 2020	Feb. 27, 2020
Advisors | Organization and offering expense reimbursement
Related Party Transaction
Organization and offering expense limit (up to)	0.75%
D Shares Common Stock | Upfront Selling Commissions
Related Party Transaction
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	1.10%
D Shares Common Stock | Dealer manager | Upfront Selling Commissions
Related Party Transaction
Expenses from transaction with related party, percent	0.00%	0.00%	1.50%

RELATED-PARTY TRANSACTIONS AN_5

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Operating Expenses and Acquisition Expenses) (Details) - Advisors	Jun. 30, 2020
Operating expenses
Related Party Transaction
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%
Acquisition expense reimbursement
Related Party Transaction
Acquisition and advisory fee (maximum)	6.00%

RELATED-PARTY TRANSACTIONS AN_6

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Performance Fee) (Details) - Advisors - Performance fee	Jun. 30, 2020
Related Party Transaction
Total return threshold to receive performance fee (percent)	12.50%
Performance fee limit to advisor, hurdle amount, as percent of excess total return	5.00%

RELATED-PARTY TRANSACTIONS AN_7

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Schedule of Related Party Transaction) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction
Due to affiliates	$ 13,916		$ 13,916		$ 16,567
Advisors | Upfront selling commissions
Related Party Transaction
Related party transaction, expenses from transactions with related party	28	$ 362	351	$ 879
Advisors | Stockholder servicing fees
Related Party Transaction
Related party transaction, expenses from transactions with related party	670	725	1,303	1,427
Advisors | Dealer manager fees
Related Party Transaction
Related party transaction, expenses from transactions with related party	5	65	61	158
Advisors | Organization and offering expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	28	203	177	488
Advisors | Acquisition expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	248	214	337	702
Advisors | Advisory fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,644	1,988	3,384	3,880
Advisors | Operating expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	75	525	241	1,480
Dealer manager
Related Party Transaction
Due to affiliates	$ 12,300	$ 13,900	$ 12,300	$ 13,900	$ 13,900

RELATED-PARTY TRANSACTIONS AN_8

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Due to/from Affiliates) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction
Due from affiliates	$ 5,000	$ 8,000
Advisors
Related Party Transaction
Due to CIM Income NAV Advisors	13,900,000	16,600,000
Due from affiliates	$ 5,000	$ 8,000

RELATED-PARTY TRANSACTIONS AN_9

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (CIM UII Onshore Investment) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Sep. 27, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 46,698			$ 0
CIM UII Onshore
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments	50,000	$ 50,000	$ 50,000
Carrying value	$ 46,700

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 373,669	$ 416,766	$ 436,058	$ 430,090	$ 416,766
Issuance of common stock	3,727	20,135	27,385	38,522
Redemptions of common stock	(30,120)	(46,684)	(25,643)	(21,046)
Ending Balance	$ 362,562	$ 373,669	$ 429,843	$ 436,058	$ 362,562
D Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		18,143,147			18,143,147
Ending Balance (in shares)	15,788,306				15,788,306
T Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		14,499,636			14,499,636
Ending Balance (in shares)	13,954,099				13,954,099
S Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		7,031			7,031
Ending Balance (in shares)	7,196				7,196
I Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		1,097,896			1,097,896
Ending Balance (in shares)	942,270				942,270
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	32,225,188	33,747,710	33,834,535	32,879,581	33,747,710
Beginning Balance	$ 322	$ 337	$ 338	$ 329	$ 337
Issuance of common stock (in shares)	213,374	1,131,064	1,530,101	2,132,534
Issuance of common stock	$ 2	$ 11	$ 15	$ 22
Redemptions of common stock (in shares)	(1,746,691)	(2,653,586)	(1,449,992)	(1,177,580)
Redemptions of common stock	$ (17)	$ (26)	$ (14)	$ (13)
Ending Balance (in shares)	30,691,871	32,225,188	33,914,644	33,834,535	30,691,871
Ending Balance	$ 307	$ 322	$ 339	$ 338	$ 307
Common Stock | D Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	16,841,960	18,143,147	19,043,254	18,942,529	18,143,147
Beginning Balance	$ 168	$ 181	$ 190	$ 189	$ 181
Issuance of common stock (in shares)	83,933	356,188	670,464	971,303
Issuance of common stock	$ 1	$ 4	$ 7	$ 10
Redemptions of common stock (in shares)	(1,137,587)	(1,657,375)	(1,010,203)	(870,578)
Redemptions of common stock	$ (11)	$ (17)	$ (10)	$ (9)
Ending Balance (in shares)	15,788,306	16,841,960	18,703,515	19,043,254	15,788,306
Ending Balance	$ 158	$ 168	$ 187	$ 190	$ 158
Common Stock | T Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	14,422,312	14,499,636	13,680,435	12,777,322	14,499,636
Beginning Balance	$ 144	$ 145	$ 137	$ 128	$ 145
Issuance of common stock (in shares)	125,984	752,814	844,457	1,152,999
Issuance of common stock	$ 1	$ 7	$ 8	$ 12
Redemptions of common stock (in shares)	(594,197)	(830,138)	(439,789)	(249,886)
Redemptions of common stock	$ (6)	$ (8)	$ (4)	$ (3)
Ending Balance (in shares)	13,954,099	14,422,312	14,085,103	13,680,435	13,954,099
Ending Balance	$ 139	$ 144	$ 141	$ 137	$ 139
Common Stock | S Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	7,129	7,031	0	0	7,031
Beginning Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of common stock (in shares)	67	98	0	0
Issuance of common stock	$ 0	$ 0	$ 0	$ 0
Redemptions of common stock (in shares)	0	0	0	0
Redemptions of common stock	$ 0	$ 0	$ 0	$ 0
Ending Balance (in shares)	7,196	7,129	0	0	7,196
Ending Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Common Stock | I Shares Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	953,787	1,097,896	1,110,846	1,159,730	1,097,896
Beginning Balance	$ 10	$ 11	$ 11	$ 12	$ 11
Issuance of common stock (in shares)	3,390	21,964	15,180	8,232
Issuance of common stock	$ 0	$ 0	$ 0	$ 0
Redemptions of common stock (in shares)	(14,907)	(166,073)	0	(57,116)
Redemptions of common stock	$ 0	$ (1)	$ 0	$ (1)
Ending Balance (in shares)	942,270	953,787	1,126,026	1,110,846	942,270
Ending Balance	$ 10	$ 10	$ 11	$ 11	$ 10

STOCKHOLDERS_ EQUITY (Equity Ba

STOCKHOLDERS’ EQUITY (Equity Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Aug. 09, 2018
Common Stock | CIM Income NAV, Inc. 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)					400,000
Shares available for grant (in shares)	385,000		385,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 33		$ 33
D Shares Common Stock | Restricted Stock | CIM Income NAV, Inc. 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period to each independent members of the board of directors (in shares)			3,650
Total grants in period (in shares)			14,600
Awards vested in period (in shares)			7,200
Period of continuous service			1 year
Nonvested shares (in shares)	7,400		7,400
D Shares Common Stock | Restricted Stock | CIM Income NAV, Inc. 2018 Equity Incentive Plan | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 33	$ 32	$ 66	$ 65

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term	10 years 2 months 12 days		10 years 2 months 12 days
Future Minimum Rental Income
Remainder of 2020	$ 32,537		$ 32,537
2021	64,361		64,361
2022	64,671		64,671
2023	64,121		64,121
2024	62,722		62,722
Thereafter	399,031		399,031
Total	687,443		687,443
Fixed rental and other property income	15,055	$ 17,342	31,216	$ 34,639
Variable rental and other property income	2,093	1,908	4,520	4,114
Total rental and other property income	$ 17,148	$ 19,250	$ 35,736	$ 38,753

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	1 Months Ended
	Jan. 31, 2021	Jul. 23, 2020	Jul. 02, 2020
D Shares Common Stock | Forecast
Subsequent Event [Line Items]
Distributions paid on common stock (in dollars per share)	$ 0.0839
T Shares Common Stock | Forecast
Subsequent Event [Line Items]
Distributions paid on common stock (in dollars per share)	0.0839
S Shares Common Stock | Forecast
Subsequent Event [Line Items]
Distributions paid on common stock (in dollars per share)	0.0839
I Shares Common Stock | Forecast
Subsequent Event [Line Items]
Distributions paid on common stock (in dollars per share)	$ 0.0839
Subsequent Event
Subsequent Event [Line Items]
Monthly shares redemption temporary limit, percent of aggregate NAV, maximum			0.80%
Quarterly shares redemption temporary limit, percent of aggregate NAV, maximum			2.00%
Subsequent Event | Board Of Directors
Subsequent Event [Line Items]
Percent of compensation given out in shares		50.00%
Subsequent Event | Advisory fees and expenses | Advisors
Subsequent Event [Line Items]
Percent of fees paid in shares		50.00%