Industrial Property Trust 10-K 9 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	INDUSTRIAL PROPERTY TRUST INC.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Class of Stock [Line Items]
Entity Public Float			$ 0
Class A [Member]
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		105,402,693
Class T [Member]
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		70,367,399

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Net investment in real estate properties	$ 2,706,344	$ 2,478,329
Investment in unconsolidated joint ventures	106,631	69,695
Cash and cash equivalents	5,397	8,358
Restricted cash	65	80
Straight-line and tenant receivables, net	23,643	15,565
Due from affiliates	907	30
Other assets	22,560	23,251
Assets held for sale	0	15,625
Total assets	2,865,547	2,610,933
Liabilities
Accounts payable and accrued liabilities	21,668	21,912
Debt, net	1,489,145	1,288,642
Due to affiliates	26,641	31,006
Distributions payable	23,757	19,609
Other liabilities	44,866	43,527
Liabilities related to assets held for sale	0	267
Total liabilities	1,606,077	1,404,963
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,561,749	1,402,611
Accumulated deficit	(320,897)	(212,807)
Accumulated other comprehensive income	16,872	14,091
Total stockholders' equity	1,259,469	1,205,469
Noncontrolling interests	1	501
Total equity	1,259,470	1,205,970
Total liabilities and equity	2,865,547	2,610,933
Class A [Member]
Stockholders' equity:
Common stock, value	1,046	994
Class T [Member]
Stockholders' equity:
Common stock, value	$ 699	$ 580

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars 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 [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	104,589,000	99,374,000
Common stock, shares outstanding	104,589,000	99,374,000
Class T [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	69,925,000	58,032,000
Common stock, shares outstanding	69,925,000	58,032,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental revenues	$ 223,358	$ 176,289	$ 51,134
Total revenues	223,358	176,289	51,134
Operating expenses:
Rental expenses	58,053	45,488	12,815
Real estate-related depreciation and amortization	111,649	96,629	28,225
General and administrative expenses	9,191	7,103	4,612
Asset management fees, related party	22,470	17,775	5,532
Acquisition expenses, related party	0	24,489	22,390
Acquisition expenses	0	12,420	9,432
Impairment of real estate property	0	2,672	0
Total operating expenses	201,363	206,576	83,006
Operating income (loss)	21,995	(30,287)	(31,872)
Other expenses (income):
Equity in (income) loss of unconsolidated joint ventures	(1,479)	535	2,011
Interest expense and other	41,750	28,726	7,037
Net gain on disposition of real estate properties	(44)	(1,428)	0
Net loss on sell down of joint venture ownership interest	0	64	0
Total other expenses	40,227	27,897	9,048
Total expenses before expense support	241,590	234,473	92,054
Total expense support from (repayment to) Advisor	0	(5,111)	3,370
Net expenses after expense support	241,590	239,584	88,684
Net loss	(18,232)	(63,295)	(37,550)
Net income attributable to noncontrolling interests	(85)	(31)	0
Net loss attributable to common stockholders	$ (18,317)	$ (63,326)	$ (37,550)
Weighted-average shares outstanding (in shares)	169,270	133,524	51,801
Net loss per common share-basic and diluted (in dollars per share)	$ (0.11)	$ (0.47)	$ (0.72)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (18,317)	$ (63,326)	$ (37,550)
Unrealized gain on derivative instruments, net	2,781	14,091	0
Comprehensive loss attributable to common stockholders	$ (15,536)	$ (49,235)	$ (37,550)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2014	$ 186,879	$ 230	$ 203,806	$ (17,158)	$ 0	$ 1
Beginning balance, shares at Dec. 31, 2014		23,030
Net income (loss)	(37,550)			(37,550)
Unrealized gain on derivative instruments	0
Issuance of common stock	806,170	$ 801	805,369
Issuance of common stock, shares		80,038
Share-based compensation	465		465
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(80,903)		(80,903)
Trailing offering costs, consisting of distribution fees	0		(148)	148
Redemptions of common stock	$ (1,034)	$ (1)	(1,033)
Redemptions of common stock, shares	(105)	(83)
Distributions declared on common stock	$ (26,621)			(26,621)
Ending balance at Dec. 31, 2015	847,406	$ 1,030	927,556	(81,181)	0	1
Ending balance, shares at Dec. 31, 2015		102,985
Net income (loss)	(63,295)			(63,326)		31
Unrealized gain on derivative instruments	14,091				14,091
Issuance of common stock	547,462	$ 550	546,912
Issuance of common stock, shares		55,048
Share-based compensation	933		933
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(36,104)		(36,104)
Trailing offering costs, consisting of distribution fees	(26,952)		(30,805)	3,853
Redemptions of common stock	$ (5,887)	$ (6)	(5,881)
Redemptions of common stock, shares	(605)	(627)
Preferred interest in Subsidiary REITs	$ 500					500
Distributions declared on common stock						(31)
Distributions on common stock and dividends on noncontrolling interest	(72,184)			(72,153)
Ending balance at Dec. 31, 2016	1,205,970	$ 1,574	1,402,611	(212,807)	14,091	501
Ending balance, shares at Dec. 31, 2016		157,406
Net income (loss)	(18,232)			(18,317)		85
Unrealized gain on derivative instruments	2,781				2,781
Issuance of common stock	194,109	$ 190	193,919
Issuance of common stock, shares		19,014
Share-based compensation	1,267		1,267
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(11,932)		(11,932)
Trailing offering costs, consisting of distribution fees	880		(5,790)	6,670
Redemptions of common stock	$ (18,845)	$ (19)	(18,326)			(500)
Redemptions of common stock, shares	(1,906)	(1,906)
Distributions on common stock and dividends on noncontrolling interest	$ (96,528)			(96,443)		(85)
Ending balance at Dec. 31, 2017	$ 1,259,470	$ 1,745	$ 1,561,749	$ (320,897)	$ 16,872	$ 1
Ending balance, shares at Dec. 31, 2017		174,514

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net loss	$ (18,232)	$ (63,295)	$ (37,550)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	111,649	96,629	28,225
Equity in (income) loss of unconsolidated joint ventures	(1,479)	535	2,011
Straight-line rent and amortization of above- and below-market leases	(12,118)	(12,636)	(5,266)
Net gain on disposition of real estate properties	(44)	(1,428)	0
Impairment of real estate property	0	2,672	0
Net loss on sell down of joint venture ownership interest	0	64	0
Other	3,804	3,030	1,693
Changes in operating assets and liabilities:
Tenant receivables and other assets	301	(3,466)	(1,456)
Accounts payable, accrued expenses and other liabilities	3,262	11,393	7,806
Due from / to affiliates, net	(3,494)	2,946	985
Net cash provided by (used in) operating activities	83,649	36,444	(3,552)
Investing activities:
Real estate acquisitions	(293,444)	(1,186,441)	(1,087,709)
Acquisition deposits	(834)	(3,875)	(15,187)
Proceeds from the disposition of real estate properties	15,340	53,772	0
Capital expenditures and development activities	(43,236)	(37,329)	(13,874)
Investment in unconsolidated joint ventures	(41,218)	(33,139)	(66,230)
Distributions from joint ventures	5,730	0	34,198
Net proceeds from sale of joint venture ownership interest	0	57,177	72,146
Net cash used in investing activities	(357,662)	(1,149,835)	(1,076,656)
Financing activities:
Proceeds from line of credit	360,000	851,000	665,000
Repayments of line of credit	(266,000)	(935,000)	(535,000)
Proceeds from mortgage note	105,000	506,480	100,000
Proceeds from term loan	0	250,000	150,000
Financing costs paid	(777)	(6,138)	(5,172)
Proceeds from issuance of common stock	146,217	508,166	777,184
Offering costs paid upon issuance of common stock	(10,740)	(29,372)	(59,004)
Distributions paid to common stockholders	(39,911)	(27,220)	(9,046)
Dividends paid on noncontrolling interests	(116)	0	0
Distribution fees paid	(6,525)	(3,496)	(38)
Redemptions of common stock	(16,111)	(3,600)	(826)
Net cash provided by financing activities	271,037	1,110,820	1,083,098
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,976)	(2,571)	2,890
Cash, cash equivalents and restricted cash, at beginning of period	8,438	11,009	8,119
Cash, cash equivalents and restricted cash, at end of period	$ 5,462	$ 8,438	$ 11,009

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The Company is a Maryland corporation formed on August 28, 2012. The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers. Creditworthiness does not necessarily mean that the Company’s customers will be investment grade and much of the Company’s customer base is currently comprised of and is expected to continue to be comprised of non-rated and non-investment grade customers. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, the charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2017 , the Company owned and managed, either directly or through its minority ownership interests in its joint ventures, a real estate portfolio that included 278 industrial buildings. The Company operates as one reportable segment comprised of industrial real estate. The Company currently operates and has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its taxable year ended December 31, 2013, and the Company intends to continue to operate in accordance with the requirements for qualification as a REIT. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through an operating partnership, Industrial Property Operating Partnership LP (the “Operating Partnership”), of which the Company is the sole general partner and a limited partner.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in the Company’s consolidated statement of cash flows for 2016 and 2015 have been reclassified to conform to the 2017 presentation. Due to a new accounting standard adopted for the period ending December 31, 2017, restricted cash and restricted cash equivalents have been reclassified to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. During 2017 , zero debt was assumed in connection with acquisitions, and during 2016, one debt instrument was assumed at a fair value of $11.4 million . Transaction costs associated with the acquisition of a property (including the acquisition fees paid to the Advisor and its affiliates) are capitalized as incurred and allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to the unconsolidated joint ventures for the years ended December 31, 2017 , 2016 , and 2015 . See “Note 6” for additional information regarding the unconsolidated joint ventures. Assets Held for Sale The Company classifies a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. See “ Note 7 ” for additional information regarding the assets held for sale. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less. Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2017 , and 2016 the Company’s allowance for doubtful accounts was approximately $0.3 million and $0.3 million , respectively. Derivative Instruments The Company records its derivative instruments in the consolidated balance sheets at fair value. The Company’s derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future cash flows, such as future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument that represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, are initially reported as other comprehensive income in the consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments in order to estimate the cash flows of the designated hedged item or transaction. The Company does not use derivative instruments for trading or speculative purposes. Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date. Accumulated amortization of debt issuance costs was approximately $5.4 million and $3.1 million as of December 31, 2017 and 2016 , respectively. The Company’s interest expense for the years ended December 31, 2017 , 2016 and 2015 included $2.3 million , $1.9 million and $1.1 million , respectively, of amortization of financing costs. Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2017 , 2016 and 2015 , approximately $2.5 million , $1.5 million and $0.5 million of interest was capitalized, respectively. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “ Note 13 ” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Noncontrolling interests also represent the portion of equity in the acquired subsidiary real estate investment trusts (“Subsidiary REITs”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheets as noncontrolling interests within permanent equity. See “Note 13” for additional information regarding the Subsidiary REITs. Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2017 , 2016 and 2015 , tenant reimbursement revenue recognized in rental revenues was approximately $52.9 million , $41.4 million and $11.5 million , respectively. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred to the purchaser and the Company no longer has substantial continuing involvement with the real estate that was sold. The Company recognizes losses from the disposition of real estate when known to the Company. Organization and Offering Expenses 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 equity 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 expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “ Note 13 ” for additional information regarding when organization and offering expenses become reimbursable. Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2017 , 2016 and 2015 . Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. 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, which the Company applied prospectively to all asset acquisitions. For the year ended December 31, 2017, $7.9 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 consolidated balance sheets under the new standard instead of expensed as in prior periods. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 and ASU 2016-18 are effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard effective for the period ended December 31, 2017. As required, the Company retrospectively applied the guidance in ASU 2016-18 to the prior periods presented, which resulted in a decrease of $1.2 million in net cash provided by operating activities and an increase of $2.3 million in net cash used in investing activities on the consolidated statements of cash flows for the year ended December 31, 2016, and an increase of $3.6 million in net cash used in operating activities on the consolidated statements of cash flows for the year ended December 31, 2015. The adoption of ASU 2016-15 did not have a significant impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2018. Rental revenues and certain tenant reimbursement revenue earned from leasing the Company’s operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). The revised lease accounting standard includes a package of practical expedients that allows an entity to avoid reassessing the accounting for lease components, including the allocations between lease and nonlease components in contracts restated under ASU 2014-09. The Company expects to elect this package of practical expedients, and accordingly will not reallocate contract consideration to lease components within the scope of the existing lease guidance when the Company adopts ASU 2014-09. Based on the Company’s analysis, the adoption of ASU 2014-09 will not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. Under the practical expedients election, the Company would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements, as well as result in the expensing of certain costs to negotiate and arrange lease agreements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. The Company also plans to adopt ASU 2018-01 when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. The Company’s initial analysis of its lease contracts indicates that the adoption of these standards will not have a material effect on its consolidated financial statements. The Company is still in the process of evaluating the impact of ASU 2016-02 and ASU 2018-02. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)” (“ASU 2017-05”), which clarifies the scope of Subtopic 610-20 and provides guidance relating to the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales. Upon adoption of ASU 2017-05, the Company will recognize, on a prospective basis, the entire gain attributed to partial sales when a controlling interest is sold to unconsolidated co-investment ventures rather than deferring a portion as is done under the current standard. For deferred gains from existing partial sales recorded prior to the adoption of the standard for completed contracts, the Company will continue to recognize these gains into earnings over the lives of the assets. Based on the Company’s analysis, the adoption of ASU 2017-05 will not have a material effect on its consolidated financial statements and the Company will adopt ASU 2017-05 in conjunction with ASU 2014-09 as of the reporting period beginning on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities.” The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. Based on the Company’s analysis, the adoption of ASU 2017-12 will not have a material effect on its consolidated financial statements.

REAL ESATE ACQUISITIONS

REAL ESATE ACQUISITIONS	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
REAL ESATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS For the years ended December 31, 2017 and December 31, 2016 , the Company allocated the purchase price of acquisitions to land, building, and intangible lease assets and liabilities as follows: For the Year Ended 2017 2016 Land $ 87,333 $ 289,547 Building 198,764 845,437 Intangible lease assets 14,808 93,858 Above-market lease assets 117 2,784 Below-market lease liabilities (2,763 ) (13,974 ) Total purchase price (1) $ 298,259 $ 1,217,652 (1) Total purchase price, which includes aggregate capitalized acquisition costs of $7.9 million for the year ended December 31, 2017 , is equal to the total consideration paid. As of December 31, 2016 , there were no acquisition costs capitalized. See “ Note 2 ” for details on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. The Company acquired 100% of the following properties during the years ended December 31, 2017 and 2016 : ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2017 Acquisitions: South Bay Distribution Center 1/4/2017 1 $ 12,262 Tempe Business Center 1/5/2017 1 9,775 Corona Industrial Center 1/12/2017 1 9,736 Sycamore Industrial Center 1/13/2017 3 16,321 Oakesdale Commerce Center 2/8/2017 1 6,833 Airways Distribution Center 2/24/2017 2 37,051 Tuscany Industrial Center 3/23/2017 1 6,913 Lanham Distribution Center 5/11/2017 1 13,554 Trade Zone Industrial Center 5/15/2017 1 3,853 Addison Distribution Center 6/14/2017 1 23,807 Rampart Industrial Center II 6/29/2017 1 10,026 Airpark Industrial Center 8/9/2017 1 7,472 Chandler Distribution Center 8/21/2017 1 10,534 Salt Lake City Distribution Center II 8/30/2017 1 8,239 360 Logistics Center 9/22/2017 3 65,988 Riverport Distribution Center 9/29/2017 1 10,498 Columbia Park Distribution Center 11/1/2017 3 45,397 Total 2017 Acquisitions 24 $ 298,259 ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2016 Acquisitions: Northwest Industrial Center 1/5/2016 3 $ 28,435 Golden State Portfolio 1/12/2016 4 15,297 Victory Industrial Portfolio (2) 1/13/2016 5 58,820 GSW Distribution Center 1/27/2016 1 17,003 National Distribution Portfolio 1/29/2016 7 114,500 Lehigh Valley Distribution Center II (3) 3/7/2016 1 27,893 Kent Industrial Portfolio 3/28/2016 4 31,497 Auburn 167 Industrial Center 4/14/2016 3 21,989 Corona Industrial Center 4/27/2016 1 20,393 National Distribution Portfolio II 5/19/2016 7 187,500 Carlisle Distribution Center 5/19/2016 1 28,849 Central Valley Portfolio 5/24/2016 3 41,444 Cheyenne Distribution Center 5/25/2016 1 30,167 Peoria Distribution Center 6/15/2016 1 21,249 Trade Port Distribution Center II 6/17/2016 2 52,300 Northeast Distribution Portfolio (4) 6/20/2016 2 29,400 Pinnacle Distribution Center II 6/22/2016 1 33,600 Southeast Industrial Portfolio (5) 7/11/2016 3 76,115 Alessandro Distribution Center 7/20/2016 1 47,373 Lakeside Distribution Center 7/26/2016 1 16,336 Billings Industrial Portfolio 8/5/2016 2 20,050 Marley Neck Distribution Center 8/8/2016 1 17,525 Lakeside Commerce Center 8/16/2016 4 44,099 Corona Industrial Center II 9/13/2016 1 17,444 Park West Distribution Center 11/8/2016 1 25,240 Exeter Portfolio 11/22/2016 2 26,349 Other acquisitions (6) Various 25 166,785 Total 2016 Acquisitions 88 $ 1,217,652 (1) Total purchase price, which includes aggregate capitalized acquisition costs of $7.9 million for the year ended December 31, 2017 , is equal to the total consideration paid. As of December 31, 2016 , there were no acquisition costs capitalized. See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. (2) In November 2016, two of the buildings in this portfolio were sold to a third party. See “ Note 4 ” for additional details on the dispositions. (3) Includes an additional land parcel acquisition in May 2016 for a purchase price of $0.4 million . (4) In December 2016, this portfolio was sold to a third party. See “ Note 4 ” for additional details on the dispositions. (5) Includes an acquisition with debt assumed at fair value of $11.4 million . (6) In February 2017, two of the buildings included in other acquisitions were sold to a third party. See “ Note 4 ” for additional details on the dispositions. 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 , as of the respective date of each acquisition, were 5.9 years .

REAL ESATE DISPOSITIONS

REAL ESATE DISPOSITIONS	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
REAL ESATE DISPOSITIONS	4. REAL ESTATE DISPOSITIONS During 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 $15.8 million . Total disposition fees and expenses were $0.8 million , of which $0.4 million was paid to the Advisor. All of these buildings were located in the Atlanta market. The Company recorded a total net gain of approximately $0.1 million related to the disposal of these properties. During 2016, the Company sold to third parties five industrial buildings for net proceeds of approximately $54.2 million . Total disposition fees and expenses were $2.8 million , of which $1.4 million was paid to the Advisor. Of these dispositions: (i) two buildings were located in the Atlanta market; (ii) one building was located in the San Antonio market; (iii) one building located in the Oklahoma City market; and (iv) one building was located in the Connecticut market. The Company recorded a total net gain of $1.4 million related to the disposal of these properties. Gains on the disposition of real estate properties are recorded when the recognition criteria have been met, generally at the time title is transferred, and the Company no longer has substantial continuing involvement with the real estate sold.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	5. INVESTMENT IN REAL ESTATE PROPERTIES As of December 31, 2017 and 2016 , the Company’s consolidated investment in real estate properties consisted of 235 and 215 industrial buildings, respectively. As of December 31, 2016, the Company had classified four industrial buildings as held for sale, which are not included in the following tables. See “ Note 7 ” below for additional information related to assets held for sale. As of (in thousands) December 31, 2017 December 31, 2016 Land $ 771,613 $ 684,280 Building and improvements 1,919,580 1,686,929 Intangible lease assets 239,190 219,512 Construction in progress 14,002 13,843 Investment in real estate properties (1) 2,944,385 2,604,564 Less accumulated depreciation and amortization (238,041 ) (126,235 ) Net investment in real estate properties $ 2,706,344 $ 2,478,329 (1) As of December 31, 2017 , the Company had capitalized approximately $7.9 million of acquisition costs. As of December 31, 2016, there were no acquisition costs capitalized. See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2017 and 2016 include the following: As of December 31, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 227,922 $ (103,979 ) $ 123,943 $ 208,361 $ (59,226 ) $ 149,135 Above-market lease assets (1) 11,268 (5,212 ) 6,056 11,151 (3,143 ) 8,008 Below-market lease liabilities (2) (33,278 ) 13,755 (19,523 ) (30,929 ) 7,798 (23,131 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2017 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2018 $ 37,859 $ 1,782 $ (5,287 ) 2019 27,245 1,126 (4,223 ) 2020 19,559 812 (3,331 ) 2021 14,080 733 (2,557 ) 2022 9,175 649 (1,636 ) Thereafter 16,025 954 (2,489 ) Total $ 123,943 $ 6,056 $ (19,523 ) Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2017 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base Rental Payments 2018 $ 165,035 2019 151,595 2020 127,369 2021 105,415 2022 77,596 Thereafter 151,822 Total $ 778,832 Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2017 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 7,815 $ 9,571 $ 3,868 Above-market lease amortization (2,068 ) (2,438 ) (742 ) Below-market lease amortization 6,371 5,503 2,140 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 64,985 $ 49,915 $ 14,593 Intangible lease asset amortization 46,664 46,714 13,632 Real Property Impairment For the year ended December 31, 2016, the Company recorded approximately $2.7 million of non-cash impairment charges related to four wholly-owned properties that it acquired as part of a portfolio purchase in the Atlanta market. Due to a change in management’s estimate of the intended hold period of these properties, the Company reevaluated the fair value of the properties and determined that the net book value of the properties exceeded the estimated future undiscounted cash flows and the estimated liquidation value less costs to sell the properties, resulting in the impairment. The Company determined that its impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “ Note 2 ” for further discussion of the fair value hierarchy. There were no impairment charges recorded for the years ended December 31, 2017 and 2015.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6. 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 its 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 December 31, 2017 December 31, 2016 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings December 31, December 31, BTC I Partnership 20% 33 20% 27 $ 97,359 $ 69,695 BTC II Partnership 13% 10 — — 9,272 — Total joint ventures 43 27 $ 106,631 $ 69,695

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
ASSETS HELD FOR SALE	7. ASSETS HELD FOR SALE As of December 31, 2016, the Company had four industrial buildings that met the criteria to be classified as held for sale. The following table summarizes the amounts held for sale as of December 31, 2016. The Company subsequently sold the buildings held for sale in February 2017. See “ Note 4 ” for additional information. The Company did not have any buildings that met the criteria to be classified as held for sale as of December 31, 2017. As of (in thousands) December 31, 2017 December 31, 2016 Real estate investment, net $ — $ 15,532 Straight-line receivables — 93 Assets held for sale $ — $ 15,625 Intangible lease liabilities, net — 110 Other liabilities — 157 Liabilities related to assets held for sale $ — $ 267

DEBT

DEBT	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT	8. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its line of credit, term loans and 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 Balance as of ($ in thousands) December 31, 2017 December 31, 2016 Maturity Date December 31, 2017 December 31, 2016 Line of credit (1) 2.81 % 2.44 % January 2020 $ 275,000 $ 181,000 Term loan (2) 2.65 2.65 January 2021 350,000 350,000 Term loan (3) 3.46 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) 3.10 % 2.94 % $ 1,497,880 $ 1,298,880 Less unamortized debt issuance costs $ (8,735 ) $ (10,238 ) Total debt, net $ 1,489,145 $ 1,288,642 Gross book value of properties encumbered by debt $ 1,153,150 $ 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 $150.0 million in borrowings under this line of credit. As of December 31, 2017 , the unused and available portions under the line of credit were both $225.0 million . 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. 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 December 31, 2017 and December 31, 2016 . The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (5) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.6 years as of December 31, 2017 , excluding any extension options on the line of credit. As of December 31, 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 2018 $ — $ — $ 1,354 $ 1,354 2019 — — 2,191 2,191 2020 275,000 — 15,259 290,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 Thereafter — — 614,450 614,450 Total principal payments $ 275,000 $ 500,000 $ 722,880 $ 1,497,880 (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 December 31, 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 December 31, 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 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 years ended December 31, 2017 , 2016 and 2015 , 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 consolidated balance sheets: Fair Value as of Notional Balance Sheet December 31, December 31, (in thousands) Interest rate swaps $ 596,980 Other assets $ 16,872 $ 14,091 The following table presents the effect of the Company’s cash flow hedges on the Company’s consolidated financial statements: For the Year Ended (in thousands) 2017 2016 2015 Interest rate swaps: Income recognized in AOCI (effective portion) $ 3,452 $ 12,217 $ — (Income) loss reclassified from AOCI into income (effective portion) (671 ) 1,874 — Net other comprehensive income $ 2,781 $ 14,091 $ —

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE	9. 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. (in thousands) Level 1 Level 2 Level 3 Total Fair Value December 31, 2017 Assets Derivative instruments $ — $ 16,872 $ — $ 16,872 Total assets measured at fair value $ — $ 16,872 $ — $ 16,872 December 31, 2016 Assets Derivative instruments $ — $ 14,091 $ — $ 14,091 Total assets measured at fair value $ — $ 14,091 $ — $ 14,091 As of December 31, 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 the Company’s financial instruments: 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 8 ” above for further discussion of the Company’s derivative instruments. Nonrecurring Fair Value Measurements As of December 31, 2017 and 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 December 31, 2017 As of December 31, 2016 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 275,000 $ 275,000 $ 181,000 $ 181,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 708,615 617,880 597,187 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. The fair values of cash and cash equivalents, tenant receivables, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values because of the short-term nature of these instruments. As such, these assets and liabilities are not listed in the carrying value and fair value table above.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company has concluded that there was no impact related to uncertain tax positions from the results of operations of the Company for the years ended December 31, 2017 , 2016 and 2015 . The U.S. is the major tax jurisdiction for the Company and the earliest tax year subject to examination by the taxing authority is 2012 . Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. The following table summarizes the information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended (unaudited) 2017 2016 2015 Ordinary income 33.05 % 29.13 % 71.88 % Non-taxable return of capital 52.10 70.87 28.12 Long-term capital gain 14.85 — — Total distribution 100.00 % 100.00 % 100.00 %

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	11. 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, (the “Dealer Manager”), a related party, has provided 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. 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 of its common stock pursuant to its distribution reinvestment plan at a price equal to its most recently determined NAV per share. The Company may terminate its distribution reinvestment plan offering at any time. On December 14, 2017, the Company’s board of directors unanimously approved an estimated NAV of our common stock of $11.11 per share based on the number of shares issued and outstanding as of November 30, 2017. Our valuation procedures and our NAV are not subject to GAAP and are not subject to independent audit . Accordingly, starting with distributions declared for the fourth quarter of 2017, which were paid in January 2018, participants in the Company’s distribution reinvestment plan will have their distributions reinvested in shares of the same class as the shares on which the distributions are made at a price equal to the most recently determined estimated NAV of $11.11 per share. 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 13 .” 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 December 31, 2017 , is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 1,016,951 $ 671,137 $ 1,688,088 DRIP 63,409 25,170 88,579 Total offering $ 1,080,360 $ 696,307 $ 1,776,667 Number of shares sold: Primary offering 99,982 67,758 167,740 DRIP 6,475 2,576 9,051 Total offering 106,457 70,334 176,791 Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Shares Shares Balance as of December 31, 2014 23,030 — 23,030 Issuance of common stock: Primary shares 60,578 18,390 78,968 DRIP shares 994 — 994 Stock grants 79 — 79 Redemptions (83 ) — (83 ) Forfeitures (3 ) — (3 ) Balance as of December 31, 2015 84,595 18,390 102,985 Issuance of common stock: Primary shares 12,797 38,900 51,697 DRIP shares 2,469 782 3,251 Stock grants 118 — 118 Redemptions (587 ) (40 ) (627 ) Forfeitures (18 ) — (18 ) Balance as of December 31, 2016 99,374 58,032 157,406 Issuance of common stock: Primary shares 3,696 10,468 14,164 DRIP 2,910 1,794 4,704 Stock grants 151 — 151 Redemptions (1,537 ) (369 ) (1,906 ) Forfeitures (5 ) — (5 ) Balance as of December 31, 2017 104,589 69,925 174,514 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 as of the dates set forth below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2017 December 31 $0.14250 $ 10,933 $ 12,212 $ 1,781 $ 24,926 September 30 0.14250 10,820 12,242 1,764 24,826 June 30 0.14250 10,349 11,868 1,630 23,847 March 31 0.14250 9,902 11,447 1,495 22,844 Total $ 42,004 $ 47,769 $ 6,670 $ 96,443 2016 December 31 $0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 September 30 0.13515 8,147 9,638 1,069 18,854 June 30 0.13515 7,534 9,042 876 17,452 March 31 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 distributions paid with respect to Class T shares of common stock are 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 Offering only. Refer to “ Note 13 ” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares. Redemptions Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock for cash at a price that may reflect a discount from the purchase price paid for the shares of common stock being redeemed. Shares of common stock must be held for a minimum of one year , subject to certain exceptions. The Company is not obligated to redeem shares of its common stock under the share redemption program. The Company presently limits the number of shares to be redeemed during any consecutive 12-month period to no more than five percent of the number of shares of common stock outstanding at the beginning of such 12-month period. The Company also limits redemptions in accordance with a quarterly cap. The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Percentage of Purchase Price Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0% The following table summarizes the Company’s redemption activity for the periods presented below: For the Year Ended December 31, (in thousands) 2017 2016 2015 Number of eligible shares redeemed 1,906 605 105 Aggregate amount of shares redeemed $ 18,345 $ 5,887 $ 1,034 Average redemption price per share $ 9.62 $ 9.73 $ 9.85

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Special Units In September 2012, the Operating Partnership issued 100 partnership units (“Special Units”) to the parent of the Advisor for consideration of $1,000 . The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. Amounts distributable to the holder of the Special Units will depend on operations and the amount of net sales proceeds received from asset dispositions or upon other events. In general, after holders of OP Units, in aggregate, have received cumulative distributions equal to their capital contributions plus a 6.5% cumulative, non-compounded annual pre-tax return on their net contributions, the holder of the Special Units and the holder of OP units will receive 15% and 85% , respectively, of the net sales proceeds received by the Operating Partnership upon the disposition of the Operating Partnership’s assets. In addition, the Special Units will be redeemed by the Operating Partnership, upon the earliest to occur of the following events: a “Liquidity Event” (as defined below); or the occurrence of certain events that result in the termination or non-renewal of the Advisory Agreement between the Advisor, the Company, and the Operating Partnership. A Liquidity Event is defined as (i) 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); (ii) a sale, merger or other transaction in which the Company’s stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company; or (iii) the sale of all or substantially all of the Company’s assets where the Company’s stockholders either receive, or have the option to receive, cash or other consideration. The Company has determined that the Special Units are: (i) not redeemable at a fixed or determinable amount on a fixed or determinable date, at the option of the holder, or (ii) redeemable only upon events that are solely within the Company’s control. As a result, the Company classifies the Special Units as noncontrolling interests within permanent equity. Subsidiary REITs During the year ended December 31, 2016, the Company acquired controlling interests in four Subsidiary REITs that each own one building for a total aggregate purchase price of approximately $106.3 million . The Company indirectly owned and controlled the respective managing member of each of the Subsidiary REITs. Noncontrolling interests represent the portion of equity in the Subsidiary REITs that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. The noncontrolling interests consisted of redeemable preferred shares with a 12.5% annual preferred dividend. Collectively, the Subsidiary REITs had 500 preferred shares issued and outstanding at a par value of $1,000 per share, for an aggregate amount of $0.5 million . The preferred shares were non-voting and had no rights to income or loss. On November 20, 2017, the preferred shares were redeemed by the respective Subsidiary REITs for $1,000 per share, plus accumulated and unpaid dividends and a redemption premium, for an aggregate amount of approximately $0.6 million . The Subsidiary REITs were subsequently dissolved.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. 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 fifth amended and restated advisory agreement, dated August 12, 2017, by and among the Company, the Operating Partnership, and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends August 12, 2018, 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 were payable to the Dealer Manager, all of which were reallowed to participating unaffiliated broker dealers, and were 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 were payable to the Dealer Manager, a portion of which were reallowed to unaffiliated participating broker dealers, and were 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, 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, which is the case as of the date of this report, 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 10.0% 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 10.0% 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 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. Property Management and Leasing Fees. Property management fees may be paid to the Property Manager in an amount equal to a market-based percentage of the annual gross revenues of the applicable property. For each property managed by the Property Manager and owned by the Company, the fee is expected to range from 2.0% to 5.0% of the annual gross revenues. The Company may also pay the Property Manager a separate fee for initially leasing-up its properties, for leasing vacant space in the Company’s real properties and for renewing or extending current leases on the Company’s real properties. Such initial leasing fee will be in an amount that is usual and customary for comparable services rendered to similar assets in the geographic market of the asset (generally expected to range from 2.0% to 8.0% of the projected first year’s annual gross revenues under the lease). 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: For the Year Ended Payable as of December 31, December 31, (in thousands) 2017 2016 2015 Expensed: Acquisition fees (1) $ — $ 24,489 $ 22,390 $ — $ — Asset management fees (2) 22,470 17,775 5,532 54 1,745 Asset management fees related to dispositions (3) 496 2,867 — — 1,015 Other expense reimbursements (4) 4,301 3,445 1,732 605 383 Total $ 27,267 $ 48,576 $ 29,654 $ 659 $ 3,143 Capitalized: Acquisition fees (1) $ 6,148 — — $ 132 — Development acquisition fees (5) 778 236 282 98 14 Total $ 6,926 $ 236 $ 282 $ 230 $ 14 Additional Paid-In Capital: Sales commissions $ 4,491 $ 16,321 $ 45,822 — — Dealer manager fees 3,026 10,981 19,033 — 1 Offering costs 4,415 8,802 16,048 116 984 Distribution fees (6) 5,790 30,805 148 26,684 27,419 Total $ 17,722 $ 66,909 $ 81,051 $ 26,800 $ 28,404 (1) See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. Amounts also include the Company’s proportionate share of acquisition fees relating to the joint ventures, which is included in investment in unconsolidated joint ventures on the Company’s consolidated balance sheets. (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 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, and is included in general and administrative expenses on the Company’s consolidated statements of operations. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to activities for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its consolidated statements of operations. The Company reimbursed the Advisor approximately $4.0 million , $3.0 million and $1.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, related to these 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 consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the joint ventures, which is included in investment in unconsolidated joint ventures on the Company’s consolidated balance sheets. (6) The distribution fees accrue daily and are payable monthly in arrears. As of December 31, 2017 and 2016 , the monthly amount of distribution fees payable of $0.6 million and $0.5 million , respectively, is included in distributions payable on the 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 December 31, 2017 and 2016, the future estimated amounts payable of $26.1 million and $27.0 million , respectively, are included in due to affiliates on the consolidated balance sheets, and includes an immaterial amount related to prior periods. Joint Ventures. Each of the BTC I Partnership and the BTC II Partnership (described in “ Note 6 ”) pay fees to a wholly-owned subsidiary of the Advisor that is a special limited partner in the respective joint venture for providing advisory services to the respective joint venture. These advisory services include acquisition and asset management services and, to the extent applicable, development management and development oversight services. In addition, the partnership agreements for the joint ventures contain procedures for making distributions to the parties, including incentive distributions to the special limited partner (which is a subsidiary of the Advisor), which are subject to certain return thresholds being achieved. The obligations of the subsidiaries of the Advisor to provide advisory services to the respective joint ventures will terminate upon termination of the Advisory Agreement with the exception that if the Advisory Agreement is terminated other than for “cause,” the respective subsidiaries of the Advisor will have the option, in their sole discretion, to seek to become the administrative general partner of the respective joint venture; subject to certain conditions. If the subsidiary of the Advisor is made the administrative general partner, then the subsidiary will continue to provide the advisory services and receive the same fees as those to which it was entitled prior to becoming the administrative general partner, but the subsidiary will not control or manage the respective joint venture. As a result of the payment of the fees to the respective subsidiaries of the Advisor by the respective joint ventures, the fees payable to the Advisor pursuant to the Advisory Agreement will be reduced by the product of (i) the fees actually paid to the subsidiaries, and (ii) the percentage interest of the respective joint venture owned by the Company or any entity in which the Company owns an interest. Accordingly, with respect to each joint venture, the aggregate of all fees paid to the respective subsidiary of the Advisor will not, with respect to the interests in the joint venture held by the Company or any entity in which the Company owns an interest, exceed the aggregate amounts otherwise payable to the Advisor pursuant to the Advisory Agreement. For the years ended December 31, 2017 and 2016 , and for the period from February 12, 2015 through December 31, 2015 , the joint ventures incurred in aggregate approximately $5.8 million , $3.6 million , and $2.6 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 of December 31, 2017 and 2016 , the Company had amounts payable from the joint ventures of approximately $0.8 million and $0.3 million , respectively, which were recorded in due to affiliates on the 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 December 31, 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 Year Ended (in thousands) 2017 2016 2015 Asset management fees waived $ — $ 267 $ 3,370 Other expenses supported — — — Reimbursement of previously deferred amounts — (5,378 ) — Total expense (repayment to) support from Advisor (1) $ — $ (5,111 ) $ 3,370 (1) No amounts were payable or receivable as of December 31, 2017 . As of December 31, 2016 , approximately $0.8 million of expense support was payable to the Company by the Advisor. Transactions with Affiliates In September 2012, the Company sold 20,000 shares of common stock to the Advisor at a price of $10.00 per share. The Company subsequently contributed $2,000 to IPT-GP Inc. (“IPT-GP”), which was a wholly-owned subsidiary of the Company and was the sole general partner of the Operating Partnership until March 2013, when IPT-GP was dissolved as described below. In September 2012, the Operating Partnership issued 19,800 Operating Partnership Units (“OP Units”) to the Company in exchange for $198,000 , representing an approximate 99% limited partner interest. In addition, IPT-GP contributed $2,000 to the Operating Partnership in exchange for 200 OP Units, representing an approximate 1% general partner interest. In March 2013, IPT-GP was dissolved and its 200 OP Units, representing the sole general partner interest in the Operating Partnership, were distributed to the Company as the sole stockholder of IPT-GP. As a result, the Company owns 20,000 OP Units and is the general partner and a limited partner of the Operating Partnership. The rights of the holders of OP Units are limited and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the Operating Partnership’s assets. Additionally, the Operating Partnership issued 100 Special Units to Industrial Property Advisors Group LLC, the parent of the Advisor, in exchange for $1,000 . These units are classified as noncontrolling interests. See “ Note 12 ” for additional information regarding the issuance of Special Units.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended (in thousands) 2017 2016 2015 Interest paid, net of capitalized interest $ 39,354 $ 25,235 $ 5,411 Mortgage notes assumed on real estate acquisitions — 11,400 — Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture — — 124,586 Distributions payable 23,757 19,609 10,304 Redemptions payable 4,729 2,495 208 Future estimated distribution fees payable 26,071 26,952 — Distributions reinvested in common stock 45,828 32,163 9,601 Non-cash capital expenditures 2,556 3,739 2,255 Restricted Cash Restricted cash consists of cash held in escrow in connection with certain financing requirements and tenant improvements. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows: For the Year Ended (in thousands) 2017 2016 2015 Beginning of period: Cash and cash equivalents $ 8,358 $ 7,429 $ 8,119 Restricted cash 80 3,580 — Cash, cash equivalents and restricted cash $ 8,438 $ 11,009 $ 8,119 End of period: Cash and cash equivalents $ 5,397 $ 8,358 $ 7,429 Restricted cash 65 80 3,580 Cash, cash equivalents and restricted cash $ 5,462 $ 8,438 $ 11,009

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. 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 December 31, 2017 .

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2017 Total revenues $ 54,572 $ 55,110 $ 56,686 $ 56,990 Total operating expenses $ (49,669 ) $ (49,135 ) $ (51,738 ) $ (50,821 ) Total other expenses $ (9,972 ) $ (9,896 ) $ (10,477 ) $ (9,882 ) Total expense support from (repayment to) Advisor $ — $ — $ — $ — Net loss $ (5,069 ) $ (3,921 ) $ (5,529 ) $ (3,713 ) Net loss attributable to common stockholders $ (5,085 ) $ (3,936 ) $ (5,545 ) $ (3,751 ) Net loss per common share - basic and diluted (1) $ (0.03 ) $ (0.02 ) $ (0.03 ) $ (0.02 ) Weighted-average shares outstanding 160,296 167,341 174,300 174,926 2016 Total revenues $ 33,252 $ 40,447 $ 50,207 $ 52,383 Total operating expenses $ (42,914 ) $ (54,901 ) $ (55,408 ) $ (53,353 ) Total other expenses $ (4,611 ) $ (5,772 ) $ (8,939 ) $ (8,575 ) Total expense support from (repayment to) Advisor $ 267 $ (1,431 ) $ (3,947 ) $ — Net loss $ (14,006 ) $ (21,657 ) $ (18,087 ) $ (9,545 ) Net loss attributable to common stockholders $ (14,006 ) $ (21,657 ) $ (18,102 ) $ (9,561 ) Net loss per common share - basic and diluted (1) $ (0.12 ) $ (0.17 ) $ (0.13 ) $ (0.06 ) Weighted-average shares outstanding 114,323 129,118 139,486 150,913 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS BTC II Partnership Sell Down On January 31, 2018, IPT BTC II LP LLC (the “IPT Limited Partner”) sold and assigned a portion of its ownership interest in the BTC II Partnership to the QuadReal Limited Partner in an amount equal to a 5.0% interest in the BTC II Partnership for a purchase price equal to approximately $4.2 million . Prior to the sale, the IPT Limited Partner owned a 13.0% interest in the BTC II Partnership and, after the sale, the IPT Limited Partner, together with IPT BTC II GP LLC owns an 8.0% interest in the BTC II Partnership.

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	INDUSTRIAL PROPERTY TRUST INC. SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Costs Capitalized or Adjustments Subsequent to Acquisition Gross Amount Carried as of Accumulated Depreciation and Amortization (4) Acquisition Date / Completion Date Depreciable Life (Years) ($ in thousands) # of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Land Buildings and Improvements (2) Total Costs (4) Consolidated Industrial Properties: West Valley Distribution Center in Kent, WA 1 $ — $ 3,051 $ 4,801 $ 7,852 $ 409 $ 3,051 $ 5,210 $ 8,261 $ (1,645 ) 1/15/2014 1-20 Century Distribution Center in Houston, TX 1 (1) 2,854 8,658 11,512 — 2,854 8,658 11,512 (1,080 ) 3/17/2014 1-40 Oakesdale Commerce Center in Renton, WA 1 — 1,483 2,518 4,001 94 1,483 2,612 4,095 (480 ) 3/28/2014 1-40 Medley Distribution Center in Medley, FL 1 — 1,090 2,970 4,060 128 1,090 3,098 4,188 (668 ) 5/9/2014 1-40 Rialto Distribution Center in Rialto, CA 1 (1) 6,575 13,375 19,950 73 6,575 13,448 20,023 (1,783 ) 6/6/2014 1-40 Palm Beach Commerce Center in Boca Raton, FL 1 — 1,425 5,775 7,200 37 1,425 5,812 7,237 (1,204 ) 6/20/2014 1-20 Windham Industrial Center in Romeoville, IL 1 (1) 2,808 8,092 10,900 832 2,808 8,924 11,732 (1,719 ) 6/30/2014 1-30 Corridor Industrial Center in Savage, MD 1 — 4,247 5,634 9,881 109 4,247 5,743 9,990 (1,236 ) 9/16/2014 1-20 O'Hare Distribution Center in Elmhurst, IL 1 (1) 11,140 15,810 26,950 8 11,140 15,818 26,958 (3,007 ) 9/17/2014 1-40 Lehigh Valley Commerce Center in Kutztown, PA 1 — 1,545 4,456 6,001 (1 ) 1,545 4,455 6,000 (771 ) 9/25/2014 1-30 Corridor Industrial Center II in Savage, MD 3 — 11,500 15,297 26,797 1,158 11,500 16,455 27,955 (4,147 ) 9/29/2014 1-20 Bolingbrook Industrial Center in Bolingbrook, IL 1 — 1,124 2,963 4,087 10 1,124 2,973 4,097 (935 ) 9/30/2014 1-20 Normal Junction Commerce Center in Tempe, AZ 2 — 2,780 9,673 12,453 328 2,780 10,001 12,781 (2,251 ) 10/21/2014 1-20 Mechanicsburg Distribution Center in Mechanicsburg, PA 1 — 1,931 6,444 8,375 533 1,931 6,977 8,908 (1,467 ) 10/23/2014 1-20 West Valley Distribution Center II in Kent, WA 2 — 1,885 4,002 5,887 862 1,885 4,864 6,749 (1,205 ) 10/24/2014 1-20 CentrePort Distribution Center in Fort Worth, TX 1 (1) 2,795 13,898 16,693 313 2,795 14,211 17,006 (3,533 ) 10/31/2014 1-20 Tacoma Commerce Center in Tacoma, WA 1 — 1,808 1,542 3,350 108 1,808 1,650 3,458 (429 ) 10/31/2014 1-20 Richmond Distribution Center in Richmond, CA 1 — 8,185 10,165 18,350 3,465 8,185 13,630 21,815 (2,995 ) 10/31/2014 1-20 Auburn Industrial Center in Auburn, WA 1 — 2,576 5,274 7,850 510 2,576 5,784 8,360 (1,328 ) 11/12/2014 1-30 Dorsey Run Distribution Center in Elkridge, MD 1 — 3,123 3,962 7,085 218 3,123 4,180 7,303 (735 ) 12/9/2014 1-30 Portland Industrial Center in Portland, OR 10 — 18,422 38,814 57,236 15,889 18,422 54,703 73,125 (9,982 ) 12/18/2014, 4/18/2016 1-20 Newark Distribution Center in Newark, NJ 1 — 8,523 11,389 19,912 1,139 8,523 12,528 21,051 (2,255 ) 1/6/2015 1-20 Totowa Commerce Center in Totowa, NJ 1 — 10,715 15,535 26,250 78 10,715 15,613 26,328 (2,936 ) 1/23/2015 1-20 8A Distribution Center in Monroe, NJ 1 — 7,949 15,525 23,474 1,491 7,949 17,016 24,965 (2,528 ) 2/2/2015 1-30 Bayport Distribution Center in Pasadena, TX 2 (1) 4,807 34,408 39,215 2,532 4,807 36,940 41,747 (3,641 ) 2/17/2015 1-40 Mesa Distribution Center in Mesa, AZ 1 — 1,559 4,941 6,500 — 1,559 4,941 6,500 (724 ) 3/4/2015 1-30 Iron Run Distribution Center II in Allentown, PA 1 — 2,857 6,566 9,423 586 2,857 7,152 10,009 (1,724 ) 4/17/2015 1-20 Hayward Industrial Center in Hayward, CA 1 — 1,214 1,841 3,055 90 1,214 1,931 3,145 (447 ) 4/27/2015 1-20 Drew Court Commerce Center in King of Prussia, PA 2 — 3,716 8,184 11,900 1,082 3,716 9,266 12,982 (2,500 ) 4/30/2015 1-20 8A Distribution Center II in Monroe, NJ 1 — 5,516 9,934 15,450 — 5,516 9,934 15,450 (1,472 ) 5/1/2015 1-20 Livermore Distribution Center in Livermore, CA 1 (1) 4,885 20,871 25,756 222 4,885 21,093 25,978 (3,143 ) 5/1/2015 1-30 Chastain Meadows Distribution Center in Kennesaw, GA 5 — 5,362 40,288 45,650 695 5,362 40,983 46,345 (6,202 ) 6/1/2015 1-40 Auburn Distribution Center in Auburn, WA 1 — 3,984 13,031 17,015 754 3,984 13,785 17,769 (1,994 ) 6/10/2015 1-20 North Atlanta Portfolio in Atlanta, GA 2 — 1,409 6,352 7,761 839 1,409 7,191 8,600 (972 ) 6/17/2015 1-30 Initial Cost to Company Costs Capitalized or Adjustments Subsequent to Acquisition Gross Amount Carried as of Accumulated Depreciation and Amortization (4) Acquisition Date / Completion Date Depreciable Life (Years) ($ in thousands) # of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Land Buildings and Improvements (2) Total Costs (4) Consolidated Industrial Properties: Richmond Distribution Center II in Richmond, CA 1 — 4,160 9,000 13,160 3 4,160 9,003 13,163 (1,030 ) 6/22/2015 1-30 Carol Stream Distribution Center in Carol Stream, IL 1 — 7,136 14,264 21,400 78 7,136 14,342 21,478 (2,074 ) 7/20/2015 1-30 Houston Industrial Portfolio in Houston, TX 4 — 12,027 42,485 54,512 207 12,027 42,692 54,719 (4,507 ) 7/30/2015, 9/25/2015, 2/25/2016 1-40 Wilson Commerce Center in Nashville, TN 1 — 1,897 26,002 27,899 519 1,897 26,521 28,418 (3,307 ) 8/7/2015 1-40 North Kent Industrial Center in Kent, WA 2 — 4,065 6,281 10,346 98 4,065 6,379 10,444 (1,251 ) 8/7/2015 1-20 Long Beach Industrial Center in Long Beach, CA 2 — 4,306 4,594 8,900 150 4,306 4,744 9,050 (751 ) 8/12/2015 1-20 Kelley Point Distribution Center in Portland, OR 5 — 12,710 60,850 73,560 1,219 12,710 62,069 74,779 (8,569 ) 9/9/2015 1-40 Aurora Distribution Center in Aurora, IL 1 — 4,007 16,993 21,000 85 4,007 17,078 21,085 (1,824 ) 9/21/2015 1-30 Junction Industrial Center in Annapolis Junction, MD 1 — 1,934 3,066 5,000 14 1,934 3,080 5,014 (499 ) 9/24/2015 1-20 Demarest Distribution Center in Wayne, NJ 1 — 3,831 5,110 8,941 — 3,831 5,110 8,941 (554 ) 10/7/2015 1-30 Salt Lake City Distribution Center in Salt Lake City, UT 1 — 3,514 13,261 16,775 6,608 3,514 19,869 23,383 (1,500 ) 10/23/2015 1-30 Auburn Distribution Center II in Auburn, WA 1 — 6,159 4,941 11,100 84 6,159 5,025 11,184 (470 ) 11/2/2015 1-30 York Distribution Center in York, PA 1 — 4,378 12,022 16,400 169 4,378 12,191 16,569 (1,796 ) 11/10/2015 1-20 Etiwanda Industrial Center in Ontario, CA 3 — 8,916 8,257 17,173 372 8,916 8,629 17,545 (1,584 ) 11/13/2015 1-20 Cincinnati Industrial Center in Cincinnati, OH 4 — 3,595 30,857 34,452 1,128 3,595 31,985 35,580 (4,668 ) 11/23/2015 1-30 Belt Line Distribution Center in Carrollton, TX 1 — 1,530 8,070 9,600 340 1,530 8,410 9,940 (866 ) 12/1/2015 1-30 Mid Counties Distribution Center in Santa Fe Springs, CA 1 — 8,418 9,783 18,201 (1 ) 8,418 9,782 18,200 (990 ) 12/1/2015 1-30 Airwest Distribution Center I in Plainfield, IN 1 — 1,505 13,095 14,600 84 1,505 13,179 14,684 (1,503 ) 12/14/2015 1-40 Airwest Distribution Center II in Plainfield, IN 1 — 700 6,044 6,744 1 700 6,045 6,745 (363 ) 12/15/2015 1-40 Chicago Industrial Portfolio in Chicago, IL 5 — 16,711 52,889 69,600 (230 ) 16,711 52,659 69,370 (4,809 ) 12/17/2015 1-40 Atlanta Industrial Portfolio in Atlanta, GA 12 — 9,268 50,492 59,760 1,855 9,268 52,347 61,615 (8,004 ) 12/17/2015 1-30 Lehigh Valley Distribution Center in Bethlehem, PA 1 — 9,485 28,115 37,600 230 9,485 28,345 37,830 (3,547 ) 12/22/2015 1-30 Valencia Industrial Center in Valencia, CA 1 — 3,327 7,673 11,000 234 3,327 7,907 11,234 (670 ) 12/22/2015 1-30 Phoenix Industrial Portfolio in Phoenix, AZ 5 — 8,722 29,261 37,983 12 8,722 29,273 37,995 (4,120 ) 12/22/2015 1-40 Golden State Portfolio Central Valley in Bakersfield, CA 2 — 2,466 15,633 18,099 116 2,466 15,749 18,215 (1,617 ) 12/23/2015 1-30 Golden State Portfolio South LA in Chula Vista, CA 2 — 6,345 15,043 21,388 223 6,345 15,266 21,611 (2,550 ) 12/23/2015 1-20 Golden State Portfolio East Bay Area in Newark, CA 2 — 44,715 32,517 77,232 3,019 44,715 35,536 80,251 (6,287 ) 12/23/2015 1-20 Golden State Portfolio Central LA in Pico Rivera, CA 1 — 11,769 1,118 12,887 162 11,769 1,280 13,049 (259 ) 12/23/2015 1-20 Golden State Portfolio South Bay Area in San Jose, CA 7 — 32,138 22,007 54,145 101 32,138 22,108 54,246 (3,993 ) 12/23/2015, 1/12/2016 1-20 Northwest Industrial Center in Houston, TX 11 — 29,206 36,307 65,513 1,150 29,206 37,457 66,663 (5,811 ) 12/29/2015, 1/5/2016 1-40 Victory Industrial Portfolio in Houston, TX 1 — 2,572 11,401 13,973 — 2,572 11,401 13,973 (760 ) 1/13/2016 1-40 Victory Industrial Portfolio in Dallas/Ft. Worth, TX 1 — 2,781 20,280 23,061 (1 ) 2,781 20,279 23,060 (1,267 ) 1/13/2016 1-40 Initial Cost to Company Costs Capitalized or Adjustments Subsequent to Acquisition Gross Amount Carried as of Accumulated Depreciation and Amortization (4) Acquisition Date / Completion Date Depreciable Life (Years) ($ in thousands) # of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Land Buildings and Improvements (2) Total Costs (4) Consolidated Industrial Properties: Victory Industrial Portfolio in Louisville, KY 1 — 900 7,672 8,572 15 900 7,687 8,587 (588 ) 1/13/2016 1-40 GSW Distribution Center in Dallas/Ft. Worth, TX 1 — 3,676 13,327 17,003 3,763 3,676 17,090 20,766 (905 ) 1/27/2016 1-40 National Distribution Portfolio in Stockton, CA 1 — 4,525 29,779 34,304 549 4,525 30,328 34,853 (3,926 ) 1/29/2016 1-20 National Distribution Portfolio in Indianapolis, IN 1 — 2,362 22,197 24,559 2,863 2,362 25,060 27,422 (1,664 ) 1/29/2016 1-30 National Distribution Portfolio in Memphis, TN 5 — 3,806 51,831 55,637 735 3,806 52,566 56,372 (6,003 ) 1/29/2016 1-40 Horizon Distribution Center in King of Prussia, PA 1 — 3,166 6,384 9,550 — 3,166 6,384 9,550 (830 ) 2/12/2016 1-20 Stockton Industrial Center in Stockton, CA 1 — 396 2,072 2,468 19 396 2,091 2,487 (231 ) 2/26/2016 1-30 Baseline Industrial Center in Phoenix, AZ 1 — 2,983 11,017 14,000 19 2,983 11,036 14,019 (910 ) 3/1/2016 1-30 Lehigh Valley Distribution Center II in Lehigh Valley, PA 1 — 7,093 20,800 27,893 2,370 7,093 23,170 30,263 (902 ) 3/7/2016, 5/20/2016 1-40 Stockton Industrial Center in Stockton, CA 1 — 486 2,014 2,500 339 486 2,353 2,839 (150 ) 3/23/2016 1-40 Lehigh Valley Business Center in Lehigh Valley, PA 4 — 4,179 8,206 12,385 814 4,179 9,020 13,199 (1,757 ) 3/24/2016 1-20 Kent Industrial Property in Seattle/Tacoma, WA 4 — 9,813 21,684 31,497 1,464 9,813 23,148 32,961 (3,169 ) 3/28/2016 1-20 O'Hare Industrial Center in Chicago, IL 1 — 3,178 5,622 8,800 161 3,178 5,783 8,961 (791 ) 3/31/2016 1-30 Auburn 167 Industrial Center in Seattle/Tacoma, WA 3 — 6,934 15,056 21,990 179 6,934 15,235 22,169 (1,811 ) 4/14/2016 1-30 Trade Port Distribution Center III in Louisville, KY 1 — 1,210 8,490 9,700 77 1,210 8,567 9,777 (1,115 ) 4/26/2016 1-30 Upland Distribution Center in Denver, CO 1 — 1,137 4,963 6,100 — 1,137 4,963 6,100 (712 ) 4/27/2016 1-20 Corona Industrial Center in Corona, CA 1 — 10,958 9,435 20,393 1,115 10,958 10,550 21,508 (928 ) 4/27/2016 1-40 Turnpike Industrial Center in Avenel, NJ 1 — 3,802 2,898 6,700 375 3,802 3,273 7,075 (523 ) 5/4/2016 1-20 National Distribution Portfolio II in Redlands, CA 1 — 15,951 20,439 36,390 259 15,951 20,698 36,649 (2,484 ) 5/19/2016 1-30 National Distribution Portfolio II in Kennesaw, GA 3 — 9,360 46,665 56,025 3,336 9,360 50,001 59,361 (5,349 ) 5/19/2016 1-30 National Distribution Portfolio II in Romeoville, IL 1 — 8,319 23,724 32,043 78 8,319 23,802 32,121 (2,458 ) 5/19/2016 1-30 National Distribution Portfolio II in Shepherdsville, KY 1 — 5,181 25,386 30,567 689 5,181 26,075 31,256 (2,677 ) 5/19/2016 1-30 National Distribution Portfolio II in Huntersville, NC 1 — 4,648 27,827 32,475 101 4,648 27,928 32,576 (2,898 ) 5/19/2016 1-30 Carlisle Distribution Center in Carlisle, PA 1 — 7,892 20,958 28,850 — 7,892 20,958 28,850 (1,977 ) 5/19/2016 1-30 Central Valley Portfolio in Tracy, CA 2 — 6,132 25,166 31,298 479 6,132 25,645 31,777 (3,206 ) 5/24/2016 1-30 Central Valley Portfolio in Stockton, CA 1 — 2,107 8,039 10,146 426 2,107 8,465 10,572 (951 ) 5/24/2016 1-20 Cheyenne Distribution Center in Las Vegas, NV 1 — 5,199 24,967 30,166 5 5,199 24,972 30,171 (1,513 ) 5/25/2016 1-40 Peoria Distribution Center in Denver, CO 1 — 3,825 17,425 21,250 25 3,825 17,450 21,275 (1,629 ) 6/15/2016 1-30 Trade Port Distribution Center II in Louisville, KY 2 — 5,170 47,130 52,300 — 5,170 47,130 52,300 (3,062 ) 6/17/2016 1-30 Northeast Distribution Portfolio in Robbinsville, NJ 1 — 6,309 15,491 21,800 70 6,309 15,561 21,870 (1,082 ) 6/20/2016 1-30 Pinnacle Distribution Center II in Chicago, IL 1 — 8,150 25,450 33,600 94 8,150 25,544 33,694 (2,222 ) 6/22/2016 1-30 Marina Vista Business Center in Dallas/Ft. Worth, TX 1 — 1,311 6,169 7,480 2,065 1,311 8,234 9,545 (272 ) 6/30/2016 1-40 Southwest Industrial Portfolio in Braselton, GA 1 — 2,601 26,574 29,175 170 2,601 26,744 29,345 (1,841 ) 7/11/2016 1-30 Southwest Industrial Portfolio in Memphis, TN 2 (1) 2,991 43,949 46,940 1,082 2,991 45,031 48,022 (4,011 ) 7/11/2016 1-40 Alessandro Distribution Center in Riverside, CA 1 — 16,457 30,916 47,373 2,390 16,457 33,306 49,763 (1,595 ) 7/20/2016 1-40 Lakeside Distribution Center in Dallas/Ft. Worth, TX 1 — 2,852 13,483 16,335 — 2,852 13,483 16,335 (767 ) 7/26/2016 1-40 East Union Distribution Center in East Rutherford, NJ 1 — 5,619 6,981 12,600 1,577 5,619 8,558 14,177 (224 ) 7/29/2016 1-20 Initial Cost to Company Costs Capitalized or Adjustments Subsequent to Acquisition Gross Amount Carried as of Accumulated Depreciation and Amortization (4) Acquisition Date / Completion Date Depreciable Life (Years) ($ in thousands) # of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Land Buildings and Improvements (2) Total Costs (4) Consolidated Industrial Properties: Billings Industrial Portfolio in Renton, WA 1 — 2,777 6,799 9,576 129 2,777 6,928 9,705 (667 ) 8/5/2016 1-20 Billings Industrial Portfolio in Portland, OR 1 — 1,870 8,604 10,474 175 1,870 8,779 10,649 (910 ) 8/5/2016 1-30 Marley Neck Distribution Center in Baltimore, MD 1 — 5,215 12,310 17,525 684 5,215 12,994 18,209 (1,030 ) 8/8/2016 1-20 Lakeside Corporate Center in Flower Mound, TX 4 — 6,955 37,145 44,100 607 6,955 37,752 44,707 (2,998 ) 8/16/2016 1-40 Pompano Industrial Center in Pompano Beach, FL 2 — 2,995 5,940 8,935 56 2,995 5,996 8,991 (765 ) 9/7/2016 1-20 South Bay Distribution Center in Rancho Dominguez, CA 1 — 2,448 2,702 5,150 — 2,448 2,702 5,150 (276 ) 9/8/2016 1-20 Corona Industrial Center II in Corona, CA 1 — 8,244 9,200 17,444 712 8,244 9,912 18,156 (92 ) 9/13/2016 1-40 Alvarado Commerce Center in San Leandro, CA 1 — 9,621 579 10,200 253 9,621 832 10,453 (140 ) 10/3/2016 1-20 South San Francisco Distribution Center in San Francisco, CA 1 — 5,198 2,818 8,016 860 5,198 3,678 8,876 (292 ) 10/18/2016 1-20 Rainer Park Distribution Center in Summer, WA 1 — 1,883 3,517 5,400 38 1,883 3,555 5,438 (259 ) 10/27/2016 1-30 Park West Distribution Center in Hebron, KY 1 — 3,016 22,224 25,240 75 3,016 22,299 25,315 (1,540 ) 11/8/2016 1-30 World Park Distribution Center in Cincinnati, OH 1 — 943 7,924 8,867 33 943 7,957 8,900 (842 ) 11/22/2016 1-20 High Grove Distribution Center in Naperville, IL 1 — 2,552 11,245 13,797 153 2,552 11,398 13,950 (1,250 ) 11/22/2016 1-30 Exeter Portfolio in BWI Corridor, MD 1 — 4,832 7,589 12,421 41 4,832 7,630 12,462 (412 ) 11/22/2016 1-30 Exeter Portfolio in Prince George's County, MD 1 — 5,917 8,015 13,932 67 5,917 8,082 13,999 (536 ) 11/22/2016 1-40 South Bay Distribution Center II in Rancho Dominguez, CA 1 — 9,334 2,928 12,262 2,993 9,334 5,921 15,255 — 1/4/2017 1-20 Tempe Business Center in Tempe, AZ 1 — 3,009 6,766 9,775 — 3,009 6,766 9,775 (388 ) 1/5/2017 1-20 Corona Industrial Center III in Corona, CA 1 — 4,322 5,414 9,736 11 4,322 5,425 9,747 (211 ) 1/12/2017 1-40 Sycamore Industrial Center in Riverside, CA 3 — 4,556 11,765 16,321 738 4,556 12,503 17,059 (25 ) 1/13/2017 1-40 Oakesdale Commerce Center II in Renton, WA 1 — 2,234 4,599 6,833 33 2,234 4,632 6,866 (163 ) 2/8/2017 1-30 Airways Distribution Center in Aurora, CO 2 — 5,461 31,590 37,051 85 5,461 31,675 37,136 (1,560 ) 2/24/2017 1-30 Tuscany Industrial Center III in Austin, TX 1 — 1,928 4,985 6,913 57 1,928 5,042 6,970 (267 ) 3/23/2017 1-30 Lanham Distribution Center in Lanham, MD 1 — 4,106 9,448 13,554 515 4,106 9,963 14,069 — 5/11/2017 1-40 Trade Zone Industrial Center in Upper Marlboro, MD 1 — 945 2,908 3,853 26 945 2,934 3,879 (117 ) 5/15/2017 1-30 Addison Distribution Center in Addison, IL 1 — 8,030 15,777 23,807 49 8,030 15,826 23,856 (419 ) 6/14/2017 1-30 Rampart Industrial Center II in Houston, TX 1 — 2,184 7,842 10,026 25 2,184 7,867 10,051 (145 ) 6/29/2017 1-40 Airpark Industrial Center in Fullerton, CA 1 — 3,400 4,072 7,472 58 3,400 4,130 7,530 (98 ) 8/9/2017 1-20 Chandler Distribution Center in Chandler, AZ 1 — 2,155 8,379 10,534 487 2,155 8,866 11,021 (182 ) 8/21/2017 1-30 Salt Lake City Distribution Center II in Salt Lake City, UT 1 — 1,641 6,598 8,239 22 1,641 6,620 8,261 (158 ) 8/30/2017 1-30 360 Logistics Center in Grand Prairie, T X 3 — 14,370 51,618 65,988 1,006 14,370 52,624 66,994 — 9/22/2017 1-40 Riverport Distribution Center in Louisville, KY 1 — 2,595 7,903 10,498 444 2,595 8,347 10,942 — 9/29/2017 1-20 Columbia Park Distribution Center in Hyattsville, MD 3 — 17,063 28,334 45,397 159 17,063 28,493 45,556 (228 ) 11/1/2017 1-40 Total 235 $ — $ 771,613 $ 2,048,422 $ 2,820,035 $ 90,914 $ 771,613 $ 2,139,336 $ 2,910,949 $ (238,041 ) (1) These properties include mortgage notes that are included in our total outstanding property-level borrowings of approximately $722.9 million as of December 31, 2017 . These borrowings are nonrecourse and are secured by mortgages or deeds of trust and related assignments and security interests in the collateralized properties. They have maturity dates ranging from July 2020 to December 2025 and interest rates ranging from 2.94% to 3.65% . See “Note 8 to the Consolidated Financial Statements” for more detail. (2) Includes gross intangible lease assets of $239.2 million and gross intangible lease liabilities of $33.3 million . Additionally, due to a new FASB accounting standard we adopted effective January 1, 2017, all acquisition-related expenses are capitalized instead of expensed as they were in prior periods. As a result, acquisition-related expenses for certain possible future acquisitions are capitalized within buildings and improvements. As these amounts do not relate to properties currently owned, the amounts herein exclude these acquisition-related expenses in an amount of approximately $0.2 million . (3) As of December 31, 2017 , the aggregate cost for federal income tax purposes of investments in property was $2.9 billion (unaudited). (4) A summary of activity for investment in real estate properties is as follows: (in thousands) 2017 2016 Investment in real estate properties: Balance at beginning of period $ 2,573,635 $ 1,387,814 Acquisition of properties 298,259 1,217,652 Properties held for sale — (16,421 ) Improvements 40,522 41,147 Disposition of properties 414 (52,360 ) Impairment — (2,672 ) Other (1,881 ) (1,525 ) Balance at end of period $ 2,910,949 $ 2,573,635 Accumulated depreciation and amortization: Balance at beginning of period $ (126,235 ) $ (32,050 ) Additions charged to costs and expenses (113,687 ) (99,067 ) Properties held for sale — 1,028 Disposition of properties — 2,286 Other 1,881 1,568 Balance at end of period $ (238,041 ) $ (126,235 )

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in the Company’s consolidated statement of cash flows for 2016 and 2015 have been reclassified to conform to the 2017 presentation. Due to a new accounting standard adopted for the period ending December 31, 2017, restricted cash and restricted cash equivalents have been reclassified to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.
Investment in Real Estate Properties	Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. During 2017 , zero debt was assumed in connection with acquisitions, and during 2016, one debt instrument was assumed at a fair value of $11.4 million . Transaction costs associated with the acquisition of a property (including the acquisition fees paid to the Advisor and its affiliates) are capitalized as incurred and allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value.
Assets Held for Sale	Assets Held for Sale The Company classifies a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. See “ Note 7 ” for additional information regarding the assets held for sale.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less.
Straight-line Rent and Tenant Receivables	Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances.
Derivative Instruments	Derivative Instruments The Company records its derivative instruments in the consolidated balance sheets at fair value. The Company’s derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future cash flows, such as future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument that represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, are initially reported as other comprehensive income in the consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments in order to estimate the cash flows of the designated hedged item or transaction. The Company does not use derivative instruments for trading or speculative purposes.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date.
Capitalized Interest	Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “ Note 13 ” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Noncontrolling interests also represent the portion of equity in the acquired subsidiary real estate investment trusts (“Subsidiary REITs”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheets as noncontrolling interests within permanent equity. See “Note 13” for additional information regarding the Subsidiary REITs.
Revenue Recognition	Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2017 , 2016 and 2015 , tenant reimbursement revenue recognized in rental revenues was approximately $52.9 million , $41.4 million and $11.5 million , respectively. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred to the purchaser and the Company no longer has substantial continuing involvement with the real estate that was sold. The Company recognizes losses from the disposition of real estate when known to the Company.
Organization and Offering Expenses	Organization and Offering Expenses 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 equity 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 expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “ Note 13 ” for additional information regarding when organization and offering expenses become reimbursable.
Income Taxes	Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Net Loss Per Common Share	Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class.
Fair Value	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
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, which the Company applied prospectively to all asset acquisitions. For the year ended December 31, 2017, $7.9 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 consolidated balance sheets under the new standard instead of expensed as in prior periods. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 and ASU 2016-18 are effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard effective for the period ended December 31, 2017. As required, the Company retrospectively applied the guidance in ASU 2016-18 to the prior periods presented, which resulted in a decrease of $1.2 million in net cash provided by operating activities and an increase of $2.3 million in net cash used in investing activities on the consolidated statements of cash flows for the year ended December 31, 2016, and an increase of $3.6 million in net cash used in operating activities on the consolidated statements of cash flows for the year ended December 31, 2015. The adoption of ASU 2016-15 did not have a significant impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2018. Rental revenues and certain tenant reimbursement revenue earned from leasing the Company’s operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). The revised lease accounting standard includes a package of practical expedients that allows an entity to avoid reassessing the accounting for lease components, including the allocations between lease and nonlease components in contracts restated under ASU 2014-09. The Company expects to elect this package of practical expedients, and accordingly will not reallocate contract consideration to lease components within the scope of the existing lease guidance when the Company adopts ASU 2014-09. Based on the Company’s analysis, the adoption of ASU 2014-09 will not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. Under the practical expedients election, the Company would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements, as well as result in the expensing of certain costs to negotiate and arrange lease agreements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. The Company also plans to adopt ASU 2018-01 when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. The Company’s initial analysis of its lease contracts indicates that the adoption of these standards will not have a material effect on its consolidated financial statements. The Company is still in the process of evaluating the impact of ASU 2016-02 and ASU 2018-02. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)” (“ASU 2017-05”), which clarifies the scope of Subtopic 610-20 and provides guidance relating to the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales. Upon adoption of ASU 2017-05, the Company will recognize, on a prospective basis, the entire gain attributed to partial sales when a controlling interest is sold to unconsolidated co-investment ventures rather than deferring a portion as is done under the current standard. For deferred gains from existing partial sales recorded prior to the adoption of the standard for completed contracts, the Company will continue to recognize these gains into earnings over the lives of the assets. Based on the Company’s analysis, the adoption of ASU 2017-05 will not have a material effect on its consolidated financial statements and the Company will adopt ASU 2017-05 in conjunction with ASU 2014-09 as of the reporting period beginning on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities.” The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. Based on the Company’s analysis, the adoption of ASU 2017-12 will not have a material effect on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Real Estate Asset, Useful Life	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

REAL ESATE ACQUISITIONS (Tables

REAL ESATE ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Allocation of Purchase Price of Acquisitions	For the years ended December 31, 2017 and December 31, 2016 , the Company allocated the purchase price of acquisitions to land, building, and intangible lease assets and liabilities as follows: For the Year Ended 2017 2016 Land $ 87,333 $ 289,547 Building 198,764 845,437 Intangible lease assets 14,808 93,858 Above-market lease assets 117 2,784 Below-market lease liabilities (2,763 ) (13,974 ) Total purchase price (1) $ 298,259 $ 1,217,652 (1) Total purchase price, which includes aggregate capitalized acquisition costs of $7.9 million for the year ended December 31, 2017 , is equal to the total consideration paid. As of December 31, 2016 , there were no acquisition costs capitalized. See “ Note 2 ” for details on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs.
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the years ended December 31, 2017 and 2016 : ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2017 Acquisitions: South Bay Distribution Center 1/4/2017 1 $ 12,262 Tempe Business Center 1/5/2017 1 9,775 Corona Industrial Center 1/12/2017 1 9,736 Sycamore Industrial Center 1/13/2017 3 16,321 Oakesdale Commerce Center 2/8/2017 1 6,833 Airways Distribution Center 2/24/2017 2 37,051 Tuscany Industrial Center 3/23/2017 1 6,913 Lanham Distribution Center 5/11/2017 1 13,554 Trade Zone Industrial Center 5/15/2017 1 3,853 Addison Distribution Center 6/14/2017 1 23,807 Rampart Industrial Center II 6/29/2017 1 10,026 Airpark Industrial Center 8/9/2017 1 7,472 Chandler Distribution Center 8/21/2017 1 10,534 Salt Lake City Distribution Center II 8/30/2017 1 8,239 360 Logistics Center 9/22/2017 3 65,988 Riverport Distribution Center 9/29/2017 1 10,498 Columbia Park Distribution Center 11/1/2017 3 45,397 Total 2017 Acquisitions 24 $ 298,259 ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2016 Acquisitions: Northwest Industrial Center 1/5/2016 3 $ 28,435 Golden State Portfolio 1/12/2016 4 15,297 Victory Industrial Portfolio (2) 1/13/2016 5 58,820 GSW Distribution Center 1/27/2016 1 17,003 National Distribution Portfolio 1/29/2016 7 114,500 Lehigh Valley Distribution Center II (3) 3/7/2016 1 27,893 Kent Industrial Portfolio 3/28/2016 4 31,497 Auburn 167 Industrial Center 4/14/2016 3 21,989 Corona Industrial Center 4/27/2016 1 20,393 National Distribution Portfolio II 5/19/2016 7 187,500 Carlisle Distribution Center 5/19/2016 1 28,849 Central Valley Portfolio 5/24/2016 3 41,444 Cheyenne Distribution Center 5/25/2016 1 30,167 Peoria Distribution Center 6/15/2016 1 21,249 Trade Port Distribution Center II 6/17/2016 2 52,300 Northeast Distribution Portfolio (4) 6/20/2016 2 29,400 Pinnacle Distribution Center II 6/22/2016 1 33,600 Southeast Industrial Portfolio (5) 7/11/2016 3 76,115 Alessandro Distribution Center 7/20/2016 1 47,373 Lakeside Distribution Center 7/26/2016 1 16,336 Billings Industrial Portfolio 8/5/2016 2 20,050 Marley Neck Distribution Center 8/8/2016 1 17,525 Lakeside Commerce Center 8/16/2016 4 44,099 Corona Industrial Center II 9/13/2016 1 17,444 Park West Distribution Center 11/8/2016 1 25,240 Exeter Portfolio 11/22/2016 2 26,349 Other acquisitions (6) Various 25 166,785 Total 2016 Acquisitions 88 $ 1,217,652 (1) Total purchase price, which includes aggregate capitalized acquisition costs of $7.9 million for the year ended December 31, 2017 , is equal to the total consideration paid. As of December 31, 2016 , there were no acquisition costs capitalized. See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. (2) In November 2016, two of the buildings in this portfolio were sold to a third party. See “ Note 4 ” for additional details on the dispositions. (3) Includes an additional land parcel acquisition in May 2016 for a purchase price of $0.4 million . (4) In December 2016, this portfolio was sold to a third party. See “ Note 4 ” for additional details on the dispositions. (5) Includes an acquisition with debt assumed at fair value of $11.4 million . (6) In February 2017, two of the buildings included in other acquisitions were sold to a third party. See “ Note 4 ” for additional details on the dispositions.

INVESTMENT IN REAL ESTATE PRO29

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Investment in Properties	As of December 31, 2017 and 2016 , the Company’s consolidated investment in real estate properties consisted of 235 and 215 industrial buildings, respectively. As of December 31, 2016, the Company had classified four industrial buildings as held for sale, which are not included in the following tables. See “ Note 7 ” below for additional information related to assets held for sale. As of (in thousands) December 31, 2017 December 31, 2016 Land $ 771,613 $ 684,280 Building and improvements 1,919,580 1,686,929 Intangible lease assets 239,190 219,512 Construction in progress 14,002 13,843 Investment in real estate properties (1) 2,944,385 2,604,564 Less accumulated depreciation and amortization (238,041 ) (126,235 ) Net investment in real estate properties $ 2,706,344 $ 2,478,329 (1) As of December 31, 2017 , the Company had capitalized approximately $7.9 million of acquisition costs. As of December 31, 2016, there were no acquisition costs capitalized. See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs.
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2017 and 2016 include the following: As of December 31, 2017 As of December 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 227,922 $ (103,979 ) $ 123,943 $ 208,361 $ (59,226 ) $ 149,135 Above-market lease assets (1) 11,268 (5,212 ) 6,056 11,151 (3,143 ) 8,008 Below-market lease liabilities (2) (33,278 ) 13,755 (19,523 ) (30,929 ) 7,798 (23,131 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the 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 December 31, 2017 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2018 $ 37,859 $ 1,782 $ (5,287 ) 2019 27,245 1,126 (4,223 ) 2020 19,559 812 (3,331 ) 2021 14,080 733 (2,557 ) 2022 9,175 649 (1,636 ) Thereafter 16,025 954 (2,489 ) Total $ 123,943 $ 6,056 $ (19,523 )
Future Minimum Base Rental Payments	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2017 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base Rental Payments 2018 $ 165,035 2019 151,595 2020 127,369 2021 105,415 2022 77,596 Thereafter 151,822 Total $ 778,832
Summary of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2017 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 7,815 $ 9,571 $ 3,868 Above-market lease amortization (2,068 ) (2,438 ) (742 ) Below-market lease amortization 6,371 5,503 2,140 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 64,985 $ 49,915 $ 14,593 Intangible lease asset amortization 46,664 46,714 13,632

INVESTMENT IN UNCONSOLIDATED 30

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	The following table summarizes the Company’s investment in the unconsolidated joint ventures: As of Investment in Unconsolidated December 31, 2017 December 31, 2016 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings December 31, December 31, BTC I Partnership 20% 33 20% 27 $ 97,359 $ 69,695 BTC II Partnership 13% 10 — — 9,272 — Total joint ventures 43 27 $ 106,631 $ 69,695

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
Summary of Amounts Held for Sale	As of (in thousands) December 31, 2017 December 31, 2016 Real estate investment, net $ — $ 15,532 Straight-line receivables — 93 Assets held for sale $ — $ 15,625 Intangible lease liabilities, net — 110 Other liabilities — 157 Liabilities related to assets held for sale $ — $ 267

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Balance as of ($ in thousands) December 31, 2017 December 31, 2016 Maturity Date December 31, 2017 December 31, 2016 Line of credit (1) 2.81 % 2.44 % January 2020 $ 275,000 $ 181,000 Term loan (2) 2.65 2.65 January 2021 350,000 350,000 Term loan (3) 3.46 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) 3.10 % 2.94 % $ 1,497,880 $ 1,298,880 Less unamortized debt issuance costs $ (8,735 ) $ (10,238 ) Total debt, net $ 1,489,145 $ 1,288,642 Gross book value of properties encumbered by debt $ 1,153,150 $ 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 $150.0 million in borrowings under this line of credit. As of December 31, 2017 , the unused and available portions under the line of credit were both $225.0 million . 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. 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 December 31, 2017 and December 31, 2016 . The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (5) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.6 years as of December 31, 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 December 31, 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 2018 $ — $ — $ 1,354 $ 1,354 2019 — — 2,191 2,191 2020 275,000 — 15,259 290,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 Thereafter — — 614,450 614,450 Total principal payments $ 275,000 $ 500,000 $ 722,880 $ 1,497,880 (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 consolidated balance sheets: Fair Value as of Notional Balance Sheet December 31, December 31, (in thousands) Interest rate swaps $ 596,980 Other assets $ 16,872 $ 14,091
Effect of Derivative Instruments	The following table presents the effect of the Company’s cash flow hedges on the Company’s consolidated financial statements: For the Year Ended (in thousands) 2017 2016 2015 Interest rate swaps: Income recognized in AOCI (effective portion) $ 3,452 $ 12,217 $ — (Income) loss reclassified from AOCI into income (effective portion) (671 ) 1,874 — Net other comprehensive income $ 2,781 $ 14,091 $ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 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. (in thousands) Level 1 Level 2 Level 3 Total Fair Value December 31, 2017 Assets Derivative instruments $ — $ 16,872 $ — $ 16,872 Total assets measured at fair value $ — $ 16,872 $ — $ 16,872 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 December 31, 2017 As of December 31, 2016 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 275,000 $ 275,000 $ 181,000 $ 181,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 708,615 617,880 597,187

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following table summarizes the information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2017 , 2016 and 2015 . For the Year Ended (unaudited) 2017 2016 2015 Ordinary income 33.05 % 29.13 % 71.88 % Non-taxable return of capital 52.10 70.87 28.12 Long-term capital gain 14.85 — — Total distribution 100.00 % 100.00 % 100.00 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
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 December 31, 2017 , is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 1,016,951 $ 671,137 $ 1,688,088 DRIP 63,409 25,170 88,579 Total offering $ 1,080,360 $ 696,307 $ 1,776,667 Number of shares sold: Primary offering 99,982 67,758 167,740 DRIP 6,475 2,576 9,051 Total offering 106,457 70,334 176,791
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 for each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Shares Shares Balance as of December 31, 2014 23,030 — 23,030 Issuance of common stock: Primary shares 60,578 18,390 78,968 DRIP shares 994 — 994 Stock grants 79 — 79 Redemptions (83 ) — (83 ) Forfeitures (3 ) — (3 ) Balance as of December 31, 2015 84,595 18,390 102,985 Issuance of common stock: Primary shares 12,797 38,900 51,697 DRIP shares 2,469 782 3,251 Stock grants 118 — 118 Redemptions (587 ) (40 ) (627 ) Forfeitures (18 ) — (18 ) Balance as of December 31, 2016 99,374 58,032 157,406 Issuance of common stock: Primary shares 3,696 10,468 14,164 DRIP 2,910 1,794 4,704 Stock grants 151 — 151 Redemptions (1,537 ) (369 ) (1,906 ) Forfeitures (5 ) — (5 ) Balance as of December 31, 2017 104,589 69,925 174,514
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 as of the dates set forth below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2017 December 31 $0.14250 $ 10,933 $ 12,212 $ 1,781 $ 24,926 September 30 0.14250 10,820 12,242 1,764 24,826 June 30 0.14250 10,349 11,868 1,630 23,847 March 31 0.14250 9,902 11,447 1,495 22,844 Total $ 42,004 $ 47,769 $ 6,670 $ 96,443 2016 December 31 $0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 September 30 0.13515 8,147 9,638 1,069 18,854 June 30 0.13515 7,534 9,042 876 17,452 March 31 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 distributions paid with respect to Class T shares of common stock are 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 Offering only. Refer to “ Note 13 ” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares.
Redemption Discount Table	The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Percentage of Purchase Price Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0%
Redemption Table	The following table summarizes the Company’s redemption activity for the periods presented below: For the Year Ended December 31, (in thousands) 2017 2016 2015 Number of eligible shares redeemed 1,906 605 105 Aggregate amount of shares redeemed $ 18,345 $ 5,887 $ 1,034 Average redemption price per share $ 9.62 $ 9.73 $ 9.85

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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: For the Year Ended Payable as of December 31, December 31, (in thousands) 2017 2016 2015 Expensed: Acquisition fees (1) $ — $ 24,489 $ 22,390 $ — $ — Asset management fees (2) 22,470 17,775 5,532 54 1,745 Asset management fees related to dispositions (3) 496 2,867 — — 1,015 Other expense reimbursements (4) 4,301 3,445 1,732 605 383 Total $ 27,267 $ 48,576 $ 29,654 $ 659 $ 3,143 Capitalized: Acquisition fees (1) $ 6,148 — — $ 132 — Development acquisition fees (5) 778 236 282 98 14 Total $ 6,926 $ 236 $ 282 $ 230 $ 14 Additional Paid-In Capital: Sales commissions $ 4,491 $ 16,321 $ 45,822 — — Dealer manager fees 3,026 10,981 19,033 — 1 Offering costs 4,415 8,802 16,048 116 984 Distribution fees (6) 5,790 30,805 148 26,684 27,419 Total $ 17,722 $ 66,909 $ 81,051 $ 26,800 $ 28,404 (1) See “ Note 2 ” for detail on the new accounting standard we adopted effective January 1, 2017 and for a description of the accounting policy regarding acquisition costs. Amounts also include the Company’s proportionate share of acquisition fees relating to the joint ventures, which is included in investment in unconsolidated joint ventures on the Company’s consolidated balance sheets. (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 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, and is included in general and administrative expenses on the Company’s consolidated statements of operations. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to activities for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its consolidated statements of operations. The Company reimbursed the Advisor approximately $4.0 million , $3.0 million and $1.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, related to these 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 consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the joint ventures, which is included in investment in unconsolidated joint ventures on the Company’s consolidated balance sheets. (6) The distribution fees accrue daily and are payable monthly in arrears. As of December 31, 2017 and 2016 , the monthly amount of distribution fees payable of $0.6 million and $0.5 million , respectively, is included in distributions payable on the 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 December 31, 2017 and 2016, the future estimated amounts payable of $26.1 million and $27.0 million , respectively, are included in due to affiliates on the consolidated balance sheets, and includes an immaterial amount related to prior periods.
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 Year Ended (in thousands) 2017 2016 2015 Asset management fees waived $ — $ 267 $ 3,370 Other expenses supported — — — Reimbursement of previously deferred amounts — (5,378 ) — Total expense (repayment to) support from Advisor (1) $ — $ (5,111 ) $ 3,370 (1) No amounts were payable or receivable as of December 31, 2017 . As of December 31, 2016 , approximately $0.8 million of expense support was payable to the Company by the Advisor.

SUPPLEMENTAL CASH FLOW INFORM37

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows: For the Year Ended (in thousands) 2017 2016 2015 Beginning of period: Cash and cash equivalents $ 8,358 $ 7,429 $ 8,119 Restricted cash 80 3,580 — Cash, cash equivalents and restricted cash $ 8,438 $ 11,009 $ 8,119 End of period: Cash and cash equivalents $ 5,397 $ 8,358 $ 7,429 Restricted cash 65 80 3,580 Cash, cash equivalents and restricted cash $ 5,462 $ 8,438 $ 11,009 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended (in thousands) 2017 2016 2015 Interest paid, net of capitalized interest $ 39,354 $ 25,235 $ 5,411 Mortgage notes assumed on real estate acquisitions — 11,400 — Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture — — 124,586 Distributions payable 23,757 19,609 10,304 Redemptions payable 4,729 2,495 208 Future estimated distribution fees payable 26,071 26,952 — Distributions reinvested in common stock 45,828 32,163 9,601 Non-cash capital expenditures 2,556 3,739 2,255

SELECTED QUARTERLY FINANCIAL 38

SELECTED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2017 Total revenues $ 54,572 $ 55,110 $ 56,686 $ 56,990 Total operating expenses $ (49,669 ) $ (49,135 ) $ (51,738 ) $ (50,821 ) Total other expenses $ (9,972 ) $ (9,896 ) $ (10,477 ) $ (9,882 ) Total expense support from (repayment to) Advisor $ — $ — $ — $ — Net loss $ (5,069 ) $ (3,921 ) $ (5,529 ) $ (3,713 ) Net loss attributable to common stockholders $ (5,085 ) $ (3,936 ) $ (5,545 ) $ (3,751 ) Net loss per common share - basic and diluted (1) $ (0.03 ) $ (0.02 ) $ (0.03 ) $ (0.02 ) Weighted-average shares outstanding 160,296 167,341 174,300 174,926 2016 Total revenues $ 33,252 $ 40,447 $ 50,207 $ 52,383 Total operating expenses $ (42,914 ) $ (54,901 ) $ (55,408 ) $ (53,353 ) Total other expenses $ (4,611 ) $ (5,772 ) $ (8,939 ) $ (8,575 ) Total expense support from (repayment to) Advisor $ 267 $ (1,431 ) $ (3,947 ) $ — Net loss $ (14,006 ) $ (21,657 ) $ (18,087 ) $ (9,545 ) Net loss attributable to common stockholders $ (14,006 ) $ (21,657 ) $ (18,102 ) $ (9,561 ) Net loss per common share - basic and diluted (1) $ (0.12 ) $ (0.17 ) $ (0.13 ) $ (0.06 ) Weighted-average shares outstanding 114,323 129,118 139,486 150,913 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

DESCRIPTION OF BUSINESS - Addit

DESCRIPTION OF BUSINESS - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017SegmentBuilding
Organization and Nature of Operations [Line Items]
Number of reportable segment | Segment	1
Consolidated and Unconsolidated Properties [Member]
Organization and Nature of Operations [Line Items]
Real estate properties owned, buildings | Building	278

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)Debt_Instrumentshares	Dec. 31, 2015USD ($)shares
Summary Of Significant Accounting Policies [Line Items]
Debt assumed in connection with acquisition	$ 0	$ 11,400,000	$ 0
Number debt instruments assumed | Debt_Instrument		1
Impairment charges related to property assets	0	$ 0	0
Allowance for doubtful accounts	300,000	300,000
Accumulated amortization of deferred financing costs	5,400,000	3,100,000
Amortization of financing costs	2,300,000	1,900,000	1,100,000
Capitalized interest cost	2,500,000	1,500,000	500,000
Net income (loss) attributable to noncontrolling interests	85,000	31,000	0
Tenant reimbursements	52,900,000	$ 41,400,000	$ 11,500,000
Common stock class specific expenses	$ 0
Dilutive shares | shares	0	0	0
Acquisition costs capitalizable under new accounting standard		$ 0
Net cash provided by (used in) operating activities	$ 83,649,000	36,444,000	$ (3,552,000)
Net cash provided by investing activities	(357,662,000)	(1,149,835,000)	(1,076,656,000)
ASU 2017-01 [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquisition costs capitalizable under new accounting standard	7,900,000
ASU 2016-18 [Member]
Summary Of Significant Accounting Policies [Line Items]
Net cash provided by (used in) operating activities		(1,200,000)	$ 3,600,000
Net cash provided by investing activities		$ 2,300,000
Special Units Holder [Member]
Summary Of Significant Accounting Policies [Line Items]
Net income (loss) attributable to noncontrolling interests	$ 0

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Asset, Useful Life (Detail)	12 Months Ended
	Dec. 31, 2017
Building [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years
Building [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	40 years
Building and land improvements [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	5 years
Building and land improvements [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years

REAL ESATE ACQUISITIONS - Narra

REAL ESATE ACQUISITIONS - Narrative (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%	100.00%
Weighted-average amortization of intangible assets and liabilities acquired	5 years 10 months 24 days

REAL ESATE ACQUISITIONS - Purch

REAL ESATE ACQUISITIONS - Purchase Price Allocation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017
Business Acquisition [Line Items]
Aggregate capitalized acquisition costs	$ 0
2017 Acquisitions [Member]
Business Acquisition [Line Items]
Land		$ 87,333,000
Building		198,764,000
Intangible lease assets		14,808,000
Above-market lease assets		117,000
Below-market lease liabilities		(2,763,000)
Total purchase price		$ 298,259,000
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Land	289,547,000
Building	845,437,000
Intangible lease assets	93,858,000
Above-market lease assets	2,784,000
Below-market lease liabilities	(13,974,000)
Total purchase price	$ 1,217,652,000

REAL ESATE ACQUISITIONS - Summa

REAL ESATE ACQUISITIONS - Summary of Business Acquisitions (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)	Feb. 28, 2017Building	Nov. 30, 2016Building	May 31, 2016USD ($)
Business Acquisition [Line Items]
Aggregate capitalized acquisition costs		$ 0
Number of industrial buildings sold | Building		5		2	2
Debt assumed on real estate acquisitions	$ 0	$ 11,400,000	$ 0
2017 Acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	24
Total Purchase Price	$ 298,259,000
2017 Acquisitions [Member] | South Bay Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 12,262,000
2017 Acquisitions [Member] | Tempe Business Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 9,775,000
2017 Acquisitions [Member] | Corona Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 9,736,000
2017 Acquisitions [Member] | Sycamore Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	3
Total Purchase Price	$ 16,321,000
2017 Acquisitions [Member] | Oakesdale Commerce Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 6,833,000
2017 Acquisitions [Member] | Airways Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	2
Total Purchase Price	$ 37,051,000
2017 Acquisitions [Member] | Tuscany Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 6,913,000
2017 Acquisitions [Member] | Lanham Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 13,554,000
2017 Acquisitions [Member] | Trade Zone Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 3,853,000
2017 Acquisitions [Member] | Addison Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 23,807,000
2017 Acquisitions [Member] | Rampart Industrial Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 10,026,000
2017 Acquisitions [Member] | Airpark Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 7,472,000
2017 Acquisitions [Member] | Chandler Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 10,534,000
2017 Acquisitions [Member] | Salt Lake City Distribution Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 8,239,000
2017 Acquisitions [Member] | 360 Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	3
Total Purchase Price	$ 65,988,000
2017 Acquisitions [Member] | Riverport Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price	$ 10,498,000
2017 Acquisitions [Member] | Columbia Park Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Property	3
Total Purchase Price	$ 45,397,000
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		88
Total Purchase Price		$ 1,217,652,000
Acquisitions of land parcel						$ 400,000
Debt assumed on real estate acquisitions	$ 11,400,000
2016 Acquisitions [Member] | Corona Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 20,393,000
2016 Acquisitions [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		3
Total Purchase Price		$ 28,435,000
2016 Acquisitions [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		4
Total Purchase Price		$ 15,297,000
2016 Acquisitions [Member] | Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		5
Total Purchase Price		$ 58,820,000
2016 Acquisitions [Member] | GSW Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 17,003,000
2016 Acquisitions [Member] | National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		7
Total Purchase Price		$ 114,500,000
2016 Acquisitions [Member] | Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 27,893,000
2016 Acquisitions [Member] | Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		4
Total Purchase Price		$ 31,497,000
2016 Acquisitions [Member] | Auburn 167 Industrial Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		3
Total Purchase Price		$ 21,989,000
2016 Acquisitions [Member] | National Distribution Portfolio II [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		7
Total Purchase Price		$ 187,500,000
2016 Acquisitions [Member] | Carlisle Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 28,849,000
2016 Acquisitions [Member] | Central Valley Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		3
Total Purchase Price		$ 41,444,000
2016 Acquisitions [Member] | Cheyenne Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 30,167,000
2016 Acquisitions [Member] | Peoria Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 21,249,000
2016 Acquisitions [Member] | Trade Port Distribution Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		2
Total Purchase Price		$ 52,300,000
2016 Acquisitions [Member] | Northeast Distribution Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		2
Total Purchase Price		$ 29,400,000
2016 Acquisitions [Member] | Pinnacle Distribution Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 33,600,000
2016 Acquisitions [Member] | Southeast Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		3
Total Purchase Price		$ 76,115,000
2016 Acquisitions [Member] | Alessandro Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 47,373,000
2016 Acquisitions [Member] | Lakeside Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 16,336,000
2016 Acquisitions [Member] | Billings Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		2
Total Purchase Price		$ 20,050,000
2016 Acquisitions [Member] | Marley Neck Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 17,525,000
2016 Acquisitions [Member] | Lakeside Commerce Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		4
Total Purchase Price		$ 44,099,000
2016 Acquisitions [Member] | Corona Industrial Center II [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 17,444,000
2016 Acquisitions [Member] | Park West Distribution Center [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		1
Total Purchase Price		$ 25,240,000
2016 Acquisitions [Member] | Exeter Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		2
Total Purchase Price		$ 26,349,000
2016 Acquisitions [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		25
Total Purchase Price		$ 166,785,000

REAL ESATE DISPOSITIONS - Addit

REAL ESATE DISPOSITIONS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Building	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)	Feb. 28, 2017Building	Nov. 30, 2016Building
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building		5		2	2
Net proceeds from sale of industrial buildings to third-parties		$ 54,200
Total disposition fees and expenses		2,800
Net gain on disposition of real estate properties	$ 44	$ 1,428	$ 0
Atlanta [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building	4	2
Net proceeds from sale of industrial buildings to third-parties	$ 15,800
Total disposition fees and expenses	800
Net gain on disposition of real estate properties	100
San Antonio [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building		1
Oklahoma City [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building		1
Connecticut [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold | Building		1
Advisor [Member]
Real Estate Properties [Line Items]
Total disposition fees		$ 1,400
Advisor [Member] | Atlanta [Member]
Real Estate Properties [Line Items]
Total disposition fees	$ 400

INVESTMENT IN REAL ESTATE PRO46

INVESTMENT IN REAL ESTATE PROPERTIES - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Building	Dec. 31, 2016USD ($)PropertyBuilding	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Non-cash impairment charges recorded | $	$ 0	$ 2,672	$ 0
Number of real estate properties subject to impairment | Property		4
Building [Member]
Real Estate Properties [Line Items]
Number of assets held for sale		4
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings	235	215

INVESTMENT IN REAL ESTATE PRO47

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Properties (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Investment in real estate properties	$ 2,944,385,000	$ 2,604,564,000
Less accumulated depreciation and amortization	(238,041,000)	(126,235,000)	$ (32,050,000)
Net investment in real estate properties	2,706,344,000	2,478,329,000
Aggregate capitalized acquisition costs		0
Land [Member]
Real Estate Properties [Line Items]
Investment in real estate properties	771,613,000	684,280,000
Building and land improvements [Member]
Real Estate Properties [Line Items]
Investment in real estate properties	1,919,580,000	1,686,929,000
Aggregate capitalized acquisition costs	200,000
Intangible Lease Assets [Member]
Real Estate Properties [Line Items]
Investment in real estate properties	239,190,000	219,512,000
Construction in Progress [Member]
Real Estate Properties [Line Items]
Investment in real estate properties	$ 14,002,000	$ 13,843,000

INVESTMENT IN REAL ESTATE PRO48

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ 239,200
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	227,922	$ 208,361
Accumulated Amortization	(103,979)	(59,226)
Total	123,943	149,135
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	11,268	11,151
Accumulated Amortization	(5,212)	(3,143)
Total	6,056	8,008
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(33,278)	(30,929)
Accumulated Amortization	13,755	7,798
Net	$ (19,523)	$ (23,131)

INVESTMENT IN REAL ESTATE PRO49

INVESTMENT IN REAL ESTATE PROPERTIES - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,018	$ 37,859
2,019	27,245
2,020	19,559
2,021	14,080
2,022	9,175
Thereafter	16,025
Total	123,943	$ 149,135
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,018	1,782
2,019	1,126
2,020	812
2,021	733
2,022	649
Thereafter	954
Total	6,056	$ 8,008
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,018	(5,287)
2,019	(4,223)
2,020	(3,331)
2,021	(2,557)
2,022	(1,636)
Thereafter	(2,489)
Total	$ (19,523)

INVESTMENT IN REAL ESTATE PRO50

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Base Rental Payments (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,018	$ 165,035
2,019	151,595
2,021	127,369
2,020	105,415
2,022	77,596
Thereafter	151,822
Total	$ 778,832

INVESTMENT IN REAL ESTATE PRO51

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 7,815	$ 9,571	$ 3,868
Real Estate-Related Depreciation and Amortization:
Depreciation expense	64,985	49,915	14,593
Intangible lease asset amortization	46,664	46,714	13,632
Above-Market Lease Assets [Member]
Increase (Decrease) to Rental Revenue:
Lease amortization	(2,068)	(2,438)	(742)
Below-Market Lease Liabilities [Member]
Increase (Decrease) to Rental Revenue:
Lease amortization	$ 6,371	$ 5,503	$ 2,140

INVESTMENT IN UNCONSOLIDATED 52

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investment in Unconsolidated Joint Venture (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Building	Dec. 31, 2016USD ($)Building
Schedule of Equity Method Investments [Line Items]
Number of Buildings | Building	43	27
Investment in unconsolidated joint ventures | $	$ 106,631	$ 69,695
BTC I Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20.00%	20.00%
Number of Buildings | Building	33	27
Investment in unconsolidated joint ventures | $	$ 97,359	$ 69,695
BTC II Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	13.00%	0.00%
Number of Buildings | Building	10	0
Investment in unconsolidated joint ventures | $	$ 9,272	$ 0

ASSETS HELD FOR SALE - Addition

ASSETS HELD FOR SALE - Additional Information (Detail) - Building	Dec. 31, 2017	Dec. 31, 2016
Assets Held For Sale [Abstract]
Number of real estate properties held for sale	0	4

ASSETS HELD FOR SALE - Summary

ASSETS HELD FOR SALE - Summary of Amounts Held for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Real estate investment, net	$ 0	$ 15,532
Straight-line receivables	0	93
Assets held for sale	0	15,625
Intangible lease liabilities, net	0	110
Other liabilities	0	157
Liabilities related to assets held for sale	$ 0	$ 267

DEBT - Additional Information (

DEBT - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)Contract	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of interest rate swap agreements outstanding | Contract	11
Hedge ineffectiveness	$ 0	$ 0	$ 0
Estimated hedge ineffectiveness in the next 12 months	0
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980,000

DEBT - Summary of Debt (Detail)

DEBT - Summary of Debt (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted-average effective interest rate	3.10%	2.94%
Debt instrument, principal amount outstanding	$ 1,497,880,000	$ 1,298,880,000
Less unamortized debt issuance costs	(8,735,000)	(10,238,000)
Total debt, net	1,489,145,000	1,288,642,000
Gross book value of properties encumbered by debt	$ 1,153,150,000	$ 986,818,000
Weighted-average remaining term	4 years 7 months 6 days
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980,000
Line of Credit [Member]
Debt Instrument [Line Items]
Weighted-average effective interest rate	2.81%	2.44%
Debt instrument, principal amount outstanding	$ 275,000,000	$ 181,000,000
Unused portions of line of credit	225,000,000
Available portion of line of credit	$ 225,000,000
Line of Credit [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.30%
Line of Credit [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.40%
Line of Credit [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.30%
Line of Credit [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.40%
Line of Credit [Member] | Fixed Interest Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 150,000,000
Term Loan Due January 2021 [Member]
Debt Instrument [Line Items]
Weighted-average effective interest rate	2.65%	2.65%
Debt instrument, principal amount outstanding	$ 350,000,000	$ 350,000,000
Term Loan Due January 2021 [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.20%
Term Loan Due January 2021 [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.35%
Term Loan Due January 2021 [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.20%
Term Loan Due January 2021 [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.35%
Term Loan Due May 2022 [Member]
Debt Instrument [Line Items]
Weighted-average effective interest rate	3.46%	2.67%
Debt instrument, principal amount outstanding	$ 150,000,000	$ 150,000,000
Term Loan Due May 2022 [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.50%
Term Loan Due May 2022 [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.60%
Term Loan Due May 2022 [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.50%
Term Loan Due May 2022 [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.60%
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Weighted-average effective interest rate	3.36%	3.31%
Debt instrument, principal amount outstanding	$ 722,880,000	$ 617,880,000
Fixed-Rate Mortgage Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate	3.65%
Fixed-Rate Mortgage Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	2.94%
Variable-Rate Mortgage Note [Member] | Fixed Interest Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 97,000,000	$ 97,000,000

DEBT - Principal Payments Due o

DEBT - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Detail) $ in Thousands	Dec. 31, 2017USD ($)Extension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,018	$ 1,354
2,019	2,191
2,020	290,259
2,021	356,047
2,022	233,579
Thereafter	614,450
Total principal payments	$ 1,497,880	$ 1,298,880
Number of one-year line of credit extension options | Extension	1
Line of Credit [Member]
Debt Instrument [Line Items]
2,018	$ 0
2,019	0
2,020	275,000
2,021	0
2,022	0
Thereafter	0
Total principal payments	275,000	181,000
Term Loans [Member]
Debt Instrument [Line Items]
2,018	0
2,019	0
2,020	0
2,021	350,000
2,022	150,000
Thereafter	0
Total principal payments	500,000
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
2,018	1,354
2,019	2,191
2,020	15,259
2,021	6,047
2,022	83,579
Thereafter	614,450
Total principal payments	$ 722,880	$ 617,880

DEBT - Summary of Location and

DEBT - Summary of Location and Fair Value of Cash Flow Hedges (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional Amount	$ 596,980
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Derivative	$ 16,872	$ 14,091

DEBT - Effect of Derivative Ins

DEBT - Effect of Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive income	$ 2,781	$ 14,091	$ 0
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income recognized in AOCI (effective portion)	3,452	12,217	0
(Income) loss reclassified from AOCI into income (effective portion)	(671)	1,874	0
Net other comprehensive income	$ 2,781	$ 14,091	$ 0

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Detail)	Dec. 31, 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 - Financial Instrume

FAIR VALUE - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Derivative instruments	$ 16,872	$ 14,091
Total assets measured at fair value	16,872	14,091
Level 1 [Member]
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Level 2 [Member]
Assets
Derivative instruments	16,872	14,091
Total assets measured at fair value	16,872	14,091
Level 3 [Member]
Assets
Derivative instruments	0	0
Total assets measured at fair value	$ 0	$ 0

FAIR VALUE - Carrying Value and

FAIR VALUE - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Value [Member]
Liabilities
Line of credit	$ 275,000	$ 181,000
Term loans	500,000	500,000
Mortgage notes	722,880	617,880
Fair Value [Member]
Liabilities
Line of credit	275,000	181,000
Term loans	500,000	500,000
Mortgage notes	$ 708,615	$ 597,187

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Impact related to uncertain tax positions	$ 0	$ 0	$ 0

INCOME TAXES - Preliminary Taxa

INCOME TAXES - Preliminary Taxability of Distributions on Common Shares (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary income	33.05%	29.13%	71.88%
Non-taxable return of capital	52.10%	70.87%	28.12%
Long-term capital gain	14.85%	0.00%	0.00%
Total distribution (in dollars per share)	100.00%	100.00%	100.00%

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Nov. 30, 2017	Oct. 01, 2017	Jan. 01, 2017	Dec. 22, 2016	Nov. 30, 2016	Aug. 19, 2015	Jun. 30, 2015	Jul. 24, 2013
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, DRIP shares					$ 9.74
Estimated NAV per share (in dollars per share)						$ 9.74		$ 9.24
Minimum holding period requirement for shares of common stock	1 year
Maximum percentage of number of shares to be redeemed during any consecutive 12-month period	5.00%
Common Stock [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, DRIP shares			$ 11.11
Estimated NAV per share (in dollars per share)		$ 11.11
Class A [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares (in dollars per share)					11.0056		$ 10.4407
Offering price of common stock per share, DRIP shares				$ 9.74			9.9187
Class T [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares (in dollars per share)					$ 10.3617		9.8298
Offering price of common stock per share, DRIP shares				$ 9.74			$ 9.8298
Initial Public Offering [Member]
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		$ 2,000,000,000
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	12 Months Ended
	Dec. 31, 2017USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,776,667
Number of shares sold | shares	176,791
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,688,088
Number of shares sold | shares	167,740
Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 88,579
Number of shares sold | shares	9,051
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,080,360
Number of shares sold | shares	106,457
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,016,951
Number of shares sold | shares	99,982
Class A [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 63,409
Number of shares sold | shares	6,475
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 696,307
Number of shares sold | shares	70,334
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 671,137
Number of shares sold | shares	67,758
Class T [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 25,170
Number of shares sold | shares	2,576

STOCKHOLDERS' EQUITY - Summar67

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock, shares	(1,906)	(605)	(105)
Class A [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	99,374	84,595	23,030
Issuance of common stock, Primary shares, shares	3,696	12,797	60,578
Issuance of common stock, DRIP shares, shares	2,910	2,469	994
Issuance of common stock, Stock grants, shares	151	118	79
Redemptions of common stock, shares	(1,537)	(587)	(83)
Forfeitures of common stock, shares	(5)	(18)	(3)
Ending balance, shares	104,589	99,374	84,595
Class T [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	58,032	18,390	0
Issuance of common stock, Primary shares, shares	10,468	38,900	18,390
Issuance of common stock, DRIP shares, shares	1,794	782
Redemptions of common stock, shares	(369)	(40)
Ending balance, shares	69,925	58,032	18,390
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	157,406	102,985	23,030
Issuance of common stock, Primary shares, shares	14,164	51,697	78,968
Issuance of common stock, DRIP shares, shares	4,704	3,251	994
Issuance of common stock, Stock grants, shares	151	118	79
Redemptions of common stock, shares	(1,906)	(627)	(83)
Forfeitures of common stock, shares	(5)	(18)	(3)
Ending balance, shares	174,514	157,406	102,985

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions Table (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Stockholders' Equity [Line Items]
Distributions Fees									$ 5,790	$ 30,805	$ 148
Gross Distributions											$ 26,621
Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share (in dollars per share)	$ 0.14250	$ 0.14250	$ 0.14250	$ 0.14250	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.13515
Paid in Cash	$ 10,933	$ 10,820	$ 10,349	$ 9,902	$ 8,840	$ 8,147	$ 7,534	$ 6,788	42,004	31,309
Reinvested in Shares	12,212	12,242	11,868	11,447	10,271	9,638	9,042	8,040	47,769	36,991
Distributions Fees	1,781	1,764	1,630	1,495	1,286	1,069	876	622	6,670	3,853
Gross Distributions	$ 24,926	$ 24,826	$ 23,847	$ 22,844	$ 20,397	$ 18,854	$ 17,452	$ 15,450	$ 96,443	$ 72,153

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Discount Table (Detail)	Dec. 31, 2017
Equity [Abstract]
Redemption price as percentage of the purchase price, share purchase anniversary, less than one year
Redemption price as percentage of the purchase price, share purchase anniversary, one year	92.50%
Redemption price as percentage of the purchase price, share purchase anniversary, two years	95.00%
Redemption price as percentage of the purchase price, share purchase anniversary, three years	97.50%
Redemption price as percentage of the purchase price, share purchase anniversary, four years and longer	100.00%

STOCKHOLDERS' EQUITY - Redemp70

STOCKHOLDERS' EQUITY - Redemption Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Number of eligible shares redeemed	1,906	605	105
Aggregate amount of shares redeemed	$ 18,345	$ 5,887	$ 1,034
Average redemption price per share (in dollars per share)	$ 9.62	$ 9.73	$ 9.85

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	Nov. 20, 2017USD ($)$ / shares	Sep. 30, 2012USD ($)shares	Dec. 31, 2017USD ($)BuildingSubsidiary$ / sharesshares	Dec. 31, 2016$ / sharesshares
Noncontrolling Interest [Line Items]
Special units issued		100
Value of special units issued | $		$ 1,000
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding			0	0
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
OP Units Holder [Member]
Noncontrolling Interest [Line Items]
Cumulative non-compounded annual pre-tax return percentage - in addition to capital invested received			6.50%
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets			85.00%
Special Units Holder [Member]
Noncontrolling Interest [Line Items]
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets			15.00%
Redeemable Preferred Stock [Member] | Subsidiary REITs [Member]
Noncontrolling Interest [Line Items]
Number of subsidiary real estate investment trusts acquired | Subsidiary			4
Number of buildings owned by each subsidiary real estate investment trust | Building			1
Aggregate purchase price of subsidiary REITs | $			$ 106,300,000
Annual preferred dividend rate			12.50%
Preferred stock, shares issued			500
Preferred stock, shares outstanding			500
Preferred stock, par value (in dollars per share) | $ / shares			$ 1,000
Preferred stock, aggregate amount | $			$ 500,000
Preferred stock, redemption value (in dollars per share) | $ / shares	$ 1,000
Payments for repurchase of preferred stock | $	$ 600,000

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Dealer Manager [Member] | Class A [Member]
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 [Member] | Class A [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds	10.00%
Dealer Manager [Member] | Class T [Member]
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 [Member] | Class T [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds	10.00%
Percentage of underwriting compensation - total gross investment	10.00%
Advisor [Member]
Related Party Transaction [Line Items]
Advisory agreement period	1 year
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 one-twelfth of percentage of aggregate cost of each real estate property asset located outside U.S.	1.20%
Asset management fees - monthly one-twelfth of 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	0.80%
Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located in the U.S.	0.80%
Asset management fees - disposition percentage	2.50%
Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds	2.00%
Advisor [Member] | Interest in Other Real Estate-Related Entity [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Advisor [Member] | Proportionate Share of Property Owned By Real Estate Related Entity [Member] | Property Owned By Real Estate-Related Entity [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Advisor [Member] | Debt Investment or Other Investment [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	1.00%
Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee	5.00%
Property leasing fee of first years annual gross revenues	8.00%
Advisor [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Property management fee	2.00%
Property leasing fee of first years annual gross revenues	2.00%

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Expensed:
Acquisition fees, incurred	$ 0	$ 24,489	$ 22,390
Asset management fees, incurred	22,470	17,775	5,532
Asset management fees related to dispositions	496	2,867	0
Other expense reimbursements, incurred	4,301	3,445	1,732
Total	27,267	48,576	29,654
Acquisition fees, payable	0	0
Asset management fees, payable	54	1,745
Asset management fees related to dispositions, payable	0	1,015
Other expense reimbursements, payable	605	383
Total	659	3,143
Capitalized:
Acquisition fees, incurred	6,148	0	0
Development acquisition fees, incurred	778	236	282
Total	6,926	236	282
Acquisition fees, payable	132	0
Development acquisition fees, payable	98	14
Total	230	14
Additional Paid-In Capital:
Sales commissions, incurred	4,491	16,321	45,822
Dealer manager fees, incurred	3,026	10,981	19,033
Offering costs, incurred	4,415	8,802	16,048
Distribution fees, incurred	5,790	30,805	148
Total	17,722	66,909	81,051
Sales commissions, payable	0	0
Dealer manager fees, payable	0	1
Offering costs, payable	116	984
Distribution fees, payable	26,684	27,419
Total	26,800	28,404
Monthly amount of distribution fees payable	600	500
Future estimated distribution fees payable	26,071	26,952	0
Advisor [Member]
Additional Paid-In Capital:
Expenses reimbursements for services	$ 4,000	$ 3,000	$ 1,400

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Agreement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 26,641	$ 31,006
BTC Partnership [Member]
Related Party Transaction [Line Items]
Due to affiliates	800	300
Advisor [Member] | Joint Venture Agreement [Member] | BTC Partnership [Member]
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 5,800	$ 3,600	$ 2,600

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Detail) - Advisor [Member] - Expense Support Agreement [Member] - USD ($)	3 Months Ended						6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2017
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount (in dollars per share)	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.11875	$ 0.11250	$ 0.1250
Maximum limit on payments under expense support agreement									$ 30,000,000
Expense support agreement paid and deferred amount									5,400,000
Amount paid by the Advisor pursuant to agreement									7,400,000
Expense support payments reimbursed									5,400,000
Additional amounts reimbursable									$ 0
Termination notice period for expense support agreement									30 days

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								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total expense support from (repayment to) Advisor	$ 0	$ 0	$ 0	$ 0	$ 0	$ (3,947)	$ (1,431)	$ 267	$ 0	$ (5,111)	$ 3,370
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees waived									0	267	3,370
Other expenses supported									0	0	0
Reimbursement of previously deferred amounts									0	(5,378)	0
Total expense support from (repayment to) Advisor									0	(5,111)	$ 3,370
Expense support payable to the Advisor by the Company	$ 0				$ 800				$ 0	$ 800

RELATED PARTY TRANSACTIONS - Tr

RELATED PARTY TRANSACTIONS - Transactions with Affiliates (Details) - USD ($)	1 Months Ended
	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2012
Related Party Transaction [Line Items]
Operating partnership units owned		20,000
Special units issued			100
Value of special units issued			$ 1,000
Advisor [Member]
Related Party Transaction [Line Items]
Common stock, shares sold		20,000	20,000
Limited Partner [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, issued		19,800	19,800
Operating Partnership Units, value		$ 198,000	$ 198,000
Ownership percentage		99.00%	99.00%
General Partner [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, issued		200	200
Operating Partnership Units, value		$ 2,000	$ 2,000
Ownership percentage		1.00%	1.00%
Industrial Property Advisors Group LLC [Member]
Related Party Transaction [Line Items]
Special units issued		100
Value of special units issued		$ 1,000
Common Stock [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Offering price of common stock per share, primary shares (in dollars per share)		$ 10	$ 10
IPT-GP [Member]
Related Party Transaction [Line Items]
Amount contributed to a wholly-owned subsidiary		$ 2,000	$ 2,000
IPT-GP [Member] | General Partner [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, distributions	200

SUPPLEMENTAL CASH FLOW INFORM78

SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 39,354	$ 25,235	$ 5,411
Mortgage notes assumed on real estate acquisitions	0	11,400	0
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture	0	0	124,586
Distributions payable	23,757	19,609	10,304
Redemptions payable	4,729	2,495	208
Future estimated distribution fees payable	26,071	26,952	0
Distributions reinvested in common stock	45,828	32,163	9,601
Non-cash capital expenditures	$ 2,556	$ 3,739	$ 2,255

SUPPLEMENTAL CASH FLOW INFORM79

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 5,397	$ 8,358	$ 7,429	$ 8,119
Restricted cash	65	80	3,580	0
Cash, cash equivalents and restricted cash	$ 5,462	$ 8,438	$ 11,009	$ 8,119

SELECTED QUARTERLY FINANCIAL 80

SELECTED QUARTERLY FINANCIAL DATA - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 56,990	$ 56,686	$ 55,110	$ 54,572	$ 52,383	$ 50,207	$ 40,447	$ 33,252	$ 223,358	$ 176,289	$ 51,134
Total operating expenses	(50,821)	(51,738)	(49,135)	(49,669)	(53,353)	(55,408)	(54,901)	(42,914)	(201,363)	(206,576)	(83,006)
Total other expenses	(9,882)	(10,477)	(9,896)	(9,972)	(8,575)	(8,939)	(5,772)	(4,611)	(40,227)	(27,897)	(9,048)
Total expense support from (repayment to) Advisor	0	0	0	0	0	(3,947)	(1,431)	267	0	(5,111)	3,370
Net loss	(3,713)	(5,529)	(3,921)	(5,069)	(9,545)	(18,087)	(21,657)	(14,006)	(18,232)	(63,295)	(37,550)
Net loss attributable to common stockholders	$ (3,751)	$ (5,545)	$ (3,936)	$ (5,085)	$ (9,561)	$ (18,102)	$ (21,657)	$ (14,006)	$ (18,317)	$ (63,326)	$ (37,550)
Net loss per common share-basic and diluted (in dollars per share)	$ (0.02)	$ (0.03)	$ (0.02)	$ (0.03)	$ (0.06)	$ (0.13)	$ (0.17)	$ (0.12)	$ (0.11)	$ (0.47)	$ (0.72)
Weighted-average shares outstanding (in shares)	174,926	174,300	167,341	160,296	150,913	139,486	129,118	114,323	169,270	133,524	51,801

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Detail) - BTC II Partnership [Member] - USD ($) $ in Millions	Jan. 31, 2018	Jan. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Ownership percentage			13.00%	0.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Ownership percentage	8.00%	13.00%
Proceeds from sale of interest in joint venture	$ 4.2
Subsequent Event [Member] | QuadReal Limited Partner [Member]
Subsequent Event [Line Items]
Ownership percentage	5.00%

SCHEDULE III-REAL ESTATE AND 82

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)Building	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	235
Initial Cost of Land	$ 771,613,000
Initial Cost of Buildings and Improvements	2,048,422,000
Total Initial Costs	2,820,035,000
Costs Capitalized or Adjustments Subsequent to Acquisition	90,914,000
Gross amount carried, Land	771,613,000
Gross amount carried, Buildings and Improvements	2,139,336,000
Gross amount carried, Total Costs	2,910,949,000	$ 2,573,635,000	$ 1,387,814,000
Accumulated Depreciation and Amortization	(238,041,000)
Debt instrument, principal amount outstanding	1,497,880,000	1,298,880,000
Intangible lease assets, gross	239,200,000
Intangibles lease liabilities, gross	33,300,000
Acquisition costs capitalizable under new accounting standard		0
Real estate federal income tax basis	2,900,000,000
Building and land improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition costs capitalizable under new accounting standard	200,000
Fixed-Rate Mortgage Notes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, principal amount outstanding	$ 722,880,000	$ 617,880,000
Minimum [Member] | Fixed-Rate Mortgage Notes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Interest rate	2.94%
Maximum [Member] | Fixed-Rate Mortgage Notes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Interest rate	3.65%
West Valley Distribution Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,051,000
Initial Cost of Buildings and Improvements	4,801,000
Total Initial Costs	7,852,000
Costs Capitalized or Adjustments Subsequent to Acquisition	409,000
Gross amount carried, Land	3,051,000
Gross amount carried, Buildings and Improvements	5,210,000
Gross amount carried, Total Costs	8,261,000
Accumulated Depreciation and Amortization	$ (1,645,000)
West Valley Distribution Center in Kent, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
West Valley Distribution Center in Kent, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Century Distribution Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,854,000
Initial Cost of Buildings and Improvements	8,658,000
Total Initial Costs	11,512,000
Gross amount carried, Land	2,854,000
Gross amount carried, Buildings and Improvements	8,658,000
Gross amount carried, Total Costs	11,512,000
Accumulated Depreciation and Amortization	$ (1,080,000)
Century Distribution Center in Houston, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Century Distribution Center in Houston, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Oakesdale Commerce Center in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,483,000
Initial Cost of Buildings and Improvements	2,518,000
Total Initial Costs	4,001,000
Costs Capitalized or Adjustments Subsequent to Acquisition	94,000
Gross amount carried, Land	1,483,000
Gross amount carried, Buildings and Improvements	2,612,000
Gross amount carried, Total Costs	4,095,000
Accumulated Depreciation and Amortization	$ (480,000)
Oakesdale Commerce Center in Renton, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Oakesdale Commerce Center in Renton, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Medley Distribution Center in Medley, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,090,000
Initial Cost of Buildings and Improvements	2,970,000
Total Initial Costs	4,060,000
Costs Capitalized or Adjustments Subsequent to Acquisition	128,000
Gross amount carried, Land	1,090,000
Gross amount carried, Buildings and Improvements	3,098,000
Gross amount carried, Total Costs	4,188,000
Accumulated Depreciation and Amortization	$ (668,000)
Medley Distribution Center in Medley, FL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Medley Distribution Center in Medley, FL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Rialto Distribution Center in Rialto, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,575,000
Initial Cost of Buildings and Improvements	13,375,000
Total Initial Costs	19,950,000
Costs Capitalized or Adjustments Subsequent to Acquisition	73,000
Gross amount carried, Land	6,575,000
Gross amount carried, Buildings and Improvements	13,448,000
Gross amount carried, Total Costs	20,023,000
Accumulated Depreciation and Amortization	$ (1,783,000)
Rialto Distribution Center in Rialto, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Rialto Distribution Center in Rialto, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Palm Beach Commerce Center in Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,425,000
Initial Cost of Buildings and Improvements	5,775,000
Total Initial Costs	7,200,000
Costs Capitalized or Adjustments Subsequent to Acquisition	37,000
Gross amount carried, Land	1,425,000
Gross amount carried, Buildings and Improvements	5,812,000
Gross amount carried, Total Costs	7,237,000
Accumulated Depreciation and Amortization	$ (1,204,000)
Palm Beach Commerce Center in Boca Raton, FL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Palm Beach Commerce Center in Boca Raton, FL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Windham Industrial Center in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,808,000
Initial Cost of Buildings and Improvements	8,092,000
Total Initial Costs	10,900,000
Costs Capitalized or Adjustments Subsequent to Acquisition	832,000
Gross amount carried, Land	2,808,000
Gross amount carried, Buildings and Improvements	8,924,000
Gross amount carried, Total Costs	11,732,000
Accumulated Depreciation and Amortization	$ (1,719,000)
Windham Industrial Center in Romeoville, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Windham Industrial Center in Romeoville, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Corridor Industrial Center in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,247,000
Initial Cost of Buildings and Improvements	5,634,000
Total Initial Costs	9,881,000
Costs Capitalized or Adjustments Subsequent to Acquisition	109,000
Gross amount carried, Land	4,247,000
Gross amount carried, Buildings and Improvements	5,743,000
Gross amount carried, Total Costs	9,990,000
Accumulated Depreciation and Amortization	$ (1,236,000)
Corridor Industrial Center in Savage, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Corridor Industrial Center in Savage, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
O'Hare Distribution Center in Elmhurst, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 11,140,000
Initial Cost of Buildings and Improvements	15,810,000
Total Initial Costs	26,950,000
Costs Capitalized or Adjustments Subsequent to Acquisition	8,000
Gross amount carried, Land	11,140,000
Gross amount carried, Buildings and Improvements	15,818,000
Gross amount carried, Total Costs	26,958,000
Accumulated Depreciation and Amortization	$ (3,007,000)
O'Hare Distribution Center in Elmhurst, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
O'Hare Distribution Center in Elmhurst, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Lehigh Valley Commerce Center in Kutztown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,545,000
Initial Cost of Buildings and Improvements	4,456,000
Total Initial Costs	6,001,000
Costs Capitalized or Adjustments Subsequent to Acquisition	(1,000)
Gross amount carried, Land	1,545,000
Gross amount carried, Buildings and Improvements	4,455,000
Gross amount carried, Total Costs	6,000,000
Accumulated Depreciation and Amortization	$ (771,000)
Lehigh Valley Commerce Center in Kutztown, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lehigh Valley Commerce Center in Kutztown, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Corridor Industrial Center II in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 11,500,000
Initial Cost of Buildings and Improvements	15,297,000
Total Initial Costs	26,797,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,158,000
Gross amount carried, Land	11,500,000
Gross amount carried, Buildings and Improvements	16,455,000
Gross amount carried, Total Costs	27,955,000
Accumulated Depreciation and Amortization	$ (4,147,000)
Corridor Industrial Center II in Savage, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Corridor Industrial Center II in Savage, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Bolingbrook Industrial Center in Bolingbrook, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,124,000
Initial Cost of Buildings and Improvements	2,963,000
Total Initial Costs	4,087,000
Costs Capitalized or Adjustments Subsequent to Acquisition	10,000
Gross amount carried, Land	1,124,000
Gross amount carried, Buildings and Improvements	2,973,000
Gross amount carried, Total Costs	4,097,000
Accumulated Depreciation and Amortization	$ (935,000)
Bolingbrook Industrial Center in Bolingbrook, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Bolingbrook Industrial Center in Bolingbrook, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Normal Junction Commerce Center in Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,780,000
Initial Cost of Buildings and Improvements	9,673,000
Total Initial Costs	12,453,000
Costs Capitalized or Adjustments Subsequent to Acquisition	328,000
Gross amount carried, Land	2,780,000
Gross amount carried, Buildings and Improvements	10,001,000
Gross amount carried, Total Costs	12,781,000
Accumulated Depreciation and Amortization	$ (2,251,000)
Normal Junction Commerce Center in Tempe, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Normal Junction Commerce Center in Tempe, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Mechanicsburg Distribution Center in Mechanicsburg, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,931,000
Initial Cost of Buildings and Improvements	6,444,000
Total Initial Costs	8,375,000
Costs Capitalized or Adjustments Subsequent to Acquisition	533,000
Gross amount carried, Land	1,931,000
Gross amount carried, Buildings and Improvements	6,977,000
Gross amount carried, Total Costs	8,908,000
Accumulated Depreciation and Amortization	$ (1,467,000)
Mechanicsburg Distribution Center in Mechanicsburg, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Mechanicsburg Distribution Center in Mechanicsburg, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
West Valley Distribution Center II in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,885,000
Initial Cost of Buildings and Improvements	4,002,000
Total Initial Costs	5,887,000
Costs Capitalized or Adjustments Subsequent to Acquisition	862,000
Gross amount carried, Land	1,885,000
Gross amount carried, Buildings and Improvements	4,864,000
Gross amount carried, Total Costs	6,749,000
Accumulated Depreciation and Amortization	$ (1,205,000)
West Valley Distribution Center II in Kent, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
West Valley Distribution Center II in Kent, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
CentrePort Distribution Center in Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,795,000
Initial Cost of Buildings and Improvements	13,898,000
Total Initial Costs	16,693,000
Costs Capitalized or Adjustments Subsequent to Acquisition	313,000
Gross amount carried, Land	2,795,000
Gross amount carried, Buildings and Improvements	14,211,000
Gross amount carried, Total Costs	17,006,000
Accumulated Depreciation and Amortization	$ (3,533,000)
CentrePort Distribution Center in Fort Worth, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
CentrePort Distribution Center in Fort Worth, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Tacoma Commerce Center in Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,808,000
Initial Cost of Buildings and Improvements	1,542,000
Total Initial Costs	3,350,000
Costs Capitalized or Adjustments Subsequent to Acquisition	108,000
Gross amount carried, Land	1,808,000
Gross amount carried, Buildings and Improvements	1,650,000
Gross amount carried, Total Costs	3,458,000
Accumulated Depreciation and Amortization	$ (429,000)
Tacoma Commerce Center in Tacoma, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Tacoma Commerce Center in Tacoma, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Richmond Distribution Center in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,185,000
Initial Cost of Buildings and Improvements	10,165,000
Total Initial Costs	18,350,000
Costs Capitalized or Adjustments Subsequent to Acquisition	3,465,000
Gross amount carried, Land	8,185,000
Gross amount carried, Buildings and Improvements	13,630,000
Gross amount carried, Total Costs	21,815,000
Accumulated Depreciation and Amortization	$ (2,995,000)
Richmond Distribution Center in Richmond, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Richmond Distribution Center in Richmond, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Auburn Industrial Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,576,000
Initial Cost of Buildings and Improvements	5,274,000
Total Initial Costs	7,850,000
Costs Capitalized or Adjustments Subsequent to Acquisition	510,000
Gross amount carried, Land	2,576,000
Gross amount carried, Buildings and Improvements	5,784,000
Gross amount carried, Total Costs	8,360,000
Accumulated Depreciation and Amortization	$ (1,328,000)
Auburn Industrial Center in Auburn, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Auburn Industrial Center in Auburn, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Dorsey Run Distribution Center in Elkridge, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,123,000
Initial Cost of Buildings and Improvements	3,962,000
Total Initial Costs	7,085,000
Costs Capitalized or Adjustments Subsequent to Acquisition	218,000
Gross amount carried, Land	3,123,000
Gross amount carried, Buildings and Improvements	4,180,000
Gross amount carried, Total Costs	7,303,000
Accumulated Depreciation and Amortization	$ (735,000)
Dorsey Run Distribution Center in Elkridge, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Dorsey Run Distribution Center in Elkridge, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Portland Industrial Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	10
Initial Cost of Land	$ 18,422,000
Initial Cost of Buildings and Improvements	38,814,000
Total Initial Costs	57,236,000
Costs Capitalized or Adjustments Subsequent to Acquisition	15,889,000
Gross amount carried, Land	18,422,000
Gross amount carried, Buildings and Improvements	54,703,000
Gross amount carried, Total Costs	73,125,000
Accumulated Depreciation and Amortization	$ (9,982,000)
Portland Industrial Center in Portland, OR [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Portland Industrial Center in Portland, OR [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Newark Distribution Center in Newark, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,523,000
Initial Cost of Buildings and Improvements	11,389,000
Total Initial Costs	19,912,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,139,000
Gross amount carried, Land	8,523,000
Gross amount carried, Buildings and Improvements	12,528,000
Gross amount carried, Total Costs	21,051,000
Accumulated Depreciation and Amortization	$ (2,255,000)
Newark Distribution Center in Newark, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Newark Distribution Center in Newark, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Totowa Commerce Center in Totowa, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 10,715,000
Initial Cost of Buildings and Improvements	15,535,000
Total Initial Costs	26,250,000
Costs Capitalized or Adjustments Subsequent to Acquisition	78,000
Gross amount carried, Land	10,715,000
Gross amount carried, Buildings and Improvements	15,613,000
Gross amount carried, Total Costs	26,328,000
Accumulated Depreciation and Amortization	$ (2,936,000)
Totowa Commerce Center in Totowa, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Totowa Commerce Center in Totowa, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
8A Distribution Center in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,949,000
Initial Cost of Buildings and Improvements	15,525,000
Total Initial Costs	23,474,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,491,000
Gross amount carried, Land	7,949,000
Gross amount carried, Buildings and Improvements	17,016,000
Gross amount carried, Total Costs	24,965,000
Accumulated Depreciation and Amortization	$ (2,528,000)
8A Distribution Center in Monroe, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
8A Distribution Center in Monroe, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Bayport Distribution Center in Pasadena, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,807,000
Initial Cost of Buildings and Improvements	34,408,000
Total Initial Costs	39,215,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,532,000
Gross amount carried, Land	4,807,000
Gross amount carried, Buildings and Improvements	36,940,000
Gross amount carried, Total Costs	41,747,000
Accumulated Depreciation and Amortization	$ (3,641,000)
Bayport Distribution Center in Pasadena, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Bayport Distribution Center in Pasadena, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Mesa Distribution Center in Mesa, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,559,000
Initial Cost of Buildings and Improvements	4,941,000
Total Initial Costs	6,500,000
Gross amount carried, Land	1,559,000
Gross amount carried, Buildings and Improvements	4,941,000
Gross amount carried, Total Costs	6,500,000
Accumulated Depreciation and Amortization	$ (724,000)
Mesa Distribution Center in Mesa, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Mesa Distribution Center in Mesa, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Iron Run Distribution Center II in Allentown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,857,000
Initial Cost of Buildings and Improvements	6,566,000
Total Initial Costs	9,423,000
Costs Capitalized or Adjustments Subsequent to Acquisition	586,000
Gross amount carried, Land	2,857,000
Gross amount carried, Buildings and Improvements	7,152,000
Gross amount carried, Total Costs	10,009,000
Accumulated Depreciation and Amortization	$ (1,724,000)
Iron Run Distribution Center II in Allentown, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Iron Run Distribution Center II in Allentown, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Hayward Industrial Center in Hayward, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,214,000
Initial Cost of Buildings and Improvements	1,841,000
Total Initial Costs	3,055,000
Costs Capitalized or Adjustments Subsequent to Acquisition	90,000
Gross amount carried, Land	1,214,000
Gross amount carried, Buildings and Improvements	1,931,000
Gross amount carried, Total Costs	3,145,000
Accumulated Depreciation and Amortization	$ (447,000)
Hayward Industrial Center in Hayward, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Hayward Industrial Center in Hayward, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Drew Court Commerce Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 3,716,000
Initial Cost of Buildings and Improvements	8,184,000
Total Initial Costs	11,900,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,082,000
Gross amount carried, Land	3,716,000
Gross amount carried, Buildings and Improvements	9,266,000
Gross amount carried, Total Costs	12,982,000
Accumulated Depreciation and Amortization	$ (2,500,000)
Drew Court Commerce Center in King of Prussia, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Drew Court Commerce Center in King of Prussia, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
8A Distribution Center II in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,516,000
Initial Cost of Buildings and Improvements	9,934,000
Total Initial Costs	15,450,000
Gross amount carried, Land	5,516,000
Gross amount carried, Buildings and Improvements	9,934,000
Gross amount carried, Total Costs	15,450,000
Accumulated Depreciation and Amortization	$ (1,472,000)
8A Distribution Center II in Monroe, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
8A Distribution Center II in Monroe, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Livermore Distribution Center in Livermore, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,885,000
Initial Cost of Buildings and Improvements	20,871,000
Total Initial Costs	25,756,000
Costs Capitalized or Adjustments Subsequent to Acquisition	222,000
Gross amount carried, Land	4,885,000
Gross amount carried, Buildings and Improvements	21,093,000
Gross amount carried, Total Costs	25,978,000
Accumulated Depreciation and Amortization	$ (3,143,000)
Livermore Distribution Center in Livermore, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Livermore Distribution Center in Livermore, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Chastain Meadows Distribution Center in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 5,362,000
Initial Cost of Buildings and Improvements	40,288,000
Total Initial Costs	45,650,000
Costs Capitalized or Adjustments Subsequent to Acquisition	695,000
Gross amount carried, Land	5,362,000
Gross amount carried, Buildings and Improvements	40,983,000
Gross amount carried, Total Costs	46,345,000
Accumulated Depreciation and Amortization	$ (6,202,000)
Chastain Meadows Distribution Center in Kennesaw, GA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chastain Meadows Distribution Center in Kennesaw, GA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Auburn Distribution Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,984,000
Initial Cost of Buildings and Improvements	13,031,000
Total Initial Costs	17,015,000
Costs Capitalized or Adjustments Subsequent to Acquisition	754,000
Gross amount carried, Land	3,984,000
Gross amount carried, Buildings and Improvements	13,785,000
Gross amount carried, Total Costs	17,769,000
Accumulated Depreciation and Amortization	$ (1,994,000)
Auburn Distribution Center in Auburn, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Auburn Distribution Center in Auburn, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
North Atlanta Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,409,000
Initial Cost of Buildings and Improvements	6,352,000
Total Initial Costs	7,761,000
Costs Capitalized or Adjustments Subsequent to Acquisition	839,000
Gross amount carried, Land	1,409,000
Gross amount carried, Buildings and Improvements	7,191,000
Gross amount carried, Total Costs	8,600,000
Accumulated Depreciation and Amortization	$ (972,000)
North Atlanta Portfolio in Atlanta, GA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
North Atlanta Portfolio in Atlanta, GA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Richmond Distribution Center II in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,160,000
Initial Cost of Buildings and Improvements	9,000,000
Total Initial Costs	13,160,000
Costs Capitalized or Adjustments Subsequent to Acquisition	3,000
Gross amount carried, Land	4,160,000
Gross amount carried, Buildings and Improvements	9,003,000
Gross amount carried, Total Costs	13,163,000
Accumulated Depreciation and Amortization	$ (1,030,000)
Richmond Distribution Center II in Richmond, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Richmond Distribution Center II in Richmond, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Carol Stream Distribution Center in Carol Stream, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,136,000
Initial Cost of Buildings and Improvements	14,264,000
Total Initial Costs	21,400,000
Costs Capitalized or Adjustments Subsequent to Acquisition	78,000
Gross amount carried, Land	7,136,000
Gross amount carried, Buildings and Improvements	14,342,000
Gross amount carried, Total Costs	21,478,000
Accumulated Depreciation and Amortization	$ (2,074,000)
Carol Stream Distribution Center in Carol Stream, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Carol Stream Distribution Center in Carol Stream, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Houston Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 12,027,000
Initial Cost of Buildings and Improvements	42,485,000
Total Initial Costs	54,512,000
Costs Capitalized or Adjustments Subsequent to Acquisition	207,000
Gross amount carried, Land	12,027,000
Gross amount carried, Buildings and Improvements	42,692,000
Gross amount carried, Total Costs	54,719,000
Accumulated Depreciation and Amortization	$ (4,507,000)
Houston Industrial Portfolio in Houston, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Houston Industrial Portfolio in Houston, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Wilson Commerce Center in Nashville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,897,000
Initial Cost of Buildings and Improvements	26,002,000
Total Initial Costs	27,899,000
Costs Capitalized or Adjustments Subsequent to Acquisition	519,000
Gross amount carried, Land	1,897,000
Gross amount carried, Buildings and Improvements	26,521,000
Gross amount carried, Total Costs	28,418,000
Accumulated Depreciation and Amortization	$ (3,307,000)
Wilson Commerce Center in Nashville, TN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Wilson Commerce Center in Nashville, TN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
North Kent Industrial Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,065,000
Initial Cost of Buildings and Improvements	6,281,000
Total Initial Costs	10,346,000
Costs Capitalized or Adjustments Subsequent to Acquisition	98,000
Gross amount carried, Land	4,065,000
Gross amount carried, Buildings and Improvements	6,379,000
Gross amount carried, Total Costs	10,444,000
Accumulated Depreciation and Amortization	$ (1,251,000)
North Kent Industrial Center in Kent, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
North Kent Industrial Center in Kent, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Long Beach Industrial Center in Long Beach, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,306,000
Initial Cost of Buildings and Improvements	4,594,000
Total Initial Costs	8,900,000
Costs Capitalized or Adjustments Subsequent to Acquisition	150,000
Gross amount carried, Land	4,306,000
Gross amount carried, Buildings and Improvements	4,744,000
Gross amount carried, Total Costs	9,050,000
Accumulated Depreciation and Amortization	$ (751,000)
Long Beach Industrial Center in Long Beach, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Long Beach Industrial Center in Long Beach, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Kelley Point Distribution Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 12,710,000
Initial Cost of Buildings and Improvements	60,850,000
Total Initial Costs	73,560,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,219,000
Gross amount carried, Land	12,710,000
Gross amount carried, Buildings and Improvements	62,069,000
Gross amount carried, Total Costs	74,779,000
Accumulated Depreciation and Amortization	$ (8,569,000)
Kelley Point Distribution Center in Portland, OR [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Kelley Point Distribution Center in Portland, OR [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Aurora Distribution Center in Aurora, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,007,000
Initial Cost of Buildings and Improvements	16,993,000
Total Initial Costs	21,000,000
Costs Capitalized or Adjustments Subsequent to Acquisition	85,000
Gross amount carried, Land	4,007,000
Gross amount carried, Buildings and Improvements	17,078,000
Gross amount carried, Total Costs	21,085,000
Accumulated Depreciation and Amortization	$ (1,824,000)
Aurora Distribution Center in Aurora, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Aurora Distribution Center in Aurora, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Junction Industrial Center in Annapolis Junction, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,934,000
Initial Cost of Buildings and Improvements	3,066,000
Total Initial Costs	5,000,000
Costs Capitalized or Adjustments Subsequent to Acquisition	14,000
Gross amount carried, Land	1,934,000
Gross amount carried, Buildings and Improvements	3,080,000
Gross amount carried, Total Costs	5,014,000
Accumulated Depreciation and Amortization	$ (499,000)
Junction Industrial Center in Annapolis Junction, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Junction Industrial Center in Annapolis Junction, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Demarest Distribution Center in Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,831,000
Initial Cost of Buildings and Improvements	5,110,000
Total Initial Costs	8,941,000
Gross amount carried, Land	3,831,000
Gross amount carried, Buildings and Improvements	5,110,000
Gross amount carried, Total Costs	8,941,000
Accumulated Depreciation and Amortization	$ (554,000)
Demarest Distribution Center in Wayne, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Demarest Distribution Center in Wayne, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Salt Lake City Distribution Center in Salt Lake City UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,514,000
Initial Cost of Buildings and Improvements	13,261,000
Total Initial Costs	16,775,000
Costs Capitalized or Adjustments Subsequent to Acquisition	6,608,000
Gross amount carried, Land	3,514,000
Gross amount carried, Buildings and Improvements	19,869,000
Gross amount carried, Total Costs	23,383,000
Accumulated Depreciation and Amortization	$ (1,500,000)
Salt Lake City Distribution Center in Salt Lake City UT [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Salt Lake City Distribution Center in Salt Lake City UT [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Auburn Distribution Center II in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,159,000
Initial Cost of Buildings and Improvements	4,941,000
Total Initial Costs	11,100,000
Costs Capitalized or Adjustments Subsequent to Acquisition	84,000
Gross amount carried, Land	6,159,000
Gross amount carried, Buildings and Improvements	5,025,000
Gross amount carried, Total Costs	11,184,000
Accumulated Depreciation and Amortization	$ (470,000)
Auburn Distribution Center II in Auburn, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Auburn Distribution Center II in Auburn, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
York Distribution Center in York, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,378,000
Initial Cost of Buildings and Improvements	12,022,000
Total Initial Costs	16,400,000
Costs Capitalized or Adjustments Subsequent to Acquisition	169,000
Gross amount carried, Land	4,378,000
Gross amount carried, Buildings and Improvements	12,191,000
Gross amount carried, Total Costs	16,569,000
Accumulated Depreciation and Amortization	$ (1,796,000)
York Distribution Center in York, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
York Distribution Center in York, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Etiwanda Industrial Center in Ontario, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 8,916,000
Initial Cost of Buildings and Improvements	8,257,000
Total Initial Costs	17,173,000
Costs Capitalized or Adjustments Subsequent to Acquisition	372,000
Gross amount carried, Land	8,916,000
Gross amount carried, Buildings and Improvements	8,629,000
Gross amount carried, Total Costs	17,545,000
Accumulated Depreciation and Amortization	$ (1,584,000)
Etiwanda Industrial Center in Ontario, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Etiwanda Industrial Center in Ontario, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Cincinnati Industrial Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 3,595,000
Initial Cost of Buildings and Improvements	30,857,000
Total Initial Costs	34,452,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,128,000
Gross amount carried, Land	3,595,000
Gross amount carried, Buildings and Improvements	31,985,000
Gross amount carried, Total Costs	35,580,000
Accumulated Depreciation and Amortization	$ (4,668,000)
Cincinnati Industrial Center in Cincinnati, OH [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Cincinnati Industrial Center in Cincinnati, OH [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Belt Line Distribution Center in Carrollton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,530,000
Initial Cost of Buildings and Improvements	8,070,000
Total Initial Costs	9,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	340,000
Gross amount carried, Land	1,530,000
Gross amount carried, Buildings and Improvements	8,410,000
Gross amount carried, Total Costs	9,940,000
Accumulated Depreciation and Amortization	$ (866,000)
Belt Line Distribution Center in Carrollton, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Belt Line Distribution Center in Carrollton, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Mid Counties Distribution Center in Santa Fe Springs, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,418,000
Initial Cost of Buildings and Improvements	9,783,000
Total Initial Costs	18,201,000
Costs Capitalized or Adjustments Subsequent to Acquisition	(1,000)
Gross amount carried, Land	8,418,000
Gross amount carried, Buildings and Improvements	9,782,000
Gross amount carried, Total Costs	18,200,000
Accumulated Depreciation and Amortization	$ (990,000)
Mid Counties Distribution Center in Santa Fe Springs, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Mid Counties Distribution Center in Santa Fe Springs, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Airwest Distribution Center I in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,505,000
Initial Cost of Buildings and Improvements	13,095,000
Total Initial Costs	14,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	84,000
Gross amount carried, Land	1,505,000
Gross amount carried, Buildings and Improvements	13,179,000
Gross amount carried, Total Costs	14,684,000
Accumulated Depreciation and Amortization	$ (1,503,000)
Airwest Distribution Center I in Plainfield, IN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airwest Distribution Center I in Plainfield, IN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Airwest Distribution Center II in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 700,000
Initial Cost of Buildings and Improvements	6,044,000
Total Initial Costs	6,744,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,000
Gross amount carried, Land	700,000
Gross amount carried, Buildings and Improvements	6,045,000
Gross amount carried, Total Costs	6,745,000
Accumulated Depreciation and Amortization	$ (363,000)
Airwest Distribution Center II in Plainfield, IN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airwest Distribution Center II in Plainfield, IN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Chicago Industrial Portfolio in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 16,711,000
Initial Cost of Buildings and Improvements	52,889,000
Total Initial Costs	69,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	(230,000)
Gross amount carried, Land	16,711,000
Gross amount carried, Buildings and Improvements	52,659,000
Gross amount carried, Total Costs	69,370,000
Accumulated Depreciation and Amortization	$ (4,809,000)
Chicago Industrial Portfolio in Chicago, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Industrial Portfolio in Chicago, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Atlanta Industrial Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	12
Initial Cost of Land	$ 9,268,000
Initial Cost of Buildings and Improvements	50,492,000
Total Initial Costs	59,760,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,855,000
Gross amount carried, Land	9,268,000
Gross amount carried, Buildings and Improvements	52,347,000
Gross amount carried, Total Costs	61,615,000
Accumulated Depreciation and Amortization	$ (8,004,000)
Atlanta Industrial Portfolio in Atlanta, GA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Atlanta Industrial Portfolio in Atlanta, GA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Lehigh Valley Distribution Center in Bethlehem, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,485,000
Initial Cost of Buildings and Improvements	28,115,000
Total Initial Costs	37,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	230,000
Gross amount carried, Land	9,485,000
Gross amount carried, Buildings and Improvements	28,345,000
Gross amount carried, Total Costs	37,830,000
Accumulated Depreciation and Amortization	$ (3,547,000)
Lehigh Valley Distribution Center in Bethlehem, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lehigh Valley Distribution Center in Bethlehem, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Valencia Industrial Center in Valencia, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,327,000
Initial Cost of Buildings and Improvements	7,673,000
Total Initial Costs	11,000,000
Costs Capitalized or Adjustments Subsequent to Acquisition	234,000
Gross amount carried, Land	3,327,000
Gross amount carried, Buildings and Improvements	7,907,000
Gross amount carried, Total Costs	11,234,000
Accumulated Depreciation and Amortization	$ (670,000)
Valencia Industrial Center in Valencia, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Valencia Industrial Center in Valencia, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Phoenix Industrial Portfolio in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 8,722,000
Initial Cost of Buildings and Improvements	29,261,000
Total Initial Costs	37,983,000
Costs Capitalized or Adjustments Subsequent to Acquisition	12,000
Gross amount carried, Land	8,722,000
Gross amount carried, Buildings and Improvements	29,273,000
Gross amount carried, Total Costs	37,995,000
Accumulated Depreciation and Amortization	$ (4,120,000)
Phoenix Industrial Portfolio in Phoenix, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Phoenix Industrial Portfolio in Phoenix, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Golden State Portfolio Central Valley in Bakersfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,466,000
Initial Cost of Buildings and Improvements	15,633,000
Total Initial Costs	18,099,000
Costs Capitalized or Adjustments Subsequent to Acquisition	116,000
Gross amount carried, Land	2,466,000
Gross amount carried, Buildings and Improvements	15,749,000
Gross amount carried, Total Costs	18,215,000
Accumulated Depreciation and Amortization	$ (1,617,000)
Golden State Portfolio Central Valley in Bakersfield, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Golden State Portfolio Central Valley in Bakersfield, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Golden State Portfolio South LA in Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 6,345,000
Initial Cost of Buildings and Improvements	15,043,000
Total Initial Costs	21,388,000
Costs Capitalized or Adjustments Subsequent to Acquisition	223,000
Gross amount carried, Land	6,345,000
Gross amount carried, Buildings and Improvements	15,266,000
Gross amount carried, Total Costs	21,611,000
Accumulated Depreciation and Amortization	$ (2,550,000)
Golden State Portfolio South LA in Chula Vista, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Golden State Portfolio South LA in Chula Vista, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Golden State Portfolio East Bay Area in Newark, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 44,715,000
Initial Cost of Buildings and Improvements	32,517,000
Total Initial Costs	77,232,000
Costs Capitalized or Adjustments Subsequent to Acquisition	3,019,000
Gross amount carried, Land	44,715,000
Gross amount carried, Buildings and Improvements	35,536,000
Gross amount carried, Total Costs	80,251,000
Accumulated Depreciation and Amortization	$ (6,287,000)
Golden State Portfolio East Bay Area in Newark, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Golden State Portfolio East Bay Area in Newark, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Golden State Portfolio Central LA in Pico Rivera, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 11,769,000
Initial Cost of Buildings and Improvements	1,118,000
Total Initial Costs	12,887,000
Costs Capitalized or Adjustments Subsequent to Acquisition	162,000
Gross amount carried, Land	11,769,000
Gross amount carried, Buildings and Improvements	1,280,000
Gross amount carried, Total Costs	13,049,000
Accumulated Depreciation and Amortization	$ (259,000)
Golden State Portfolio Central LA in Pico Rivera, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Golden State Portfolio Central LA in Pico Rivera, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Golden State Portfolio South Bay Area in San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	7
Initial Cost of Land	$ 32,138,000
Initial Cost of Buildings and Improvements	22,007,000
Total Initial Costs	54,145,000
Costs Capitalized or Adjustments Subsequent to Acquisition	101,000
Gross amount carried, Land	32,138,000
Gross amount carried, Buildings and Improvements	22,108,000
Gross amount carried, Total Costs	54,246,000
Accumulated Depreciation and Amortization	$ (3,993,000)
Golden State Portfolio South Bay Area in San Jose, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Golden State Portfolio South Bay Area in San Jose, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Northwest Industrial Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	11
Initial Cost of Land	$ 29,206,000
Initial Cost of Buildings and Improvements	36,307,000
Total Initial Costs	65,513,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,150,000
Gross amount carried, Land	29,206,000
Gross amount carried, Buildings and Improvements	37,457,000
Gross amount carried, Total Costs	66,663,000
Accumulated Depreciation and Amortization	$ (5,811,000)
Northwest Industrial Center in Houston, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Northwest Industrial Center in Houston, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Victory Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,572,000
Initial Cost of Buildings and Improvements	11,401,000
Total Initial Costs	13,973,000
Gross amount carried, Land	2,572,000
Gross amount carried, Buildings and Improvements	11,401,000
Gross amount carried, Total Costs	13,973,000
Accumulated Depreciation and Amortization	$ (760,000)
Victory Industrial Portfolio in Houston, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Victory Industrial Portfolio in Houston, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,781,000
Initial Cost of Buildings and Improvements	20,280,000
Total Initial Costs	23,061,000
Costs Capitalized or Adjustments Subsequent to Acquisition	(1,000)
Gross amount carried, Land	2,781,000
Gross amount carried, Buildings and Improvements	20,279,000
Gross amount carried, Total Costs	23,060,000
Accumulated Depreciation and Amortization	$ (1,267,000)
Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Victory Industrial Portfolio in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 900,000
Initial Cost of Buildings and Improvements	7,672,000
Total Initial Costs	8,572,000
Costs Capitalized or Adjustments Subsequent to Acquisition	15,000
Gross amount carried, Land	900,000
Gross amount carried, Buildings and Improvements	7,687,000
Gross amount carried, Total Costs	8,587,000
Accumulated Depreciation and Amortization	$ (588,000)
Victory Industrial Portfolio in Louisville, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Victory Industrial Portfolio in Louisville, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
GSW Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,676,000
Initial Cost of Buildings and Improvements	13,327,000
Total Initial Costs	17,003,000
Costs Capitalized or Adjustments Subsequent to Acquisition	3,763,000
Gross amount carried, Land	3,676,000
Gross amount carried, Buildings and Improvements	17,090,000
Gross amount carried, Total Costs	20,766,000
Accumulated Depreciation and Amortization	$ (905,000)
GSW Distribution Center in Dallas/Ft. Worth, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
GSW Distribution Center in Dallas/Ft. Worth, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
National Distribution Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,525,000
Initial Cost of Buildings and Improvements	29,779,000
Total Initial Costs	34,304,000
Costs Capitalized or Adjustments Subsequent to Acquisition	549,000
Gross amount carried, Land	4,525,000
Gross amount carried, Buildings and Improvements	30,328,000
Gross amount carried, Total Costs	34,853,000
Accumulated Depreciation and Amortization	$ (3,926,000)
National Distribution Portfolio in Stockton, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio in Stockton, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
National Distribution Portfolio in Indianapolis, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,362,000
Initial Cost of Buildings and Improvements	22,197,000
Total Initial Costs	24,559,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,863,000
Gross amount carried, Land	2,362,000
Gross amount carried, Buildings and Improvements	25,060,000
Gross amount carried, Total Costs	27,422,000
Accumulated Depreciation and Amortization	$ (1,664,000)
National Distribution Portfolio in Indianapolis, IN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio in Indianapolis, IN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
National Distribution Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 3,806,000
Initial Cost of Buildings and Improvements	51,831,000
Total Initial Costs	55,637,000
Costs Capitalized or Adjustments Subsequent to Acquisition	735,000
Gross amount carried, Land	3,806,000
Gross amount carried, Buildings and Improvements	52,566,000
Gross amount carried, Total Costs	56,372,000
Accumulated Depreciation and Amortization	$ (6,003,000)
National Distribution Portfolio in Memphis, TN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio in Memphis, TN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Horizon Distribution Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,166,000
Initial Cost of Buildings and Improvements	6,384,000
Total Initial Costs	9,550,000
Gross amount carried, Land	3,166,000
Gross amount carried, Buildings and Improvements	6,384,000
Gross amount carried, Total Costs	9,550,000
Accumulated Depreciation and Amortization	$ (830,000)
Horizon Distribution Center in King of Prussia, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Horizon Distribution Center in King of Prussia, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Stockton Industrial Center in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 396,000
Initial Cost of Buildings and Improvements	2,072,000
Total Initial Costs	2,468,000
Costs Capitalized or Adjustments Subsequent to Acquisition	19,000
Gross amount carried, Land	396,000
Gross amount carried, Buildings and Improvements	2,091,000
Gross amount carried, Total Costs	2,487,000
Accumulated Depreciation and Amortization	$ (231,000)
Stockton Industrial Center in Stockton, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Stockton Industrial Center in Stockton, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Baseline Industrial Center in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,983,000
Initial Cost of Buildings and Improvements	11,017,000
Total Initial Costs	14,000,000
Costs Capitalized or Adjustments Subsequent to Acquisition	19,000
Gross amount carried, Land	2,983,000
Gross amount carried, Buildings and Improvements	11,036,000
Gross amount carried, Total Costs	14,019,000
Accumulated Depreciation and Amortization	$ (910,000)
Baseline Industrial Center in Phoenix, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Baseline Industrial Center in Phoenix, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Lehigh Valley Distribution Center II In Lehigh Valley PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,093,000
Initial Cost of Buildings and Improvements	20,800,000
Total Initial Costs	27,893,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,370,000
Gross amount carried, Land	7,093,000
Gross amount carried, Buildings and Improvements	23,170,000
Gross amount carried, Total Costs	30,263,000
Accumulated Depreciation and Amortization	$ (902,000)
Lehigh Valley Distribution Center II In Lehigh Valley PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lehigh Valley Distribution Center II In Lehigh Valley PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Stockton Industrial Center in Stockton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 486,000
Initial Cost of Buildings and Improvements	2,014,000
Total Initial Costs	2,500,000
Costs Capitalized or Adjustments Subsequent to Acquisition	339,000
Gross amount carried, Land	486,000
Gross amount carried, Buildings and Improvements	2,353,000
Gross amount carried, Total Costs	2,839,000
Accumulated Depreciation and Amortization	$ (150,000)
Stockton Industrial Center in Stockton [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Stockton Industrial Center in Stockton [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Lehigh Valley Business Center in Lehigh Valley, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 4,179,000
Initial Cost of Buildings and Improvements	8,206,000
Total Initial Costs	12,385,000
Costs Capitalized or Adjustments Subsequent to Acquisition	814,000
Gross amount carried, Land	4,179,000
Gross amount carried, Buildings and Improvements	9,020,000
Gross amount carried, Total Costs	13,199,000
Accumulated Depreciation and Amortization	$ (1,757,000)
Lehigh Valley Business Center in Lehigh Valley, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lehigh Valley Business Center in Lehigh Valley, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Kent Industrial Property in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 9,813,000
Initial Cost of Buildings and Improvements	21,684,000
Total Initial Costs	31,497,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,464,000
Gross amount carried, Land	9,813,000
Gross amount carried, Buildings and Improvements	23,148,000
Gross amount carried, Total Costs	32,961,000
Accumulated Depreciation and Amortization	$ (3,169,000)
Kent Industrial Property in Seattle/Tacoma, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Kent Industrial Property in Seattle/Tacoma, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
O'Hare Industrial Center in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,178,000
Initial Cost of Buildings and Improvements	5,622,000
Total Initial Costs	8,800,000
Costs Capitalized or Adjustments Subsequent to Acquisition	161,000
Gross amount carried, Land	3,178,000
Gross amount carried, Buildings and Improvements	5,783,000
Gross amount carried, Total Costs	8,961,000
Accumulated Depreciation and Amortization	$ (791,000)
O'Hare Industrial Center in Chicago, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
O'Hare Industrial Center in Chicago, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 6,934,000
Initial Cost of Buildings and Improvements	15,056,000
Total Initial Costs	21,990,000
Costs Capitalized or Adjustments Subsequent to Acquisition	179,000
Gross amount carried, Land	6,934,000
Gross amount carried, Buildings and Improvements	15,235,000
Gross amount carried, Total Costs	22,169,000
Accumulated Depreciation and Amortization	$ (1,811,000)
Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Trade Port Distribution Center III in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,210,000
Initial Cost of Buildings and Improvements	8,490,000
Total Initial Costs	9,700,000
Costs Capitalized or Adjustments Subsequent to Acquisition	77,000
Gross amount carried, Land	1,210,000
Gross amount carried, Buildings and Improvements	8,567,000
Gross amount carried, Total Costs	9,777,000
Accumulated Depreciation and Amortization	$ (1,115,000)
Trade Port Distribution Center III in Louisville, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Trade Port Distribution Center III in Louisville, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Upland Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,137,000
Initial Cost of Buildings and Improvements	4,963,000
Total Initial Costs	6,100,000
Gross amount carried, Land	1,137,000
Gross amount carried, Buildings and Improvements	4,963,000
Gross amount carried, Total Costs	6,100,000
Accumulated Depreciation and Amortization	$ (712,000)
Upland Distribution Center in Denver, CO [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Upland Distribution Center in Denver, CO [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Corona Industrial Center in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 10,958,000
Initial Cost of Buildings and Improvements	9,435,000
Total Initial Costs	20,393,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,115,000
Gross amount carried, Land	10,958,000
Gross amount carried, Buildings and Improvements	10,550,000
Gross amount carried, Total Costs	21,508,000
Accumulated Depreciation and Amortization	$ (928,000)
Corona Industrial Center in Corona, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Corona Industrial Center in Corona, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Turnpike Industrial Center in Avenel, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,802,000
Initial Cost of Buildings and Improvements	2,898,000
Total Initial Costs	6,700,000
Costs Capitalized or Adjustments Subsequent to Acquisition	375,000
Gross amount carried, Land	3,802,000
Gross amount carried, Buildings and Improvements	3,273,000
Gross amount carried, Total Costs	7,075,000
Accumulated Depreciation and Amortization	$ (523,000)
Turnpike Industrial Center in Avenel, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Turnpike Industrial Center in Avenel, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
National Distribution Portfolio II in Redlands, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 15,951,000
Initial Cost of Buildings and Improvements	20,439,000
Total Initial Costs	36,390,000
Costs Capitalized or Adjustments Subsequent to Acquisition	259,000
Gross amount carried, Land	15,951,000
Gross amount carried, Buildings and Improvements	20,698,000
Gross amount carried, Total Costs	36,649,000
Accumulated Depreciation and Amortization	$ (2,484,000)
National Distribution Portfolio II in Redlands, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio II in Redlands, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
National Distribution Portfolio II in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 9,360,000
Initial Cost of Buildings and Improvements	46,665,000
Total Initial Costs	56,025,000
Costs Capitalized or Adjustments Subsequent to Acquisition	3,336,000
Gross amount carried, Land	9,360,000
Gross amount carried, Buildings and Improvements	50,001,000
Gross amount carried, Total Costs	59,361,000
Accumulated Depreciation and Amortization	$ (5,349,000)
National Distribution Portfolio II in Kennesaw, GA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio II in Kennesaw, GA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
National Distribution Portfolio II in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,319,000
Initial Cost of Buildings and Improvements	23,724,000
Total Initial Costs	32,043,000
Costs Capitalized or Adjustments Subsequent to Acquisition	78,000
Gross amount carried, Land	8,319,000
Gross amount carried, Buildings and Improvements	23,802,000
Gross amount carried, Total Costs	32,121,000
Accumulated Depreciation and Amortization	$ (2,458,000)
National Distribution Portfolio II in Romeoville, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio II in Romeoville, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
National Distribution Portfolio II in Shepherdsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,181,000
Initial Cost of Buildings and Improvements	25,386,000
Total Initial Costs	30,567,000
Costs Capitalized or Adjustments Subsequent to Acquisition	689,000
Gross amount carried, Land	5,181,000
Gross amount carried, Buildings and Improvements	26,075,000
Gross amount carried, Total Costs	31,256,000
Accumulated Depreciation and Amortization	$ (2,677,000)
National Distribution Portfolio II in Shepherdsville, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio II in Shepherdsville, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
National Distribution Portfolio II in Huntersville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,648,000
Initial Cost of Buildings and Improvements	27,827,000
Total Initial Costs	32,475,000
Costs Capitalized or Adjustments Subsequent to Acquisition	101,000
Gross amount carried, Land	4,648,000
Gross amount carried, Buildings and Improvements	27,928,000
Gross amount carried, Total Costs	32,576,000
Accumulated Depreciation and Amortization	$ (2,898,000)
National Distribution Portfolio II in Huntersville, NC [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
National Distribution Portfolio II in Huntersville, NC [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Carlisle Distribution Center in Carlisle, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,892,000
Initial Cost of Buildings and Improvements	20,958,000
Total Initial Costs	28,850,000
Gross amount carried, Land	7,892,000
Gross amount carried, Buildings and Improvements	20,958,000
Gross amount carried, Total Costs	28,850,000
Accumulated Depreciation and Amortization	$ (1,977,000)
Carlisle Distribution Center in Carlisle, PA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Carlisle Distribution Center in Carlisle, PA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Central Valley Portfolio in Tracy, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 6,132,000
Initial Cost of Buildings and Improvements	25,166,000
Total Initial Costs	31,298,000
Costs Capitalized or Adjustments Subsequent to Acquisition	479,000
Gross amount carried, Land	6,132,000
Gross amount carried, Buildings and Improvements	25,645,000
Gross amount carried, Total Costs	31,777,000
Accumulated Depreciation and Amortization	$ (3,206,000)
Central Valley Portfolio in Tracy, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Central Valley Portfolio in Tracy, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Central Valley Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,107,000
Initial Cost of Buildings and Improvements	8,039,000
Total Initial Costs	10,146,000
Costs Capitalized or Adjustments Subsequent to Acquisition	426,000
Gross amount carried, Land	2,107,000
Gross amount carried, Buildings and Improvements	8,465,000
Gross amount carried, Total Costs	10,572,000
Accumulated Depreciation and Amortization	$ (951,000)
Central Valley Portfolio in Stockton, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Central Valley Portfolio in Stockton, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Cheyenne Distribution Center in Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,199,000
Initial Cost of Buildings and Improvements	24,967,000
Total Initial Costs	30,166,000
Costs Capitalized or Adjustments Subsequent to Acquisition	5,000
Gross amount carried, Land	5,199,000
Gross amount carried, Buildings and Improvements	24,972,000
Gross amount carried, Total Costs	30,171,000
Accumulated Depreciation and Amortization	$ (1,513,000)
Cheyenne Distribution Center in Las Vegas, NV [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Cheyenne Distribution Center in Las Vegas, NV [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Peoria Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,825,000
Initial Cost of Buildings and Improvements	17,425,000
Total Initial Costs	21,250,000
Costs Capitalized or Adjustments Subsequent to Acquisition	25,000
Gross amount carried, Land	3,825,000
Gross amount carried, Buildings and Improvements	17,450,000
Gross amount carried, Total Costs	21,275,000
Accumulated Depreciation and Amortization	$ (1,629,000)
Peoria Distribution Center in Denver, CO [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Peoria Distribution Center in Denver, CO [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Trade Port Distribution Center II in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 5,170,000
Initial Cost of Buildings and Improvements	47,130,000
Total Initial Costs	52,300,000
Gross amount carried, Land	5,170,000
Gross amount carried, Buildings and Improvements	47,130,000
Gross amount carried, Total Costs	52,300,000
Accumulated Depreciation and Amortization	$ (3,062,000)
Trade Port Distribution Center II in Louisville, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Trade Port Distribution Center II in Louisville, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Northeast Distribution Portfolio in Robbinsville, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,309,000
Initial Cost of Buildings and Improvements	15,491,000
Total Initial Costs	21,800,000
Costs Capitalized or Adjustments Subsequent to Acquisition	70,000
Gross amount carried, Land	6,309,000
Gross amount carried, Buildings and Improvements	15,561,000
Gross amount carried, Total Costs	21,870,000
Accumulated Depreciation and Amortization	$ (1,082,000)
Northeast Distribution Portfolio in Robbinsville, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Northeast Distribution Portfolio in Robbinsville, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Pinnacle Distribution Center II in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,150,000
Initial Cost of Buildings and Improvements	25,450,000
Total Initial Costs	33,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	94,000
Gross amount carried, Land	8,150,000
Gross amount carried, Buildings and Improvements	25,544,000
Gross amount carried, Total Costs	33,694,000
Accumulated Depreciation and Amortization	$ (2,222,000)
Pinnacle Distribution Center II in Chicago, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pinnacle Distribution Center II in Chicago, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Marina Vista Business Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,311,000
Initial Cost of Buildings and Improvements	6,169,000
Total Initial Costs	7,480,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,065,000
Gross amount carried, Land	1,311,000
Gross amount carried, Buildings and Improvements	8,234,000
Gross amount carried, Total Costs	9,545,000
Accumulated Depreciation and Amortization	$ (272,000)
Marina Vista Business Center in Dallas/Ft. Worth, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Marina Vista Business Center in Dallas/Ft. Worth, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Southwest Industrial Portfolio in Braselton, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,601,000
Initial Cost of Buildings and Improvements	26,574,000
Total Initial Costs	29,175,000
Costs Capitalized or Adjustments Subsequent to Acquisition	170,000
Gross amount carried, Land	2,601,000
Gross amount carried, Buildings and Improvements	26,744,000
Gross amount carried, Total Costs	29,345,000
Accumulated Depreciation and Amortization	$ (1,841,000)
Southwest Industrial Portfolio in Braselton, GA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Southwest Industrial Portfolio in Braselton, GA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Southwest Industrial Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,991,000
Initial Cost of Buildings and Improvements	43,949,000
Total Initial Costs	46,940,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,082,000
Gross amount carried, Land	2,991,000
Gross amount carried, Buildings and Improvements	45,031,000
Gross amount carried, Total Costs	48,022,000
Accumulated Depreciation and Amortization	$ (4,011,000)
Southwest Industrial Portfolio in Memphis, TN [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Southwest Industrial Portfolio in Memphis, TN [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Alessandro Distribution Center in Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 16,457,000
Initial Cost of Buildings and Improvements	30,916,000
Total Initial Costs	47,373,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,390,000
Gross amount carried, Land	16,457,000
Gross amount carried, Buildings and Improvements	33,306,000
Gross amount carried, Total Costs	49,763,000
Accumulated Depreciation and Amortization	$ (1,595,000)
Alessandro Distribution Center in Riverside, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Alessandro Distribution Center in Riverside, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,852,000
Initial Cost of Buildings and Improvements	13,483,000
Total Initial Costs	16,335,000
Gross amount carried, Land	2,852,000
Gross amount carried, Buildings and Improvements	13,483,000
Gross amount carried, Total Costs	16,335,000
Accumulated Depreciation and Amortization	$ (767,000)
Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
East Union Distribution Center in East Rutherford, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,619,000
Initial Cost of Buildings and Improvements	6,981,000
Total Initial Costs	12,600,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,577,000
Gross amount carried, Land	5,619,000
Gross amount carried, Buildings and Improvements	8,558,000
Gross amount carried, Total Costs	14,177,000
Accumulated Depreciation and Amortization	$ (224,000)
East Union Distribution Center in East Rutherford, NJ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
East Union Distribution Center in East Rutherford, NJ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Billings Industrial Portfolio in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	1
Initial Cost of Land	$ 2,777,000
Initial Cost of Buildings and Improvements	6,799,000
Total Initial Costs	9,576,000
Costs Capitalized or Adjustments Subsequent to Acquisition	129,000
Gross amount carried, Land	2,777,000
Gross amount carried, Buildings and Improvements	6,928,000
Gross amount carried, Total Costs	9,705,000
Accumulated Depreciation and Amortization	$ (667,000)
Billings Industrial Portfolio in Renton, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Billings Industrial Portfolio in Renton, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Billings Industrial Portfolio in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	1
Initial Cost of Land	$ 1,870,000
Initial Cost of Buildings and Improvements	8,604,000
Total Initial Costs	10,474,000
Costs Capitalized or Adjustments Subsequent to Acquisition	175,000
Gross amount carried, Land	1,870,000
Gross amount carried, Buildings and Improvements	8,779,000
Gross amount carried, Total Costs	10,649,000
Accumulated Depreciation and Amortization	$ (910,000)
Billings Industrial Portfolio in Portland, OR [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Billings Industrial Portfolio in Portland, OR [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Marley Neck Distribution Center in Baltimore, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	1
Initial Cost of Land	$ 5,215,000
Initial Cost of Buildings and Improvements	12,310,000
Total Initial Costs	17,525,000
Costs Capitalized or Adjustments Subsequent to Acquisition	684,000
Gross amount carried, Land	5,215,000
Gross amount carried, Buildings and Improvements	12,994,000
Gross amount carried, Total Costs	18,209,000
Accumulated Depreciation and Amortization	$ (1,030,000)
Marley Neck Distribution Center in Baltimore, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Marley Neck Distribution Center in Baltimore, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Lakeside Corporate Center in Flower Mound, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	4
Initial Cost of Land	$ 6,955,000
Initial Cost of Buildings and Improvements	37,145,000
Total Initial Costs	44,100,000
Costs Capitalized or Adjustments Subsequent to Acquisition	607,000
Gross amount carried, Land	6,955,000
Gross amount carried, Buildings and Improvements	37,752,000
Gross amount carried, Total Costs	44,707,000
Accumulated Depreciation and Amortization	$ (2,998,000)
Lakeside Corporate Center in Flower Mound, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lakeside Corporate Center in Flower Mound, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Pompano Industrial Center in Pompano Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	2
Initial Cost of Land	$ 2,995,000
Initial Cost of Buildings and Improvements	5,940,000
Total Initial Costs	8,935,000
Costs Capitalized or Adjustments Subsequent to Acquisition	56,000
Gross amount carried, Land	2,995,000
Gross amount carried, Buildings and Improvements	5,996,000
Gross amount carried, Total Costs	8,991,000
Accumulated Depreciation and Amortization	$ (765,000)
Pompano Industrial Center in Pompano Beach, FL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pompano Industrial Center in Pompano Beach, FL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
South Bay Distribution Center in Rancho Dominguez, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	1
Initial Cost of Land	$ 2,448,000
Initial Cost of Buildings and Improvements	2,702,000
Total Initial Costs	5,150,000
Gross amount carried, Land	2,448,000
Gross amount carried, Buildings and Improvements	2,702,000
Gross amount carried, Total Costs	5,150,000
Accumulated Depreciation and Amortization	$ (276,000)
South Bay Distribution Center in Rancho Dominguez, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
South Bay Distribution Center in Rancho Dominguez, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Corona Industrial Center II in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,244,000
Initial Cost of Buildings and Improvements	9,200,000
Total Initial Costs	17,444,000
Costs Capitalized or Adjustments Subsequent to Acquisition	712,000
Gross amount carried, Land	8,244,000
Gross amount carried, Buildings and Improvements	9,912,000
Gross amount carried, Total Costs	18,156,000
Accumulated Depreciation and Amortization	$ (92,000)
Corona Industrial Center II in Corona, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Corona Industrial Center II in Corona, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Alvarado Commerce Center in San Leandro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,621,000
Initial Cost of Buildings and Improvements	579,000
Total Initial Costs	10,200,000
Costs Capitalized or Adjustments Subsequent to Acquisition	253,000
Gross amount carried, Land	9,621,000
Gross amount carried, Buildings and Improvements	832,000
Gross amount carried, Total Costs	10,453,000
Accumulated Depreciation and Amortization	$ (140,000)
Alvarado Commerce Center in San Leandro, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Alvarado Commerce Center in San Leandro, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
South San Francisco Distribution Center in San Francisco, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,198,000
Initial Cost of Buildings and Improvements	2,818,000
Total Initial Costs	8,016,000
Costs Capitalized or Adjustments Subsequent to Acquisition	860,000
Gross amount carried, Land	5,198,000
Gross amount carried, Buildings and Improvements	3,678,000
Gross amount carried, Total Costs	8,876,000
Accumulated Depreciation and Amortization	$ (292,000)
South San Francisco Distribution Center in San Francisco, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
South San Francisco Distribution Center in San Francisco, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Rainer Park Distribution Center in Summer, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,883,000
Initial Cost of Buildings and Improvements	3,517,000
Total Initial Costs	5,400,000
Costs Capitalized or Adjustments Subsequent to Acquisition	38,000
Gross amount carried, Land	1,883,000
Gross amount carried, Buildings and Improvements	3,555,000
Gross amount carried, Total Costs	5,438,000
Accumulated Depreciation and Amortization	$ (259,000)
Rainer Park Distribution Center in Summer, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Rainer Park Distribution Center in Summer, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Park West Distribution Center in Hebron, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,016,000
Initial Cost of Buildings and Improvements	22,224,000
Total Initial Costs	25,240,000
Costs Capitalized or Adjustments Subsequent to Acquisition	75,000
Gross amount carried, Land	3,016,000
Gross amount carried, Buildings and Improvements	22,299,000
Gross amount carried, Total Costs	25,315,000
Accumulated Depreciation and Amortization	$ (1,540,000)
Park West Distribution Center in Hebron, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Park West Distribution Center in Hebron, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
World Park Distribution Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 943,000
Initial Cost of Buildings and Improvements	7,924,000
Total Initial Costs	8,867,000
Costs Capitalized or Adjustments Subsequent to Acquisition	33,000
Gross amount carried, Land	943,000
Gross amount carried, Buildings and Improvements	7,957,000
Gross amount carried, Total Costs	8,900,000
Accumulated Depreciation and Amortization	$ (842,000)
World Park Distribution Center in Cincinnati, OH [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
World Park Distribution Center in Cincinnati, OH [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
High Grove Distribution Center in Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,552,000
Initial Cost of Buildings and Improvements	11,245,000
Total Initial Costs	13,797,000
Costs Capitalized or Adjustments Subsequent to Acquisition	153,000
Gross amount carried, Land	2,552,000
Gross amount carried, Buildings and Improvements	11,398,000
Gross amount carried, Total Costs	13,950,000
Accumulated Depreciation and Amortization	$ (1,250,000)
High Grove Distribution Center in Naperville, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
High Grove Distribution Center in Naperville, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Exeter Portfolio in BWI Corridor, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,832,000
Initial Cost of Buildings and Improvements	7,589,000
Total Initial Costs	12,421,000
Costs Capitalized or Adjustments Subsequent to Acquisition	41,000
Gross amount carried, Land	4,832,000
Gross amount carried, Buildings and Improvements	7,630,000
Gross amount carried, Total Costs	12,462,000
Accumulated Depreciation and Amortization	$ (412,000)
Exeter Portfolio in BWI Corridor, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Exeter Portfolio in BWI Corridor, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Exeter Portfolio in Prince George's County, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,917,000
Initial Cost of Buildings and Improvements	8,015,000
Total Initial Costs	13,932,000
Costs Capitalized or Adjustments Subsequent to Acquisition	67,000
Gross amount carried, Land	5,917,000
Gross amount carried, Buildings and Improvements	8,082,000
Gross amount carried, Total Costs	13,999,000
Accumulated Depreciation and Amortization	$ (536,000)
Exeter Portfolio in Prince George's County, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Exeter Portfolio in Prince George's County, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
South Bay Distribution Center II in Rancho Dominguez, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,334,000
Initial Cost of Buildings and Improvements	2,928,000
Total Initial Costs	12,262,000
Costs Capitalized or Adjustments Subsequent to Acquisition	2,993,000
Gross amount carried, Land	9,334,000
Gross amount carried, Buildings and Improvements	5,921,000
Gross amount carried, Total Costs	$ 15,255,000
South Bay Distribution Center II in Rancho Dominguez, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
South Bay Distribution Center II in Rancho Dominguez, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Tempe Business Center in Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,009,000
Initial Cost of Buildings and Improvements	6,766,000
Total Initial Costs	9,775,000
Gross amount carried, Land	3,009,000
Gross amount carried, Buildings and Improvements	6,766,000
Gross amount carried, Total Costs	9,775,000
Accumulated Depreciation and Amortization	$ (388,000)
Tempe Business Center in Tempe, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Tempe Business Center in Tempe, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Corona Industrial Center III in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,322,000
Initial Cost of Buildings and Improvements	5,414,000
Total Initial Costs	9,736,000
Costs Capitalized or Adjustments Subsequent to Acquisition	11,000
Gross amount carried, Land	4,322,000
Gross amount carried, Buildings and Improvements	5,425,000
Gross amount carried, Total Costs	9,747,000
Accumulated Depreciation and Amortization	$ (211,000)
Corona Industrial Center III in Corona, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Corona Industrial Center III in Corona, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Sycamore Industrial Center in Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 4,556,000
Initial Cost of Buildings and Improvements	11,765,000
Total Initial Costs	16,321,000
Costs Capitalized or Adjustments Subsequent to Acquisition	738,000
Gross amount carried, Land	4,556,000
Gross amount carried, Buildings and Improvements	12,503,000
Gross amount carried, Total Costs	17,059,000
Accumulated Depreciation and Amortization	$ (25,000)
Sycamore Industrial Center in Riverside, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Sycamore Industrial Center in Riverside, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Oakesdale Commerce Center II in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,234,000
Initial Cost of Buildings and Improvements	4,599,000
Total Initial Costs	6,833,000
Costs Capitalized or Adjustments Subsequent to Acquisition	33,000
Gross amount carried, Land	2,234,000
Gross amount carried, Buildings and Improvements	4,632,000
Gross amount carried, Total Costs	6,866,000
Accumulated Depreciation and Amortization	$ (163,000)
Oakesdale Commerce Center II in Renton, WA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Oakesdale Commerce Center II in Renton, WA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Airways Distribution Center in Aurora, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 5,461,000
Initial Cost of Buildings and Improvements	31,590,000
Total Initial Costs	37,051,000
Costs Capitalized or Adjustments Subsequent to Acquisition	85,000
Gross amount carried, Land	5,461,000
Gross amount carried, Buildings and Improvements	31,675,000
Gross amount carried, Total Costs	37,136,000
Accumulated Depreciation and Amortization	$ (1,560,000)
Airways Distribution Center in Aurora, CO [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airways Distribution Center in Aurora, CO [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Tuscany Industrial Center III in Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,928,000
Initial Cost of Buildings and Improvements	4,985,000
Total Initial Costs	6,913,000
Costs Capitalized or Adjustments Subsequent to Acquisition	57,000
Gross amount carried, Land	1,928,000
Gross amount carried, Buildings and Improvements	5,042,000
Gross amount carried, Total Costs	6,970,000
Accumulated Depreciation and Amortization	$ (267,000)
Tuscany Industrial Center III in Austin, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Tuscany Industrial Center III in Austin, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Lanham Distribution Center in Lanham, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,106,000
Initial Cost of Buildings and Improvements	9,448,000
Total Initial Costs	13,554,000
Costs Capitalized or Adjustments Subsequent to Acquisition	515,000
Gross amount carried, Land	4,106,000
Gross amount carried, Buildings and Improvements	9,963,000
Gross amount carried, Total Costs	$ 14,069,000
Lanham Distribution Center in Lanham, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lanham Distribution Center in Lanham, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Trade Zone Industrial Center in Upper Malboro, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 945,000
Initial Cost of Buildings and Improvements	2,908,000
Total Initial Costs	3,853,000
Costs Capitalized or Adjustments Subsequent to Acquisition	26,000
Gross amount carried, Land	945,000
Gross amount carried, Buildings and Improvements	2,934,000
Gross amount carried, Total Costs	3,879,000
Accumulated Depreciation and Amortization	$ (117,000)
Trade Zone Industrial Center in Upper Malboro, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Trade Zone Industrial Center in Upper Malboro, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Addison Distribution Center in Addison, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,030,000
Initial Cost of Buildings and Improvements	15,777,000
Total Initial Costs	23,807,000
Costs Capitalized or Adjustments Subsequent to Acquisition	49,000
Gross amount carried, Land	8,030,000
Gross amount carried, Buildings and Improvements	15,826,000
Gross amount carried, Total Costs	23,856,000
Accumulated Depreciation and Amortization	$ (419,000)
Addison Distribution Center in Addison, IL [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Addison Distribution Center in Addison, IL [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Rampart Industrial Center II in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,184,000
Initial Cost of Buildings and Improvements	7,842,000
Total Initial Costs	10,026,000
Costs Capitalized or Adjustments Subsequent to Acquisition	25,000
Gross amount carried, Land	2,184,000
Gross amount carried, Buildings and Improvements	7,867,000
Gross amount carried, Total Costs	10,051,000
Accumulated Depreciation and Amortization	$ (145,000)
Rampart Industrial Center II in Houston, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Rampart Industrial Center II in Houston, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Airpark Industrial Center in Fullerton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,400,000
Initial Cost of Buildings and Improvements	4,072,000
Total Initial Costs	7,472,000
Costs Capitalized or Adjustments Subsequent to Acquisition	58,000
Gross amount carried, Land	3,400,000
Gross amount carried, Buildings and Improvements	4,130,000
Gross amount carried, Total Costs	7,530,000
Accumulated Depreciation and Amortization	$ (98,000)
Airpark Industrial Center in Fullerton, CA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airpark Industrial Center in Fullerton, CA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Chandler Distribution Center in Chandler, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,155,000
Initial Cost of Buildings and Improvements	8,379,000
Total Initial Costs	10,534,000
Costs Capitalized or Adjustments Subsequent to Acquisition	487,000
Gross amount carried, Land	2,155,000
Gross amount carried, Buildings and Improvements	8,866,000
Gross amount carried, Total Costs	11,021,000
Accumulated Depreciation and Amortization	$ (182,000)
Chandler Distribution Center in Chandler, AZ [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chandler Distribution Center in Chandler, AZ [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Salt Lake City Distribution Center II in Salt Lake City, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,641,000
Initial Cost of Buildings and Improvements	6,598,000
Total Initial Costs	8,239,000
Costs Capitalized or Adjustments Subsequent to Acquisition	22,000
Gross amount carried, Land	1,641,000
Gross amount carried, Buildings and Improvements	6,620,000
Gross amount carried, Total Costs	8,261,000
Accumulated Depreciation and Amortization	$ (158,000)
Salt Lake City Distribution Center II in Salt Lake City, UT [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Salt Lake City Distribution Center II in Salt Lake City, UT [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
360 Logistics Center in Grand Prairie, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 14,370,000
Initial Cost of Buildings and Improvements	51,618,000
Total Initial Costs	65,988,000
Costs Capitalized or Adjustments Subsequent to Acquisition	1,006,000
Gross amount carried, Land	14,370,000
Gross amount carried, Buildings and Improvements	52,624,000
Gross amount carried, Total Costs	$ 66,994,000
360 Logistics Center in Grand Prairie, TX [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
360 Logistics Center in Grand Prairie, TX [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Riverport Distribution Center in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,595,000
Initial Cost of Buildings and Improvements	7,903,000
Total Initial Costs	10,498,000
Costs Capitalized or Adjustments Subsequent to Acquisition	444,000
Gross amount carried, Land	2,595,000
Gross amount carried, Buildings and Improvements	8,347,000
Gross amount carried, Total Costs	$ 10,942,000
Riverport Distribution Center in Louisville, KY [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Riverport Distribution Center in Louisville, KY [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Columbia Park Distribution Center in Hyattsville, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 17,063,000
Initial Cost of Buildings and Improvements	28,334,000
Total Initial Costs	45,397,000
Costs Capitalized or Adjustments Subsequent to Acquisition	159,000
Gross amount carried, Land	17,063,000
Gross amount carried, Buildings and Improvements	28,493,000
Gross amount carried, Total Costs	45,556,000
Accumulated Depreciation and Amortization	$ (228,000)
Columbia Park Distribution Center in Hyattsville, MD [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Columbia Park Distribution Center in Hyattsville, MD [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years

SCHEDULE III-REAL ESTATE AND 83

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary of Activity for Investment in Real Estate Properties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Investment Properties Beginning Balance	$ 2,573,635	$ 1,387,814
Acquisition of properties	298,259	1,217,652
Properties held for sale	0	(16,421)
Improvements	40,522	41,147
Disposition of properties	414	(52,360)
Impairment	0	(2,672)
Other	(1,881)	(1,525)
Investment Properties Ending Balance	2,910,949	2,573,635
Accumulated Depreciation and Amortization Beginning Balance	(126,235)	(32,050)
Additions charged to costs and expenses	(113,687)	(99,067)
Properties held for sale	0	1,028
Disposition of properties	0	2,286
Other	1,881	1,568
Accumulated Depreciation and Amortization Ending Balance	$ (238,041)	$ (126,235)