Industrial Property Trust 10-Q 14 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Industrial Property Trust Inc.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		105,488,845
Class T
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		70,715,499

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Net investment in real estate properties	$ 2,703,732	$ 2,706,344
Investment in unconsolidated joint ventures	106,815	106,631
Cash and cash equivalents	9,199	5,397
Restricted cash	65	65
Straight-line and tenant receivables, net	24,819	23,643
Due from affiliates	888	907
Other assets	25,783	22,560
Total assets	2,871,301	2,865,547
Liabilities
Accounts payable and accrued liabilities	20,097	21,668
Debt, net	1,512,725	1,489,145
Due to affiliates	24,924	26,641
Distributions payable	23,814	23,757
Other liabilities	46,607	44,866
Total liabilities	1,628,167	1,606,077
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,568,024	1,561,749
Accumulated deficit	(348,505)	(320,897)
Accumulated other comprehensive income	21,856	16,872
Total stockholders' equity	1,243,133	1,259,469
Noncontrolling interests	1	1
Total equity	1,243,134	1,259,470
Total liabilities and equity	2,871,301	2,865,547
Class A
Stockholders' equity:
Common stock, value	1,054	1,046
Class T
Stockholders' equity:
Common stock, value	$ 704	$ 699

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	105,404,000	104,589,000
Common stock, shares outstanding	105,404,000	104,589,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	70,367,000	69,925,000
Common stock, shares outstanding	70,367,000	69,925,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental revenues	$ 58,894	$ 54,572
Total revenues	58,894	54,572
Operating expenses:
Rental expenses	15,806	14,521
Real estate-related depreciation and amortization	27,871	27,523
General and administrative expenses	2,853	2,242
Asset management fees, related party	6,165	5,383
Total operating expenses	52,695	49,669
Operating income	6,199	4,903
Other expenses (income):
Equity in (income) loss of unconsolidated joint ventures	(1,053)	29
Interest expense and other	11,682	10,018
Net loss (gain) on disposition of real estate properties	0	(75)
Total other expenses	10,629	9,972
Net loss	(4,430)	(5,069)
Net income attributable to noncontrolling interests	0	(16)
Net loss attributable to common stockholders	$ (4,430)	$ (5,085)
Weighted-average shares outstanding (in shares)	175,565	160,296
Net loss per common share-basic and diluted (usd per share)	$ (0.03)	$ (0.03)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (4,430)	$ (5,085)
Unrealized gain on derivative instruments, net	4,984	1,550
Comprehensive income (loss) attributable to common stockholders	$ 554	$ (3,535)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2017	$ 1,259,470	$ 1,745	$ 1,561,749	$ (320,897)	$ 16,872	$ 1
Beginning balance, shares at Dec. 31, 2017		174,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,430)			(4,430)
Unrealized gain on derivative instruments	4,984				4,984
Issuance of common stock	12,221	$ 13	12,208
Issuance of common stock, shares		1,257
Share-based compensation	562		562
Upfront offering costs	(104)		(104)
Trailing offering costs, consisting of distribution fees	1,826		(19)	1,845
Redemptions of common stock	(6,372)	$ 0	(6,372)
Distributions on common stock	(25,023)			(25,023)
Ending balance at Mar. 31, 2018	$ 1,243,134	$ 1,758	$ 1,568,024	$ (348,505)	$ 21,856	$ 1
Ending balance, shares at Mar. 31, 2018		175,771

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net loss	$ (4,430)	$ (5,069)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	27,871	27,523
Equity in (income) loss of unconsolidated joint ventures	(1,053)	29
Straight-line rent and amortization of above- and below-market leases	(2,515)	(3,388)
Net loss (gain) on disposition of real estate properties	0	(75)
Other	1,200	1,025
Changes in operating assets and liabilities:
Tenant receivables and other assets	2,017	918
Accounts payable, accrued expenses and other liabilities	(1,198)	926
Due from / to affiliates, net	409	(1,717)
Net cash provided by operating activities	22,301	20,172
Investing activities:
Real estate acquisitions	(16,271)	(95,518)
Acquisition deposits	(350)	(350)
Proceeds from the disposition of real estate properties	0	15,427
Capital expenditures and development activities	(8,072)	(10,800)
Investment in unconsolidated joint ventures	(3,383)	(3,994)
Net proceeds from sale of joint venture ownership interest	4,235	0
Net cash used in investing activities	(23,841)	(95,235)
Financing activities:
Proceeds from line of credit	42,000	93,000
Repayments of line of credit	(19,000)	(52,000)
Proceeds from mortgage note	0	0
Financing costs paid	0	(1,116)
Proceeds from issuance of common stock	0	50,217
Offering costs paid upon issuance of common stock	(184)	(3,889)
Distributions paid to common stockholders	(10,923)	(8,840)
Dividends paid on noncontrolling interests	0	0
Distribution fees paid	(1,822)	(1,436)
Redemptions of common stock	(4,729)	(2,495)
Net cash provided by financing activities	5,342	73,441
Net increase (decrease) in cash, cash equivalents and restricted cash	3,802	(1,622)
Cash, cash equivalents and restricted cash, at beginning of period	5,462	8,438
Cash, cash equivalents and restricted cash, at end of period	$ 9,264	$ 6,816

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on March 9, 2018 (“ 2017 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted the standard when it became effective for us, as of the reporting period beginning January 1, 2018. We elected the package of practical expedients, and accordingly did not reallocate contract consideration to lease components within the scope of the existing lease guidance when we adopted ASU 2014-09. The adoption of ASU 2014-09 did not have a significant impact on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which requires: (i) all equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (iii) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a significant impact on the Company’s condensed consolidated financial statements.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	2. INVESTMENT IN REAL ESTATE PROPERTIES As of March 31, 2018 and December 31, 2017 , the Company’s consolidated investment in real estate properties consisted of 236 and 235 industrial buildings, respectively. As of (in thousands) March 31, 2018 December 31, 2017 Land $ 783,105 $ 771,613 Building and improvements 1,930,289 1,919,580 Intangible lease assets 242,428 239,190 Construction in progress 14,284 14,002 Investment in real estate properties 2,970,106 2,944,385 Less accumulated depreciation and amortization (266,374 ) (238,041 ) Net investment in real estate properties $ 2,703,732 $ 2,706,344 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of March 31, 2018 and December 31, 2017 , include the following: As of March 31, 2018 As of December 31, 2017 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 231,160 $ (114,412 ) $ 116,748 $ 227,922 $ (103,979 ) $ 123,943 Above-market lease assets (1) 11,268 (5,691 ) 5,577 11,268 (5,212 ) 6,056 Below-market lease liabilities (2) (33,377 ) 15,186 (18,191 ) (33,278 ) 13,755 (19,523 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended (in thousands) 2018 2017 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,562 $ 2,352 Above-market lease amortization (478 ) (569 ) Below-market lease amortization 1,431 1,605 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 17,421 $ 15,449 Intangible lease asset amortization 10,450 12,074

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3. 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 condensed consolidated balance sheets due to the fact that the Company maintains significant influence in each partnership. The following table summarizes the Company’s investment in the unconsolidated joint ventures: As of Investment in Unconsolidated March 31, 2018 December 31, 2017 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings March 31, December 31, 2017 BTC I Partnership 20.0% 35 20.0% 33 $ 99,757 $ 97,359 BTC II Partnership (1) 8.0% 11 13.0% 10 7,058 9,272 Total joint ventures 46 43 $ 106,815 $ 106,631 (1) On January 31, 2018, the Company sold and assigned a 5.0% portion of its ownership interest in the BTC II Partnership for a purchase price equal to approximately $4.2 million . The following is a summary of certain financial data of the BTC I Partnership: For the Three Months Ended (in thousands) 2018 2017 Operating data: Total revenues $ 10,967 $ 6,360 Total operating expenses 8,544 6,080 Total other income 3,807 (266 ) Net income 6,230 14 As of (in thousands) March 31, 2018 December 31, 2017 Balance sheet data: Net investment in properties $ 850,427 $ 813,899 Cash and cash equivalents 11,197 14,651 Total assets 897,514 839,697 Debt 365,483 319,321 Total liabilities 404,349 356,758 Partners’ capital 493,165 482,939

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
DEBT	4. 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) March 31, 2018 December 31, 2017 Maturity Date March 31, 2018 December 31, 2017 Line of credit (1) 2.86% 2.81% January 2020 $ 298,000 $ 275,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.63% 3.46% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 722,880 722,880 Total principal amount / weighted-average (5) 3.09% 3.10% $ 1,520,880 $ 1,497,880 Less unamortized debt issuance costs $ (8,155 ) $ (8,735 ) Total debt, net $ 1,512,725 $ 1,489,145 Gross book value of properties encumbered by debt $ 1,154,608 $ 1,153,150 (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 March 31, 2018 , the unused and available portions under the line of credit were both $202.0 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 March 31, 2018 and December 31, 2017 . 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 4.3 years as of March 31, 2018 , excluding any extension options on the line of credit. As of March 31, 2018 , the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total Remainder of 2018 $ — $ — $ 1,354 $ 1,354 2019 — — 2,191 2,191 2020 298,000 — 15,259 313,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 Thereafter — — 614,450 614,450 Total principal payments $ 298,000 $ 500,000 $ 722,880 $ 1,520,880 (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 March 31, 2018 . 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 March 31, 2018 , the Company had 11 outstanding interest rate swap agreements, which were associated with $597.0 million of debt, that were designated as cash flow hedges of interest rate risk. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the three months ended March 31, 2018 and 2017 , there was no hedge ineffectiveness. The Company expects no hedge ineffectiveness in the next 12 months. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of Notional Balance Sheet March 31, December 31, (in thousands) Interest rate swaps $ 596,980 Other assets $ 21,856 $ 16,872 The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months (in thousands) 2018 2017 Interest rate swaps: Income recognized in AOCI (effective portion) $ 5,792 $ 1,355 (Income) loss reclassified from AOCI into income (effective portion) (808 ) 195 Net other comprehensive income $ 4,984 $ 1,550

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	5. FAIR VALUE The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2018 : (in thousands) Level 1 Level 2 Level 3 Total Fair March 31, 2018 Assets Derivative instruments $ — $ 21,856 $ — $ 21,856 Total assets measured at fair value $ — $ 21,856 $ — $ 21,856 December 31, 2017 Assets Derivative instruments $ — $ 16,872 $ — $ 16,872 Total assets measured at fair value $ — $ 16,872 $ — $ 16,872 As of March 31, 2018 , the Company had no financial instruments that were transferred among the fair value hierarchy levels. The Company also had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “ Note 4 ” above for further discussion of the Company’s derivative instruments. Nonrecurring Fair Value of Financial Measurements As of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 As of December 31, 2017 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit 298,000 298,000 275,000 275,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 699,129 722,880 708,615

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Distribution Reinvestment Plan Offering The Company is continuing to offer and sell shares pursuant to its distribution reinvestment plan, which it may amend or terminate at any time, in its sole discretion. The Company has registered $311.9 million in shares of its common stock to be sold pursuant to its distribution reinvestment plan and is offering the shares at a price equal to the net asset value (“NAV”) per share most recently disclosed by the Company, which is presently $11.11 per share. As of March 31, 2018 , $287.4 million in shares remained available for sale pursuant to the Company’s distribution reinvestment plan. Common Stock The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for each class of common stock for the periods presented below: (in thousands) Class A Class T Total Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: Primary shares — — — DRIP 658 442 1,100 Stock grants 162 — 162 Redemptions — — — Forfeitures (5 ) — (5 ) Balance as of March 31, 2018 105,404 70,367 175,771 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for the quarters ended below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2018 March 31 $ 0.1425 $ 11,102 $ 12,076 $ 1,845 $ 25,023 Total $ 11,102 $ 12,076 $ 1,845 $ 25,023 2017 December 31 $ 0.1425 $ 10,923 $ 12,222 $ 1,781 $ 24,926 September 30 0.1425 10,820 12,242 1,764 24,826 June 30 0.1425 10,349 11,868 1,630 23,847 March 31 0.1425 9,902 11,447 1,495 22,844 Total $ 41,994 $ 47,779 $ 6,670 $ 96,443 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share and per Class T share of common stock. The quarterly distribution on Class T shares of common stock is reduced by the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares issued in the primary portion of the initial public offering only. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares. Redemptions The following table summarizes the Company’s redemption activity for the periods presented below: For the Three Months Ended (in thousands) 2018 2017 Number of eligible shares redeemed 651 377 Aggregate amount of shares redeemed $ 6,372 $ 3,611 Average redemption price per share $ 9.79 $ 9.58

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS The table below summarizes the fees and expenses incurred by the Company for services provided by Industrial Property Advisors LLC (the “Advisor”) and its affiliates, and by the Black Creek Capital Markets, LLC (the “Dealer Manager”) related to the services the Dealer Manager provided in connection with the Company’s initial public offering, and any related amounts payable: For the Three Months Ended Payable as of March 31, December 31, (in thousands) 2018 2017 Expensed: Asset management fees $ 5,959 $ 5,383 $ 75 54 Asset management fees related to dispositions (1) 206 409 100 — Other expense reimbursements (2) 1,411 1,171 59 605 Total $ 7,576 $ 6,963 $ 234 $ 659 Capitalized: Acquisition fees $ 259 $ 1,962 $ — $ 132 Development acquisition fees 447 42 193 98 Total $ 706 $ 2,004 $ 193 $ 230 Additional Paid-In Capital: Sales commissions $ — $ 1,663 $ — $ — Dealer manager fees — 1,098 — — Offering costs 104 1,875 37 116 Distribution fees (3) 19 1,957 24,881 26,684 Total $ 123 $ 6,593 $ 24,918 $ 26,800 (1) Asset management fees for the three months ended March 31, 2018 relate to our proportionate share of the disposition fee associated with the dispositions of joint venture properties and are included in asset management fees on the Company’s condensed consolidated statement of operations. Asset management fees for the three months ended March 31, 2017 relate to the disposition fee associated with dispositions of wholly-owned properties and are netted against the respective gain from dispositions and included in the related net gain amount on the Company’s condensed consolidated statements of operations. (2) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the fifth amended and restated advisory agreement, dated August 12, 2017, by and among the Company, the Operating Partnership, and the Advisor. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $1.2 million and $1.3 million for the three months ended March 31, 2018 and 2017 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) Distribution fees accrue daily and are payable monthly in arrears. As of March 31, 2018 , the monthly amount of distribution fees payable of $0.6 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of March 31, 2018 , the future estimated amounts payable of $24.2 million are included in due to affiliates on the condensed consolidated balance sheets. Joint Ventures As described in “Note 3,” the Company owns a 20.0% interest in the BTC I Partnership and an 8.0% interest in the BTC II Partnership, each of which is a joint venture that has and continues to invest in industrial properties located in certain major U.S. distribution markets. Two of the Company’s wholly-owned subsidiaries, IPT BTC I GP LLC and IPT BTC I LP LLC, are partners in the BTC I Partnership. Third-party limited partners own the remaining 80.0% interest in the BTC I Partnership. The Company’s 8.0% interest in the BTC II Partnership is owned through two of its wholly-owned subsidiaries, IPT BTC II GP LLC (the “General Partner”) and IPT BTC II LP LLC (the “IPT Limited Partner,” and together with the General Partner, the “IPT Partners”). BCG BTC II Investors LLC (the “BCG Limited Partner”), owns a 2.0% interest in the BTC II Partnership. The BCG Limited Partner is an affiliate of Black Creek Group LLC (“BCG”), which is an affiliate of the Sponsor. bcIMC (College) US Realty Inc., bcIMC (Municipal) US Realty Inc., bcIMC (Public Service) US Realty Inc., bcIMC (Teachers) US Realty Inc., bcIMC (WCB) US Realty Inc., bcIMC (WCBAF) Realpool Global Investment Corporation, bcIMC (Hydro) US Realty Inc. and QuadReal US Holdings, Inc. (collectively, the “QuadReal Limited Partner”) own the remaining 90.0% interest in the BTC II Partnership. The Advisor has two wholly-owned subsidiaries, which are referred to herein as “Advisor Sub I” and “Advisor Sub II,” and collectively, the “Advisor Subs.” Advisor Sub I holds a special limited partner interest in the BTC I Partnership and an affiliate of Advisor Sub II holds a special limited partner interest in the BTC II Partnership. The BTC I Partnership pays fees to Advisor Sub I for providing advisory services to the BTC I Partnership and the BTC II Partnership pays fees to Advisor Sub II for providing advisory services to the BTC II Partnership. 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 respective Advisor Sub that is a special limited partner of the respective joint venture, which are subject to certain return thresholds being achieved. The obligations of the Advisor Subs 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 Advisor Subs will have the option, in their sole discretion, to seek to become the administrative general partner of the respective joint venture; subject, in the case of the BTC I Partnership, to certain conditions, including obtaining the consent of the third party limited partners. If the respective Advisor Sub is made the administrative general partner, then the Advisor Sub 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 Advisor Sub will not control or manage the respective joint venture. As a result of the payment of the fees to the respective Advisor Subs 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 Advisor Subs, 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 Advisor Sub will not, with respect to the interests in such 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 such services. For the three months ended March 31, 2018 the joint ventures incurred in aggregate approximately $2.0 million in acquisition and asset management fees, which were paid to the Advisor and its wholly-owned subsidiary pursuant to the respective service agreements, as compared to $0.8 million for the three months ended March 31, 2017 .

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	8. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2018 2017 Distributions payable $ 23,814 $ 21,922 Redemptions payable 6,372 3,611 Future estimated distribution fees payable 24,245 27,414 Distributions reinvested in common stock 12,222 10,271 Non-cash capital expenditures 999 4,196 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 Three Months Ended (in thousands) 2018 2017 Beginning of period: Cash and cash equivalents $ 5,397 $ 8,358 Restricted cash 65 80 Cash, cash equivalents and restricted cash $ 5,462 $ 8,438 End of period: Cash and cash equivalents $ 9,199 $ 6,751 Restricted cash 65 65 Cash, cash equivalents and restricted cash $ 9,264 $ 6,816

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. 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 March 31, 2018 .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on March 9, 2018 (“ 2017 Form 10-K”).
Consolidation	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted the standard when it became effective for us, as of the reporting period beginning January 1, 2018. We elected the package of practical expedients, and accordingly did not reallocate contract consideration to lease components within the scope of the existing lease guidance when we adopted ASU 2014-09. The adoption of ASU 2014-09 did not have a significant impact on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which requires: (i) all equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (iii) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a significant impact on the Company’s condensed consolidated financial statements.
Fair Value Measurement	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. 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.

INVESTMENT IN REAL ESTATE PRO18

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Investment in Properties	As of March 31, 2018 and December 31, 2017 , the Company’s consolidated investment in real estate properties consisted of 236 and 235 industrial buildings, respectively. As of (in thousands) March 31, 2018 December 31, 2017 Land $ 783,105 $ 771,613 Building and improvements 1,930,289 1,919,580 Intangible lease assets 242,428 239,190 Construction in progress 14,284 14,002 Investment in real estate properties 2,970,106 2,944,385 Less accumulated depreciation and amortization (266,374 ) (238,041 ) Net investment in real estate properties $ 2,703,732 $ 2,706,344
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of March 31, 2018 and December 31, 2017 , include the following: As of March 31, 2018 As of December 31, 2017 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 231,160 $ (114,412 ) $ 116,748 $ 227,922 $ (103,979 ) $ 123,943 Above-market lease assets (1) 11,268 (5,691 ) 5,577 11,268 (5,212 ) 6,056 Below-market lease liabilities (2) (33,377 ) 15,186 (18,191 ) (33,278 ) 13,755 (19,523 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets.
Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended (in thousands) 2018 2017 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,562 $ 2,352 Above-market lease amortization (478 ) (569 ) Below-market lease amortization 1,431 1,605 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 17,421 $ 15,449 Intangible lease asset amortization 10,450 12,074

INVESTMENT IN UNCONSOLIDATED 19

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investment in Unconsolidated Joint Ventures	The following table summarizes the Company’s investment in the unconsolidated joint ventures: As of Investment in Unconsolidated March 31, 2018 December 31, 2017 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings March 31, December 31, 2017 BTC I Partnership 20.0% 35 20.0% 33 $ 99,757 $ 97,359 BTC II Partnership (1) 8.0% 11 13.0% 10 7,058 9,272 Total joint ventures 46 43 $ 106,815 $ 106,631
Summary of Certain Financial Data	The following is a summary of certain financial data of the BTC I Partnership: For the Three Months Ended (in thousands) 2018 2017 Operating data: Total revenues $ 10,967 $ 6,360 Total operating expenses 8,544 6,080 Total other income 3,807 (266 ) Net income 6,230 14 As of (in thousands) March 31, 2018 December 31, 2017 Balance sheet data: Net investment in properties $ 850,427 $ 813,899 Cash and cash equivalents 11,197 14,651 Total assets 897,514 839,697 Debt 365,483 319,321 Total liabilities 404,349 356,758 Partners’ capital 493,165 482,939

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Balance as of ($ in thousands) March 31, 2018 December 31, 2017 Maturity Date March 31, 2018 December 31, 2017 Line of credit (1) 2.86% 2.81% January 2020 $ 298,000 $ 275,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.63% 3.46% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 722,880 722,880 Total principal amount / weighted-average (5) 3.09% 3.10% $ 1,520,880 $ 1,497,880 Less unamortized debt issuance costs $ (8,155 ) $ (8,735 ) Total debt, net $ 1,512,725 $ 1,489,145 Gross book value of properties encumbered by debt $ 1,154,608 $ 1,153,150 (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 March 31, 2018 , the unused and available portions under the line of credit were both $202.0 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 March 31, 2018 and December 31, 2017 . 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 4.3 years as of March 31, 2018 , 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 March 31, 2018 , the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total Remainder of 2018 $ — $ — $ 1,354 $ 1,354 2019 — — 2,191 2,191 2020 298,000 — 15,259 313,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 Thereafter — — 614,450 614,450 Total principal payments $ 298,000 $ 500,000 $ 722,880 $ 1,520,880 (1) The term of the line of credit may be extended pursuant to a one -year extension option, subject to certain conditions.
Summary of Location and Fair Value of Cash Flow Hedges	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of Notional Balance Sheet March 31, December 31, (in thousands) Interest rate swaps $ 596,980 Other assets $ 21,856 $ 16,872
Effect of Derivative Instruments	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months (in thousands) 2018 2017 Interest rate swaps: Income recognized in AOCI (effective portion) $ 5,792 $ 1,355 (Income) loss reclassified from AOCI into income (effective portion) (808 ) 195 Net other comprehensive income $ 4,984 $ 1,550

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2018 : (in thousands) Level 1 Level 2 Level 3 Total Fair March 31, 2018 Assets Derivative instruments $ — $ 21,856 $ — $ 21,856 Total assets measured at fair value $ — $ 21,856 $ — $ 21,856 December 31, 2017 Assets Derivative instruments $ — $ 16,872 $ — $ 16,872 Total assets measured at fair value $ — $ 16,872 $ — $ 16,872
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 March 31, 2018 As of December 31, 2017 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit 298,000 298,000 275,000 275,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 722,880 699,129 722,880 708,615

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for each class of common stock for the periods presented below: (in thousands) Class A Class T Total Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: Primary shares — — — DRIP 658 442 1,100 Stock grants 162 — 162 Redemptions — — — Forfeitures (5 ) — (5 ) Balance as of March 31, 2018 105,404 70,367 175,771
Dividends Table	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for the quarters ended below: Amount (in thousands, except per share data) Declared per Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2018 March 31 $ 0.1425 $ 11,102 $ 12,076 $ 1,845 $ 25,023 Total $ 11,102 $ 12,076 $ 1,845 $ 25,023 2017 December 31 $ 0.1425 $ 10,923 $ 12,222 $ 1,781 $ 24,926 September 30 0.1425 10,820 12,242 1,764 24,826 June 30 0.1425 10,349 11,868 1,630 23,847 March 31 0.1425 9,902 11,447 1,495 22,844 Total $ 41,994 $ 47,779 $ 6,670 $ 96,443 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share and per Class T share of common stock. The quarterly distribution on Class T shares of common stock is reduced by the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares issued in the primary portion of the initial public offering only. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares.
Redemption Table	The following table summarizes the Company’s redemption activity for the periods presented below: For the Three Months Ended (in thousands) 2018 2017 Number of eligible shares redeemed 651 377 Aggregate amount of shares redeemed $ 6,372 $ 3,611 Average redemption price per share $ 9.79 $ 9.58

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2018
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 Industrial Property Advisors LLC (the “Advisor”) and its affiliates, and by the Black Creek Capital Markets, LLC (the “Dealer Manager”) related to the services the Dealer Manager provided in connection with the Company’s initial public offering, and any related amounts payable: For the Three Months Ended Payable as of March 31, December 31, (in thousands) 2018 2017 Expensed: Asset management fees $ 5,959 $ 5,383 $ 75 54 Asset management fees related to dispositions (1) 206 409 100 — Other expense reimbursements (2) 1,411 1,171 59 605 Total $ 7,576 $ 6,963 $ 234 $ 659 Capitalized: Acquisition fees $ 259 $ 1,962 $ — $ 132 Development acquisition fees 447 42 193 98 Total $ 706 $ 2,004 $ 193 $ 230 Additional Paid-In Capital: Sales commissions $ — $ 1,663 $ — $ — Dealer manager fees — 1,098 — — Offering costs 104 1,875 37 116 Distribution fees (3) 19 1,957 24,881 26,684 Total $ 123 $ 6,593 $ 24,918 $ 26,800 (1) Asset management fees for the three months ended March 31, 2018 relate to our proportionate share of the disposition fee associated with the dispositions of joint venture properties and are included in asset management fees on the Company’s condensed consolidated statement of operations. Asset management fees for the three months ended March 31, 2017 relate to the disposition fee associated with dispositions of wholly-owned properties and are netted against the respective gain from dispositions and included in the related net gain amount on the Company’s condensed consolidated statements of operations. (2) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the fifth amended and restated advisory agreement, dated August 12, 2017, by and among the Company, the Operating Partnership, and the Advisor. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $1.2 million and $1.3 million for the three months ended March 31, 2018 and 2017 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) Distribution fees accrue daily and are payable monthly in arrears. As of March 31, 2018 , the monthly amount of distribution fees payable of $0.6 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of March 31, 2018 , the future estimated amounts payable of $24.2 million are included in due to affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM24

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow Supplemental Disclosures	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 Three Months Ended (in thousands) 2018 2017 Beginning of period: Cash and cash equivalents $ 5,397 $ 8,358 Restricted cash 65 80 Cash, cash equivalents and restricted cash $ 5,462 $ 8,438 End of period: Cash and cash equivalents $ 9,199 $ 6,751 Restricted cash 65 65 Cash, cash equivalents and restricted cash $ 9,264 $ 6,816 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2018 2017 Distributions payable $ 23,814 $ 21,922 Redemptions payable 6,372 3,611 Future estimated distribution fees payable 24,245 27,414 Distributions reinvested in common stock 12,222 10,271 Non-cash capital expenditures 999 4,196

INVESTMENT IN REAL ESTATE PRO25

INVESTMENT IN REAL ESTATE PROPERTIES - Narrative (Details) - Building	Mar. 31, 2018	Dec. 31, 2017
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	236	235

INVESTMENT IN REAL ESTATE PRO26

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 783,105	$ 771,613
Building and improvements	1,930,289	1,919,580
Intangible lease assets	242,428	239,190
Construction in progress	14,284	14,002
Investment in real estate properties	2,970,106	2,944,385
Less accumulated depreciation and amortization	(266,374)	(238,041)
Net investment in real estate properties	$ 2,703,732	$ 2,706,344

INVESTMENT IN REAL ESTATE PRO27

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	$ 242,428	$ 239,190
Below Market Lease [Roll Forward]
Gross	(33,377)	(33,278)
Accumulated Amortization	15,186	13,755
Net	(18,191)	(19,523)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	231,160	227,922
Accumulated Amortization	(114,412)	(103,979)
Net	116,748	123,943
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	11,268	11,268
Accumulated Amortization	(5,691)	(5,212)
Net	$ 5,577	$ 6,056

INVESTMENT IN REAL ESTATE PRO28

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 1,562	$ 2,352
Above-market lease amortization	(478)	(569)
Below-market lease amortization	1,431	1,605
Real Estate-Related Depreciation and Amortization:
Depreciation expense	17,421	15,449
Intangible lease asset amortization	$ 10,450	$ 12,074

INVESTMENT IN UNCONSOLIDATED 29

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	Jan. 31, 2018USD ($)	Mar. 31, 2018USD ($)Building	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building		46		43
Investment in unconsolidated joint ventures		$ 106,815		$ 106,631
Net proceeds from sale of joint venture ownership interest		$ 4,235	$ 0
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building		35		33
Investment in unconsolidated joint ventures		$ 99,757		$ 97,359
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	5.00%
Number of buildings | Building		11		10
Investment in unconsolidated joint ventures		$ 7,058		$ 9,272
Net proceeds from sale of joint venture ownership interest	$ 4,200

INVESTMENT IN UNCONSOLIDATED 30

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Certain Financial Data (Details) - BTC I Partnership - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating data:
Total revenues	$ 10,967	$ 6,360
Total operating expenses	8,544	6,080
Total other income	3,807	(266)
Net income	6,230	$ 14
Balance sheet data:
Net investment in properties	850,427		$ 813,899
Cash and cash equivalents	11,197		14,651
Total assets	897,514		839,697
Debt	365,483		319,321
Total liabilities	404,349		356,758
Partners’ capital	$ 493,165		$ 482,939

DEBT - Narrative (Details)

DEBT - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)agreement	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Number of interest rate swap agreements outstanding | agreement	11
Hedge ineffectiveness	$ 0	$ 0
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980,000

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,520,880	$ 1,497,880
Less unamortized debt issuance costs	(8,155)	(8,735)
Total debt, net	1,512,725	1,489,145
Gross book value of properties encumbered by debt	$ 1,154,608	$ 1,153,150
Weighted-average effective interest rate	3.09%	3.10%
Line of Credit
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 298,000	$ 275,000
Weighted-average effective interest rate	2.86%	2.81%
Term Loan Due January 2021
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 350,000	$ 350,000
Weighted-average effective interest rate	2.50%	2.65%
Term Loan Due May 2022
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 150,000	$ 150,000
Weighted-average effective interest rate	3.63%	3.46%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 722,880	$ 722,880
Weighted-average effective interest rate	3.36%	3.36%

DEBT - Summary of Debt (Footnot

DEBT - Summary of Debt (Footnote Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted-average remaining term of debt	4 years 3 months 18 days
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 596,980
Line of Credit
Debt Instrument [Line Items]
Unused portions of line of credit	202,000
Amount available under line of credit	$ 202,000
Line of Credit | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.40%
Line of Credit | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.30%
Line of Credit | Alternative base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.40%
Line of Credit | Alternative base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.30%
Line of Credit | Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 150,000
Term Loan Due January 2021 | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.35%
Term Loan Due January 2021 | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.20%
Term Loan Due January 2021 | Alternative base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.35%
Term Loan Due January 2021 | Alternative base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.20%
Term Loan Due May 2022 | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.60%
Term Loan Due May 2022 | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.50%
Term Loan Due May 2022 | Alternative base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.60%
Term Loan Due May 2022 | Alternative base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.50%
Mortgage Notes | Minimum
Debt Instrument [Line Items]
Interest rate margin	2.94%
Mortgage Notes | Maximum
Debt Instrument [Line Items]
Interest rate margin	3.65%
Variable-Rate Mortgage Note | Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 97,000	$ 97,000

DEBT - Principal Payments Due o

DEBT - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Details) $ in Thousands	Mar. 31, 2018USD ($)Extension	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Remainder of 2018	$ 1,354
2,019	2,191
2,020	313,259
2,021	356,047
2,022	233,579
Thereafter	614,450
Total principal payments	$ 1,520,880	$ 1,497,880
Number of one-year line of credit extension options | Extension	1
Line of Credit
Debt Instrument [Line Items]
Remainder of 2018	$ 0
2,019	0
2,020	298,000
2,021	0
2,022	0
Thereafter	0
Total principal payments	298,000	275,000
Term Loans
Debt Instrument [Line Items]
Remainder of 2018	0
2,019	0
2,020	0
2,021	350,000
2,022	150,000
Thereafter	0
Total principal payments	500,000
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2018	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	$ 722,880

DEBT - Summary of Location and

DEBT - Summary of Location and Fair Value of Cash Flow Hedges (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 596,980
Other assets
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 21,856	$ 16,872

DEBT - Effect of Derivative Ins

DEBT - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive income	$ 4,984	$ 1,550
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Income recognized in AOCI (effective portion)	5,792	1,355
(Income) loss reclassified from AOCI into income (effective portion)	(808)	195
Net other comprehensive income	$ 4,984	$ 1,550

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details)	Mar. 31, 2018USD ($)
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 (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Derivative instruments	$ 21,856	$ 16,872
Total assets measured at fair value	21,856	16,872
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Level 2
Assets
Derivative instruments	21,856	16,872
Total assets measured at fair value	21,856	16,872
Level 3
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 (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Liabilities
Line of credit	$ 298,000	$ 275,000
Term loans	500,000	500,000
Mortgage notes	722,880	722,880
Fair Value
Liabilities
Line of credit	298,000	275,000
Term loans	500,000	500,000
Mortgage notes	$ 699,129	$ 708,615

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Common Stock $ / shares in Units, $ in Millions	Mar. 31, 2018USD ($)$ / shares
Stockholders' Equity Detail [Line Items]
Maximum dollar value of common stock in public offering	$ 311.9
Offering price of common stock per share, DRIP shares (usd per share) | $ / shares	$ 11.11
Amount of stock remaining available for sale through DRIP	$ 287.4

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock	(651)	(377)
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	104,589
Ending balance, shares	105,404
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	69,925
Ending balance, shares	70,367
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	174,514
Issuance of common stock, Primary shares	0
Issuance of common stock, DRIP	1,100
Issuance of common stock, Stock grants	162
Redemptions of common stock	0
Forfeitures of common stock	(5)
Ending balance, shares	175,771
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	104,589
Issuance of common stock, Primary shares	0
Issuance of common stock, DRIP	658
Issuance of common stock, Stock grants	162
Redemptions of common stock	0
Forfeitures of common stock	(5)
Ending balance, shares	105,404
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	69,925
Issuance of common stock, Primary shares	0
Issuance of common stock, DRIP	442
Issuance of common stock, Stock grants	0
Redemptions of common stock	0
Forfeitures of common stock	0
Ending balance, shares	70,367

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions Table (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Stockholders' Equity [Line Items]
Distributions Fees	$ 19				$ 1,957
Cash Distributions
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share (usd per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425
Paid in Cash	$ 11,102	$ 10,923	$ 10,820	$ 10,349	$ 9,902	$ 41,994
Reinvested in Shares	12,076	12,222	12,242	11,868	11,447	47,779
Distributions Fees	1,845	1,781	1,764	1,630	1,495	6,670
Total Distributions	$ 25,023	$ 24,926	$ 24,826	$ 23,847	$ 22,844	$ 96,443

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Number of eligible shares redeemed	651	377
Aggregate amount of shares redeemed	$ 6,372	$ 3,611
Average redemption price per share (usd per share)	$ 9.79	$ 9.58

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Expensed:
Asset management fees, incurred	$ 5,959	$ 5,383
Asset management fees related to dispositions, incurred	206	409
Other expense reimbursements, incurred	1,411	1,171
Total incurred	7,576	6,963
Asset management fees, payable	75		$ 54
Asset management fees related to dispositions, payable	100		0
Other expense reimbursements, payable	59		605
Total payable	234		659
Capitalized:
Acquisition fees, incurred	259	1,962
Development acquisition fees, incurred	447	42
Total incurred	706	2,004
Acquisition fees, payable	0		132
Development acquisition fees, payable	193		98
Total payable	193		230
Additional Paid-In Capital:
Sales commissions, incurred	0	1,663
Dealer manager fees, incurred	0	1,098
Offering costs, incurred	104	1,875
Distribution fees, incurred	19	1,957
Total incurred	123	6,593
Sales commissions, payable	0		0
Dealer manager fees, payable	0		0
Offering costs, payable	37		116
Distribution fees, payable	24,881		26,684
Total payable	24,918		$ 26,800
Monthly amount of distribution fees payable	600
Future estimated distribution fees payable	24,245	27,414
Advisor or Its Affiliates
Additional Paid-In Capital:
Other expense reimbursements for compensation costs	$ 1,200	$ 1,300

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Ventures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Subsidiary	Mar. 31, 2017USD ($)	Dec. 31, 2017
BTC I Partnership
Related Party Transaction [Line Items]
Ownership percentage	20.00%		20.00%
Number of wholly-owned entered into joint venture agreement	2
Ownership percentage by noncontrolling owners	80.00%
BTC II Partnership
Related Party Transaction [Line Items]
Ownership percentage	8.00%		13.00%
Number of wholly-owned entered into joint venture agreement	2
Ownership percentage by noncontrolling owners	90.00%
BTC II Partnership | BCG BTC II Investors LLC
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	2.00%
Advisor
Related Party Transaction [Line Items]
Number of wholly-owned entered into joint venture agreement	2
Advisor | Joint Venture Agreement | BTC Partnership
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred | $	$ 2	$ 0.8

SUPPLEMENTAL CASH FLOW INFORM46

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 23,814	$ 21,922	$ 23,757
Redemptions payable	6,372	3,611
Future estimated distribution fees payable	24,245	27,414
Distributions reinvested in common stock	12,222	10,271
Non-cash capital expenditures	$ 999	$ 4,196

SUPPLEMENTAL CASH FLOW INFORM47

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 9,199	$ 5,397	$ 6,751	$ 8,358
Restricted cash	65	65	65	80
Cash, cash equivalents and restricted cash	$ 9,264	$ 5,462	$ 6,816	$ 8,438