Industrial Property Trust 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Industrial Property Trust Inc.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		174,400,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Net investment in real estate properties	$ 2,592,911	$ 2,478,329
Investment in unconsolidated joint ventures	91,599	69,695
Cash and cash equivalents	7,237	8,358
Restricted cash	65	80
Straight-line and tenant receivables, net	19,348	15,565
Due from affiliates	1,395	30
Other assets	17,153	23,251
Assets held for sale	0	15,625
Total assets	2,729,708	2,610,933
Liabilities
Accounts payable and accrued liabilities	18,145	21,912
Debt, net	1,320,050	1,288,642
Due to affiliates	30,889	31,006
Distributions payable	22,772	19,609
Other liabilities	47,355	43,527
Liabilities related to assets held for sale	0	267
Total liabilities	1,439,211	1,404,963
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,540,326	1,402,611
Accumulated deficit	(265,394)	(212,807)
Accumulated other comprehensive income	13,337	14,091
Total stockholders' equity	1,289,996	1,205,469
Noncontrolling interests	501	501
Total equity	1,290,497	1,205,970
Total liabilities and equity	2,729,708	2,610,933
Class A
Stockholders' equity:
Common stock, value	1,042	994
Class T
Stockholders' equity:
Common stock, value	$ 685	$ 580

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	104,112,000	99,374,000
Common stock, shares outstanding	104,112,000	99,374,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	68,584,000	58,032,000
Common stock, shares outstanding	68,584,000	58,032,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental revenues	$ 55,110	$ 40,447	$ 109,682	$ 73,699
Total revenues	55,110	40,447	109,682	73,699
Operating expenses:
Rental expenses	14,490	10,462	29,011	19,602
Real estate-related depreciation and amortization	27,189	23,137	54,712	41,436
General and administrative expenses	1,953	1,807	4,195	3,606
Asset management fees, related party	5,503	4,146	10,886	7,541
Acquisition expenses, related party	0	10,019	0	17,148
Acquisition expenses	0	5,330	0	8,482
Total operating expenses	49,135	54,901	98,804	97,815
Operating income (loss)	5,975	(14,454)	10,878	(24,116)
Other expenses (income):
Equity in (income) loss of unconsolidated joint ventures	(114)	51	(85)	443
Interest expense and other	10,066	5,721	20,084	9,876
Net gain on disposition of real estate properties	(56)	0	(131)	0
Net loss on sell down of joint venture ownership interest	0	0	0	64
Total other expenses	9,896	5,772	19,868	10,383
Total expenses before expense support	59,031	60,673	118,672	108,198
Total expense repayment to Advisor	0	(1,431)	0	(1,164)
Net expenses after expense support	59,031	62,104	118,672	109,362
Net loss	(3,921)	(21,657)	(8,990)	(35,663)
Net income attributable to noncontrolling interests	(15)	0	(31)	0
Net loss attributable to common stockholders	$ (3,936)	$ (21,657)	$ (9,021)	$ (35,663)
Weighted-average shares outstanding (in shares)	167,341	129,118	163,838	121,721
Net loss per common share-basic and diluted (usd per share)	$ (0.02)	$ (0.17)	$ (0.06)	$ (0.29)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (3,936)	$ (21,657)	$ (9,021)	$ (35,663)
Unrealized loss on derivative instruments, net	(2,304)	(4,543)	(754)	(6,595)
Comprehensive loss attributable to common stockholders	$ (6,240)	$ (26,200)	$ (9,775)	$ (42,258)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2016	$ 1,205,970	$ 1,574	$ 1,402,611	$ (212,807)	$ 14,091	$ 501
Beginning balance, shares at Dec. 31, 2016		157,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,990)			(9,021)		31
Unrealized loss on derivative instruments	(754)				(754)
Issuance of common stock	160,954	$ 157	160,797
Issuance of common stock, shares		15,667
Share-based compensation	737		737
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(10,883)		(10,883)
Trailing offering costs, consisting of distribution fees	(2,419)		(5,544)	3,125
Redemptions of common stock	$ (7,396)	$ (4)	(7,392)
Redemptions of common stock, shares	(769)	(377)
Distributions on common stock and dividends on noncontrolling interests	$ (46,722)			(46,691)		(31)
Ending balance at Jun. 30, 2017	$ 1,290,497	$ 1,727	$ 1,540,326	$ (265,394)	$ 13,337	$ 501
Ending balance, shares at Jun. 30, 2017		172,696

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (8,990)	$ (35,663)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	54,712	41,436
Equity in (income) loss of unconsolidated joint ventures	(85)	443
Straight-line rent and amortization of above- and below-market leases	(6,425)	(5,429)
Net gain on disposition of real estate properties	(131)	0
Net loss on sell down of joint venture ownership interest	0	64
Other	1,970	1,640
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	4,087	(154)
Accounts payable, accrued expenses and other liabilities	494	7,978
Due from / to affiliates, net	(4,193)	2,638
Net cash provided by operating activities	41,439	12,953
Investing activities:
Real estate acquisitions	(146,608)	(836,998)
Acquisition deposits	(1,025)	(8,500)
Proceeds from the disposition of real estate properties	15,427	0
Capital expenditures and development activities	(19,496)	(18,089)
Investment in unconsolidated joint ventures	(24,548)	(6,069)
Distributions from joint ventures	2,730	0
Net proceeds from sale of joint venture ownership interest	0	57,177
Net cash used in investing activities	(173,520)	(812,479)
Financing activities:
Proceeds from line of credit	138,000	617,000
Repayments of line of credit	(212,000)	(610,000)
Proceeds from mortgage note	105,000	289,480
Proceeds from term loan	0	250,000
Financing costs paid	(711)	(4,705)
Proceeds from issuance of common stock	137,307	291,774
Offering costs paid upon issuance of common stock	(8,684)	(17,246)
Distributions paid to common stockholders	(18,746)	(11,539)
Dividends paid on noncontrolling interests	(63)	0
Distribution fees paid	(3,037)	(1,298)
Redemptions of common stock	(6,106)	(778)
Net cash provided by financing activities	130,960	802,688
Net (decrease) increase in cash and cash equivalents	(1,121)	3,162
Cash and cash equivalents, at beginning of period	8,358	7,429
Cash and cash equivalents, at end of period	7,237	10,591
Supplemental disclosure of non-cash investing and financing activities:
Distributions payable	22,772	16,886
Redemptions payable	3,785	1,074
Future estimated distribution fees payable	29,372	19,777
Distributions reinvested in common stock	21,714	13,483
Non-cash capital expenditures	$ 1,725	$ 1,024

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC on March 15, 2017 (“ 2016 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards update (“ASU”) No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. The Company expects most of its acquisitions to qualify as asset acquisitions under the standard, which requires the capitalization of transaction costs to the basis of the acquired assets. ASU 2017-01 is effective for periods beginning after December 15, 2017. However, the Company early adopted this standard effective January 1, 2017. Under this new standard, all acquisition costs are being capitalized instead of expensed. For the six months ended June 30, 2017 , $4.1 million of acquisition costs (including the acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) and its affiliates) were capitalized in net investment in real estate properties on the condensed consolidated balance sheets under the new standard instead of expensed as in prior periods.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Acquisition Costs Transaction costs associated with the acquisition of a property (including the acquisition fees paid to the Advisor and its affiliates) are allocated to land, building, and intangible lease assets on a pro-rata basis based on allocated purchase price and capitalized as incurred.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS The Company acquired 100% of the following properties during the six months ended June 30, 2017 : Intangibles Above- Below- Number Intangible Market Market Total Acquisition of Lease Lease Lease Purchase ($ in thousands) Date Buildings Land Building Assets Assets Liabilities Price (1) South Bay Distribution Center 1/4/2017 1 $ 9,334 $ 2,928 $ — $ — $ — $ 12,262 Tempe Business Center 1/5/2017 1 3,009 5,993 1,031 — (258 ) 9,775 Corona Industrial Center 1/12/2017 1 4,322 4,684 730 — — 9,736 Sycamore Industrial Center 1/13/2017 3 4,556 11,765 — — — 16,321 Oakesdale Commerce Center 2/8/2017 1 2,234 4,098 501 — — 6,833 Airways Distribution Center 2/24/2017 2 5,461 28,840 3,791 — (1,041 ) 37,051 Tuscany Industrial Center 3/23/2017 1 1,928 4,462 839 — (316 ) 6,913 Lanham Distribution Center 5/11/2017 1 4,106 9,448 — — — 13,554 Trade Zone Industrial Center 5/15/2017 1 945 2,439 469 — — 3,853 Addison Distribution Center 6/14/2017 1 8,030 14,883 1,740 — (846 ) 23,807 Rampart Industrial Center II 6/29/2017 1 2,184 6,613 1,229 — — 10,026 Total Acquisitions 14 $ 46,109 $ 96,153 $ 10,330 $ — $ (2,461 ) $ 150,131 (1) Total purchase price, which includes capitalized acquisition costs of $4.1 million , is equal to the total consideration paid. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization period (years) South Bay Distribution Center - Tempe Business Center 9.8 Corona Industrial Center 7.1 Sycamore Industrial Center - Oakesdale Commerce Center 10.1 Airways Distribution Center 5.9 Tuscany Industrial Center 4.5 Lanham Distribution Center - Trade Zone Industrial Center 4.4 Addison Distribution Center 6.4 Rampart Industrial Center II 12.0

REAL ESTATE DISPOSITIONS

REAL ESTATE DISPOSITIONS	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE DISPOSITIONS	REAL ESTATE DISPOSITIONS In February 2017, the Company sold to third parties the four industrial buildings that were classified as held for sale as of December 31, 2016, for net proceeds of approximately $15.4 million . Total disposition fees and expenses were $0.8 million , of which $0.4 million was paid to the Advisor. Total net gain recognized on dispositions was approximately $0.1 million . All of these buildings were located in the Atlanta market.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	INVESTMENT IN REAL ESTATE PROPERTIES As of June 30, 2017 and December 31, 2016 , the Company’s consolidated investment in real estate properties consisted of 225 and 215 industrial buildings, respectively. As of (in thousands) June 30, 2017 December 31, 2016 Land $ 730,389 $ 684,280 Building and improvements 1,793,730 1,686,929 Intangible lease assets 233,819 219,512 Construction in progress 16,895 13,843 Investment in real estate properties (1) 2,774,833 2,604,564 Less accumulated depreciation and amortization (181,922 ) (126,235 ) Net investment in real estate properties $ 2,592,911 $ 2,478,329 (1) As of June 30, 2017 , the Company had capitalized approximately $4.1 million of acquisition costs. As of December 31, 2016, there were no acquisition costs capitalized. See “Note 1” for detail on the new accounting standard we adopted effective January 1, 2017 and “Note 2” for a description of the accounting policy regarding acquisition costs. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of June 30, 2017 and December 31, 2016 , include the following: As of June 30, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 222,668 $ (82,532 ) $ 140,136 $ 208,361 $ (59,226 ) $ 149,135 Above-market lease assets (1) 11,151 (4,212 ) 6,939 11,151 (3,143 ) 8,008 Below-market lease liabilities (2) (33,284 ) 10,858 (22,426 ) (30,929 ) 7,798 (23,131 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of June 30, 2017 , for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Remainder of 2017 $ 21,694 $ 999 $ (3,043 ) 2018 35,953 1,741 (5,247 ) 2019 26,176 1,123 (4,213 ) 2020 18,724 803 (3,339 ) 2021 13,336 724 (2,547 ) Thereafter 24,253 1,549 (4,037 ) Total $ 140,136 $ 6,939 $ (22,426 ) Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,975 $ 2,424 $ 4,327 $ 4,200 Above-market lease amortization (500 ) (606 ) (1,069 ) (1,153 ) Below-market lease amortization 1,562 1,276 3,167 2,382 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 15,863 $ 11,401 $ 31,312 $ 20,599 Intangible lease asset amortization 11,326 11,736 23,400 20,837

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company has entered into joint ventures with third-party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. The Company reports its investment for the Build-To-Core I Partnership LP (the “BTC I Partnership”) and the Build-To-Core II Partnership LP (the "BTC II Partnership"), under the equity method on the condensed consolidated balance sheets due to the fact that the Company maintains significant influence in each partnership. The following table summarizes the Company’s investment in the unconsolidated joint ventures: As of Investment in Unconsolidated June 30, 2017 December 31, 2016 Joint Ventures as of Ownership Number of Ownership Number of June 30, December 31, ($ in thousands) Percentage Buildings Percentage Buildings BTC I Partnership 20.0% 32 20.0% 27 $ 88,654 $ 69,695 BTC II Partnership 13.0% 5 — — 2,945 — Total joint ventures 37 27 $ 91,599 $ 69,695

DEBT

DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its line of credit and term loans, and under mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) June 30, 2017 December 31, 2016 Maturity Date June 30, 2017 December 31, 2016 Line of credit (1) 2.29% 2.44% January 2020 $ 107,000 $ 181,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 2.83% 2.67% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.31% July 2020 - December 2025 722,880 617,880 Total principal amount / weighted-average (5) 2.99% 2.94% $ 1,329,880 $ 1,298,880 Less unamortized debt issuance costs $ (9,830 ) $ (10,238 ) Total debt, net $ 1,320,050 $ 1,288,642 Gross book value of properties encumbered by debt $ 1,148,030 $ 986,818 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) multiplied by a statutory reserve rate plus a margin ranging from 1.40% to 2.30% ; or (ii) an alternative base rate plus a margin ranging from 0.40% to 1.30% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $107.0 million in borrowings under this line of credit. As of June 30, 2017 , the unused and available portions under the line of credit were $393.0 million and $312.6 million , respectively. The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (2) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.60% to 2.50% ; or (ii) an alternative base rate plus a margin ranging from 0.60% to 1.50% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $43.0 million in borrowings under this term loan. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (4) Interest rates range from 2.94% to 3.65% , which includes the effects of an interest rate swap agreement relating to a variable-rate mortgage note with an outstanding amount of $97.0 million as of both June 30, 2017 and December 31, 2016 . (5) The weighted-average remaining term of our consolidated debt was approximately 5.4 years as of June 30, 2017 , excluding any extension options on the line of credit. As of June 30, 2017 , the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total Remainder of 2017 — — — — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 107,000 — 15,259 122,259 2021 — 350,000 6,047 356,047 Thereafter — 150,000 698,029 848,029 Total principal payments $ 107,000 $ 500,000 $ 722,880 $ 1,329,880 (1) The term of the line of credit may be extended pursuant to a one -year extension option, subject to certain conditions. Debt Covenants The Company’s line of credit, term loans and mortgage note agreements contain various property level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all debt covenants as of June 30, 2017 . Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. As of June 30, 2017 , the Company had 11 outstanding interest rate swap agreements, which were associated with $597.0 million of debt, that were designated as cash flow hedges of interest rate risk. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the three and six months ended June 30, 2017 , there was no hedge ineffectiveness. The Company expects no hedge ineffectiveness in the next 12 months. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of Notional Balance Sheet June 30, December 31, (in thousands) Amount Location Interest rate swaps $ 596,980 Other assets $ 13,337 $ 14,091 The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (2,218 ) $ (4,999 ) $ (863 ) $ (7,405 ) (Income) loss reclassified from AOCI into income (effective portion) (86 ) 456 109 810 Net other comprehensive loss $ (2,304 ) $ (4,543 ) $ (754 ) $ (6,595 )

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2017 : Total (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2017 Assets Derivative instruments — $ 13,337 — $ 13,337 Total assets measured at fair value — $ 13,337 — $ 13,337 December 31, 2016 Assets Derivative instruments — $ 14,091 — $ 14,091 Total assets measured at fair value — $ 14,091 — $ 14,091 As of June 30, 2017 , the Company had no financial instruments that were transferred among the fair value hierarchy levels. The Company also had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “Note 7” above for further discussion of the Company’s derivative instruments. Fair Value of Financial Instruments As of June 30, 2017 and December 31, 2016 , the fair values of cash and cash equivalents, restricted cash, tenant receivables, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of June 30, 2017 As of December 31, 2016 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets Derivative instruments $ 13,337 $ 13,337 $ 14,091 $ 14,091 Liabilities Line of credit 107,000 107,000 181,000 181,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 709,509 617,880 597,187 In addition to the previously described methods and assumptions for the derivative instruments, the following are the methods and assumptions used to estimate the fair value of the Company’s other financial instruments: Line of Credit. The fair value of the line of credit is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Term Loans. The fair value of each of the term loans is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Mortgage Notes. The fair value of each of the mortgage notes is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Initial Public Offering On September 27, 2012, the Company filed a registration statement with the SEC on Form S-11 in connection with its initial public offering of up to $2.0 billion in shares of common stock (the “Offering”). The registration statement was subsequently declared effective on July 24, 2013. Pursuant to its registration statement, the Company offered for sale up to $2.0 billion in shares of its common stock. Black Creek Capital Markets, LLC (formerly known as Dividend Capital Securities LLC, the “Dealer Manager”), a related party, provides dealer manager services in connection with the Offering. On August 14, 2015, the Company filed a post-effective amendment to its registration statement that reclassified the Company’s common stock being offered pursuant to the registration statement into Class A shares and Class T shares. The SEC declared the post-effective amendment effective on August 19, 2015, at which time the Company offered for sale up to $1.5 billion in shares of common stock at a price of $10.4407 per Class A share and $9.8298 per Class T share, and up to $500.0 million in shares under the Company’s distribution reinvestment plan at a price of $9.9187 per Class A share and $9.8298 per Class T share. In each case, the offering price was arbitrarily determined by the Company’s board of directors by taking the Company’s estimated net asset value (“NAV”) as of June 30, 2015 of $9.24 per share and adding the respective per share up-front sales commissions, dealer manager fees and organization and offering expenses to be paid with respect to the Class A shares and the Class T shares, such that after the payment of such commissions, fees and expenses, the net proceeds to the Company will be the same for both Class A shares and Class T shares. The NAV was not subject to audit by the Company’s independent registered public accounting firm. The offering prices have been rounded to the nearest whole cent throughout the remainder of this report. On December 22, 2016, the Company’s board of directors unanimously approved a new offering price of $11.0056 per Class A share of the Company’s common stock and a new offering price of $10.3617 per Class T share of the Company’s common stock, and $9.74 per share for shares purchased through the Company’s distribution reinvestment plan. In each case, the offering price was arbitrarily determined by the Company’s board of directors by taking the Company’s estimated NAV as of November 30, 2016 of $9.74 per share and adding the respective per share up-front sales commissions, dealer manager fees and organization and offering expenses to be paid with respect to the Class A shares and the Class T shares, such that after the payment of such commissions, fees and expenses, the net proceeds to the Company would be the same for both Class A shares and Class T shares. The NAV was not subject to audit by the Company’s independent registered public accounting firm. The new Class A offering price and the new Class T offering price took effect with respect to subscriptions accepted by the Company after January 1, 2017. On June 30, 2017, the Company terminated the primary portion of the Offering. The Company is continuing to offer and sell shares pursuant to its distribution reinvestment plan. The Company may terminate its distribution reinvestment plan offering at any time. The Class A shares and Class T shares have identical rights and privileges, including voting rights, but have differing fees that are payable on a class-specific basis, as described in “Note 11.” The per share amount of distributions on Class T shares will be lower than the per share amount of distributions on Class A shares because of the distribution fees payable with respect to Class T shares. The Company’s shares of common stock consist of Class A shares and Class T shares, all of which are collectively referred to herein as shares of common stock. A summary of the Company’s public offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)), as of June 30, 2017 , is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 1,014,668 $ 664,373 $ 1,679,041 DRIP 48,874 15,596 64,470 Total offering $ 1,063,542 $ 679,969 $ 1,743,511 Number of shares sold: Primary offering 99,772 67,090 166,862 DRIP 4,983 1,594 6,577 Total offering 104,755 68,684 173,439 Common Stock The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Amount Shares Amount Shares Amount Balance as of December 31, 2016 99,374 $ 994 58,032 $ 580 157,406 $ 1,574 Issuance of common stock: Primary shares 3,486 35 9,800 98 13,286 133 DRIP 1,418 14 812 8 2,230 22 Stock grants 151 2 — — 151 2 Redemptions (317 ) (3 ) (60 ) (1 ) (377 ) (4 ) Forfeitures — — — — — — Balance as of June 30, 2017 104,112 $ 1,042 68,584 $ 685 172,696 $ 1,727 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for the quarters ended below: Amount (in thousands, Declared per Paid Reinvested Distribution Gross except per share data) Payment Date Common Share (1) in Cash in Shares Fees (2) Distributions (3) 2017 June 30 July 6, 2017 $ 0.14250 $ 10,358 $ 11,859 $ 1,630 $ 23,847 March 31 April 5, 2017 0.14250 9,906 11,443 1,495 22,844 Total $ 20,264 $ 23,302 $ 3,125 $ 46,691 2016 December 31 January 5, 2017 $ 0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 September 30 October 5, 2016 0.13515 8,147 9,638 1,069 18,854 June 30 July 5, 2016 0.13515 7,534 9,042 876 17,452 March 31 April 4, 2016 0.13515 6,788 8,040 622 15,450 Total $ 31,309 $ 36,991 $ 3,853 $ 72,153 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share and per Class T share of common stock. The quarterly distribution on Class T shares of common stock is reduced by the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares issued in the primary portion of the Initial Public Offering only. Refer to “Note 11” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares. Redemptions The following table summarizes the Company’s redemption activity: For the Six Months Ended (in thousands) 2017 2016 Number of eligible shares redeemed 769 169 Aggregate amount of shares redeemed $ 7,396 $ 1,644 Average redemption price per share $ 9.62 $ 9.71

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Restricted Stock Summary A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its Equity Incentive Plan and its Private Placement Equity Incentive Plan for the six months ended June 30, 2017 is as follows: Weighted-Average Fair Value (shares in thousands) Shares per Share Nonvested shares at January 1, 2017 (1) 110 $ 10.94 Granted (2) 151 $ 11.01 Vested (3) (69 ) $ 10.90 Forfeited — — Nonvested shares at June 30, 2017 192 $ 11.01 (1) Nonvested shares granted to non-senior executive employees of the Advisor were remeasured to estimated fair value based on the offering price of $11.01 per Class A share that took effect on January 1, 2017. (2) The weighted-average fair value is based on the offering price of $11.01 per Class A share in effect on the respective grant date. (3) Shares vested during the six months ended June 30, 2017 include: shares granted to the Company’s board of directors, which have an estimated fair value based on the offering price per Class A share in effect on the respective grant date, and shares granted to non-senior executive employees of the Advisor, which were remeasured as described above. The following table summarizes other share-based compensation data: For the Three Months Ended For the Six Months Ended (in thousands, except per share data) 2017 2016 2017 2016 Share-based compensation expense $ 264 $ 177 $ 737 $ 566 Total fair value of restricted stock vested $ 140 $ 144 $ 756 $ 494 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 11.01 $ 10.44 $ 11.01 $ 10.44 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates. As of June 30, 2017 , the aggregate unrecognized compensation expenses related to the restricted stock was approximately $1.5 million and is expected to be fully recognized over a weighted-average period of one year.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the fourth amended and restated advisory agreement, dated August 12, 2016, by and among the Company, the Operating Partnership, and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends August 12, 2017, subject to renewals by the Company’s board of directors for an unlimited number of successive one -year periods. The Dealer Manager provides dealer manager services in connection with the Offering. The Sponsor, which owns the Advisor, is presently directly or indirectly majority owned by John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates, and the Sponsor and the Advisor are jointly controlled by Messrs. Blumberg, Mulvihill and Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by Messrs. Blumberg, Mulvihill and/or Zucker and/or their affiliates. Mr. Zucker is the Chairman of our board of directors. The Advisor and the Dealer Manager receive compensation from the Company in the form of fees and expense reimbursements for certain services relating to the Offering and for the investment and management of the Company’s assets. The following summarizes these fees and expense reimbursements: Sales Commissions. Sales commissions are payable to the Dealer Manager, all of which may be reallowed to participating unaffiliated broker dealers, and are equal to up to 7.0% and 2.0% of the gross proceeds from the sale of Class A shares and Class T shares, respectively, in the primary offering. Dealer Manager Fees. Dealer manager fees are payable to the Dealer Manager, a portion of which may be reallowed to unaffiliated participating broker dealers, and are equal to up to 2.5% and 2.0% of the gross proceeds from the sale of Class A shares and Class T shares, respectively, in the primary offering. Distribution Fees. Distribution fees are payable to the Dealer Manager with respect to Class T shares issued in the primary portion of the Offering only. All or a portion of the distribution fees are typically reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares, referred to as servicing broker dealers. The distribution fees accrue daily, are payable monthly in arrears and will be paid on a continuous basis from year to year. The distribution fees are calculated on outstanding Class T shares issued in the primary offering in an amount equal to 1.0% per annum of (i) the current gross offering price per Class T share, or (ii) if the Company is no longer offering shares in a public offering, the estimated per share value of Class T shares. If the Company is no longer offering shares in a public offering, but has not reported an estimated per share value subsequent to the termination of the Offering, which is the case as of the date of this report, then the gross offering price in effect immediately prior to the termination of the Offering will be deemed the estimated per share value for purposes of the prior sentence. If the Company reports an estimated per share value prior to the termination of the Offering, the distribution fee will continue to be calculated as a percentage of the then current gross offering price per Class T share until the Company reports an estimated per share value following the termination of the Offering, at which point the distribution fee will be calculated based on the new estimated per share value. In the event an estimated per share value reported after termination of the Offering changes, the distribution fee will change immediately with respect to all outstanding Class T shares issued in the primary offering, and will be calculated based on the new gross offering price or the new estimated per share value, without regard to the actual price at which a particular Class T share was issued. All shares of a particular class will receive the same quarterly per share distribution, including shares issued pursuant to the Company’s distribution reinvestment plan. The quarterly distributions paid with respect to all outstanding Class T shares will be reduced by the monthly distribution fees calculated with respect to Class T shares issued in the primary offering. The Company does not pay distribution fees with respect to the sale of shares issued pursuant to the Company’s distribution reinvestment plan or shares issued as stock dividends, although the amount of distribution fees payable with respect to Class T shares sold in its primary offering will be allocated among all Class T shares, including shares issued pursuant to the Company’s distribution reinvestment plan and those issued as stock dividends, if any. The Company will cease paying distribution fees with respect to all Class T shares on the earliest to occur of the following: (i) a listing of shares of the Company’s common stock on a national securities exchange; (ii) such Class T shares no longer being outstanding; (iii) the Dealer Manager’s determination that total underwriting compensation from all sources, including dealer manager fees, sales commissions, distribution fees and any other underwriting compensation paid to participating broker dealers with respect to all Class A shares and Class T shares would be in excess of 10% of the gross proceeds of the primary portion of the Offering; or (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that total underwriting compensation, including dealer manager fees, sales commissions, and distribution fees with respect to the Class T shares held by a stockholder within his or her particular account, would be in excess of 10% of the total gross investment amount at the time of purchase of the primary Class T shares held in such account. Acquisition Fees. Acquisition fees are payable to the Advisor in connection with the acquisition of real property, and will vary depending on whether the Advisor provides development services or development oversight services, each as described below, in connection with the acquisition (including, but not limited to, forward commitment acquisitions) or stabilization (including, but not limited to, development and value-add transactions) of such real property, or both. The Company refers to such properties for which the Advisor provides development services or development oversight services as development real properties. For each real property acquired for which the Advisor does not provide development services or development oversight services, the acquisition fee is an amount equal to 2.0% of the total purchase price of the properties acquired (or the Company’s proportional interest therein), including in all instances real property held in joint ventures or co-ownership arrangements. In connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements of development real properties, which the Company refers to collectively as development services, or overseeing the provision of these services by third parties on the Company’s behalf, which the Company refers to as development oversight services, the acquisition fee, which the Company refers to as the development acquisition fee, will equal up to 4.0% of total project cost, including debt, whether borrowed or assumed (or the Company’s proportional interest therein with respect to real properties held in joint ventures or co-ownership arrangements). If the Advisor engages a third party to provide development services directly to the Company, the third party will be compensated directly by the Company and the Advisor will receive the development acquisition fee if it provides the development oversight services. With respect to an acquisition of an interest in a real estate-related entity, the acquisition fee will equal (i) 2.0% of the Company’s proportionate share of the purchase price of the property owned by any real estate-related entity in which the Company acquires a majority economic interest or that the Company consolidates for financial reporting purposes in accordance with GAAP, and (ii) 2.0% of the purchase price in connection with the acquisition of any interest in any other real estate-related entity. In addition, the Advisor is entitled to receive an acquisition fee of 1.0% of the purchase price, including any third-party expenses related to such investment, in connection with the acquisition or origination of any type of debt investment or other investment. Asset Management Fees. Asset management fees consist of (i) a monthly fee of one-twelfth of 0.80% of the aggregate cost (including debt, whether borrowed or assumed, and before non-cash reserves, depreciation and amortization expenses and acquisition fees paid to the Advisor) of each real property asset within the Company’s portfolio (or the Company’s proportional interest therein with respect to real property held in joint ventures, co-ownership arrangements or real estate-related entities in which the Company owns a majority economic interest or that the Company consolidates for financial reporting purposes in accordance with GAAP), provided, that the monthly asset management fee with respect to each real property asset located outside the U.S. that the Company owns, directly or indirectly, will be one-twelfth of 1.20% of the aggregate cost (including debt, whether borrowed or assumed, and before non-cash reserves, depreciation and amortization expenses and acquisition fees paid to the Advisor) of such real property asset; (ii) a monthly fee of one-twelfth of 0.80% of the aggregate cost or investment (before non-cash reserves, depreciation and amortization expenses and acquisition fees paid to the Advisor, as applicable) of any interest in any other real estate-related entity or any type of debt investment or other investment; and (iii) with respect to a disposition, a fee equal to 2.5% of the total consideration paid in connection with the disposition, calculated in accordance with the terms of the Advisory Agreement. The term “disposition” shall include: (i) a sale of one or more assets; (ii) a sale of one or more assets effectuated either directly or indirectly through the sale of any entity owning such assets, including, without limitation, the Company or the Operating Partnership; (iii) a sale, merger, or other transaction in which the stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company; or (iv) a listing of the Company’s common stock on a national securities exchange or the receipt by the Company’s stockholders of securities that are listed on a national securities exchange in exchange for the Company’s common stock. Organization and Offering Expenses. The Company reimburses the Advisor or its affiliates for cumulative organization expenses and for cumulative expenses of its public offerings up to 2.0% of the aggregate gross offering proceeds from the sale of shares in its public offerings. The Advisor or an affiliate of the Advisor is responsible for the payment of the Company’s cumulative organization expenses and offering expenses to the extent that such cumulative expenses exceed the 2.0% organization and offering expense reimbursement for the Company’s public offerings, without recourse against or reimbursement by the Company. Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company does not raise additional amounts of offering proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering costs are recorded as a reduction of gross offering proceeds in additional paid-in capital. Other Expense Reimbursements. In addition to the reimbursement of organization and offering expenses, provided that the Advisor will not be reimbursed for costs of personnel to the extent that such personnel perform services for which the Advisor receives a separate fee, the Company is obligated, subject to certain limitations, to reimburse the Advisor for all of the costs it incurs in connection with the services it provides to the Company, including, without limitation, personnel (and related employment) costs and overhead (including, but not limited to, allocated rent paid to both third parties and an affiliate of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs) incurred by the Advisor or its affiliates, including, but not limited to, total compensation, benefits and other overhead of all employees involved in the performance of such services. The Advisor may utilize its employees to provide such services and in certain instances those employees may include the Company’s executive officers. The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Three Months Ended For the Six Months Ended Payable as of June 30, December 31, (in thousands) 2017 2016 2017 2016 Expensed: Acquisition fees (1) $ — $ 10,019 $ — $ 17,148 $ — $ — Asset management fees (2) 5,503 4,146 10,886 7,541 73 1,745 Asset management fees related to dispositions (3) — — 409 1,466 — 1,015 Other expense reimbursements (4) 1,090 697 2,261 1,587 305 383 Total $ 6,593 $ 14,862 $ 13,556 $ 27,742 $ 378 $ 3,143 Capitalized: Acquisition fees (1) $ 1,080 $ — $ 3,042 $ — $ 196 $ — Development acquisition fees (5) 29 39 71 155 — 14 Total $ 1,109 $ 39 $ 3,113 $ 155 $ 196 $ 14 Additional Paid-In Capital: Sales commissions $ 2,606 $ 3,230 $ 4,269 $ 9,988 $ 225 $ — Dealer manager fees 1,785 2,192 2,883 6,363 304 1 Offering costs 1,856 2,015 3,731 4,585 746 984 Distribution fees (6) 3,587 20,653 5,544 21,275 29,926 27,419 Total $ 9,834 $ 28,090 $ 16,427 $ 42,211 $ 31,201 $ 28,404 (1) See “Note 1” for detail on the new accounting standard we adopted effective January 1, 2017 and “Note 2” for a description of the accounting policy regarding acquisition costs. (2) Includes asset management fees other than asset management fees related to dispositions. (3) Fees are netted against the respective gain and are included in the related net gain amount on the condensed consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $1.0 million and $0.7 million for the three months ended June 30, 2017 and 2016 , respectively, and $ 2.2 million and $ 1.5 million for the six months ended June 30, 2017 and 2016 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s condensed consolidated balance sheets. (6) The distribution fees accrue daily and are payable monthly in arrears. As of June 30, 2017 , the monthly amount of distribution fees payable of $0.6 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of June 30, 2017 , the future estimated amounts payable of $29.4 million are included in due to affiliates on the condensed consolidated balance sheets. Joint Ventures. Both the BTC I Partnership and the BTC II Partnership (described in “Note 6”) pay fees to the Advisor and/or a wholly-owned subsidiary of the Advisor for providing advisory services to both joint ventures. These advisory services include acquisition and asset management services and, to the extent applicable, development management and development oversight services. For the three and six months ended June 30, 2017 the joint ventures incurred in aggregate approximately $1.7 million and $2.5 million , respectively, in acquisition and asset management fees, which were paid to the Advisor and its wholly-owned subsidiary pursuant to the respective service agreements, as compared to $0.7 million and $1.2 million , respectively, for the three and six months ended June 30, 2016 . Additionally, as of June 30, 2017 , the joint ventures had amounts payable to the Company of approximately $1.3 million , which were recorded in due from affiliates on the condensed consolidated balance sheets. Expense Support Agreement In October 2013, the Company entered into an Expense Support and Conditional Reimbursement Agreement (as amended, the “Expense Support Agreement”) with the Operating Partnership and the Advisor. Pursuant to the Expense Support Agreement, the Advisor has agreed to defer payment of all or a portion of the asset management fee otherwise payable to it pursuant to the Advisory Agreement if Company-defined funds from operations (“CDFFO” or “Company-defined FFO”), as disclosed in the Company’s quarterly and annual reports, for a particular quarter is less than the aggregate distributions that would have been declared for such quarter assuming daily distributions at a specified quarterly rate per share of common stock (the “Baseline Distributions”). Baseline Distributions were equal to: $0.11250 per share from January 1 through June 30, 2014; $0.11875 per share from July 1 through September 30, 2014; and $0.1250 per share from October 1, 2014 through June 30, 2015. In addition, pursuant to the Expense Support Agreement that was in effect through June 30, 2015, prior to the amendment and restatement of the agreement as described below, the Advisor, in its sole discretion, could elect to fund certain expenses of the Company and the Operating Partnership as expense support payments. Subject to certain conditions and limitations, the Advisor is entitled to reimbursement from the Company for any asset management fees that were deferred and any expense support payments that it made pursuant to the agreement that was in effect through June 30, 2015. The Expense Support Agreement was amended and restated on August 14, 2015, effective from July 1, 2015 through June 30, 2018. Pursuant to the amended and restated Expense Support Agreement, for the period from July 1, 2015 through June 30, 2018, Baseline Distributions means the aggregate distributions that are declared on the Company’s common stock in accordance with the quarterly distribution rate for such quarter; provided that for purposes of calculating the amount of payment by the Advisor pursuant to the agreement, such amount will not exceed the amount that would have been declared on shares of the Company’s common stock assuming a quarterly distribution rate of $0.13515 per share (which is the rate that the Company’s board of directors authorized for the fourth quarter of 2015 and each quarter of 2016 with respect to the Company’s Class A shares and the Company’s Class T shares (less the annual distribution fees that are payable monthly with respect to such Class T shares, as calculated on a daily basis)). Starting with any asset management fees waived pursuant to the agreement on or after July 1, 2015, the Advisor will not be entitled to reimbursement from the Company. In addition, beginning on July 1, 2015 and ending upon the termination or expiration of the agreement, if, in a given calendar quarter, the Company’s CDFFO is less than the Baseline Distributions for such quarter, and the waived asset management fee is not sufficient to satisfy the shortfall for such quarter (a “Deficiency”), the Advisor will be required to fund certain expenses of the Company or the Operating Partnership in an amount equal to such Deficiency. Starting with any such payments made by the Advisor on or after July 1, 2015 to cover a Deficiency, the Advisor is not entitled to reimbursement from the Company. The Expense Support Agreement, as amended, will govern all waivers and payments made by the Advisor from July 1, 2015 through the second quarter of 2018. The Advisor still will be entitled to reimbursement of amounts owed to it by the Company prior to July 1, 2015 pursuant to the prior versions of the agreement in accordance with the terms thereof. For the period beginning on July 1, 2015 and terminating on the earlier of the expiration or termination of the agreement, in no event will the aggregate of the waived asset management fees and the Deficiency support payments, when added to all amounts deferred or paid by the Advisor prior to August 14, 2015 under the prior versions of the Expense Support Agreement (approximately $5.4 million ), exceed $30.0 million (the “Maximum Amount”). As of June 30, 2017 , the aggregate amount paid by the Advisor pursuant to the Expense Support Agreement was $7.4 million . Of this amount, the Company has fully reimbursed the $5.4 million that was potentially reimbursable to the Advisor, and there are no additional amounts reimbursable to the Advisor under the Expense Support Agreement. Although the Expense Support Agreement has an effective term through June 30, 2018, it may be terminated prior thereto without cause or penalty by a majority of the Company’s independent directors upon 30 days’ written notice to the Advisor. In addition, the Advisor’s obligations under the Expense Support Agreement will immediately terminate upon the earlier to occur of (i) the termination or non-renewal of the Advisory Agreement, (ii) the delivery by the Company of notice to the Advisor of the Company’s intention to terminate or not renew the Advisory Agreement, (iii) the Company’s completion of a liquidity event or (iv) the time the Advisor has deferred, waived or paid the Maximum Amount. Except with respect to the early termination events described above, any obligation of the Advisor to make payments under the Expense Support Agreement with respect to the calendar quarter ending June 30, 2018 will remain operative and in full force and effect through the end of such quarter. The table below provides information regarding the fees deferred or waived or expenses supported by the Advisor pursuant to the Expense Support Agreement, as well as any amounts reimbursed to the Advisor by the Company: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Asset management fees waived $ — $ — $ — $ 267 Other expenses supported — — — — Reimbursement of previously deferred amounts — (1,431 ) — (1,431 ) Total expense repayment to Advisor $ — $ (1,431 ) $ — $ (1,164 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its investments. Environmental Matters A majority of the properties the Company acquires are subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of June 30, 2017 .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC on March 15, 2017 (“ 2016 Form 10-K”).
Consolidation	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards update (“ASU”) No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. The Company expects most of its acquisitions to qualify as asset acquisitions under the standard, which requires the capitalization of transaction costs to the basis of the acquired assets. ASU 2017-01 is effective for periods beginning after December 15, 2017. However, the Company early adopted this standard effective January 1, 2017. Under this new standard, all acquisition costs are being capitalized instead of expensed. For the six months ended June 30, 2017 , $4.1 million of acquisition costs (including the acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) and its affiliates) were capitalized in net investment in real estate properties on the condensed consolidated balance sheets under the new standard instead of expensed as in prior periods.
Acquisition Costs	Acquisition Costs Transaction costs associated with the acquisition of a property (including the acquisition fees paid to the Advisor and its affiliates) are allocated to land, building, and intangible lease assets on a pro-rata basis based on allocated purchase price and capitalized as incurred.
Fair Value Measurement	Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition. In addition to the previously described methods and assumptions for the derivative instruments, the following are the methods and assumptions used to estimate the fair value of the Company’s other financial instruments: Line of Credit. The fair value of the line of credit is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Term Loans. The fair value of each of the term loans is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs. Mortgage Notes. The fair value of each of the mortgage notes is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the six months ended June 30, 2017 : Intangibles Above- Below- Number Intangible Market Market Total Acquisition of Lease Lease Lease Purchase ($ in thousands) Date Buildings Land Building Assets Assets Liabilities Price (1) South Bay Distribution Center 1/4/2017 1 $ 9,334 $ 2,928 $ — $ — $ — $ 12,262 Tempe Business Center 1/5/2017 1 3,009 5,993 1,031 — (258 ) 9,775 Corona Industrial Center 1/12/2017 1 4,322 4,684 730 — — 9,736 Sycamore Industrial Center 1/13/2017 3 4,556 11,765 — — — 16,321 Oakesdale Commerce Center 2/8/2017 1 2,234 4,098 501 — — 6,833 Airways Distribution Center 2/24/2017 2 5,461 28,840 3,791 — (1,041 ) 37,051 Tuscany Industrial Center 3/23/2017 1 1,928 4,462 839 — (316 ) 6,913 Lanham Distribution Center 5/11/2017 1 4,106 9,448 — — — 13,554 Trade Zone Industrial Center 5/15/2017 1 945 2,439 469 — — 3,853 Addison Distribution Center 6/14/2017 1 8,030 14,883 1,740 — (846 ) 23,807 Rampart Industrial Center II 6/29/2017 1 2,184 6,613 1,229 — — 10,026 Total Acquisitions 14 $ 46,109 $ 96,153 $ 10,330 $ — $ (2,461 ) $ 150,131 (1) Total purchase price, which includes capitalized acquisition costs of $4.1 million , is equal to the total consideration paid.
Weighted Average Amortized Period for Intangible Asset and Liability Acquired	The weighted-average amortization periods for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization period (years) South Bay Distribution Center - Tempe Business Center 9.8 Corona Industrial Center 7.1 Sycamore Industrial Center - Oakesdale Commerce Center 10.1 Airways Distribution Center 5.9 Tuscany Industrial Center 4.5 Lanham Distribution Center - Trade Zone Industrial Center 4.4 Addison Distribution Center 6.4 Rampart Industrial Center II 12.0

INVESTMENT IN REAL ESTATE PRO22

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Investment in Properties	As of June 30, 2017 and December 31, 2016 , the Company’s consolidated investment in real estate properties consisted of 225 and 215 industrial buildings, respectively. As of (in thousands) June 30, 2017 December 31, 2016 Land $ 730,389 $ 684,280 Building and improvements 1,793,730 1,686,929 Intangible lease assets 233,819 219,512 Construction in progress 16,895 13,843 Investment in real estate properties (1) 2,774,833 2,604,564 Less accumulated depreciation and amortization (181,922 ) (126,235 ) Net investment in real estate properties $ 2,592,911 $ 2,478,329 (1) As of June 30, 2017 , the Company had capitalized approximately $4.1 million of acquisition costs. As of December 31, 2016, there were no acquisition costs capitalized. See “Note 1” for detail on the new accounting standard we adopted effective January 1, 2017 and “Note 2” for a description of the accounting policy regarding acquisition costs.
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of June 30, 2017 and December 31, 2016 , include the following: As of June 30, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 222,668 $ (82,532 ) $ 140,136 $ 208,361 $ (59,226 ) $ 149,135 Above-market lease assets (1) 11,151 (4,212 ) 6,939 11,151 (3,143 ) 8,008 Below-market lease liabilities (2) (33,284 ) 10,858 (22,426 ) (30,929 ) 7,798 (23,131 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of June 30, 2017 , for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Remainder of 2017 $ 21,694 $ 999 $ (3,043 ) 2018 35,953 1,741 (5,247 ) 2019 26,176 1,123 (4,213 ) 2020 18,724 803 (3,339 ) 2021 13,336 724 (2,547 ) Thereafter 24,253 1,549 (4,037 ) Total $ 140,136 $ 6,939 $ (22,426 )
Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,975 $ 2,424 $ 4,327 $ 4,200 Above-market lease amortization (500 ) (606 ) (1,069 ) (1,153 ) Below-market lease amortization 1,562 1,276 3,167 2,382 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 15,863 $ 11,401 $ 31,312 $ 20,599 Intangible lease asset amortization 11,326 11,736 23,400 20,837

INVESTMENT IN UNCONSOLIDATED 23

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investment in Unconsolidated Joint Ventures	The following table summarizes the Company’s investment in the unconsolidated joint ventures: As of Investment in Unconsolidated June 30, 2017 December 31, 2016 Joint Ventures as of Ownership Number of Ownership Number of June 30, December 31, ($ in thousands) Percentage Buildings Percentage Buildings BTC I Partnership 20.0% 32 20.0% 27 $ 88,654 $ 69,695 BTC II Partnership 13.0% 5 — — 2,945 — Total joint ventures 37 27 $ 91,599 $ 69,695

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) June 30, 2017 December 31, 2016 Maturity Date June 30, 2017 December 31, 2016 Line of credit (1) 2.29% 2.44% January 2020 $ 107,000 $ 181,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 2.83% 2.67% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.31% July 2020 - December 2025 722,880 617,880 Total principal amount / weighted-average (5) 2.99% 2.94% $ 1,329,880 $ 1,298,880 Less unamortized debt issuance costs $ (9,830 ) $ (10,238 ) Total debt, net $ 1,320,050 $ 1,288,642 Gross book value of properties encumbered by debt $ 1,148,030 $ 986,818 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) multiplied by a statutory reserve rate plus a margin ranging from 1.40% to 2.30% ; or (ii) an alternative base rate plus a margin ranging from 0.40% to 1.30% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $107.0 million in borrowings under this line of credit. As of June 30, 2017 , the unused and available portions under the line of credit were $393.0 million and $312.6 million , respectively. The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (2) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.60% to 2.50% ; or (ii) an alternative base rate plus a margin ranging from 0.60% to 1.50% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to $43.0 million in borrowings under this term loan. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (4) Interest rates range from 2.94% to 3.65% , which includes the effects of an interest rate swap agreement relating to a variable-rate mortgage note with an outstanding amount of $97.0 million as of both June 30, 2017 and December 31, 2016 . (5) The weighted-average remaining term of our consolidated debt was approximately 5.4 years as of June 30, 2017 , excluding any extension options on the line of credit.
Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter	As of June 30, 2017 , the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total Remainder of 2017 — — — — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 107,000 — 15,259 122,259 2021 — 350,000 6,047 356,047 Thereafter — 150,000 698,029 848,029 Total principal payments $ 107,000 $ 500,000 $ 722,880 $ 1,329,880 (1) The term of the line of credit may be extended pursuant to a one -year extension option, subject to certain conditions.
Summary of Location and Fair Value of Cash Flow Hedges	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of Notional Balance Sheet June 30, December 31, (in thousands) Amount Location Interest rate swaps $ 596,980 Other assets $ 13,337 $ 14,091
Effect of Derivative Instruments	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (2,218 ) $ (4,999 ) $ (863 ) $ (7,405 ) (Income) loss reclassified from AOCI into income (effective portion) (86 ) 456 109 810 Net other comprehensive loss $ (2,304 ) $ (4,543 ) $ (754 ) $ (6,595 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2017 : Total (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2017 Assets Derivative instruments — $ 13,337 — $ 13,337 Total assets measured at fair value — $ 13,337 — $ 13,337 December 31, 2016 Assets Derivative instruments — $ 14,091 — $ 14,091 Total assets measured at fair value — $ 14,091 — $ 14,091
Carrying Value and Fair Value of Certain Financial Instruments	The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of June 30, 2017 As of December 31, 2016 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets Derivative instruments $ 13,337 $ 13,337 $ 14,091 $ 14,091 Liabilities Line of credit 107,000 107,000 181,000 181,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 709,509 617,880 597,187

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
Summary of Public Offering	A summary of the Company’s public offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)), as of June 30, 2017 , is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 1,014,668 $ 664,373 $ 1,679,041 DRIP 48,874 15,596 64,470 Total offering $ 1,063,542 $ 679,969 $ 1,743,511 Number of shares sold: Primary offering 99,772 67,090 166,862 DRIP 4,983 1,594 6,577 Total offering 104,755 68,684 173,439
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Amount Shares Amount Shares Amount Balance as of December 31, 2016 99,374 $ 994 58,032 $ 580 157,406 $ 1,574 Issuance of common stock: Primary shares 3,486 35 9,800 98 13,286 133 DRIP 1,418 14 812 8 2,230 22 Stock grants 151 2 — — 151 2 Redemptions (317 ) (3 ) (60 ) (1 ) (377 ) (4 ) Forfeitures — — — — — — Balance as of June 30, 2017 104,112 $ 1,042 68,584 $ 685 172,696 $ 1,727
Redemption Table	The following table summarizes the Company’s redemption activity: For the Six Months Ended (in thousands) 2017 2016 Number of eligible shares redeemed 769 169 Aggregate amount of shares redeemed $ 7,396 $ 1,644 Average redemption price per share $ 9.62 $ 9.71
Cash Distributions
Dividends Table	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for the quarters ended below: Amount (in thousands, Declared per Paid Reinvested Distribution Gross except per share data) Payment Date Common Share (1) in Cash in Shares Fees (2) Distributions (3) 2017 June 30 July 6, 2017 $ 0.14250 $ 10,358 $ 11,859 $ 1,630 $ 23,847 March 31 April 5, 2017 0.14250 9,906 11,443 1,495 22,844 Total $ 20,264 $ 23,302 $ 3,125 $ 46,691 2016 December 31 January 5, 2017 $ 0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 September 30 October 5, 2016 0.13515 8,147 9,638 1,069 18,854 June 30 July 5, 2016 0.13515 7,534 9,042 876 17,452 March 31 April 4, 2016 0.13515 6,788 8,040 622 15,450 Total $ 31,309 $ 36,991 $ 3,853 $ 72,153 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share and per Class T share of common stock. The quarterly distribution on Class T shares of common stock is reduced by the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares issued in the primary portion of the Initial Public Offering only. Refer to “Note 11” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its Equity Incentive Plan and its Private Placement Equity Incentive Plan for the six months ended June 30, 2017 is as follows: Weighted-Average Fair Value (shares in thousands) Shares per Share Nonvested shares at January 1, 2017 (1) 110 $ 10.94 Granted (2) 151 $ 11.01 Vested (3) (69 ) $ 10.90 Forfeited — — Nonvested shares at June 30, 2017 192 $ 11.01 (1) Nonvested shares granted to non-senior executive employees of the Advisor were remeasured to estimated fair value based on the offering price of $11.01 per Class A share that took effect on January 1, 2017. (2) The weighted-average fair value is based on the offering price of $11.01 per Class A share in effect on the respective grant date. (3) Shares vested during the six months ended June 30, 2017 include: shares granted to the Company’s board of directors, which have an estimated fair value based on the offering price per Class A share in effect on the respective grant date, and shares granted to non-senior executive employees of the Advisor, which were remeasured as described above
Components of Share-Based Compensation	The following table summarizes other share-based compensation data: For the Three Months Ended For the Six Months Ended (in thousands, except per share data) 2017 2016 2017 2016 Share-based compensation expense $ 264 $ 177 $ 737 $ 566 Total fair value of restricted stock vested $ 140 $ 144 $ 756 $ 494 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 11.01 $ 10.44 $ 11.01 $ 10.44 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Three Months Ended For the Six Months Ended Payable as of June 30, December 31, (in thousands) 2017 2016 2017 2016 Expensed: Acquisition fees (1) $ — $ 10,019 $ — $ 17,148 $ — $ — Asset management fees (2) 5,503 4,146 10,886 7,541 73 1,745 Asset management fees related to dispositions (3) — — 409 1,466 — 1,015 Other expense reimbursements (4) 1,090 697 2,261 1,587 305 383 Total $ 6,593 $ 14,862 $ 13,556 $ 27,742 $ 378 $ 3,143 Capitalized: Acquisition fees (1) $ 1,080 $ — $ 3,042 $ — $ 196 $ — Development acquisition fees (5) 29 39 71 155 — 14 Total $ 1,109 $ 39 $ 3,113 $ 155 $ 196 $ 14 Additional Paid-In Capital: Sales commissions $ 2,606 $ 3,230 $ 4,269 $ 9,988 $ 225 $ — Dealer manager fees 1,785 2,192 2,883 6,363 304 1 Offering costs 1,856 2,015 3,731 4,585 746 984 Distribution fees (6) 3,587 20,653 5,544 21,275 29,926 27,419 Total $ 9,834 $ 28,090 $ 16,427 $ 42,211 $ 31,201 $ 28,404 (1) See “Note 1” for detail on the new accounting standard we adopted effective January 1, 2017 and “Note 2” for a description of the accounting policy regarding acquisition costs. (2) Includes asset management fees other than asset management fees related to dispositions. (3) Fees are netted against the respective gain and are included in the related net gain amount on the condensed consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $1.0 million and $0.7 million for the three months ended June 30, 2017 and 2016 , respectively, and $ 2.2 million and $ 1.5 million for the six months ended June 30, 2017 and 2016 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s condensed consolidated balance sheets. (6) The distribution fees accrue daily and are payable monthly in arrears. As of June 30, 2017 , the monthly amount of distribution fees payable of $0.6 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of June 30, 2017 , the future estimated amounts payable of $29.4 million are included in due to affiliates on the condensed consolidated balance sheets.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees deferred or waived or expenses supported by the Advisor pursuant to the Expense Support Agreement, as well as any amounts reimbursed to the Advisor by the Company: For the Three Months Ended For the Six Months Ended (in thousands) 2017 2016 2017 2016 Asset management fees waived $ — $ — $ — $ 267 Other expenses supported — — — — Reimbursement of previously deferred amounts — (1,431 ) — (1,431 ) Total expense repayment to Advisor $ — $ (1,431 ) $ — $ (1,164 )

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	Jun. 30, 2017USD ($)
ASU 2017-01
Basis of Presentation [Line Items]
Acquisition costs	$ 4.1

Real Estate Acquisitions - Addi

Real Estate Acquisitions - Additional Information (Detail)	Jun. 30, 2017
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%

Real Estate Acquisitions - Summ

Real Estate Acquisitions - Summary of Business Acquisitions (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Building
Business Acquisition [Line Items]
Number of Buildings | Building	14
Land	$ 46,109
Building	96,153
Intangible Lease Assets	10,330
Above Market Lease Assets	0
Below Market Lease Liabilities	(2,461)
Total Purchase Price	$ 150,131
South Bay Distribution Center
Business Acquisition [Line Items]
Acquisition Date	Jan. 4, 2017
Number of Buildings | Building	1
Land	$ 9,334
Building	2,928
Intangible Lease Assets	0
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 12,262
Tempe Business Center
Business Acquisition [Line Items]
Acquisition Date	Jan. 5, 2017
Number of Buildings | Building	1
Land	$ 3,009
Building	5,993
Intangible Lease Assets	1,031
Above Market Lease Assets	0
Below Market Lease Liabilities	(258)
Total Purchase Price	$ 9,775
Corona Industrial Center
Business Acquisition [Line Items]
Acquisition Date	Jan. 12, 2017
Number of Buildings | Building	1
Land	$ 4,322
Building	4,684
Intangible Lease Assets	730
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 9,736
Sycamore Industrial Center
Business Acquisition [Line Items]
Acquisition Date	Jan. 13, 2017
Number of Buildings | Building	3
Land	$ 4,556
Building	11,765
Intangible Lease Assets	0
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 16,321
Oakesdale Commerce Center
Business Acquisition [Line Items]
Acquisition Date	Feb. 8, 2017
Number of Buildings | Building	1
Land	$ 2,234
Building	4,098
Intangible Lease Assets	501
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 6,833
Airways Distribution Center
Business Acquisition [Line Items]
Acquisition Date	Feb. 24, 2017
Number of Buildings | Building	2
Land	$ 5,461
Building	28,840
Intangible Lease Assets	3,791
Above Market Lease Assets	0
Below Market Lease Liabilities	(1,041)
Total Purchase Price	$ 37,051
Tuscany Industrial Center
Business Acquisition [Line Items]
Acquisition Date	Mar. 23, 2017
Number of Buildings | Building	1
Land	$ 1,928
Building	4,462
Intangible Lease Assets	839
Above Market Lease Assets	0
Below Market Lease Liabilities	(316)
Total Purchase Price	$ 6,913
Lanham Distribution Center
Business Acquisition [Line Items]
Acquisition Date	May 11, 2017
Number of Buildings | Building	1
Land	$ 4,106
Building	9,448
Intangible Lease Assets	0
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 13,554
Trade Zone Industrial Center
Business Acquisition [Line Items]
Acquisition Date	May 15, 2017
Number of Buildings | Building	1
Land	$ 945
Building	2,439
Intangible Lease Assets	469
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 3,853
Addison Distribution Center
Business Acquisition [Line Items]
Acquisition Date	Jun. 14, 2017
Number of Buildings | Building	1
Land	$ 8,030
Building	14,883
Intangible Lease Assets	1,740
Above Market Lease Assets	0
Below Market Lease Liabilities	(846)
Total Purchase Price	$ 23,807
Rampart Industrial Center
Business Acquisition [Line Items]
Acquisition Date	Jun. 29, 2017
Number of Buildings | Building	1
Land	$ 2,184
Building	6,613
Intangible Lease Assets	1,229
Above Market Lease Assets	0
Below Market Lease Liabilities	0
Total Purchase Price	$ 10,026

Real Estate Acquisitions - Su32

Real Estate Acquisitions - Summary of Business Acquisitions (Footnote Information) (Detail) $ in Millions	Jun. 30, 2017USD ($)
ASU 2017-01
Business Acquisition [Line Items]
Acquisition costs	$ 4.1

Real Estate Acquisitions - Weig

Real Estate Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	6 Months Ended
	Jun. 30, 2017
South Bay Distribution Center
Business Acquisition [Line Items]
Amortization Period	0 years
Tempe Business Center
Business Acquisition [Line Items]
Amortization Period	9 years 9 months 18 days
Corona Industrial Center
Business Acquisition [Line Items]
Amortization Period	7 years 1 month 6 days
Sycamore Industrial Center
Business Acquisition [Line Items]
Amortization Period	0 years
Oakesdale Commerce Center
Business Acquisition [Line Items]
Amortization Period	10 years 1 month 6 days
Airways Distribution Center
Business Acquisition [Line Items]
Amortization Period	5 years 10 months 9 days
Tuscany Industrial Center
Business Acquisition [Line Items]
Amortization Period	4 years 6 months
Lanham Distribution Center
Business Acquisition [Line Items]
Amortization Period	0 years
Trade Zone Industrial Center
Business Acquisition [Line Items]
Amortization Period	4 years 4 months 26 days
Addison Distribution Center
Business Acquisition [Line Items]
Amortization Period	6 years 4 months 26 days
Rampart Industrial Center
Business Acquisition [Line Items]
Amortization Period	12 years 1 day

Real Estate Dispositions - Addi

Real Estate Dispositions - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017USD ($)Building	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building	4
Net proceeds from sale of industrial buildings to third-parties	$ 15,400
Total disposition fees and expenses	800
Net gain on disposition of real estate properties	100	$ 56	$ 0	$ 131	$ 0
Advisor
Real Estate Properties [Line Items]
Total disposition fees	$ 400

Investment in Real Estate Pro35

Investment in Real Estate Properties - Additional Information (Detail) - Building	Jun. 30, 2017	Dec. 31, 2016
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	225	215

Investment in Real Estate Pro36

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 730,389	$ 684,280
Building and improvements	1,793,730	1,686,929
Gross	233,819	219,512
Construction in progress	16,895	13,843
Investment in real estate properties	2,774,833	2,604,564
Less accumulated depreciation and amortization	(181,922)	(126,235)
Net investment in real estate properties	$ 2,592,911	$ 2,478,329

Investment in Real Estate Pro37

Investment in Real Estate Properties - Investment in Properties (Footnote Information) (Detail) $ in Millions	Jun. 30, 2017USD ($)
ASU 2017-01
Real Estate Properties [Line Items]
Acquisition costs	$ 4.1

Investment in Real Estate Pro38

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 233,819	$ 219,512
Below Market Lease [Roll Forward]
Gross	(33,284)	(30,929)
Accumulated Amortization	10,858	7,798
Net Total	(22,426)	(23,131)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	222,668	208,361
Accumulated Amortization	(82,532)	(59,226)
Net	140,136	149,135
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	11,151	11,151
Accumulated Amortization	(4,212)	(3,143)
Net	$ 6,939	$ 8,008

Investment in Real Estate Pro39

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Remainder of 2017	$ (3,043)
2,018	(5,247)
2,019	(4,213)
2,020	(3,339)
2,021	(2,547)
Thereafter	(4,037)
Net Total	(22,426)	$ (23,131)
Intangible lease assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2017	21,694
2,018	35,953
2,019	26,176
2,020	18,724
2,021	13,336
Thereafter	24,253
Net	140,136	149,135
Above-market lease assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2017	999
2,018	1,741
2,019	1,123
2,020	803
2,021	724
Thereafter	1,549
Net	$ 6,939	$ 8,008

Investment in Real Estate Pro40

Investment in Real Estate Properties - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 1,975	$ 2,424	$ 4,327	$ 4,200
Above-market lease amortization	(500)	(606)	(1,069)	(1,153)
Below-market lease amortization	1,562	1,276	3,167	2,382
Real Estate-Related Depreciation and Amortization:
Depreciation expense	15,863	11,401	31,312	20,599
Intangible lease asset amortization	$ 11,326	$ 11,736	$ 23,400	$ 20,837

INVESTMENT IN UNCONSOLIDATED 41

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Investment in Unconsolidated Joint Ventures (Detail) $ in Thousands	Jun. 30, 2017USD ($)Building	Dec. 31, 2016USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building	37	27
Investment in unconsolidated joint ventures | $	$ 91,599	$ 69,695
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	20.00%	20.00%
Number of buildings | Building	32	27
Investment in unconsolidated joint ventures | $	$ 88,654	$ 69,695
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	13.00%	0.00%
Number of buildings | Building	5	0
Investment in unconsolidated joint ventures | $	$ 2,945	$ 0

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,329,880	$ 1,298,880
Less unamortized debt issuance costs	(9,830)	(10,238)
Total debt, net	1,320,050	1,288,642
Gross book value of properties encumbered by debt	$ 1,148,030	$ 986,818
Weighted-average effective interest rate	2.99%	2.94%
Line of Credit
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 107,000	$ 181,000
Weighted-average effective interest rate	2.29%	2.44%
Term Loan Due January 2021
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 350,000	$ 350,000
Weighted-average effective interest rate	2.50%	2.65%
Term Loan Due May 2022
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 150,000	$ 150,000
Weighted-average effective interest rate	2.83%	2.67%
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 722,880	$ 617,880
Weighted-average effective interest rate	3.36%	3.31%

Debt - Summary of Debt (Footnot

Debt - Summary of Debt (Footnote Information) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted-average remaining term of debt	5 years 4 months 26 days
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980
Line of Credit
Debt Instrument [Line Items]
Unused portions of line of credit	393,000
Amount available under line of credit	$ 312,600
Line of Credit | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.40%
Line of Credit | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.30%
Line of Credit | Based On Alternative Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.40%
Line of Credit | Based On Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.30%
Line of Credit | Interest rate swaps | Fixed Interest Rate
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 107,000
Term Loan Due January 2021 | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.35%
Term Loan Due January 2021 | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.20%
Term Loan Due January 2021 | Based On Alternative Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.35%
Term Loan Due January 2021 | Based On Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.20%
Term Loan Due May 2022 | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.60%
Term Loan Due May 2022 | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.50%
Term Loan Due May 2022 | Based On Alternative Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.60%
Term Loan Due May 2022 | Based On Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.50%
Term Loan Due May 2022 | Interest rate swaps | Fixed Interest Rate
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 43,000
Fixed-Rate Mortgage Notes | Minimum
Debt Instrument [Line Items]
Interest rate margin	2.94%
Fixed-Rate Mortgage Notes | Maximum
Debt Instrument [Line Items]
Interest rate margin	3.65%
Variable-Rate Mortgage Note | Interest rate swaps | Fixed Interest Rate
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 97,000	$ 97,000

Debt - Principal Payments Due o

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Remainder of 2017	$ 0
2,018	1,354
2,019	2,191
2,020	122,259
2,021	356,047
Thereafter	848,029
Total principal payments	1,329,880	$ 1,298,880
Line of Credit
Debt Instrument [Line Items]
Remainder of 2017	0
2,020	107,000
Total principal payments	107,000	181,000
Term Loans
Debt Instrument [Line Items]
Remainder of 2017	0
2,021	350,000
Thereafter	150,000
Total principal payments	500,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2017	0
2,018	1,354
2,019	2,191
2,020	15,259
2,021	6,047
Thereafter	698,029
Total principal payments	$ 722,880	$ 617,880

Debt - Principal Payments Due45

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Footnote Information) (Detail)	Jun. 30, 2017Extension
Debt Disclosure [Abstract]
Number of one-year line of credit extension options	1

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)agreements	Jun. 30, 2017USD ($)agreements	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Number of interest rate swap agreements outstanding | agreements	11	11
Hedge ineffectiveness	$ 0	$ 0
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980,000	$ 596,980,000
Forecast
Debt Instrument [Line Items]
Hedge ineffectiveness			$ 0

Debt - Summary of Location and

Debt - Summary of Location and Fair Value of Cash Flow Hedges (Detail) - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 596,980
Other assets
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 13,337	$ 14,091

Debt - Effect of Derivative Ins

Debt - Effect of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive loss	$ (2,304)	$ (4,543)	$ (754)	$ (6,595)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI (effective portion)	(2,218)	(4,999)	(863)	(7,405)
(Income) loss reclassified from AOCI into income (effective portion)	(86)	456	109	810
Net other comprehensive loss	$ (2,304)	$ (4,543)	$ (754)	$ (6,595)

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Derivative instruments	$ 13,337	$ 14,091
Total assets measured at fair value	13,337	14,091
Level 2
Assets
Derivative instruments	13,337	14,091
Total assets measured at fair value	$ 13,337	$ 14,091

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	Jun. 30, 2017USD ($)
Fair Value Disclosures [Abstract]
Financial instruments transferred among fair value hierarchy levels	$ 0
Non financial assets or liabilities at fair value on recurring basis	$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Carrying Value [Member]
Assets
Derivative instruments	$ 13,337,000	$ 14,091,000
Liabilities
Line of credit	107,000,000	181,000,000
Term loans	500,000,000	500,000,000
Mortgage notes	722,880,000	617,880,000
Fair Value [Member]
Assets
Derivative instruments	13,337,000	14,091,000
Liabilities
Line of credit	107,000,000	181,000,000
Term loans	500,000,000	500,000,000
Mortgage notes	$ 709,509,000	$ 597,187,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail) - USD ($)	Jun. 30, 2017	Jan. 01, 2017	Nov. 30, 2016	Aug. 14, 2015	Jun. 30, 2015	Sep. 27, 2012
Stockholders' Equity Detail [Line Items]
Estimated net asset value per share (usd per share)			$ 9.74		$ 9.24
Class A
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares (usd per share)	$ 11.01	$ 11.0056		$ 10.4407
Offering price of common stock per share, DRIP shares (usd per share)		9.74		9.9187
Class T
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares (usd per share)		10.3617		9.8298
Offering price of common stock per share, DRIP shares (usd per share)		$ 9.74		$ 9.8298
Initial Public Offering
Stockholders' Equity Detail [Line Items]
Maximum dollar value of common stock in public offering						$ 2,000,000,000
Dollar value of common stock in offering, primary shares				$ 1,500,000,000
Dollar value of common stock in offering, DRIP shares				$ 500,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,743,511
Number of shares sold | shares	173,439
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,679,041
Number of shares sold | shares	166,862
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 64,470
Number of shares sold | shares	6,577
Class A
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,063,542
Number of shares sold | shares	104,755
Class A | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,014,668
Number of shares sold | shares	99,772
Class A | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 48,874
Number of shares sold | shares	4,983
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 679,969
Number of shares sold | shares	68,684
Class T | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 664,373
Number of shares sold | shares	67,090
Class T | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,596
Number of shares sold | shares	1,594

Stockholders' Equity - Summar54

Stockholders' Equity - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,205,970
Redemptions of common stock, shares	(769,000)	(169,000)
Redemptions of common stock	$ (7,396)	$ (1,644)
Ending balance	$ 1,290,497
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	99,374,000
Ending balance, shares	104,112,000
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	58,032,000
Ending balance, shares	68,584,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	157,406,000
Beginning balance	$ 1,574
Issuance of common stock, Primary shares, shares	13,286,000
Issuance of common stock, Primary shares	$ 133
Issuance of common stock, DRIP, shares	2,230,000
Issuance of common stock, DRIP	$ 22
Issuance of common stock, Stock grants, shares	151,000
Issuance of common stock, Stock grants	$ 2
Redemptions of common stock, shares	(377,000)
Redemptions of common stock	$ (4)
Forfeitures of common stock, shares	0
Forfeitures of common stock	$ 0
Ending balance, shares	172,696,000
Ending balance	$ 1,727
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	99,374,000
Beginning balance	$ 994
Issuance of common stock, Primary shares, shares	3,486,000
Issuance of common stock, Primary shares	$ 35
Issuance of common stock, DRIP, shares	1,418,000
Issuance of common stock, DRIP	$ 14
Issuance of common stock, Stock grants, shares	151,000
Issuance of common stock, Stock grants	$ 2
Redemptions of common stock, shares	(317,000)
Redemptions of common stock	$ (3)
Forfeitures of common stock, shares	0
Forfeitures of common stock	$ 0
Ending balance, shares	104,112,000
Ending balance	$ 1,042
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	58,032,000
Beginning balance	$ 580
Issuance of common stock, Primary shares, shares	9,800,000
Issuance of common stock, Primary shares	$ 98
Issuance of common stock, DRIP, shares	812,000
Issuance of common stock, DRIP	$ 8
Issuance of common stock, Stock grants, shares	0
Issuance of common stock, Stock grants	$ 0
Redemptions of common stock, shares	(60,000)
Redemptions of common stock	$ (1)
Forfeitures of common stock, shares	0
Forfeitures of common stock	$ 0
Ending balance, shares	68,584,000
Ending balance	$ 685

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - Cash Distributions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Stockholders' Equity [Line Items]
Payment Date	Jul. 6, 2017	Apr. 5, 2017	Jan. 5, 2017	Oct. 5, 2016	Jul. 5, 2016	Apr. 4, 2016
Declared per Common Share (usd per share)	$ 0.1425	$ 0.1425	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.13515
Paid in Cash	$ 10,358	$ 9,906	$ 8,840	$ 8,147	$ 7,534	$ 6,788	$ 20,264	$ 31,309
Reinvested in Shares	11,859	11,443	10,271	9,638	9,042	8,040	23,302	36,991
Distributions Fees	1,630	1,495	1,286	1,069	876	622	3,125	3,853
Total Distributions	$ 23,847	$ 22,844	$ 20,397	$ 18,854	$ 17,452	$ 15,450	$ 46,691	$ 72,153

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Equity [Abstract]
Number of eligible shares redeemed	769	169
Aggregate amount of shares redeemed	$ 7,396	$ 1,644
Average redemption price per share (usd per share)	$ 9.62	$ 9.71

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Detail) - Restricted Stock - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Shares
Nonvested Shares at Beginning of Period			110
Shares, Granted			151
Shares, Vested			(69)
Shares, Forfeited			0
Nonvested Shares at End of Period	192		192
Weighted-Average Fair Value per Share
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period (usd per share)			$ 10.94
Weighted-Average Fair Value per Share, Granted (usd per share)	$ 11.01	$ 10.44	11.01	$ 10.44
Weighted-Average Fair Value per Share, Vested (usd per share)			10.90
Weighted-Average Fair Value per Share, Forfeited (usd per share)			0
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period (usd per share)	$ 11.01		$ 11.01

SHARE-BASED COMPENSATION - Su58

SHARE-BASED COMPENSATION - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Footnote Information) (Detail) - $ / shares	Jun. 30, 2017	Jan. 01, 2017	Aug. 14, 2015
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock per share, primary shares (usd per share)	$ 11.01	$ 11.0056	$ 10.4407

SHARE-BASED COMPENSATION - Comp

SHARE-BASED COMPENSATION - Components of Share-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 264	$ 177	$ 737	$ 566
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 140	$ 144	$ 756	$ 494
Weighted-average grant date fair value of restricted stock granted, per share (usd per share)	$ 11.01	$ 10.44	$ 11.01	$ 10.44

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail) - Restricted Stock $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses related to restricted stock	$ 1.5
Weighted-average years to recognize compensation expense	1 year

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017
Advisor
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Acquisition fees - percent of total project costs for real estate properties acquired in the development stage	4.00%
Asset management fees - monthly percentage of aggregate cost or investment of any interest in any other real estate related entity or any type of debt investment or other investment	0.06667%
Asset management fees – monthly percentage of aggregate cost of each real estate property asset located in the U.S.	0.06667%
Asset management fees - monthly percentage of aggregate cost of each real estate property asset located outside U.S.	0.10%
Asset management fees - disposition percentage	2.50%
Advisor | Debt Investment or Other Investment
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	1.00%
Advisor | Advisory Agreement
Related Party Transaction [Line Items]
Advisory agreement period	1 year
Advisor | Interest in Other Real Estate-Related Entity
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Advisor | Advisor or Its Affiliates
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds	2.00%
Advisor | Proportionate Share of Property Owned By Real Estate Related Entity | Property Owned By Real Estate-Related Entity
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Dealer Manager | Class A
Related Party Transaction [Line Items]
Sales commission fees - percent of gross proceeds	7.00%
Dealer manager fees - percent of gross proceeds	2.50%
Dealer Manager | Class T
Related Party Transaction [Line Items]
Sales commission fees - percent of gross proceeds	2.00%
Dealer manager fees - percent of gross proceeds	2.00%
Annual distribution fee percentage	1.00%
Dealer Manager | Class T | Maximum
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds	10.00%
Percentage of underwriting compensation - total gross investment	10.00%

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Expensed:
Acquisition fees, incurred	$ 0	$ 10,019	$ 0	$ 17,148
Asset management fees, incurred	5,503	4,146	10,886	7,541
Advisor
Capitalized:
Acquisition fees, incurred	1,080	0	3,042	0
Development acquisition fees, incurred	29	39	71	155
Total	1,109	39	3,113	155
Acquisition fees, payable	196		196		$ 0
Development acquisition fees, payable	0		0		14
Total	196		196		14
Dealer Manager
Additional Paid-In Capital:
Sales commissions, incurred	2,606	3,230	4,269	9,988
Dealer manager fees, incurred	1,785	2,192	2,883	6,363
Distribution fees, incurred	3,587	20,653	5,544	21,275
Sales commissions, payable	225		225		0
Dealer manager fees, payable	304		304		1
Distribution fees, payable	29,926		29,926		27,419
Advisor or Its Affiliates
Expensed:
Acquisition fees, incurred	0	10,019	0	17,148
Asset management fees, incurred	5,503	4,146	10,886	7,541
Asset management fees related to dispositions	0	0	409	1,466
Other expense reimbursements, incurred	1,090	697	2,261	1,587
Total	6,593	14,862	13,556	27,742
Acquisition fees, payable	0		0		0
Asset management fees, payable	73		73		1,745
Asset management fees related to dispositions, payable	0		0		1,015
Other expense reimbursements, payable	305		305		383
Total	378		378		3,143
Additional Paid-In Capital:
Offering costs, incurred	1,856	2,015	3,731	4,585
Offering costs, payable	746		746		984
Advisor or Its Affiliates | Dealer Manager
Additional Paid-In Capital:
Total	9,834	$ 28,090	16,427	$ 42,211
Total	$ 31,201		$ 31,201		$ 28,404

RELATED PARTY TRANSACTIONS - 63

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Footnote Information) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Monthly amount of distribution fees payable	$ 600		$ 600
Future estimated distribution fees payable			29,372	$ 19,777
Advisor or Its Affiliates
Related Party Transaction [Line Items]
Other expense reimbursements for compensation costs	$ 1,000	$ 700	$ 2,200	$ 1,500

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Agreement - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from affiliates	$ 1,395		$ 1,395		$ 30
Advisor | Joint Venture Agreement | BTC Partnership
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	1,700	$ 700	2,500	$ 1,200
Due from affiliates	$ 1,300		$ 1,300

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement - Additional Information (Detail) - Advisor - Expense Support Agreement - USD ($) $ / shares in Units, $ in Millions	3 Months Ended					6 Months Ended		9 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2014	Jun. 30, 2017	Jun. 30, 2014	Jun. 30, 2015
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount (usd per share)	$ 0.0013515	$ 0.0013515	$ 0.0013515	$ 0.13515	$ 0.11875		$ 0.11250	$ 0.1250
Expense support agreement paid and deferred amount						$ 5.4
Maximum limit on payments under expense support agreement						30
Aggregate amount paid by the Advisor pursuant to the expense support agreement						7.4
Expense support payments reimbursed						$ 5.4
Termination notice period for expense support agreement						30 days
Expense support agreement effective through, date						Jun. 30, 2018

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Total expense support from (repayment to) Advisor	$ 0	$ (1,431)	$ 0	$ (1,164)
Advisor | Expense Support Agreement
Related Party Transaction [Line Items]
Asset management fees waived	0	0	0	267
Other expenses supported	0	0	0	0
Reimbursement of previously deferred amounts	0	(1,431)	0	(1,431)
Total expense support from (repayment to) Advisor	$ 0	$ (1,431)	$ 0	$ (1,164)