Industrial Property Trust 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 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	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		105,958,412
Class T
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		72,043,322

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 2,616,162	$ 2,660,798
Investment in unconsolidated joint venture partnerships	118,049	113,869
Cash and cash equivalents	4,863	5,698
Restricted cash	0	65
Straight-line and tenant receivables, net	30,034	28,838
Due from affiliates	48	326
Other assets	8,708	22,030
Total assets	2,777,864	2,831,624
Liabilities
Accounts payable and accrued liabilities	23,581	22,801
Debt, net	1,535,092	1,538,824
Due to affiliates	496	217
Distributions payable	23,918	23,953
Distribution fees payable to affiliates	14,343	18,492
Other liabilities	43,032	46,979
Total liabilities	1,640,462	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	1,595,719	1,582,846
Accumulated deficit	(465,509)	(420,697)
Accumulated other comprehensive income	5,414	16,438
Total stockholders’ equity	1,137,401	1,180,357
Noncontrolling interests	1	1
Total equity	1,137,402	1,180,358
Total liabilities and equity	2,777,864	2,831,624
Class A
Stockholders’ equity:
Common stock, value	1,059	1,057
Class T
Stockholders’ equity:
Common stock, value	$ 718	$ 713

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	105,860,000	105,674,000
Common stock, shares outstanding	105,860,000	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	71,787,000	71,280,000
Common stock, shares outstanding	71,787,000	71,280,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental revenues	$ 62,285	$ 59,956	$ 124,794	$ 118,850
Total revenues	62,285	59,956	124,794	118,850
Operating expenses:
Rental expenses	16,481	15,695	33,544	31,501
Real estate-related depreciation and amortization	26,499	28,182	53,267	56,053
General and administrative expenses	3,242	2,427	5,462	5,280
Asset management fees, related party	6,042	5,947	12,061	12,112
Total operating expenses	52,264	52,251	104,334	104,946
Other (income) expenses:
Equity in income of unconsolidated joint venture partnerships	(1,231)	(226)	(1,612)	(1,279)
Interest expense and other	13,250	12,382	26,536	24,064
Net gain on disposition of real estate properties	(6,083)	0	(6,083)	0
Total other expenses	5,936	12,156	18,841	22,785
Net income (loss)	4,085	(4,451)	1,619	(8,881)
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to common stockholders	$ 4,085	$ (4,451)	$ 1,619	$ (8,881)
Weighted-average shares outstanding (in shares)	177,591	176,183	177,336	175,876
Net loss per common share-basic and diluted (usd per share)	$ 0.02	$ (0.03)	$ 0.01	$ (0.05)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ 4,085	$ (4,451)	$ 1,619	$ (8,881)
Change from cash flow hedging derivatives	(6,612)	1,311	(11,024)	6,295
Comprehensive loss attributable to common stockholders	$ (2,527)	$ (3,140)	$ (9,405)	$ (2,586)

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	(8,881)			(8,881)
Change from cash flow hedging derivatives	6,295				6,295
Issuance of common stock	24,307	$ 23	24,284
Issuance of common stock, shares		2,342
Share-based compensation	884		884
Upfront offering costs	(260)		(260)
Trailing distribution fees	$ 3,717		8	3,709
Redemptions of common stock, shares	(1,437)	(651)
Redemptions of common stock	$ (14,058)	$ (6)	(14,052)
Distributions on common stock	(50,129)			(50,129)
Ending balance at Jun. 30, 2018	1,221,345	$ 1,762	1,572,613	(376,198)	23,167	1
Ending balance, shares at Jun. 30, 2018		176,205
Beginning balance at Mar. 31, 2018	1,243,134	$ 1,758	1,568,024	(348,505)	21,856	1
Beginning balance, shares at Mar. 31, 2018		175,771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,451)			(4,451)
Change from cash flow hedging derivatives	1,311				1,311
Issuance of common stock	12,086	$ 10	12,076
Issuance of common stock, shares		1,085
Share-based compensation	322		322
Upfront offering costs	(156)		(156)
Trailing distribution fees	1,891		27	1,864
Redemptions of common stock, shares		(651)
Redemptions of common stock	(7,686)	$ (6)	(7,680)
Distributions on common stock	(25,106)			(25,106)
Ending balance at Jun. 30, 2018	1,221,345	$ 1,762	1,572,613	(376,198)	23,167	1
Ending balance, shares at Jun. 30, 2018		176,205
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	1,619			1,619
Change from cash flow hedging derivatives	(11,024)				(11,024)
Issuance of common stock	23,564	$ 21	23,543
Issuance of common stock, shares		2,068
Share-based compensation	1,124		1,124
Upfront offering costs	(414)		(414)
Trailing distribution fees	$ 4,150		65	4,085
Redemptions of common stock, shares	(1,157)	(1,375)
Redemptions of common stock	$ (11,459)	$ (14)	(11,445)
Distributions on common stock	(50,516)			(50,516)
Ending balance at Jun. 30, 2019	1,137,402	$ 1,777	1,595,719	(465,509)	5,414	1
Ending balance, shares at Jun. 30, 2019		177,647
Beginning balance at Mar. 31, 2019	1,157,060	$ 1,772	1,589,613	(446,352)	12,026	1
Beginning balance, shares at Mar. 31, 2019		177,260
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	4,085			4,085
Change from cash flow hedging derivatives	(6,612)				(6,612)
Issuance of common stock	11,702	$ 11	11,691
Issuance of common stock, shares		949
Share-based compensation	414		414
Upfront offering costs	(279)		(279)
Trailing distribution fees	2,083		31	2,052
Redemptions of common stock, shares		(562)
Redemptions of common stock	(5,757)	$ (6)	(5,751)
Distributions on common stock	(25,294)			(25,294)
Ending balance at Jun. 30, 2019	$ 1,137,402	$ 1,777	$ 1,595,719	$ (465,509)	$ 5,414	$ 1
Ending balance, shares at Jun. 30, 2019		177,647

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net income (loss)	$ 1,619	$ (8,881)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	53,267	56,053
Equity in income of unconsolidated joint venture partnerships	(1,612)	(1,279)
Straight-line rent and amortization of above- and below-market leases	(3,097)	(5,050)
Net gain on disposition of real estate properties	(6,083)	0
Other	2,411	2,122
Changes in operating assets and liabilities:
Tenant receivables and other assets	2,099	4,549
Accounts payable, accrued expenses and other liabilities	(1,200)	(868)
Due from / to affiliates, net	474	1,120
Net cash provided by operating activities	47,878	47,766
Investing activities:
Real estate acquisitions	(3,624)	(16,271)
Acquisition deposits	0	(600)
Proceeds from the disposition of real estate properties	24,994	0
Capital expenditures and development activities	(21,719)	(19,352)
Investment in unconsolidated joint venture partnerships	(5,216)	(11,475)
Distributions from joint venture partnerships	2,600	0
Net proceeds from sale of joint venture partnership ownership interest	0	4,235
Other	0	12
Net cash used in investing activities	(2,965)	(43,451)
Financing activities:
Proceeds from line of credit	48,000	71,000
Repayments of line of credit	(52,000)	(35,000)
Repayments of mortgage notes	(935)	(444)
Financing costs paid	0	(334)
Offering costs paid related to issuance of common stock	(347)	(321)
Distributions paid to common stockholders	(22,923)	(22,015)
Distribution fees paid	(4,065)	(3,707)
Redemptions of common stock	(13,543)	(11,101)
Net cash used in financing activities	(45,813)	(1,922)
Net (decrease) increase in cash, cash equivalents and restricted cash	(900)	2,393
Cash, cash equivalents and restricted cash, at beginning of period	5,763	5,462
Cash, cash equivalents and restricted cash, at end of period	$ 4,863	$ 7,855

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 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	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	2. INVESTMENT IN REAL ESTATE PROPERTIES As of June 30, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) June 30, 2019 December 31, 2018 Land $ 784,469 $ 789,840 Building and improvements 1,957,257 1,956,788 Intangible lease assets 188,864 208,234 Construction in progress 23,248 16,071 Investment in real estate properties 2,953,838 2,970,933 Less accumulated depreciation and amortization (337,676 ) (310,135 ) Net investment in real estate properties $ 2,616,162 $ 2,660,798 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of June 30, 2019 and December 31, 2018 , include the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 180,336 $ (97,474 ) $ 82,862 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,528 (4,883 ) 3,645 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,818 ) 15,010 (12,808 ) (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. Dispositions During the three months ended June 30, 2019, the Company sold two industrial buildings and one land parcel to third parties for proceeds of approximately $25.0 million . Total disposition fees paid to the Advisor in relation to the disposition of these properties were $0.7 million . Both buildings were located in the San Diego market and the land parcel was located in the Dallas market. The Company recorded a total net gain of $6.1 million related to the disposal of these properties. 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 June 30, 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) June 30, 2019 December 31, 2018 2019 $ 89,467 $ 175,852 2020 169,714 154,892 2021 149,088 132,190 2022 113,887 97,369 2023 86,795 72,016 Thereafter 150,729 120,814 Total $ 759,680 $ 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 For the Six Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 739 $ 1,548 $ 1,472 $ 3,110 Above-market lease amortization (311 ) (471 ) (645 ) (949 ) Below-market lease amortization 1,082 1,458 2,270 2,889 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,809 $ 17,916 $ 37,572 $ 35,337 Intangible lease asset amortization 7,690 10,266 15,695 20,716

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 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 June 30, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings June 30, December 31, 2018 BTC I Partnership 20.0% 37 20.0% 36 $ 97,426 $ 97,128 BTC II Partnership 8.0% 15 8.0% 13 20,623 16,741 Total joint venture partnerships 52 49 $ 118,049 $ 113,869 The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended For the Six Months Ended (in thousands) 2019 2018 2019 2018 Operating data: Total revenues $ 15,370 $ 11,895 $ 27,928 $ 22,862 Total operating expenses 10,978 8,989 20,253 17,534 Total other income (expenses) (1) 2,258 (1,775 ) 1,266 2,032 Net income 6,650 1,131 8,941 7,360 (1) Includes a gain of $5.6 million for the three and six months ended June 30, 2019 related to the disposal of two industrial buildings, and a gain of $4.8 million for the six months ended June 30, 2018 related to the disposal of one industrial building.

DEBT

DEBT	6 Months Ended
	Jun. 30, 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) June 30, December 31, 2018 Maturity Date June 30, December 31, 2018 Line of credit (1) 3.32% 3.38% January 2020 $ 320,000 $ 324,000 Term loan (2) 2.65% 2.65% January 2021 350,000 350,000 Term loan (3) 3.95% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 720,591 721,526 Total principal amount / weighted-average (5) 3.25% 3.27% $ 1,540,591 $ 1,545,526 Less unamortized debt issuance costs $ (5,499 ) $ (6,702 ) Total debt, net $ 1,535,092 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,148,470 $ 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 June 30, 2019 , the unused and available portions under the line of credit were both $179.5 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 $94.7 million and $95.6 million as of June 30, 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 3.0 years as of June 30, 2019 , excluding any extension options on the line of credit. As of June 30, 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 $ — $ — $ 1,256 $ 1,256 2020 320,000 — 15,259 335,259 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 $ 320,000 $ 500,000 $ 720,591 $ 1,540,591 (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 June 30, 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 $4.8 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: ($ in thousands) Number of Notional Balance Sheet Fair As of June 30, 2019 Interest rate swaps 11 $ 594,691 Other assets $ 5,414 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 For the Six Months (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (4,493 ) $ 2,625 $ (6,760 ) $ 8,417 Gain reclassified from AOCI into interest expense (2,119 ) (1,314 ) (4,264 ) (2,122 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 13,250 12,382 26,536 24,064

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 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 As of June 30, 2019 Assets Derivative instruments $ — $ 5,414 $ — $ 5,414 Total assets measured at fair value $ — $ 5,414 $ — $ 5,414 As of 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 June 30, 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 June 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 320,000 $ 320,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 720,591 722,445 721,526 698,603

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Distribution Reinvestment Plan Offering On July 15, 2019, the Company announced that beginning with the third quarter of 2019, it has suspended the offering of shares pursuant to its distribution reinvestment plan in connection with the Company’s announcement of its merger with affiliates of Prologis, Inc. The Company registered $311.9 million in shares of its common stock to be sold pursuant to its distribution reinvestment plan and immediately prior to suspending the distribution reinvestment plan, offered the shares at a price equal to the net asset value (“NAV”) per share most recently disclosed by the Company, which was $12.33 per share as of November 30, 2018. As of June 30, 2019 , $227.9 million in shares remained available for sale pursuant to the Company’s distribution reinvestment plan. The distribution reinvestment plan will terminate effective as of the closing date of the merger referred to above. See “Note 10” below for further discussion of the merger. 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 FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 105,404 70,367 175,771 Issuance of common stock: DRIP 653 435 1,088 Redemptions (564 ) (87 ) (651 ) Forfeitures (3 ) — (3 ) Balance as of June 30, 2018 105,490 70,715 176,205 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 105,728 71,532 177,260 Issuance of common stock: DRIP 573 376 949 Redemptions (441 ) (121 ) (562 ) Balance as of June 30, 2019 105,860 71,787 177,647 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: DRIP 1,311 877 2,188 Stock grants 162 — 162 Redemptions (564 ) (87 ) (651 ) Forfeitures (8 ) — (8 ) Balance as of June 30, 2018 105,490 70,715 176,205 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 1,152 759 1,911 Stock grants 158 — 158 Redemptions (1,123 ) (252 ) (1,375 ) Forfeitures (1 ) — (1 ) Balance as of June 30, 2019 105,860 71,787 177,647 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 June 30 $ 0.1425 $ 11,654 $ 11,588 $ 2,052 $ 25,294 March 31 0.1425 11,490 11,699 2,033 25,222 Total $ 0.2850 $ 23,144 $ 23,287 $ 4,085 $ 50,516 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 Six Months Ended (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 1,157 1,437 Aggregate dollar amount of shares redeemed $ 11,459 $ 14,058 Average redemption price per share $ 9.90 $ 9.78 See “Note 10” below for information concerning the suspension of the Company’s share redemption program in connection with the Company’s announcement of the merger with affiliates of Prologis Inc.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 For the Six Months Ended Payable as of June 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Asset management fees (1) $ 5,936 $ 5,947 $ 11,955 $ 11,906 $ 61 $ 69 Asset management fees related to dispositions (2) 764 — 764 206 60 — Other expense reimbursements (3) 1,258 1,325 2,787 2,736 344 510 Total $ 7,958 $ 7,272 $ 15,506 $ 14,848 $ 465 $ 579 Capitalized: Acquisition fees $ 73 $ — $ 73 $ 259 $ — $ 62 Development acquisition fees (4) 876 500 1,537 947 185 61 Total $ 949 $ 500 $ 1,610 $ 1,206 $ 185 $ 123 Additional Paid-In Capital: Offering costs $ 279 $ 156 $ 414 $ 260 $ 137 $ 70 Distribution fees - current (5) 2,052 1,864 4,085 3,709 676 657 Distribution fees - trailing (5) — — — — 14,343 18,492 Total $ 2,331 $ 2,020 $ 4,499 $ 3,969 $ 15,156 $ 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 June 12, 2019, 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 $1.1 million and $1.0 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.4 million and $2.2 million for the six months ended June 30, 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 and six months ended June 30, 2019 , the joint venture partnerships (as described in “ Note 3 ”) incurred in aggregate approximately $1.8 million and $3.8 million , respectively, in acquisition and asset management fees, which were paid to the Advisor and its wholly-owned subsidiary pursuant to the respective service agreements, as compared to $1.6 million and $3.5 million for the three and six months ended June 30, 2018 , respectively. As of June 30, 2019 and December 31, 2018, the Company had amounts due from the joint venture partnerships of approximately $1,000 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	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2019 2018 Distributions payable $ 23,918 $ 23,856 Redemptions payable 5,852 7,686 Distribution fees payable to affiliates 14,343 22,355 Distributions reinvested in common stock 23,562 24,308 Non-cash capital expenditures 2,532 1,412 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 Six 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 $ 4,863 $ 7,790 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 4,863 $ 7,855

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 30, 2019 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Merger Transaction On July 15, 2019, the Company, Prologis, L.P., a Delaware limited partnership (“Parent”), and Rockies Acquisition LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving entity (the “Surviving Entity”) and as a subsidiary of Parent. Upon the completion of the Merger, the separate existence of Merger Sub will cease. The Company’s minority ownership interests in its two unconsolidated joint venture partnerships—BTC I Partnership and BTC II Partnership (together, the “BTC Partnerships”)—will be excluded from the Merger pursuant to a transaction elected by the Company as described below. The board of directors of the Company (the “Company Board”) has unanimously approved the Merger, the Merger Agreement and the other transactions contemplated by the Merger Agreement. Pursuant to the terms and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each Class A Common Share, $0.01 par value per share, of the Company (the “Class A Common Shares”) issued and outstanding immediately prior to the Effective Time and each Class T Common Share, $0.01 par value per share, of the Company (the “Class T Common Shares” and together with the Class A Common Shares, the “Company Common Stock”) issued and outstanding immediately prior to the Effective Time, will automatically be converted into the right to receive an amount in cash equal to $12.44 per share (the “Per Share Merger Consideration”), which may be reduced as a result of adjustments contemplated in the Merger Agreement in connection with the Specified Transactions (described below), without interest, but subject to any withholding required under applicable tax law. Immediately prior to the Effective Time, all restricted stock awards granted pursuant to the Company Equity Incentive Plan, dated as of July 16, 2013, or the Company Private Placement Equity Incentive Plan, effective as of February 26, 2015 (the “Company Restricted Stock”), that are outstanding immediately prior to the Effective Time will automatically become fully vested and free of any forfeiture restrictions (whether or not then vested or subject to any performance condition that has not been satisfied). At the Effective Time, each share of Company Restricted Stock will be considered (to the extent that such share of Company Restricted Stock is not otherwise considered to be outstanding) an outstanding share of Company Common Stock for all purposes of the Merger Agreement, including the right to receive the Per Share Merger Consideration. In addition, immediately prior to the Effective Time, each special partnership unit of the Operating Partnership will be redeemed by the Operating Partnership in exchange for the receipt by the holder thereof (the “Special OP Unitholder”) of a number of partnership units of the Operating Partnership (“OP Units”) as determined in accordance with the terms of the limited partnership agreement of the Operating Partnership (the “Special Partnership Unit Redemption”). Immediately after the Special Partnership Unit Redemption but prior to the Effective Time, each OP Unit received as part of the Special Partnership Unit Redemption will automatically be converted into one Class A Common Share. In accordance with the terms, conditions and limitations set forth in the Merger Agreement, no later than August 14, 2019, the Company will provide written notice to Parent of its election to take one of the following actions with respect to the Company’s interests in the entities (collectively, the “BTC Entities”) that hold the Company’s limited partnership and general partnership interests in the BTC Partnerships: (i) sell or otherwise transfer all of the Company’s equity interests in the BTC Entities to any person (a “BTC Sale”) and distribute the proceeds of such sale (less any amount expended by the Company or any of its subsidiaries in connection with such sale) to the stockholders of the Company; (ii) contribute the equity interests in all of the subsidiaries of the Company (other than the BTC Entities, the Operating Partnership and IPT Real Estate Holdco LLC, which would remain subsidiaries of the Company) to up to three newly formed subsidiaries of the Operating Partnership (each, a “New Holdco”), and effect a business combination through the merger of up to three affiliates of Parent with and into each New Holdco, with each New Holdco surviving such merger as a wholly owned subsidiary of Parent (an “Alternative Transaction”), and following the closing of each merger, cause the net proceeds of such disposition (as determined in accordance with the Merger Agreement) to be distributed to the stockholders of the Company; or (iii) contribute the equity interests in the BTC Entitles to a newly formed subsidiary of the Operating Partnership (“BTC Spinco”) and thereafter distribute the equity interests in BTC Spinco to the Special OP Unitholder and the stockholders of the Company (a “BTC Spinoff,” and together with a BTC Sale and an Alternative Transaction, the “Specified Transactions”). If the Company does not make such election prior to August 14, 2019, the Company will be deemed to have elected an Alternative Transaction. If the Company elects a BTC Spinoff or a BTC Sale, but such transaction has not been consummated by the date that the closing of the Merger would otherwise be required to occur in accordance with the terms of the Merger Agreement, the Company may postpone the closing of the Merger until a date specified by the Company that is no later than February 28, 2020. Further, if the Company elects a BTC Sale and at the contemplated closing of such BTC Sale the purchaser in such BTC Sale fails to close such BTC Sale, or if the Company elects a BTC Spinoff or a BTC Sale and such transaction has not been consummated by February 28, 2020, then, in each case, the closing of the Merger will be automatically postponed until such date mutually agreed by the Company and Parent that is no later than March 31, 2020, and the Company, Parent and Merger Sub shall engage in an Alternative Transaction. In the case of a BTC Spinoff, the Per Share Merger Consideration will be proportionately reduced by the sum of (x) the amount of indebtedness incurred by the Operating Partnership and contributed to BTC Spinco prior to a BTC Spinoff and (y) the aggregate amount of out-of-pocket costs incurred by the Company and its subsidiaries solely in connection with a BTC Spinoff that would not otherwise have been incurred had a BTC Spinoff not occurred. Additionally, in connection with a BTC Spinoff, BTC Spinco will be required, for a period of 18 months and subject to a cap of $25.0 million , to indemnify the Company for any losses or liability incurred by the Company solely as a result of a BTC Spinoff that the Company would not have incurred in the absence of a BTC Spinoff (excluding any liability which would not have existed had the Company merged with and into Merger Sub with Merger Sub surviving). In the event that the Company elects to engage in an Alternative Transaction, the Company, Parent and Merger Sub will amend the Merger Agreement to reflect the transactions contemplated by an Alternative Transaction. In the event that the Company engages in a BTC Sale, the Company will obtain, for the benefit of the Company and its subsidiaries, representation and warranty insurance to cover any post-closing liabilities for breach of representations and warranties (unless such BTC Sale is consummated on an “as is, where is” basis). The Company and Parent each have made certain customary representations and warranties in the Merger Agreement and have agreed to customary covenants including, among others, with respect to the conduct of business of the Company and its subsidiaries prior to the closing and covenants prohibiting the Company and its subsidiaries and representatives from soliciting, providing information or entering into discussions concerning proposals relating to alternative business combination transactions, subject to certain limited exceptions. Prior to the approval of the Merger by the Company’s stockholders, the Company Board may in certain circumstances adopt, approve or declare advisable certain alternative business combination transactions or take similar actions in accordance with its obligations under applicable law, subject to complying with specified notice and other conditions set forth in the Merger Agreement, including the payment of a termination fee described below. The Merger Agreement requires the Company to convene a stockholders’ meeting for purposes of obtaining the approval of the holders of a majority of the outstanding shares of Company Common Stock and to prepare and file a proxy statement with the SEC with respect to such meeting as promptly as reasonably practicable after the date of the Merger Agreement, which proxy statement will contain, subject to certain exceptions, the Company Board’s recommendation that the Company’s stockholders vote in favor of the Merger. The proxy statement will be mailed to holders of shares of Company Common Stock following SEC clearance of the proxy statement, and, if the Company elects a BTC Spinoff, following SEC clearance of certain documentation relating to such BTC Spinoff. The completion of the Merger is subject to a number of conditions, including, among others: (i) approval of the Merger by the requisite vote of stockholders as of the record date for the special meeting of stockholders; (ii) the accuracy of the Company’s and Parent’s representations and warranties as of the closing of the Merger, subject to certain materiality, material adverse effect and other exceptions; (iii) the Company and Parent having performed in all material respects all obligations and complied in all material respects with all agreements and covenants required under the Merger Agreement; (iv) the absence of a material adverse effect on the Company; and (v) the receipt by Parent of a tax opinion relating to the REIT status of the Company and, in the event the Company elects to engage in a BTC Spinoff, a tax opinion relating to the REIT status of BTC Spinco. The obligations of the parties to consummate the Merger are not subject to any financing condition or the receipt of any financing by Parent or Merger Sub. The Merger Agreement may be terminated under certain circumstances, including: (A) by mutual written consent of the parties; (B) by either party (1) if the Merger has not been consummated on or before February 28, 2020 (the “Outside Date”), so long as the failure of the Merger to be consummated by the Outside Date was not caused by the terminating party’s failure to comply with any provision of the Merger Agreement (provided that if the Company elects a BTC Sale or a BTC Spinoff and on the date of the Outside Date a BTC Sale or a BTC Spinoff, as the case may be, has not been consummated, then in either case, the Outside Date will automatically be extended to March 31, 2020), (2) if a final and non-appealable order is entered, or any other action is taken, by any governmental authority of competent jurisdiction permanently restraining or otherwise prohibiting the Merger, so long as the order or other action was not caused by the terminating party’s failure to comply with any provision of the Merger Agreement, or (3) upon a failure of the Company to obtain approval of the requisite vote of its stockholders; (C) by Parent if (1) the Company has breached its representations and warranties or covenants and agreements, and the breach results in a failure of the applicable closing condition with respect to its representations and warranties or covenants and agreements that cannot be cured (or, if capable of cure, is not cured) by either forty-five (45) days after written notice of such breach or two (2) Business Days prior to the Outside Date, whichever is earlier (subject to certain exceptions) or (2) the Company Board effects a change in its recommendation to the Company’s stockholders, the Company Board approves, publicly recommends or enters into a definitive alternative acquisition agreement, or the Company willfully and materially breaches certain covenants related to the non-solicitation of alternative acquisition agreements; or (D) by the Company if (1) Parent has breached its representations and warranties or covenants and agreements, and the breach results in a failure of the applicable closing condition with respect to its representations and warranties or covenants and agreements that cannot be cured (or, if capable of cure, is not cured) by either forty-five (45) days after written notice of such breach or two (2) Business Days prior to the Outside Date, whichever is earlier (subject to certain exceptions) or (2) the Company Board determines to enter into a definitive alternative acquisition agreement to implement a superior business combination proposal, subject to the satisfaction of conditions set forth in the Merger Agreement. The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, the Company will be required to pay to Parent a termination fee of $65.0 million , provided that if the requisite approval of the Merger by the Company’s stockholders has not been obtained on or before January 15, 2020, then the termination fee shall be $96.0 million . In connection with the consummation of the Merger, the Company expects to pay to the Advisor the asset management fee payable in connection with a disposition, as set forth in Section 9(b)(iii) of the Advisory Agreement, which will be equal to 2.5% of the “Contract Sales Price” as defined in the advisory Agreement. The Contract Sales Price is the total consideration paid in connection with the Merger as more specifically set forth in the Advisory Agreement. Distribution Reinvestment Plan and Share Redemption Program In connection with the approval of the Merger, on July 15, 2019, the Company announced that the Company Board, including all of the Company’s independent directors, had voted to terminate the Company’s Third Amended and Restated Distribution Reinvestment Plan (the “DRIP”) and the Company’s Second Amended and Restated Share Redemption Plan (“SRP”), each termination effective as of the Effective Time. The Company Board, including all of the Company’s independent directors, also voted to suspend (i) the DRIP, effective as of the 10th day after July 15, 2019, through the earlier to occur of (A) the Effective Time and (B) the election by the Company or Parent, in each case in accordance with the terms of the Merger Agreement, to pursue an Alternative Transaction and (ii) indefinitely suspend the SRP effective as of 30th day after July 15, 2019. As a result of the suspension of the DRIP, any distributions paid after July 15, 2019 will be paid to the Company’s stockholders in cash. The suspension of the DRIP will not affect the payment of distributions to stockholders who previously received their distributions in cash. In addition, as a result of the suspension of the SRP, the Company will not process or accept any requests for redemption received after July 15, 2019.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 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)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Investment in Properties	As of June 30, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) June 30, 2019 December 31, 2018 Land $ 784,469 $ 789,840 Building and improvements 1,957,257 1,956,788 Intangible lease assets 188,864 208,234 Construction in progress 23,248 16,071 Investment in real estate properties 2,953,838 2,970,933 Less accumulated depreciation and amortization (337,676 ) (310,135 ) Net investment in real estate properties $ 2,616,162 $ 2,660,798
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of June 30, 2019 and December 31, 2018 , include the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 180,336 $ (97,474 ) $ 82,862 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,528 (4,883 ) 3,645 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,818 ) 15,010 (12,808 ) (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 June 30, 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) June 30, 2019 December 31, 2018 2019 $ 89,467 $ 175,852 2020 169,714 154,892 2021 149,088 132,190 2022 113,887 97,369 2023 86,795 72,016 Thereafter 150,729 120,814 Total $ 759,680 $ 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 For the Six Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 739 $ 1,548 $ 1,472 $ 3,110 Above-market lease amortization (311 ) (471 ) (645 ) (949 ) Below-market lease amortization 1,082 1,458 2,270 2,889 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,809 $ 17,916 $ 37,572 $ 35,337 Intangible lease asset amortization 7,690 10,266 15,695 20,716

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings Ownership Percentage Number of Buildings June 30, December 31, 2018 BTC I Partnership 20.0% 37 20.0% 36 $ 97,426 $ 97,128 BTC II Partnership 8.0% 15 8.0% 13 20,623 16,741 Total joint venture partnerships 52 49 $ 118,049 $ 113,869 The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended For the Six Months Ended (in thousands) 2019 2018 2019 2018 Operating data: Total revenues $ 15,370 $ 11,895 $ 27,928 $ 22,862 Total operating expenses 10,978 8,989 20,253 17,534 Total other income (expenses) (1) 2,258 (1,775 ) 1,266 2,032 Net income 6,650 1,131 8,941 7,360 (1) Includes a gain of $5.6 million for the three and six months ended June 30, 2019 related to the disposal of two industrial buildings, and a gain of $4.8 million for the six months ended June 30, 2018 related to the disposal of one industrial building.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Balance as of ($ in thousands) June 30, December 31, 2018 Maturity Date June 30, December 31, 2018 Line of credit (1) 3.32% 3.38% January 2020 $ 320,000 $ 324,000 Term loan (2) 2.65% 2.65% January 2021 350,000 350,000 Term loan (3) 3.95% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 720,591 721,526 Total principal amount / weighted-average (5) 3.25% 3.27% $ 1,540,591 $ 1,545,526 Less unamortized debt issuance costs $ (5,499 ) $ (6,702 ) Total debt, net $ 1,535,092 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,148,470 $ 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 June 30, 2019 , the unused and available portions under the line of credit were both $179.5 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 $94.7 million and $95.6 million as of June 30, 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 3.0 years as of June 30, 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 June 30, 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 $ — $ — $ 1,256 $ 1,256 2020 320,000 — 15,259 335,259 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 $ 320,000 $ 500,000 $ 720,591 $ 1,540,591 (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 June 30, 2019 Interest rate swaps 11 $ 594,691 Other assets $ 5,414 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 For the Six Months (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (4,493 ) $ 2,625 $ (6,760 ) $ 8,417 Gain reclassified from AOCI into interest expense (2,119 ) (1,314 ) (4,264 ) (2,122 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 13,250 12,382 26,536 24,064

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 As of June 30, 2019 Assets Derivative instruments $ — $ 5,414 $ — $ 5,414 Total assets measured at fair value $ — $ 5,414 $ — $ 5,414 As of 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 June 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 320,000 $ 320,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 720,591 722,445 721,526 698,603

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 105,404 70,367 175,771 Issuance of common stock: DRIP 653 435 1,088 Redemptions (564 ) (87 ) (651 ) Forfeitures (3 ) — (3 ) Balance as of June 30, 2018 105,490 70,715 176,205 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 105,728 71,532 177,260 Issuance of common stock: DRIP 573 376 949 Redemptions (441 ) (121 ) (562 ) Balance as of June 30, 2019 105,860 71,787 177,647 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: DRIP 1,311 877 2,188 Stock grants 162 — 162 Redemptions (564 ) (87 ) (651 ) Forfeitures (8 ) — (8 ) Balance as of June 30, 2018 105,490 70,715 176,205 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 1,152 759 1,911 Stock grants 158 — 158 Redemptions (1,123 ) (252 ) (1,375 ) Forfeitures (1 ) — (1 ) Balance as of June 30, 2019 105,860 71,787 177,647
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 June 30 $ 0.1425 $ 11,654 $ 11,588 $ 2,052 $ 25,294 March 31 0.1425 11,490 11,699 2,033 25,222 Total $ 0.2850 $ 23,144 $ 23,287 $ 4,085 $ 50,516 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 Six Months Ended (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 1,157 1,437 Aggregate dollar amount of shares redeemed $ 11,459 $ 14,058 Average redemption price per share $ 9.90 $ 9.78

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended Payable as of June 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Asset management fees (1) $ 5,936 $ 5,947 $ 11,955 $ 11,906 $ 61 $ 69 Asset management fees related to dispositions (2) 764 — 764 206 60 — Other expense reimbursements (3) 1,258 1,325 2,787 2,736 344 510 Total $ 7,958 $ 7,272 $ 15,506 $ 14,848 $ 465 $ 579 Capitalized: Acquisition fees $ 73 $ — $ 73 $ 259 $ — $ 62 Development acquisition fees (4) 876 500 1,537 947 185 61 Total $ 949 $ 500 $ 1,610 $ 1,206 $ 185 $ 123 Additional Paid-In Capital: Offering costs $ 279 $ 156 $ 414 $ 260 $ 137 $ 70 Distribution fees - current (5) 2,052 1,864 4,085 3,709 676 657 Distribution fees - trailing (5) — — — — 14,343 18,492 Total $ 2,331 $ 2,020 $ 4,499 $ 3,969 $ 15,156 $ 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 June 12, 2019, 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 $1.1 million and $1.0 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.4 million and $2.2 million for the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 Six 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 $ 4,863 $ 7,790 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 4,863 $ 7,855 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Six Months Ended (in thousands) 2019 2018 Distributions payable $ 23,918 $ 23,856 Redemptions payable 5,852 7,686 Distribution fees payable to affiliates 14,343 22,355 Distributions reinvested in common stock 23,562 24,308 Non-cash capital expenditures 2,532 1,412

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)BuildingProperty	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)BuildingProperty	Jun. 30, 2018USD ($)	Dec. 31, 2018Building
Real Estate Properties [Line Items]
Proceeds from the disposition of real estate properties			$ 24,994	$ 0
Asset management fees related to dispositions, incurred	$ 764	$ 0	764	206
Net gain on disposition of real estate properties	6,083	$ 0	$ 6,083	$ 0
Disposed of by Sale
Real Estate Properties [Line Items]
Asset management fees related to dispositions, incurred	$ 700
Industrial Building | Disposed of by Sale
Real Estate Properties [Line Items]
Real estate properties owned, buildings | Property	2		2
Land | Disposed of by Sale
Real Estate Properties [Line Items]
Real estate properties owned, buildings | Property	1		1
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings | Building	236		236		236

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 784,469	$ 789,840
Building and improvements	1,957,257	1,956,788
Intangible lease assets	188,864	208,234
Construction in progress	23,248	16,071
Investment in real estate properties	2,953,838	2,970,933
Less accumulated depreciation and amortization	(337,676)	(310,135)
Net investment in real estate properties	$ 2,616,162	$ 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	Jun. 30, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	$ 188,864	$ 208,234
Below Market Lease [Roll Forward]
Gross	(27,818)	(30,150)
Accumulated Amortization	15,010	15,056
Net	(12,808)	(15,094)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	180,336	197,976
Accumulated Amortization	(97,474)	(104,054)
Net	82,862	93,922
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	8,528	10,258
Accumulated Amortization	(4,883)	(5,962)
Net	$ 3,645	$ 4,296

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 739	$ 1,548	$ 1,472	$ 3,110
Above-market lease amortization	(311)	(471)	(645)	(949)
Below-market lease amortization	1,082	1,458	2,270	2,889
Real Estate-Related Depreciation and Amortization:
Depreciation expense	18,809	17,916	37,572	35,337
Intangible lease asset amortization	$ 7,690	$ 10,266	$ 15,695	$ 20,716

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments to be Received (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 89,467
2019		$ 175,852
2020	169,714	154,892
2021	149,088	132,190
2020	113,887	97,369
2023	86,795	72,016
Thereafter	150,729	120,814
Total	$ 759,680	$ 753,133

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)Property	Jun. 30, 2019USD ($)BuildingProperty	Jun. 30, 2018USD ($)Property	Dec. 31, 2018USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building			52		49
Investment in unconsolidated joint ventures	$ 118,049		$ 118,049		$ 113,869
Total revenues	62,285	$ 59,956	124,794	$ 118,850
Total operating expenses	52,264	52,251	104,334	104,946
Total other income (expenses)	(5,936)	(12,156)	(18,841)	(22,785)
Net income (loss)	$ 4,085	(4,451)	$ 1,619	(8,881)
Industrial Building | Disposed of by Sale
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | Property	2		2
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	20.00%		20.00%		20.00%
Number of buildings | Building			37		36
Investment in unconsolidated joint ventures	$ 97,426		$ 97,426		$ 97,128
Total revenues	15,370	11,895	27,928	22,862
Total operating expenses	10,978	8,989	20,253	17,534
Total other income (expenses)	2,258	(1,775)	1,266	2,032
Net income (loss)	6,650	$ 1,131	8,941	7,360
BTC I Partnership | Industrial Building | Disposed of by Sale
Investments in and Advances to Affiliates [Line Items]
Gain on disposal	$ 5,600		$ 5,600	$ 4,800
Number of real estate properties | Property	2	1	2	1
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	8.00%		8.00%		8.00%
Number of buildings | Building			15		13
Investment in unconsolidated joint ventures	$ 20,623		$ 20,623		$ 16,741

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Thousands	Jun. 30, 2019USD ($)Contract	Dec. 31, 2018USD ($)Contract
Debt Instrument [Line Items]
Number of Contracts | Contract	11	11
Estimated hedge ineffectiveness in the next 12 months	$ 4,800
Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 594,691	$ 595,626

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,540,591	$ 1,545,526
Less unamortized debt issuance costs	(5,499)	(6,702)
Total debt, net	1,535,092	1,538,824
Gross book value of properties encumbered by debt	$ 1,148,470	$ 1,147,963
Weighted-average effective interest rate	3.25%	3.27%
Line of Credit
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 320,000	$ 324,000
Weighted-average effective interest rate	3.32%	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	2.65%	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	3.95%	4.05%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 720,591	$ 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	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-average remaining term of debt	3 years
Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 594,691	$ 595,626
Line of Credit
Debt Instrument [Line Items]
Unused portions of line of credit	$ 179,500
Amount available under line of credit		179,500
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	$ 94,700	$ 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	Jun. 30, 2019USD ($)Extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 1,256
2020	335,259
2021	356,047
2022	233,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 1,540,591	$ 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	320,000
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	320,000	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	1,256
2020	15,259
2021	6,047
2022	83,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 720,591	$ 721,526

DEBT - Summary of Location and

DEBT - Summary of Location and Fair Value of Cash Flow Hedges (Details) $ in Thousands	Jun. 30, 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	$ 594,691	$ 595,626
Other assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Fair Value	$ 5,414	$ 16,438

DEBT - Effect of Derivative Ins

DEBT - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 13,250	$ 12,382	$ 26,536	$ 24,064
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(4,493)	2,625	(6,760)	8,417
Gain reclassified from AOCI into interest expense	(2,119)	(1,314)	(4,264)	(2,122)
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 13,250	$ 12,382	$ 26,536	$ 24,064

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Derivative instruments	$ 5,414	$ 16,438
Total assets measured at fair value	5,414	16,438
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Level 2
Assets
Derivative instruments	5,414	16,438
Total assets measured at fair value	5,414	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	Jun. 30, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Line of credit	$ 320,000	$ 324,000
Term loans	500,000	500,000
Mortgage notes	720,591	721,526
Fair Value
Liabilities
Line of credit	320,000	324,000
Term loans	500,000	500,000
Mortgage notes	$ 722,445	$ 698,603

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 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	$ 227.9

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(1,157)	(1,437)
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			105,674
Ending balance, shares	105,860		105,860
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			71,280
Ending balance, shares	71,787		71,787
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	177,260	175,771	176,954	174,514
Issuance of common stock, DRIP	949	1,088	1,911	2,188
Issuance of common stock, Stock grants			158	162
Redemptions	(562)	(651)	(1,375)	(651)
Forfeitures		(3)	(1)	(8)
Ending balance, shares	177,647	176,205	177,647	176,205
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,728	105,404	105,674	104,589
Issuance of common stock, DRIP	573	653	1,152	1,311
Issuance of common stock, Stock grants			158	162
Redemptions	(441)	(564)	(1,123)	(564)
Forfeitures		(3)	(1)	(8)
Ending balance, shares	105,860	105,490	105,860	105,490
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	71,532	70,367	71,280	69,925
Issuance of common stock, DRIP	376	435	759	877
Issuance of common stock, Stock grants			0	0
Redemptions	(121)	(87)	(252)	(87)
Forfeitures		0	0	0
Ending balance, shares	71,787	70,715	71,787	70,715

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions Table (Details) - Cash Distributions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	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	$ 0.1425	$ 0.285	$ 0.57
Paid in Cash	$ 11,654	$ 11,490	$ 11,433	$ 11,350	$ 11,262	$ 11,092	$ 23,144	$ 45,137
Reinvested in Shares	11,588	11,699	11,863	11,897	11,980	12,086	23,287	47,826
Distributions Fees	2,052	2,033	1,900	1,880	1,864	1,845	4,085	7,489
Gross Distributions	$ 25,294	$ 25,222	$ 25,196	$ 25,127	$ 25,106	$ 25,023	$ 50,516	$ 100,452

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Number of eligible shares redeemed			1,157	1,437
Aggregate dollar amount of shares redeemed	$ 5,757	$ 7,686	$ 11,459	$ 14,058
Average redemption price per share (usd per share)			$ 9.90	$ 9.78

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Expensed:
Asset management fees, incurred	$ 5,936	$ 5,947	$ 11,955	$ 11,906
Asset management fees related to dispositions, incurred	764	0	764	206
Other expense reimbursements, incurred	1,258	1,325	2,787	2,736
Total incurred	7,958	7,272	15,506	14,848
Asset management fees, payable	61		61		$ 69
Asset management fees related to dispositions, payable	60		60		0
Other expense reimbursements, payable	344		344		510
Total payable	465		465		579
Capitalized:
Acquisition fees, incurred	73	0	73	259
Development acquisition fees, incurred	876	500	1,537	947
Total incurred	949	500	1,610	1,206
Acquisition fees, payable	0		0		62
Development acquisition fees, payable	185		185		61
Total payable	185		185		123
Additional Paid-In Capital:
Offering costs, incurred	279	156	414	260
Distribution fees - current, incurred	2,052	1,864	4,085	3,709
Distribution fees - trailing, incurred	0	0	0	0
Total incurred	2,331	2,020	4,499	3,969
Offering costs, payable	137		137		70
Distribution fees - current	676		676		657
Distribution fees - trailing	14,343	22,355	14,343	22,355	18,492
Total payable	15,156		15,156		$ 19,219
Advisor or Its Affiliates
Additional Paid-In Capital:
Other expense reimbursements for compensation costs	$ 1,100	$ 1,000	$ 2,400	$ 2,200

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Ventures (Details) - Advisor - Joint Venture Agreement - BTC Partnership - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 1,800	$ 1,600	$ 3,800	$ 3,500
Due from related parties	$ 1		$ 1		$ 200

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 23,918	$ 23,856	$ 23,953
Redemptions payable	5,852	7,686
Distribution fees payable to affiliates	14,343	22,355	$ 18,492
Distributions reinvested in common stock	23,562	24,308
Non-cash capital expenditures	$ 2,532	$ 1,412

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4,863	$ 5,698	$ 7,790	$ 5,397
Restricted cash	0	65	65	65
Cash, cash equivalents and restricted cash	$ 4,863	$ 5,763	$ 7,855	$ 5,462

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 15, 2019	Jul. 16, 2020	Jun. 30, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Termination fee amount			$ 15,156,000	$ 19,219,000
Merger Agreement | Termination Fee | Parent | Forecast
Subsequent Event [Line Items]
Termination fee amount		$ 96,000,000
Class A
Subsequent Event [Line Items]
Common stock, par value (usd per share)			$ 0.01	$ 0.01
Class T
Subsequent Event [Line Items]
Common stock, par value (usd per share)			$ 0.01	$ 0.01
Subsequent Event | Merger Agreement
Subsequent Event [Line Items]
Share price (in usd per share)	$ 12.44
Indemnification period	18 months
Indemnification threshold	$ 25,000,000
Subsequent Event | Merger Agreement | Termination Fee | Parent
Subsequent Event [Line Items]
Termination fee amount	$ 65,000,000
Subsequent Event | Merger Agreement | Asset Management Fee
Subsequent Event [Line Items]
Percent of contract sales price	2.50%
Subsequent Event | Class A | Merger Agreement
Subsequent Event [Line Items]
Common stock, par value (usd per share)	$ 0.01
Subsequent Event | Class T | Merger Agreement
Subsequent Event [Line Items]
Common stock, par value (usd per share)	$ 0.01