Industrial Property Trust 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Industrial Property Trust Inc.
Entity Central Index Key	0001558441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		105,852,144
Class T
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		71,784,346

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 2,640,642	$ 2,660,798
Investment in unconsolidated joint venture partnerships	116,762	113,869
Cash and cash equivalents	5,340	5,698
Restricted cash	0	65
Straight-line and tenant receivables, net	32,639	28,838
Due from affiliates	161	326
Other assets	17,243	22,030
Total assets	2,812,787	2,831,624
Liabilities
Accounts payable and accrued liabilities	19,962	22,801
Debt, net	1,549,951	1,538,824
Due to affiliates	757	217
Distributions payable	23,889	23,953
Distribution fees payable to affiliates	16,426	18,492
Other liabilities	44,742	46,979
Total liabilities	1,655,727	1,651,266
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	1,589,613	1,582,846
Accumulated deficit	(446,352)	(420,697)
Accumulated other comprehensive income	12,026	16,438
Total stockholders’ equity	1,157,059	1,180,357
Noncontrolling interests	1	1
Total equity	1,157,060	1,180,358
Total liabilities and equity	2,812,787	2,831,624
Class A
Stockholders’ equity:
Common stock, value	1,057	1,057
Class T
Stockholders’ equity:
Common stock, value	$ 715	$ 713

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	105,728,000	105,674,000
Common stock, shares outstanding	105,728,000	105,674,000
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	71,532,000	71,280,000
Common stock, shares outstanding	71,532,000	71,280,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental revenues	$ 62,509	$ 58,894
Total revenues	62,509	58,894
Operating expenses:
Rental expenses	17,063	15,806
Real estate-related depreciation and amortization	26,768	27,871
General and administrative expenses	2,214	2,853
Asset management fees, related party	6,019	6,165
Total operating expenses	52,064	52,695
Other (income) expenses:
Equity in income of unconsolidated joint venture partnerships	(381)	(1,053)
Interest expense and other	13,292	11,682
Total other expenses	12,911	10,629
Net loss	(2,466)	(4,430)
Net income attributable to noncontrolling interests	0	0
Net loss attributable to common stockholders	$ (2,466)	$ (4,430)
Weighted-average shares outstanding (in shares)	177,076	175,565
Net loss per common share-basic and diluted (usd per share)	$ (0.01)	$ (0.03)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (2,466)	$ (4,430)
Change from cash flow hedging derivatives	(4,412)	4,984
Comprehensive (loss) income attributable to common stockholders	$ (6,878)	$ 554

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	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)
Change from cash flow hedging derivatives	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 distribution fees	$ 1,826		(19)	1,845
Redemptions of common stock, shares	(651)
Redemptions of common stock	$ (6,372)		(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
Beginning balance at Dec. 31, 2018	1,180,358	$ 1,770	1,582,846	(420,697)	16,438	1
Beginning balance, shares at Dec. 31, 2018		176,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,466)			(2,466)
Change from cash flow hedging derivatives	(4,412)				(4,412)
Issuance of common stock	11,862	$ 10	11,852
Issuance of common stock, shares		1,119
Share-based compensation	710		710
Upfront offering costs	(135)		(135)
Trailing distribution fees	$ 2,067		34	2,033
Redemptions of common stock, shares	(582)	(813)
Redemptions of common stock	$ (5,702)	$ (8)	(5,694)
Distributions on common stock	(25,222)			(25,222)
Ending balance at Mar. 31, 2019	$ 1,157,060	$ 1,772	$ 1,589,613	$ (446,352)	$ 12,026	$ 1
Ending balance, shares at Mar. 31, 2019		177,260

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net loss	$ (2,466)	$ (4,430)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	26,768	27,871
Equity in income of unconsolidated joint venture partnerships	(381)	(1,053)
Straight-line rent and amortization of above- and below-market leases	(1,587)	(2,515)
Other	1,416	1,200
Changes in operating assets and liabilities:
Tenant receivables and other assets	(2,795)	2,017
Accounts payable, accrued expenses and other liabilities	(2,419)	(1,198)
Due from / to affiliates, net	731	409
Net cash provided by operating activities	19,267	22,301
Investing activities:
Real estate acquisitions	0	(16,271)
Acquisition deposits	0	(350)
Capital expenditures and development activities	(6,113)	(8,072)
Investment in unconsolidated joint venture partnerships	(2,533)	(3,383)
Net proceeds from sale of joint venture partnership ownership interest	0	4,235
Net cash used in investing activities	(8,646)	(23,841)
Financing activities:
Proceeds from line of credit	25,000	42,000
Repayments of line of credit	(14,000)	(19,000)
Repayments of mortgage notes	(475)	0
Offering costs paid related to issuance of common stock	(161)	(184)
Distributions paid to common stockholders	(11,433)	(10,923)
Distribution fees paid	(1,989)	(1,822)
Redemptions of common stock	(7,986)	(4,729)
Net cash (used in) provided by financing activities	(11,044)	5,342
Net (decrease) increase in cash, cash equivalents and restricted cash	(423)	3,802
Cash, cash equivalents and restricted cash, at beginning of period	5,763	5,462
Cash, cash equivalents and restricted cash, at end of period	$ 5,340	$ 9,264

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
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, 2018 , filed with the SEC on March 6, 2019 (“ 2018 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted the standard when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. Under the practical expedients election, the Company was 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 practical expedient also allowed the Company to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. The Company assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, the Company accounts for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations . The standard also requires new disclosures within the notes accompanying the condensed consolidated financial statements. 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 adopted ASU 2018-01 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. In addition, in December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updates ASU 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, requires lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and nonlease components. The Company adopted ASU 2018-20 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. The adoption of these standards did not have a material effect on the Company’s condensed consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). 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. The Company adopted ASU 2017-12 as of the reporting period beginning on January 1, 2019. The adoption of this standard did not have a material effect on the Company’s condensed consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. The Company adopted this standard in conjunction with the adoption of ASU 2016-02. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	2. INVESTMENT IN REAL ESTATE PROPERTIES As of March 31, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) March 31, 2019 December 31, 2018 Land $ 789,840 $ 789,840 Building and improvements 1,963,532 1,956,788 Intangible lease assets 187,013 208,234 Construction in progress 14,478 16,071 Investment in real estate properties 2,954,863 2,970,933 Less accumulated depreciation and amortization (314,221 ) (310,135 ) Net investment in real estate properties $ 2,640,642 $ 2,660,798 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of March 31, 2019 and December 31, 2018 , include the following: As of March 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 178,460 $ (90,748 ) $ 87,712 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,553 (4,591 ) 3,962 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,882 ) 13,976 (13,906 ) (30,150 ) 15,056 (15,094 ) (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. 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 March 31, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) March 31, 2019 December 31, 2018 2019 $ 134,208 $ 175,852 2020 163,205 154,892 2021 141,490 132,190 2022 106,222 97,369 2023 79,995 72,016 Thereafter 142,831 120,814 Total $ 767,951 $ 753,133 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) 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 733 $ 1,562 Above-market lease amortization (334 ) (478 ) Below-market lease amortization 1,188 1,431 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,763 $ 17,421 Intangible lease asset amortization 8,005 10,450

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS The Company has entered into joint venture partnerships with third-party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. The Company reports its investments in the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II 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 venture partnerships: As of Investment in Unconsolidated March 31, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings March 31, December 31, 2018 BTC I Partnership 20.0% 36 20.0% 36 $ 98,045 $ 97,128 BTC II Partnership 8.0% 13 8.0% 13 18,717 16,741 Total joint venture partnerships 49 49 $ 116,762 $ 113,869

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
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, December 31, 2018 Maturity Date March 31, December 31, 2018 Line of credit (1) 3.26% 3.38% January 2020 $ 335,000 $ 324,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.89% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 721,052 721,526 Total principal amount / weighted-average (5) 3.19% 3.27% $ 1,556,052 $ 1,545,526 Less unamortized debt issuance costs $ (6,101 ) $ (6,702 ) Total debt, net $ 1,549,951 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,143,426 $ 1,147,963 (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, 2019 , the unused and available portions under the line of credit were both $164.5 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 1.30% to 2.15% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.15% , 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 $95.2 million and $95.6 million as of March 31, 2019 and December 31, 2018 , respectively. 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 3.3 years as of March 31, 2019 , excluding any extension options on the line of credit. As of March 31, 2019 , 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 2019 $ — $ — $ 1,717 $ 1,717 2020 335,000 — 15,259 350,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 2023 — — 190,472 190,472 Thereafter — — 423,978 423,978 Total principal payments $ 335,000 $ 500,000 $ 721,052 $ 1,556,052 (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 its debt covenants as of March 31, 2019 . 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. 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. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. The gain or loss on the derivative instrument is presented in the same line item on the condensed consolidated statement of operations as the earnings effect of the hedged item. During the next 12 months, the Company estimates that approximately $7.9 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: ($ in thousands) Number of Notional Balance Sheet Fair As of March 31, 2019 Interest rate swaps 11 $ 595,152 Other assets $ 12,026 As of December 31, 2018 Interest rate swaps 11 $ 595,626 Other assets $ 16,438 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) 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (2,267 ) $ 5,792 Gain reclassified from AOCI into interest expense (2,145 ) (808 ) Total interest expense on the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 13,292 11,682

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2019
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: (in thousands) Level 1 Level 2 Level 3 Total Fair Value March 31, 2019 Assets Derivative instruments $ — $ 12,026 $ — $ 12,026 Total assets measured at fair value $ — $ 12,026 $ — $ 12,026 December 31, 2018 Assets Derivative instruments $ — $ 16,438 $ — $ 16,438 Total assets measured at fair value $ — $ 16,438 $ — $ 16,438 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, 2019 and December 31, 2018 , 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, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 335,000 $ 335,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 721,052 710,329 721,526 698,603

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Distribution Reinvestment Plan Offering The Company is continuing to offer and sell shares of its common stock 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 $12.33 per share as of November 30, 2018. As of March 31, 2019 , $239.6 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 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: DRIP 658 442 1,100 Stock grants 162 — 162 Forfeitures (5 ) — (5 ) Balance as of March 31, 2018 105,404 70,367 175,771 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 579 383 962 Stock grants 158 — 158 Redemptions (682 ) (131 ) (813 ) Forfeitures (1 ) — (1 ) Balance as of March 31, 2019 105,728 71,532 177,260 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) 2019 March 31 $ 0.1425 $ 11,500 $ 11,689 $ 2,033 $ 25,222 Total $ 0.1425 $ 11,500 $ 11,689 $ 2,033 $ 25,222 2018 December 31 $ 0.1425 $ 11,433 $ 11,863 $ 1,900 $ 25,196 September 30 0.1425 11,350 11,897 1,880 25,127 June 30 0.1425 11,262 11,980 1,864 25,106 March 31 0.1425 11,092 12,086 1,845 25,023 Total $ 0.5700 $ 45,137 $ 47,826 $ 7,489 $ 100,452 (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 Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares issued in the primary portion of the 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, except per share data) 2019 2018 Number of eligible shares redeemed 582 651 Aggregate dollar amount of shares redeemed $ 5,702 $ 6,372 Average redemption price per share $ 9.80 $ 9.79

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
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 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) 2019 2018 Expensed: Asset management fees (1) $ 6,019 $ 5,959 $ 47 $ 69 Asset management fees related to dispositions (2) — 206 — — Other expense reimbursements (3) 1,529 1,411 150 510 Total $ 7,548 $ 7,576 $ 197 $ 579 Capitalized: Acquisition fees $ — $ 259 $ — $ 62 Development acquisition fees (4) 661 447 539 61 Total $ 661 $ 706 $ 539 $ 123 Additional Paid-In Capital: Offering costs $ 135 $ 104 $ 45 $ 70 Distribution fees - current (5) 2,033 1,845 700 657 Distribution fees - trailing (5) — — 16,426 18,492 Total $ 2,168 $ 1,949 $ 17,171 $ 19,219 (1) Includes asset management fees other than asset management fees related to dispositions. (2) Asset management fees that relate to the Company’s proportionate share of the disposition fee associated with the dispositions of joint venture partnership properties are included in asset management fees on the Company’s condensed consolidated statement of operations. Asset management fees that relate to the disposition fee associated with dispositions of wholly-owned properties are netted against the respective gain from dispositions and are included in the related net gain amount on the Company’s condensed consolidated statements of operations. (3) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the amended and restated advisory agreement, dated August 12, 2018, by and among the Company, Industrial Property Operating Partnership LP (the “Operating Partnership”), and the Advisor, and are included in general and administrative expenses on the Company’s condensed 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 the 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 condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $1.4 million and $1.2 million for the three months ended March 31, 2019 and 2018 , 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. (4) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s condensed consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the joint venture partnerships, which is included in investment in unconsolidated joint venture partnerships on the Company’s condensed consolidated balance sheets. (5) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares. Joint Venture Partnerships For the three months ended March 31, 2019 , the joint venture partnerships (as described in “ Note 3 ”) 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 $2.0 million for the three months ended March 31, 2018 . Additionally, as of March 31, 2019 and December 31, 2018, the Company had amounts due from the joint venture partnerships of approximately $0.1 million and $0.2 million , respectively, which were recorded in due from affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2019
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) 2019 2018 Distributions payable $ 23,889 $ 23,814 Redemptions payable 5,652 6,372 Distribution fees payable to affiliates 16,426 24,245 Distributions reinvested in common stock 11,863 12,222 Non-cash capital expenditures 812 999 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 condensed consolidated balance sheets to the totals shown on the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 5,698 $ 5,397 Restricted cash 65 65 Cash, cash equivalents and restricted cash $ 5,763 $ 5,462 End of period: Cash and cash equivalents $ 5,340 $ 9,199 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 5,340 $ 9,264

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 subsidiaries. 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, 2019 .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 , filed with the SEC on March 6, 2019 (“ 2018 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted the standard when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. Under the practical expedients election, the Company was 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 practical expedient also allowed the Company to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. The Company assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, the Company accounts for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations . The standard also requires new disclosures within the notes accompanying the condensed consolidated financial statements. 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 adopted ASU 2018-01 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. In addition, in December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updates ASU 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, requires lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and nonlease components. The Company adopted ASU 2018-20 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. The adoption of these standards did not have a material effect on the Company’s condensed consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). 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. The Company adopted ASU 2017-12 as of the reporting period beginning on January 1, 2019. The adoption of this standard did not have a material effect on the Company’s condensed consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. The Company adopted this standard in conjunction with the adoption of ASU 2016-02. The adoption of this standard did not have a material effect on the Company’s 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.

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investment in Properties	As of March 31, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) March 31, 2019 December 31, 2018 Land $ 789,840 $ 789,840 Building and improvements 1,963,532 1,956,788 Intangible lease assets 187,013 208,234 Construction in progress 14,478 16,071 Investment in real estate properties 2,954,863 2,970,933 Less accumulated depreciation and amortization (314,221 ) (310,135 ) Net investment in real estate properties $ 2,640,642 $ 2,660,798
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of March 31, 2019 and December 31, 2018 , include the following: As of March 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 178,460 $ (90,748 ) $ 87,712 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,553 (4,591 ) 3,962 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,882 ) 13,976 (13,906 ) (30,150 ) 15,056 (15,094 ) (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.
Future Minimum Base Rental Payments to be Received	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 March 31, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) March 31, 2019 December 31, 2018 2019 $ 134,208 $ 175,852 2020 163,205 154,892 2021 141,490 132,190 2022 106,222 97,369 2023 79,995 72,016 Thereafter 142,831 120,814 Total $ 767,951 $ 753,133
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) 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 733 $ 1,562 Above-market lease amortization (334 ) (478 ) Below-market lease amortization 1,188 1,431 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,763 $ 17,421 Intangible lease asset amortization 8,005 10,450

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2019
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 venture partnerships: As of Investment in Unconsolidated March 31, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings March 31, December 31, 2018 BTC I Partnership 20.0% 36 20.0% 36 $ 98,045 $ 97,128 BTC II Partnership 8.0% 13 8.0% 13 18,717 16,741 Total joint venture partnerships 49 49 $ 116,762 $ 113,869

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
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, December 31, 2018 Maturity Date March 31, December 31, 2018 Line of credit (1) 3.26% 3.38% January 2020 $ 335,000 $ 324,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.89% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 721,052 721,526 Total principal amount / weighted-average (5) 3.19% 3.27% $ 1,556,052 $ 1,545,526 Less unamortized debt issuance costs $ (6,101 ) $ (6,702 ) Total debt, net $ 1,549,951 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,143,426 $ 1,147,963 (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, 2019 , the unused and available portions under the line of credit were both $164.5 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 1.30% to 2.15% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.15% , 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 $95.2 million and $95.6 million as of March 31, 2019 and December 31, 2018 , respectively. 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 3.3 years as of March 31, 2019 , 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, 2019 , 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 2019 $ — $ — $ 1,717 $ 1,717 2020 335,000 — 15,259 350,259 2021 — 350,000 6,047 356,047 2022 — 150,000 83,579 233,579 2023 — — 190,472 190,472 Thereafter — — 423,978 423,978 Total principal payments $ 335,000 $ 500,000 $ 721,052 $ 1,556,052 (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: ($ in thousands) Number of Notional Balance Sheet Fair As of March 31, 2019 Interest rate swaps 11 $ 595,152 Other assets $ 12,026 As of December 31, 2018 Interest rate swaps 11 $ 595,626 Other assets $ 16,438
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) 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (2,267 ) $ 5,792 Gain reclassified from AOCI into interest expense (2,145 ) (808 ) Total interest expense on the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 13,292 11,682

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Assets Derivative instruments $ — $ 12,026 $ — $ 12,026 Total assets measured at fair value $ — $ 12,026 $ — $ 12,026 December 31, 2018 Assets Derivative instruments $ — $ 16,438 $ — $ 16,438 Total assets measured at fair value $ — $ 16,438 $ — $ 16,438
Carrying Value and Fair Value of Certain Financial Instruments	The carrying values and fair values of these financial instruments were as follows: As of March 31, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 335,000 $ 335,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 721,052 710,329 721,526 698,603

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2019
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 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: DRIP 658 442 1,100 Stock grants 162 — 162 Forfeitures (5 ) — (5 ) Balance as of March 31, 2018 105,404 70,367 175,771 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 579 383 962 Stock grants 158 — 158 Redemptions (682 ) (131 ) (813 ) Forfeitures (1 ) — (1 ) Balance as of March 31, 2019 105,728 71,532 177,260
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) 2019 March 31 $ 0.1425 $ 11,500 $ 11,689 $ 2,033 $ 25,222 Total $ 0.1425 $ 11,500 $ 11,689 $ 2,033 $ 25,222 2018 December 31 $ 0.1425 $ 11,433 $ 11,863 $ 1,900 $ 25,196 September 30 0.1425 11,350 11,897 1,880 25,127 June 30 0.1425 11,262 11,980 1,864 25,106 March 31 0.1425 11,092 12,086 1,845 25,023 Total $ 0.5700 $ 45,137 $ 47,826 $ 7,489 $ 100,452 (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 Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares issued in the primary portion of the 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, except per share data) 2019 2018 Number of eligible shares redeemed 582 651 Aggregate dollar amount of shares redeemed $ 5,702 $ 6,372 Average redemption price per share $ 9.80 $ 9.79

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
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 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) 2019 2018 Expensed: Asset management fees (1) $ 6,019 $ 5,959 $ 47 $ 69 Asset management fees related to dispositions (2) — 206 — — Other expense reimbursements (3) 1,529 1,411 150 510 Total $ 7,548 $ 7,576 $ 197 $ 579 Capitalized: Acquisition fees $ — $ 259 $ — $ 62 Development acquisition fees (4) 661 447 539 61 Total $ 661 $ 706 $ 539 $ 123 Additional Paid-In Capital: Offering costs $ 135 $ 104 $ 45 $ 70 Distribution fees - current (5) 2,033 1,845 700 657 Distribution fees - trailing (5) — — 16,426 18,492 Total $ 2,168 $ 1,949 $ 17,171 $ 19,219 (1) Includes asset management fees other than asset management fees related to dispositions. (2) Asset management fees that relate to the Company’s proportionate share of the disposition fee associated with the dispositions of joint venture partnership properties are included in asset management fees on the Company’s condensed consolidated statement of operations. Asset management fees that relate to the disposition fee associated with dispositions of wholly-owned properties are netted against the respective gain from dispositions and are included in the related net gain amount on the Company’s condensed consolidated statements of operations. (3) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the amended and restated advisory agreement, dated August 12, 2018, by and among the Company, Industrial Property Operating Partnership LP (the “Operating Partnership”), and the Advisor, and are included in general and administrative expenses on the Company’s condensed 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 the 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 condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $1.4 million and $1.2 million for the three months ended March 31, 2019 and 2018 , 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. (4) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s condensed consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the joint venture partnerships, which is included in investment in unconsolidated joint venture partnerships on the Company’s condensed consolidated balance sheets. (5) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets to the totals shown on the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 5,698 $ 5,397 Restricted cash 65 65 Cash, cash equivalents and restricted cash $ 5,763 $ 5,462 End of period: Cash and cash equivalents $ 5,340 $ 9,199 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 5,340 $ 9,264 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2019 2018 Distributions payable $ 23,889 $ 23,814 Redemptions payable 5,652 6,372 Distribution fees payable to affiliates 16,426 24,245 Distributions reinvested in common stock 11,863 12,222 Non-cash capital expenditures 812 999

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Narrative (Details) - Building	Mar. 31, 2019	Dec. 31, 2018
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	236	236

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 789,840	$ 789,840
Building and improvements	1,963,532	1,956,788
Intangible lease assets	187,013	208,234
Construction in progress	14,478	16,071
Investment in real estate properties	2,954,863	2,970,933
Less accumulated depreciation and amortization	(314,221)	(310,135)
Net investment in real estate properties	$ 2,640,642	$ 2,660,798

INVESTMENT IN REAL ESTATE PRO_5

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	$ 187,013	$ 208,234
Below Market Lease [Roll Forward]
Gross	(27,882)	(30,150)
Accumulated Amortization	13,976	15,056
Net	(13,906)	(15,094)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	178,460	197,976
Accumulated Amortization	(90,748)	(104,054)
Net	87,712	93,922
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	8,553	10,258
Accumulated Amortization	(4,591)	(5,962)
Net	$ 3,962	$ 4,296

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments to be Received (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 134,208
2019		$ 175,852
2020	163,205	154,892
2021	141,490	132,190
2020	106,222	97,369
2023	79,995	72,016
Thereafter	142,831	120,814
Total	$ 767,951	$ 753,133

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 733	$ 1,562
Above-market lease amortization	(334)	(478)
Below-market lease amortization	1,188	1,431
Real Estate-Related Depreciation and Amortization:
Depreciation expense	18,763	17,421
Intangible lease asset amortization	$ 8,005	$ 10,450

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Building	Dec. 31, 2018USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building	49	49
Investment in unconsolidated joint ventures | $	$ 116,762	$ 113,869
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	20.00%	20.00%
Number of buildings | Building	36	36
Investment in unconsolidated joint ventures | $	$ 98,045	$ 97,128
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	8.00%	8.00%
Number of buildings | Building	13	13
Investment in unconsolidated joint ventures | $	$ 18,717	$ 16,741

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Thousands	Mar. 31, 2019USD ($)Contract	Dec. 31, 2018USD ($)Contract
Debt Instrument [Line Items]
Number of Contracts | Contract	11	11
Estimated hedge ineffectiveness in the next 12 months	$ 7,900
Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 595,152	$ 595,626

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,556,052	$ 1,545,526
Less unamortized debt issuance costs	(6,101)	(6,702)
Total debt, net	1,549,951	1,538,824
Gross book value of properties encumbered by debt	$ 1,143,426	$ 1,147,963
Weighted-average effective interest rate	3.19%	3.27%
Line of Credit
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 335,000	$ 324,000
Weighted-average effective interest rate	3.26%	3.38%
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	3.89%	4.05%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 721,052	$ 721,526
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, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-average remaining term of debt	3 years 3 months 18 days
Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 595,152	$ 595,626
Line of Credit
Debt Instrument [Line Items]
Unused portions of line of credit	164,500
Amount available under line of credit	$ 164,500
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	$ 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%
Amended Term Loan Due May 2022 | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.30%
Amended Term Loan Due May 2022 | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.15%
Amended Term Loan Due May 2022 | Alternative base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.30%
Amended Term Loan Due May 2022 | Alternative base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.15%
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	$ 95,200	$ 95,600

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, 2019USD ($)Extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 1,717
2020	350,259
2021	356,047
2022	233,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 1,556,052	$ 1,545,526
Number of one-year line of credit extension options | Extension	1
Line of Credit
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	335,000
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	335,000	324,000
Term Loans
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	350,000
2022	150,000
2023	0
Thereafter	0
Total principal payments	500,000
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2019	1,717
2020	15,259
2021	6,047
2022	83,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 721,052	$ 721,526

DEBT - Summary of Location and

DEBT - Summary of Location and Fair Value of Cash Flow Hedges (Details) $ in Thousands	Mar. 31, 2019USD ($)Contract	Dec. 31, 2018USD ($)Contract
Derivatives, Fair Value [Line Items]
Number of Contracts | Contract	11	11
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 595,152	$ 595,626
Other assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Fair Value	$ 12,026	$ 16,438

DEBT - Effect of Derivative Ins

DEBT - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense on the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 13,292	$ 11,682
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(2,267)	5,792
Gain reclassified from AOCI into interest expense	(2,145)	(808)
Total interest expense on the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 13,292	$ 11,682

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Derivative instruments	$ 12,026	$ 16,438
Total assets measured at fair value	12,026	16,438
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Level 2
Assets
Derivative instruments	12,026	16,438
Total assets measured at fair value	12,026	16,438
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, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Line of credit	$ 335,000	$ 324,000
Term loans	500,000	500,000
Mortgage notes	721,052	721,526
Fair Value
Liabilities
Line of credit	335,000	324,000
Term loans	500,000	500,000
Mortgage notes	$ 710,329	$ 698,603

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2019	Nov. 30, 2018
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)		$ 12.33
Amount of stock remaining available for sale through DRIP	$ 239.6

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, 2019	Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock	(582)	(651)
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,674
Ending balance, shares	105,728
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	71,280
Ending balance, shares	71,532
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	176,954	174,514
Issuance of common stock, DRIP	962	1,100
Issuance of common stock, Stock grants	158	162
Redemptions of common stock	(813)
Forfeitures of common stock	(1)	(5)
Ending balance, shares	177,260	175,771
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,674	104,589
Issuance of common stock, DRIP	579	658
Issuance of common stock, Stock grants	158	162
Redemptions of common stock	(682)
Forfeitures of common stock	(1)	(5)
Ending balance, shares	105,728	105,404
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	71,280	69,925
Issuance of common stock, DRIP	383	442
Issuance of common stock, Stock grants	0	0
Redemptions of common stock	(131)
Forfeitures of common stock	0	0
Ending balance, shares	71,532	70,367

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions Table (Details) - Cash Distributions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share (usd per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.57
Paid in Cash	$ 11,500	$ 11,433	$ 11,350	$ 11,262	$ 11,092	$ 45,137
Reinvested in Shares	11,689	11,863	11,897	11,980	12,086	47,826
Distributions Fees	2,033	1,900	1,880	1,864	1,845	7,489
Gross Distributions	$ 25,222	$ 25,196	$ 25,127	$ 25,106	$ 25,023	$ 100,452

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Number of eligible shares redeemed	582	651
Aggregate dollar amount of shares redeemed	$ 5,702	$ 6,372
Average redemption price per share (usd per share)	$ 9.80	$ 9.79

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Expensed:
Asset management fees, incurred	$ 6,019	$ 5,959
Asset management fees related to dispositions, incurred	0	206
Other expense reimbursements, incurred	1,529	1,411
Total incurred	7,548	7,576
Asset management fees, payable	47		$ 69
Asset management fees related to dispositions, payable	0		0
Other expense reimbursements, payable	150		510
Total payable	197		579
Capitalized:
Acquisition fees, incurred	0	259
Development acquisition fees, incurred	661	447
Total incurred	661	706
Acquisition fees, payable	0		62
Development acquisition fees, payable	539		61
Total payable	539		123
Additional Paid-In Capital:
Offering costs, incurred	135	104
Distribution fees - current, incurred	2,033	1,845
Distribution fees - trailing, incurred	0	0
Total incurred	2,168	1,949
Offering costs, payable	45		70
Distribution fees - current	700		657
Distribution fees - trailing	16,426	24,245	18,492
Total payable	17,171		$ 19,219
Advisor or Its Affiliates
Additional Paid-In Capital:
Other expense reimbursements for compensation costs	$ 1,400	$ 1,200

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Ventures (Details) - Advisor - Joint Venture Agreement - BTC Partnership - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 2	$ 2
Due from related parties	$ 0.1		$ 0.2

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 23,889	$ 23,814	$ 23,953
Redemptions payable	5,652	6,372
Distribution fees payable to affiliates	16,426	24,245	$ 18,492
Distributions reinvested in common stock	11,863	12,222
Non-cash capital expenditures	$ 812	$ 999

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 5,340	$ 5,698	$ 9,199	$ 5,397
Restricted cash	0	65	65	65
Cash, cash equivalents and restricted cash	$ 5,340	$ 5,763	$ 9,264	$ 5,462