Industrial Property Trust 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		105,954,159
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	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 2,602,043	$ 2,660,798
Investment in unconsolidated joint venture partnerships	121,552	113,869
Cash and cash equivalents	6,024	5,698
Restricted cash	0	65
Straight-line and tenant receivables, net	32,526	28,838
Due from affiliates	28	326
Other assets	15,137	22,030
Total assets	2,777,310	2,831,624
Liabilities
Accounts payable and accrued liabilities	32,362	22,801
Debt, net	1,546,229	1,538,824
Due to affiliates	390	217
Distributions payable	23,941	23,953
Distribution fees payable to affiliates	12,259	18,492
Other liabilities	38,651	46,979
Total liabilities	1,653,832	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	1,607,537	1,582,846
Accumulated deficit	(488,920)	(420,697)
Accumulated other comprehensive income	3,080	16,438
Total stockholders’ equity	1,123,477	1,180,357
Noncontrolling interests	1	1
Total equity	1,123,478	1,180,358
Total liabilities and equity	2,777,310	2,831,624
Class A
Stockholders’ equity:
Common stock, value	1,060	1,057
Class T
Stockholders’ equity:
Common stock, value	$ 720	$ 713

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	105,958,000	105,674,000
Common stock, shares outstanding	105,958,000	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	72,043,000	71,280,000
Common stock, shares outstanding	72,043,000	71,280,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental revenues	$ 63,320	$ 60,664	$ 188,114	$ 179,514
Total revenues	63,320	60,664	188,114	179,514
Operating expenses:
Rental expenses	16,678	15,950	50,222	47,451
Real estate-related depreciation and amortization	25,972	27,934	79,239	83,987
General and administrative expenses	2,084	2,130	7,546	7,410
Asset management fees, related party	5,969	6,214	18,030	18,326
Total operating expenses	50,703	52,228	155,037	157,174
Other (income) expenses:
Equity in income of unconsolidated joint venture partnerships	(171)	(2,729)	(1,783)	(4,023)
Interest expense and other	12,933	12,875	39,469	36,939
Net gain on disposition of real estate properties	0	(141)	(6,083)	(126)
Total other expenses	12,762	10,005	31,603	32,790
Net (loss) income	(145)	(1,569)	1,474	(10,450)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common stockholders	$ (145)	$ (1,569)	$ 1,474	$ (10,450)
Weighted-average shares outstanding (in shares)	177,979	176,456	177,552	176,071
Net loss per common share-basic and diluted (usd per share)	$ 0	$ (0.01)	$ 0.01	$ (0.06)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income attributable to common stockholders	$ (145)	$ (1,569)	$ 1,474	$ (10,450)
Change from cash flow hedging derivatives	(2,334)	81	(13,358)	6,376
Comprehensive loss attributable to common stockholders	$ (2,479)	$ (1,488)	$ (11,884)	$ (4,074)

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	(10,450)			(10,450)
Change from cash flow hedging derivatives	6,376				6,376
Issuance of common stock	36,286	$ 34	36,252
Issuance of common stock, shares		3,433
Share-based compensation	1,201		1,201
Upfront offering costs	(397)		(397)
Trailing distribution fees	$ 5,640		51	5,589
Redemptions of common stock, shares	(2,057)	(1,441)
Redemptions of common stock	$ (20,146)	$ (14)	(20,132)
Distributions on common stock	(75,256)			(75,256)
Ending balance at Sep. 30, 2018	1,202,724	$ 1,765	1,578,724	(401,014)	23,248	1
Ending balance, shares at Sep. 30, 2018		176,506
Beginning balance at Jun. 30, 2018	1,221,345	$ 1,762	1,572,613	(376,198)	23,167	1
Beginning balance, shares at Jun. 30, 2018		176,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,569)			(1,569)
Change from cash flow hedging derivatives	81				81
Issuance of common stock	11,979	$ 11	11,968
Issuance of common stock, shares		1,091
Share-based compensation	317		317
Upfront offering costs	(137)		(137)
Trailing distribution fees	1,923		43	1,880
Redemptions of common stock, shares		(790)
Redemptions of common stock	(6,088)	$ (8)	(6,080)
Distributions on common stock	(25,127)			(25,127)
Ending balance at Sep. 30, 2018	1,202,724	$ 1,765	1,578,724	(401,014)	23,248	1
Ending balance, shares at Sep. 30, 2018		176,506
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	1,474			1,474
Change from cash flow hedging derivatives	(13,358)				(13,358)
Issuance of common stock	35,156	$ 30	35,126
Issuance of common stock, shares		3,005
Share-based compensation	1,463		1,463
Upfront offering costs	(557)		(557)
Trailing distribution fees	$ 6,234		79	6,155
Redemptions of common stock, shares	(1,155)	(1,958)
Redemptions of common stock	$ (11,440)	$ (20)	(11,420)
Distributions on common stock	(75,852)			(75,852)
Ending balance at Sep. 30, 2019	1,123,478	$ 1,780	1,607,537	(488,920)	3,080	1
Ending balance, shares at Sep. 30, 2019		178,001
Beginning balance at Jun. 30, 2019	1,137,402	$ 1,777	1,595,719	(465,509)	5,414	1
Beginning balance, shares at Jun. 30, 2019		177,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(145)			(145)
Change from cash flow hedging derivatives	(2,334)				(2,334)
Issuance of common stock	11,592	$ 9	11,583
Issuance of common stock, shares		937
Share-based compensation	339		339
Upfront offering costs	(143)		(143)
Trailing distribution fees	2,084		14	2,070
Redemptions of common stock, shares		(583)
Redemptions of common stock	19	$ (6)	25
Distributions on common stock	(25,336)			(25,336)
Ending balance at Sep. 30, 2019	$ 1,123,478	$ 1,780	$ 1,607,537	$ (488,920)	$ 3,080	$ 1
Ending balance, shares at Sep. 30, 2019		178,001

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income (loss)	$ 1,474	$ (10,450)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	79,239	83,987
Equity in income of unconsolidated joint venture partnerships	(1,783)	(4,023)
Straight-line rent and amortization of above- and below-market leases	(5,049)	(7,519)
Net gain on disposition of real estate properties	(6,083)	(126)
Other	3,285	2,137
Changes in operating assets and liabilities:
Tenant receivables and other assets	(3,645)	(1,679)
Accounts payable, accrued expenses and other liabilities	8,195	5,955
Due from / to affiliates, net	541	413
Net cash provided by operating activities	76,174	68,695
Investing activities:
Real estate acquisitions	(3,624)	(39,918)
Acquisition deposits	0	(130)
Proceeds from the disposition of real estate properties	24,978	580
Capital expenditures and development activities	(34,288)	(30,806)
Investment in unconsolidated joint venture partnerships	(8,577)	(14,931)
Distributions from joint venture partnerships	2,600	0
Net proceeds from sale of joint venture partnership ownership interest	0	4,235
Other	(1,898)	0
Net cash used in investing activities	(20,809)	(80,970)
Financing activities:
Proceeds from line of credit	69,000	117,000
Repayments of line of credit	(62,000)	(46,000)
Repayments of mortgage notes	(1,400)	(893)
Financing costs paid	0	(335)
Offering costs paid related to issuance of common stock	(627)	(435)
Distributions paid to common stockholders	(34,564)	(33,277)
Distribution fees paid	(6,137)	(5,588)
Redemptions of common stock	(19,376)	(18,822)
Net cash (used in) provided by financing activities	(55,104)	11,650
Net increase (decrease) in cash, cash equivalents and restricted cash	261	(625)
Cash, cash equivalents and restricted cash, at beginning of period	5,763	5,462
Cash, cash equivalents and restricted cash, at end of period	$ 6,024	$ 4,837

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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. Asset Sale Transaction On July 15, 2019, the Company announced that it had entered into an agreement and plan of merger (as amended and restated on August 20, 2019, the “Merger Agreement”) pursuant to which it or its wholly-owned real estate assets will be acquired by an affiliate or affiliates of Prologis, L.P. in an all cash transaction valued at approximately $3.99 billion , subject to certain transaction costs. On August 22, 2019, the Company announced that it had elected to structure the transaction as a sale of substantially all of IPT’s assets excluding its interests in its unconsolidated joint venture partnerships (the “Asset Sale”), and following the Asset Sale, the Company will continue to exist with its remaining assets consisting primarily of its minority ownership interests in its unconsolidated joint venture partnerships (as described in “ Note 3 ”). Subject to the satisfaction of applicable closing conditions (including the receipt of the requisite approval of the Company’s stockholders), the Company expects the Asset Sale to close in January 2020. However, the Company can provide no assurances that the Asset Sale will be completed on the expected timeline or at all. For more information about the Asset Sale, see the Company’s definitive proxy statement filed with the SEC on October 21, 2019. 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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	2. INVESTMENT IN REAL ESTATE PROPERTIES As of both September 30, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 784,469 $ 789,840 Building and improvements 1,965,368 1,956,788 Intangible lease assets 190,774 208,234 Construction in progress 25,315 16,071 Investment in real estate properties 2,965,926 2,970,933 Less accumulated depreciation and amortization (363,883 ) (310,135 ) Net investment in real estate properties $ 2,602,043 $ 2,660,798 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of September 30, 2019 and December 31, 2018 , include the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 182,245 $ (104,496 ) $ 77,749 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,529 (5,145 ) 3,384 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,818 ) 16,047 (11,771 ) (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 nine months ended September 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 September 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) September 30, 2019 December 31, 2018 2019 $ 44,701 $ 175,852 2020 174,957 154,892 2021 156,543 132,190 2022 121,445 97,369 2023 92,473 72,016 Thereafter 159,941 120,814 Total $ 750,060 $ 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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,178 $ 1,614 $ 2,650 $ 4,724 Above-market lease amortization (263 ) (441 ) (908 ) (1,390 ) Below-market lease amortization 1,037 1,296 3,307 4,185 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,921 $ 18,552 $ 56,493 $ 53,889 Intangible lease asset amortization 7,051 9,382 22,746 30,098

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 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 September 30, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings (1) Ownership Percentage Number of Buildings (1) September 30, December 31, 2018 BTC I Partnership 20.0% 38 20.0% 36 $ 97,903 $ 97,128 BTC II Partnership 8.0% 17 8.0% 13 23,649 16,741 Total joint venture partnerships 55 49 $ 121,552 $ 113,869 (1) Represents acquired or completed buildings. The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended For the Nine Months Ended (in thousands) 2019 2018 2019 2018 Operating data: Total revenues $ 16,506 $ 12,310 $ 44,434 $ 35,172 Total operating expenses 11,519 9,352 31,772 26,886 Total other (expenses) income (1) (3,884 ) 10,998 (2,618 ) 13,030 Net income 1,103 13,956 10,044 21,316 (1) Includes a gain of $5.6 million for the nine months ended September 30, 2019 related to the disposal of two industrial buildings. There were no dispositions during the three months ended September 30, 2019 . The three and nine months ended September 30, 2018 include a gain of $12.3 million and $17.1 million , respectively, related to the disposal of one industrial building for the three months ended September 30, 2018 and three industrial buildings for the nine months ended September 30, 2018.

DEBT

DEBT	9 Months Ended
	Sep. 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. Substantially all of the Company’s debt is expected to be repaid in connection with the closing of the Asset Sale. A summary of the Company’s debt is as follows: Weighted-Average Balance as of ($ in thousands) September 30, December 31, 2018 Maturity Date September 30, December 31, 2018 Line of credit (1) 2.99% 3.38% January 2020 $ 331,000 $ 324,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.42% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 720,126 721,526 Total principal amount / weighted-average (5) 3.09% 3.27% $ 1,551,126 $ 1,545,526 Less unamortized debt issuance costs $ (4,897 ) $ (6,702 ) Total debt, net $ 1,546,229 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,152,118 $ 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 September 30, 2019 , the unused and available portions under the line of credit were both $169.0 million . The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (2) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.30% 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 $94.2 million and $95.6 million as of September 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 2.8 years as of September 30, 2019 , excluding any extension options on the line of credit. As of September 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 $ — $ — $ 791 $ 791 2020 331,000 — 15,259 346,259 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 $ 331,000 $ 500,000 $ 720,126 $ 1,551,126 (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 September 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 accumulated 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. Substantially all of the Company’s debt is expected to be repaid in connection with the closing of the Asset Sale. Assuming the debt remains outstanding during the next 12 months, the Company estimates that approximately $3.4 million would be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: ($ in thousands) Number of Notional Balance Sheet Fair As of September 30, 2019 Interest rate swaps 11 $ 594,227 Other assets $ 3,080 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 Nine Months (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (522 ) $ 1,664 $ (7,282 ) $ 10,081 Gain reclassified from AOCI into interest expense (1,812 ) (1,583 ) (6,076 ) (3,705 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 12,933 12,875 39,469 36,939

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 of its financial instruments. 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 September 30, 2019 Assets Derivative instruments $ — $ 3,080 $ — $ 3,080 Total assets measured at fair value $ — $ 3,080 $ — $ 3,080 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 September 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 September 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 331,000 $ 331,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 720,126 726,544 721,526 698,603

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 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 original announcement of the Merger Agreement described in “ Note 1 .” The Company had 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 September 30, 2019 , $216.3 million in shares remained available for sale pursuant to the Company’s distribution reinvestment plan. Following the closing of the Asset Sale, the Company currently expects to terminate the distribution reinvestment plan. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: (in thousands) Class A Class T Total FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 Balance as of June 30, 2018 105,490 70,715 176,205 Issuance of common stock: DRIP 647 431 1,078 Stock grants 18 — 18 Redemptions (636 ) (154 ) (790 ) Forfeitures (5 ) — (5 ) Balance as of September 30, 2018 105,514 70,992 176,506 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 105,860 71,787 177,647 Issuance of common stock: DRIP 567 374 941 Redemptions (465 ) (118 ) (583 ) Forfeitures (4 ) — (4 ) Balance as of September 30, 2019 105,958 72,043 178,001 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: DRIP 1,958 1,308 3,266 Stock grants 180 — 180 Redemptions (1,200 ) (241 ) (1,441 ) Forfeitures (13 ) — (13 ) Balance as of September 30, 2018 105,514 70,992 176,506 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 1,719 1,133 2,852 Stock grants 158 — 158 Redemptions (1,588 ) (370 ) (1,958 ) Forfeitures (5 ) — (5 ) Balance as of September 30, 2019 105,958 72,043 178,001 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 September 30 $ 0.1425 $ 23,266 $ — $ 2,070 $ 25,336 June 30 0.1425 11,641 11,601 2,052 25,294 March 31 0.1425 11,490 11,699 2,033 25,222 Total $ 0.4275 $ 46,397 $ 23,300 $ 6,155 $ 75,852 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 Nine Months Ended (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 1,155 2,057 Aggregate dollar amount of shares redeemed $ 11,440 $ 20,146 Average redemption price per share $ 9.90 $ 9.79 In connection with the Company’s original announcement of the Merger Agreement described in “ Note 1 ,” the Company has suspended its share redemption program, effective as of the third quarter of 2019. Following the closing of the Asset Sale, the Company currently expects to reinstate the share redemption program solely with respect to redemptions requested in connection with the death of a stockholder, subject to an aggregate cap for all stockholders of $1.0 million .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 Nine Months Ended Payable as of September 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Asset management fees (1) $ 5,969 $ 6,010 $ 17,924 $ 17,916 $ 65 $ 69 Asset management fees related to dispositions (2) — 221 764 427 — — Other expense reimbursements (3) 1,091 1,145 3,878 3,881 494 510 Total $ 7,060 $ 7,376 $ 22,566 $ 22,224 $ 559 $ 579 Capitalized: Acquisition fees $ — $ 525 $ 73 $ 784 $ — $ 62 Development acquisition fees (4) 676 123 2,213 1,070 177 61 Total $ 676 $ 648 $ 2,286 $ 1,854 $ 177 $ 123 Additional Paid-In Capital: Offering costs $ 143 $ 137 $ 557 $ 397 $ — $ 70 Distribution fees—current (5) 2,070 1,880 6,155 5,589 675 657 Distribution fees—trailing (5) — — — — 12,259 18,492 Total $ 2,213 $ 2,017 $ 6,712 $ 5,986 $ 12,934 $ 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 $0.9 million and $0.9 million for the three months ended September 30, 2019 and 2018 , respectively, and $3.4 million and $3.1 million for the nine months ended September 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 nine months ended September 30, 2019 , the joint venture partnerships (as described in “ Note 3 ”) incurred in aggregate approximately $3.0 million and $6.7 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 $2.1 million and $5.6 million for the three and nine months ended September 30, 2018 , respectively. As of September 30, 2019 , the Company had amounts due to the joint venture partnerships in aggregate of approximately $5,000 , which were recorded in due to affiliates on the condensed consolidated balance sheets, and as of December 31, 2018, the Company had amounts due from the joint venture partnerships in aggregate of approximately $0.2 million , which were recorded in due from affiliates on the condensed consolidated balance sheets. Reorganization in connection with the Asset Sale See “ Note 10 ” for information concerning the reorganization of the Sponsor’s and the Advisor’s interests in the Company in connection with and following the Asset Sale.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 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 Nine Months Ended (in thousands) 2019 2018 Distributions payable $ 23,941 $ 23,860 Distribution fees payable to affiliates 12,259 20,432 Distributions reinvested in common stock 35,163 36,288 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 Nine 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 $ 6,024 $ 4,772 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 6,024 $ 4,837

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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. Asset Sale Transaction 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 Prologis, L.P. a termination fee of $65.0 million , provided that if the requisite approval of the Asset Sale by the Company’s stockholders has not been obtained on or before January 15, 2020, then the termination fee shall be $96.0 million . 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 September 30, 2019 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS Reorganization in connection with the Asset Sale On October 7, 2019, the Company, the Operating Partnership, Industrial Property Advisors Group LLC (the “Sponsor”), the Advisor and Academy Partners Ltd. Liability Company, an affiliate of the Sponsor (“Academy Partners”), entered into a Master Reorganization and Transaction Agreement (the “Master Reorganization Agreement”) to engage in certain transactions to restructure the Sponsor’s and the Advisor’s interests in the Company in connection with and following the Asset Sale. The Master Reorganization Agreement provides that the Company, the Operating Partnership and the Advisor enter into an amendment to the Amended and Restated Advisory Agreement (2019), dated as of June 12, 2019 (the “Advisory Agreement”), to reduce the advisory fees payable to the Advisor in connection with the Asset Sale by an amount equal to approximately $75.0 million . On October 7, 2019, the Company, the Operating Partnership and the Advisor entered into the Amendment to Amended and Restated Advisory Agreement (2019) (the “Advisory Agreement Amendment”). Pursuant to the Advisory Agreement Amendment, the parties thereto agreed that solely with respect to any disposition involving the properties owned 100% by the Operating Partnership (the “Wholly-Owned Portfolio”) (which disposition includes the Asset Sale), the asset management fee owed to the Advisor under the Advisory Agreement is reduced from 2.5% to 0.6203% of the “Contract Sales Price” (as defined in the Advisory Agreement). The Advisory Agreement Amendment also provides that the Company remains obligated to pay such asset management fee in the event that the Company consummates a disposition involving the Wholly-Owned Portfolio pursuant to one or more definitive agreements entered into during the term of the Advisory Agreement (including the Asset Sale), even if the Advisor is terminated by the Company without cause prior to the closing of such disposition. The Master Reorganization Agreement also provides that the Company, the Operating Partnership and the Sponsor enter into an amendment to the Second Amended and Restated Limited Partnership Agreement of Industrial Property Operating Partnership LP (the “Operating Partnership LPA”) to increase the profits interest of the Sponsor in the Operating Partnership. On October 7, 2019, the Company, the Operating Partnership and the Sponsor entered into the Amendment to Second Amended and Restated Limited Partnership Agreement of Industrial Property Operating Partnership LP (the “LPA Amendment”). The LPA Amendment provides that, effective as of January 1, 2019, distributions of net sales proceeds will be made (i) with respect to the sale by the Company of its Wholly-Owned Portfolio: (A) first, 100% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership until the Company and its stockholders have received cumulative distributions equal to their capital contributions plus a 6.5% per annum return (the “Distribution Hurdle Requirement”), and (B) second, 85% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership and 15% to the Sponsor, as the special limited partner in the Operating Partnership, and (ii) thereafter, assuming the Distribution Hurdle Requirement has been previously met, 65% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership and 35% to the Sponsor, as the special limited partner in the Operating Partnership. In addition, the LPA Amendment provides that, effective as of January 1, 2019, distributions of cash other than net sales proceeds will be made (i) prior to the sale by the Company of its Wholly-Owned Portfolio, 100% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership, and (ii) thereafter, 65% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership and 35% to the Sponsor, as the special limited partner in the Operating Partnership. The Master Reorganization Agreement also provides that, prior to the closing of the Asset Sale, the Sponsor will accept an assignment of all rights to the trademark and all related rights and goodwill, world-wide, to the mark “Industrial Properties Trust” (collectively, the “IPT Intellectual Property”) from Academy Partners and an assignment from the Advisor of all of its rights under the Advisory Agreement, and the Sponsor will assume the obligations of the Advisor under the Advisory Agreement. Following such actions and prior to the closing of the Asset Sale, the Sponsor has agreed to capitalize IPT Advisor LLC, an affiliate of the Sponsor (“New Advisor”), by contributing to it (i) the IPT Intellectual Property, (ii) the Advisory Agreement, and (iii) the Sponsor’s special limited partnership interests in the Operating Partnership. As a result of such contribution transactions, New Advisor will be the Company’s new external advisor and will be substituted for the Sponsor as the special limited partner in the Operating Partnership. The Master Reorganization Agreement also contemplates that immediately following the closing of the Asset Sale, New Advisor will make an in-kind contribution to the Operating Partnership, in the form of an assignment of the IPT Intellectual Property, which IPT Intellectual Property the Company currently licenses from Academy Partners under a non-exclusive license terminable by either party on short notice. In exchange for such in-kind contribution of the IPT Intellectual Property, the Operating Partnership will issue to New Advisor a preferred equity capital interest in the Operating Partnership having a preference on distributions from the Operating Partnership equal to $10.0 million , which amount was determined by reference to the appraised fair market value of the IPT Intellectual Property (the “Preference”). In connection therewith, pursuant to the Master Reorganization Agreement, the Company and the Operating Partnership have agreed to amend and restate the Operating Partnership LPA immediately following the closing of the Asset Sale to provide that distributions by the Operating Partnership will be made, after any distributions necessary to maintain the Company’s status as a real estate investment trust, (i) first, 100% to pay the Preference described above, and (ii) then, 65% to the holders of limited partnership interests in the Operating Partnership in proportion to their ownership interest in the Operating Partnership and 35% to the special limited partner in the Operating Partnership. The Company relies on the Advisor to manage its day-to-day activities and to implement its investment strategy. The Advisor, New Advisor and Academy Partners are wholly-owned by the Sponsor. The Sponsor is the special limited partner in the Operating Partnership and owned 100 special partnership units in the Operating Partnership as of October 7, 2019. The Sponsor is presently directly or indirectly majority owned, controlled and/or managed by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker, Chairman of the board of directors of the Company, and/or their affiliates. Dwight L. Merriman III, chief executive officer and a director of the Company, Thomas G. McGonagle, chief financial officer of the Company, and Joshua J. Widoff, managing director, chief legal officer and secretary of the Company, each has an indirect ownership interest in the Sponsor. The agreements described above and the transactions contemplated thereby were unanimously approved by the independent directors of the Company’s board of directors.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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.
Merger Transaction	Asset Sale Transaction On July 15, 2019, the Company announced that it had entered into an agreement and plan of merger (as amended and restated on August 20, 2019, the “Merger Agreement”) pursuant to which it or its wholly-owned real estate assets will be acquired by an affiliate or affiliates of Prologis, L.P. in an all cash transaction valued at approximately $3.99 billion , subject to certain transaction costs. On August 22, 2019, the Company announced that it had elected to structure the transaction as a sale of substantially all of IPT’s assets excluding its interests in its unconsolidated joint venture partnerships (the “Asset Sale”), and following the Asset Sale, the Company will continue to exist with its remaining assets consisting primarily of its minority ownership interests in its unconsolidated joint venture partnerships (as described in “ Note 3 ”). Subject to the satisfaction of applicable closing conditions (including the receipt of the requisite approval of the Company’s stockholders), the Company expects the Asset Sale to close in January 2020. However, the Company can provide no assurances that the Asset Sale will be completed on the expected timeline or at all. For more information about the Asset Sale, see the Company’s definitive proxy statement filed with the SEC on October 21, 2019.
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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption 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 of its financial instruments.

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Investment in Properties	As of both September 30, 2019 and December 31, 2018 , the Company’s consolidated investment in real estate properties consisted of 236 industrial buildings. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 784,469 $ 789,840 Building and improvements 1,965,368 1,956,788 Intangible lease assets 190,774 208,234 Construction in progress 25,315 16,071 Investment in real estate properties 2,965,926 2,970,933 Less accumulated depreciation and amortization (363,883 ) (310,135 ) Net investment in real estate properties $ 2,602,043 $ 2,660,798
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of September 30, 2019 and December 31, 2018 , include the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets (1) $ 182,245 $ (104,496 ) $ 77,749 $ 197,976 $ (104,054 ) $ 93,922 Above-market lease assets (1) 8,529 (5,145 ) 3,384 10,258 (5,962 ) 4,296 Below-market lease liabilities (2) (27,818 ) 16,047 (11,771 ) (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 September 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) September 30, 2019 December 31, 2018 2019 $ 44,701 $ 175,852 2020 174,957 154,892 2021 156,543 132,190 2022 121,445 97,369 2023 92,473 72,016 Thereafter 159,941 120,814 Total $ 750,060 $ 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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,178 $ 1,614 $ 2,650 $ 4,724 Above-market lease amortization (263 ) (441 ) (908 ) (1,390 ) Below-market lease amortization 1,037 1,296 3,307 4,185 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 18,921 $ 18,552 $ 56,493 $ 53,889 Intangible lease asset amortization 7,051 9,382 22,746 30,098

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 December 31, 2018 ($ in thousands) Ownership Percentage Number of Buildings (1) Ownership Percentage Number of Buildings (1) September 30, December 31, 2018 BTC I Partnership 20.0% 38 20.0% 36 $ 97,903 $ 97,128 BTC II Partnership 8.0% 17 8.0% 13 23,649 16,741 Total joint venture partnerships 55 49 $ 121,552 $ 113,869 (1) Represents acquired or completed buildings. The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended For the Nine Months Ended (in thousands) 2019 2018 2019 2018 Operating data: Total revenues $ 16,506 $ 12,310 $ 44,434 $ 35,172 Total operating expenses 11,519 9,352 31,772 26,886 Total other (expenses) income (1) (3,884 ) 10,998 (2,618 ) 13,030 Net income 1,103 13,956 10,044 21,316 (1) Includes a gain of $5.6 million for the nine months ended September 30, 2019 related to the disposal of two industrial buildings. There were no dispositions during the three months ended September 30, 2019 . The three and nine months ended September 30, 2018 include a gain of $12.3 million and $17.1 million , respectively, related to the disposal of one industrial building for the three months ended September 30, 2018 and three industrial buildings for the nine months ended September 30, 2018.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 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) September 30, December 31, 2018 Maturity Date September 30, December 31, 2018 Line of credit (1) 2.99% 3.38% January 2020 $ 331,000 $ 324,000 Term loan (2) 2.50% 2.65% January 2021 350,000 350,000 Term loan (3) 3.42% 4.05% May 2022 150,000 150,000 Fixed-rate mortgage notes (4) 3.36% 3.36% July 2020 - December 2025 720,126 721,526 Total principal amount / weighted-average (5) 3.09% 3.27% $ 1,551,126 $ 1,545,526 Less unamortized debt issuance costs $ (4,897 ) $ (6,702 ) Total debt, net $ 1,546,229 $ 1,538,824 Gross book value of properties encumbered by debt $ 1,152,118 $ 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 September 30, 2019 , the unused and available portions under the line of credit were both $169.0 million . The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (2) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , each depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, plus a margin ranging from 1.30% 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 $94.2 million and $95.6 million as of September 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 2.8 years as of September 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 September 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 $ — $ — $ 791 $ 791 2020 331,000 — 15,259 346,259 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 $ 331,000 $ 500,000 $ 720,126 $ 1,551,126 (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 September 30, 2019 Interest rate swaps 11 $ 594,227 Other assets $ 3,080 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 Nine Months (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (522 ) $ 1,664 $ (7,282 ) $ 10,081 Gain reclassified from AOCI into interest expense (1,812 ) (1,583 ) (6,076 ) (3,705 ) Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 12,933 12,875 39,469 36,939

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 Assets Derivative instruments $ — $ 3,080 $ — $ 3,080 Total assets measured at fair value $ — $ 3,080 $ — $ 3,080 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 September 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Line of credit $ 331,000 $ 331,000 $ 324,000 $ 324,000 Term loans 500,000 500,000 500,000 500,000 Mortgage notes 720,126 726,544 721,526 698,603

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 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 SEPTEMBER 30, 2018 Balance as of June 30, 2018 105,490 70,715 176,205 Issuance of common stock: DRIP 647 431 1,078 Stock grants 18 — 18 Redemptions (636 ) (154 ) (790 ) Forfeitures (5 ) — (5 ) Balance as of September 30, 2018 105,514 70,992 176,506 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 105,860 71,787 177,647 Issuance of common stock: DRIP 567 374 941 Redemptions (465 ) (118 ) (583 ) Forfeitures (4 ) — (4 ) Balance as of September 30, 2019 105,958 72,043 178,001 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Balance as of December 31, 2017 104,589 69,925 174,514 Issuance of common stock: DRIP 1,958 1,308 3,266 Stock grants 180 — 180 Redemptions (1,200 ) (241 ) (1,441 ) Forfeitures (13 ) — (13 ) Balance as of September 30, 2018 105,514 70,992 176,506 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common stock: DRIP 1,719 1,133 2,852 Stock grants 158 — 158 Redemptions (1,588 ) (370 ) (1,958 ) Forfeitures (5 ) — (5 ) Balance as of September 30, 2019 105,958 72,043 178,001
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 September 30 $ 0.1425 $ 23,266 $ — $ 2,070 $ 25,336 June 30 0.1425 11,641 11,601 2,052 25,294 March 31 0.1425 11,490 11,699 2,033 25,222 Total $ 0.4275 $ 46,397 $ 23,300 $ 6,155 $ 75,852 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 Nine Months Ended (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 1,155 2,057 Aggregate dollar amount of shares redeemed $ 11,440 $ 20,146 Average redemption price per share $ 9.90 $ 9.79

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended Payable as of September 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Asset management fees (1) $ 5,969 $ 6,010 $ 17,924 $ 17,916 $ 65 $ 69 Asset management fees related to dispositions (2) — 221 764 427 — — Other expense reimbursements (3) 1,091 1,145 3,878 3,881 494 510 Total $ 7,060 $ 7,376 $ 22,566 $ 22,224 $ 559 $ 579 Capitalized: Acquisition fees $ — $ 525 $ 73 $ 784 $ — $ 62 Development acquisition fees (4) 676 123 2,213 1,070 177 61 Total $ 676 $ 648 $ 2,286 $ 1,854 $ 177 $ 123 Additional Paid-In Capital: Offering costs $ 143 $ 137 $ 557 $ 397 $ — $ 70 Distribution fees—current (5) 2,070 1,880 6,155 5,589 675 657 Distribution fees—trailing (5) — — — — 12,259 18,492 Total $ 2,213 $ 2,017 $ 6,712 $ 5,986 $ 12,934 $ 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 $0.9 million and $0.9 million for the three months ended September 30, 2019 and 2018 , respectively, and $3.4 million and $3.1 million for the nine months ended September 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)	9 Months Ended
	Sep. 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 Nine 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 $ 6,024 $ 4,772 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 6,024 $ 4,837 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Nine Months Ended (in thousands) 2019 2018 Distributions payable $ 23,941 $ 23,860 Distribution fees payable to affiliates 12,259 20,432 Distributions reinvested in common stock 35,163 36,288

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions	Jul. 15, 2019USD ($)
Merger Agreement
Business Acquisition [Line Items]
Business combination acquisition costs	$ 3,990

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Building	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)BuildingProperty	Sep. 30, 2018USD ($)	Dec. 31, 2018Building
Real Estate Properties [Line Items]
Proceeds from the disposition of real estate properties			$ 24,978	$ 580
Asset management fees related to dispositions, incurred	$ 0	$ 221	764	427
Net gain on disposition of real estate properties	0	$ 141	$ 6,083	$ 126
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]
Number of real estate properties | Property			2
Land | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties | Property			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	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 784,469	$ 789,840
Building and improvements	1,965,368	1,956,788
Intangible lease assets	190,774	208,234
Construction in progress	25,315	16,071
Investment in real estate properties	2,965,926	2,970,933
Less accumulated depreciation and amortization	(363,883)	(310,135)
Net investment in real estate properties	$ 2,602,043	$ 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	Sep. 30, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	$ 190,774	$ 208,234
Below Market Lease [Roll Forward]
Gross	(27,818)	(30,150)
Accumulated Amortization	16,047	15,056
Net	(11,771)	(15,094)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	182,245	197,976
Accumulated Amortization	(104,496)	(104,054)
Net	77,749	93,922
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets	8,529	10,258
Accumulated Amortization	(5,145)	(5,962)
Net	$ 3,384	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 1,178	$ 1,614	$ 2,650	$ 4,724
Above-market lease amortization	(263)	(441)	(908)	(1,390)
Below-market lease amortization	1,037	1,296	3,307	4,185
Real Estate-Related Depreciation and Amortization:
Depreciation expense	18,921	18,552	56,493	53,889
Intangible lease asset amortization	$ 7,051	$ 9,382	$ 22,746	$ 30,098

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments to be Received (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 44,701
2019		$ 175,852
2020	174,957	154,892
2021	156,543	132,190
2020	121,445	97,369
2023	92,473	72,016
Thereafter	159,941	120,814
Total	$ 750,060	$ 753,133

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)Property	Sep. 30, 2018USD ($)Property	Sep. 30, 2019USD ($)BuildingProperty	Sep. 30, 2018USD ($)Property	Dec. 31, 2018USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building			55		49
Investment in unconsolidated joint ventures	$ 121,552		$ 121,552		$ 113,869
Total revenues	63,320	$ 60,664	188,114	$ 179,514
Total operating expenses	50,703	52,228	155,037	157,174
Total other income (expenses)	(12,762)	(10,005)	(31,603)	(32,790)
Net income (loss)	$ (145)	(1,569)	$ 1,474	(10,450)
Industrial Building | Disposed of by Sale
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | Property			2
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	20.00%		20.00%		20.00%
Number of buildings | Building			38		36
Investment in unconsolidated joint ventures	$ 97,903		$ 97,903		$ 97,128
Total revenues	16,506	12,310	44,434	35,172
Total operating expenses	11,519	9,352	31,772	26,886
Total other income (expenses)	(3,884)	10,998	(2,618)	13,030
Net income (loss)	$ 1,103	13,956	10,044	21,316
BTC I Partnership | Industrial Building | Disposed of by Sale
Investments in and Advances to Affiliates [Line Items]
Gain on disposal		$ 12,300	$ 5,600	$ 17,100
Number of real estate properties | Property	0	1	2	3
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	8.00%		8.00%		8.00%
Number of buildings | Building			17		13
Investment in unconsolidated joint ventures	$ 23,649		$ 23,649		$ 16,741

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,551,126	$ 1,545,526
Less unamortized debt issuance costs	(4,897)	(6,702)
Total debt, net	1,546,229	1,538,824
Gross book value of properties encumbered by debt	$ 1,152,118	$ 1,147,963
Weighted-average effective interest rate	3.09%	3.27%
Line of Credit
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 331,000	$ 324,000
Weighted-average effective interest rate	2.99%	3.38%
Term Loan Due January 2021
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 350,000	$ 350,000
Weighted-average effective interest rate	2.50%	2.65%
Term Loan Due May 2022
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 150,000	$ 150,000
Weighted-average effective interest rate	3.42%	4.05%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 720,126	$ 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	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-average remaining term of debt	2 years 9 months 18 days
Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 594,227	$ 595,626
Line of Credit
Debt Instrument [Line Items]
Unused portions of line of credit	$ 169,000
Amount available under line of credit		169,000
Line of Credit | Based On LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.40%
Line of Credit | Based On LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.30%
Line of Credit | Alternative base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.40%
Line of Credit | Alternative base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1.30%
Line of Credit | Interest rate swaps
Debt Instrument [Line Items]
Notional Amount	$ 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	$ 94,200	$ 95,600

DEBT - Principal Payments Due o

DEBT - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Details) $ in Thousands	Sep. 30, 2019USD ($)Extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 791
2020	346,259
2021	356,047
2022	233,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 1,551,126	$ 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	331,000
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	331,000	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	791
2020	15,259
2021	6,047
2022	83,579
2023	190,472
Thereafter	423,978
Total principal payments	$ 720,126	$ 721,526

DEBT - Summary of Location and

DEBT - Summary of Location and Fair Value of Cash Flow Hedges (Details) $ in Thousands	Sep. 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	$ 594,227	$ 595,626
Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair Value	$ 3,080	$ 16,438

DEBT - Effect of Derivative Ins

DEBT - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Expected amounts to be reclassified in next twelve months	$ 3,400		$ 3,400
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	(522)	$ 1,664	(7,282)	$ 10,081
Gain reclassified from AOCI into interest expense	(1,812)	(1,583)	(6,076)	(3,705)
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 12,933	$ 12,875	$ 39,469	$ 36,939

FAIR VALUE - Financial Instrume

FAIR VALUE - Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Derivative instruments	$ 3,080	$ 16,438
Total assets measured at fair value	3,080	16,438
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Level 2
Assets
Derivative instruments	3,080	16,438
Total assets measured at fair value	3,080	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	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Line of credit	$ 331,000	$ 324,000
Term loans	500,000	500,000
Mortgage notes	720,126	721,526
Fair Value
Liabilities
Line of credit	331,000	324,000
Term loans	500,000	500,000
Mortgage notes	$ 726,544	$ 698,603

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2019	Nov. 30, 2018
Stockholders' Equity Detail [Line Items]
Aggregate redemption cap	$ 1
Common Stock
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	$ 216.3

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(1,155)	(2,057)
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			105,674
Ending balance, shares	105,958		105,958
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			71,280
Ending balance, shares	72,043		72,043
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	177,647	176,205	176,954	174,514
Issuance of common stock, DRIP	941	1,078	2,852	3,266
Issuance of common stock, Stock grants		18	158	180
Redemptions	(583)	(790)	(1,958)	(1,441)
Forfeitures	(4)	(5)	(5)	(13)
Ending balance, shares	178,001	176,506	178,001	176,506
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,860	105,490	105,674	104,589
Issuance of common stock, DRIP	567	647	1,719	1,958
Issuance of common stock, Stock grants		18	158	180
Redemptions	(465)	(636)	(1,588)	(1,200)
Forfeitures	(4)	(5)	(5)	(13)
Ending balance, shares	105,958	105,514	105,958	105,514
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	71,787	70,715	71,280	69,925
Issuance of common stock, DRIP	374	431	1,133	1,308
Issuance of common stock, Stock grants		0	0	0
Redemptions	(118)	(154)	(370)	(241)
Forfeitures	0	0	0	0
Ending balance, shares	72,043	70,992	72,043	70,992

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions Table (Details) - Cash Distributions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 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	$ 0.1425	$ 0.4275	$ 0.57
Paid in Cash	$ 23,266	$ 11,641	$ 11,490	$ 11,433	$ 11,350	$ 11,262	$ 11,092	$ 46,397	$ 45,137
Reinvested in Shares	0	11,601	11,699	11,863	11,897	11,980	12,086	23,300	47,826
Distributions Fees	2,070	2,052	2,033	1,900	1,880	1,864	1,845	6,155	7,489
Gross Distributions	$ 25,336	$ 25,294	$ 25,222	$ 25,196	$ 25,127	$ 25,106	$ 25,023	$ 75,852	$ 100,452

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Number of eligible shares redeemed			1,155	2,057
Aggregate dollar amount of shares redeemed	$ (19)	$ 6,088	$ 11,440	$ 20,146
Average redemption price per share (usd per share)			$ 9.90	$ 9.79

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Expensed:
Asset management fees, incurred	$ 5,969	$ 6,010	$ 17,924	$ 17,916
Asset management fees related to dispositions, incurred	0	221	764	427
Other expense reimbursements, incurred	1,091	1,145	3,878	3,881
Total incurred	7,060	7,376	22,566	22,224
Asset management fees, payable	65		65		$ 69
Asset management fees related to dispositions, payable	0		0		0
Other expense reimbursements, payable	494		494		510
Total payable	559		559		579
Capitalized:
Acquisition fees, incurred	0	525	73	784
Development acquisition fees, incurred	676	123	2,213	1,070
Total incurred	676	648	2,286	1,854
Acquisition fees, payable	0		0		62
Development acquisition fees, payable	177		177		61
Total payable	177		177		123
Additional Paid-In Capital:
Offering costs, incurred	143	137	557	397
Distribution fees - current, incurred	2,070	1,880	6,155	5,589
Distribution fees - trailing, incurred	0	0	0	0
Total incurred	2,213	2,017	6,712	5,986
Offering costs, payable	0		0		70
Distribution fees - current	675		675		657
Distribution fees - trailing	12,259	20,432	12,259	20,432	18,492
Total payable	12,934		12,934		$ 19,219
Advisor or Its Affiliates
Additional Paid-In Capital:
Other expense reimbursements for compensation costs	$ 900	$ 900	$ 3,400	$ 3,100

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Ventures (Details) - Advisor - Joint Venture Agreement - BTC Partnership - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 3,000	$ 2,100	$ 6,700	$ 5,600
Due from related parties	$ 5		$ 5		$ 200

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 23,941	$ 23,953	$ 23,860
Distribution fees payable to affiliates	12,259	$ 18,492	20,432
Distributions reinvested in common stock	$ 35,163		$ 36,288

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 6,024	$ 5,698	$ 4,772	$ 5,397
Restricted cash	0	65	65	65
Cash, cash equivalents and restricted cash	$ 6,024	$ 5,763	$ 4,837	$ 5,462

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Parent - USD ($) $ in Millions	Jan. 15, 2020	Jul. 15, 2019
Restructuring Cost and Reserve [Line Items]
Termination Fee		$ 65
Forecast
Restructuring Cost and Reserve [Line Items]
Termination Fee	$ 96

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Oct. 07, 2019	Sep. 30, 2019
Advisor
Subsequent Event [Line Items]
Asset management fees - disposition percentage		2.50%
Subsequent Event | Master Reorganization Agreement
Subsequent Event [Line Items]
Disposition of property owned (percent)	100.00%
Preference distributions (percent)	100.00%
Subsequent Event | LPA Amendment
Subsequent Event [Line Items]
Distribution percentage up until partners have received cumulative distributions (percent)	100.00%
Distribution hurdle requirement (percent)	6.50%
Subsequent Event | Advisor | Master Reorganization Agreement
Subsequent Event [Line Items]
Advisory fees payable	$ 75
Asset management fees - disposition percentage	0.6203%
Amount of preference distribution	$ 10
Subsequent Event | Sponsor | Master Reorganization Agreement
Subsequent Event [Line Items]
Special partnership units owned (in shares)	100
Subsequent Event | Sponsor | LPA Amendment
Subsequent Event [Line Items]
Distribution in relation to ownership percentages of net sale proceeds (percent)	15.00%
Distribution in relation to ownership percentages of cash other than net sale proceeds (percent)	35.00%
Distribution of cash other than net sale proceeds in relation to ownership percentage	35.00%
Distribution percentage in proportion to ownership percentage (percent)	35.00%
Subsequent Event | Limited Partners | LPA Amendment
Subsequent Event [Line Items]
Distribution in relation to ownership percentages of net sale proceeds (percent)	85.00%
Distribution in relation to ownership percentages of cash other than net sale proceeds (percent)	65.00%
Distributions in relation to ownership percentage	100.00%
Distribution of cash other than net sale proceeds in relation to ownership percentage	65.00%
Distribution percentage in proportion to ownership percentage (percent)	65.00%