Industrial Property Trust 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Industrial Property Trust
Entity Central Index Key	0001558441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		177,957,285

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Investment in unconsolidated joint venture partnerships	$ 135,436	$ 132,160
Cash and cash equivalents	50,634	15,757
Other assets	4,400	3,090
Assets held for sale	0	2,642,129
Total assets	190,470	2,793,136
Liabilities
Accounts payable and accrued liabilities	3,840	700
Debt, net	0	876,569
Due to affiliates	259	246
Distributions payable	0	23,268
Distribution fees payable to affiliates	0	10,188
Other liabilities	48	0
Liabilities related to assets held for sale	0	771,573
Total liabilities	4,147	1,682,544
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred shares, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,611,693	1,607,894
Accumulated deficit	(1,427,151)	(501,597)
Accumulated other comprehensive income	0	2,514
Total shareholders’ equity	186,322	1,110,591
Noncontrolling interests	1	1
Total equity	186,323	1,110,592
Total liabilities and equity	190,470	2,793,136
Class A
Shareholders’ equity:
Common stock, value	1,780	1,060
Class T
Shareholders’ equity:
Common stock, value	$ 0	$ 720

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	1,500,000,000	900,000,000
Common stock, shares issued	178,000,000	105,957,000
Common stock, shares outstanding	178,000,000	105,957,000
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	0	600,000,000
Common stock, shares issued	0	72,043,000
Common stock, shares outstanding	0	72,043,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental revenues	$ 0	$ 0
Total revenues	0	0
Operating expenses:
General and administrative expenses	2,749	2,214
Asset management fees, related party	231	198
Total operating expenses	2,980	2,412
Other (income) expense:
Equity in income of unconsolidated joint venture partnerships	(363)	(381)
Other expense	31	21
Net gain on extinguishment of debt and settlement of interest rate swaps	(886)	0
Total other income	(1,218)	(360)
Loss from continuing operations	(1,762)	(2,052)
Income (loss) from discontinued operations	1,360,432	(414)
Net income (loss)	1,358,670	(2,466)
Net income attributable to noncontrolling interests	0	0
Net income (loss) attributable to common shareholders	$ 1,358,670	$ (2,466)
Weighted-average shares outstanding (in shares)	178,000	177,076
Net income (loss) per common share - basic and diluted
Continuing operations (usd per share)	$ (0.01)	$ (0.01)
Discontinued operations (usd per share)	7.64	0
Total (usd per share)	$ 7.63	$ (0.01)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common shareholders	$ 1,358,670	$ (2,466)
Change from cash flow hedging derivatives	(2,514)	(4,412)
Comprehensive income (loss) attributable to common shareholders	$ 1,356,156	$ (6,878)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS 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, 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 income (loss)	(2,466)			(2,466)
Change from cash flow hedging derivatives	(4,412)				(4,412)
Issuance of common stock	11,862	$ 10	11,852
Issuance of common stock, shares		1,119
Share-based compensation	710		710
Upfront offering costs	(135)		(135)
Trailing distribution fees	$ 2,067		34	2,033
Redemptions of common stock, shares	(582)	(813)
Redemptions of common stock	$ (5,702)	$ (8)	(5,694)
Distributions on common stock	(25,222)			(25,222)
Ending balance at Mar. 31, 2019	1,157,060	$ 1,772	1,589,613	(446,352)	12,026	1
Ending balance, shares at Mar. 31, 2019		177,260
Beginning balance at Dec. 31, 2019	1,110,592	$ 1,780	1,607,894	(501,597)	2,514	1
Beginning balance, shares at Dec. 31, 2019		178,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,358,670			1,358,670
Change from cash flow hedging derivatives	(2,514)				(2,514)
Share-based compensation	1,258		1,258
Trailing distribution fees	$ 10,188		2,589	7,599
Redemptions of common stock, shares	(39)	0
Redemptions of common stock	$ (48)	$ 0	(48)
Distributions on common stock	(2,233,880)			(2,233,880)
Distribution to special unit holders	(57,943)			(57,943)
Ending balance at Mar. 31, 2020	$ 186,323	$ 1,780	$ 1,611,693	$ (1,427,151)	$ 0	$ 1
Ending balance, shares at Mar. 31, 2020		178,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income (loss)	$ 1,358,670	$ (2,466)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	0	26,768
Equity in income of unconsolidated joint venture partnerships	(363)	(381)
Straight-line rent and amortization of above- and below-market leases	0	(1,587)
Net gain on disposition of real estate properties	(1,360,285)	0
Net gain on extinguishment of debt and settlement of interest rate swaps	(886)	0
Other	1,286	1,416
Changes in operating assets and liabilities:
Tenant receivables and other assets	2,786	(2,795)
Accounts payable, accrued expenses and other liabilities	2,336	(2,419)
Due from / to affiliates, net	15	731
Net cash provided by operating activities	3,559	19,267
Investing activities:
Net proceeds from the disposition of real estate properties	3,227,511	0
Capital expenditures and development activities	0	(6,113)
Investment in unconsolidated joint venture partnerships	(2,944)	(2,533)
Net cash provided by (used in) investing activities	3,224,567	(8,646)
Financing activities:
Proceeds from line of credit	78,000	25,000
Repayments of line of credit	(456,000)	(14,000)
Repayments of mortgage notes	(158)	(475)
Repayments of term loan	(500,000)	0
Offering costs paid related to issuance of common stock	0	(161)
Distributions paid to common shareholders	(2,249,549)	(11,433)
Distribution paid to holder of special partnership units	(57,943)	0
Distribution fees paid	(7,599)	(1,989)
Redemptions of common stock	0	(7,986)
Net cash used in financing activities	(3,193,249)	(11,044)
Net increase (decrease) in cash, cash equivalents and restricted cash	34,877	(423)
Cash, cash equivalents and restricted cash, at beginning of period	15,757	5,763
Cash, cash equivalents and restricted cash, at end of period	$ 50,634	$ 5,340

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust and its consolidated subsidiaries. As described in the Company’s 2019 Form 10-K (defined below), the Company converted from a Maryland corporation to a Maryland real estate investment trust (“REIT”) on February 3, 2020. Accordingly, unless the context otherwise requires, references throughout this report to the Company’s “board” refer to the Company’s board of directors for the period prior to the conversion and to the Company’s board of trustees for the period thereafter. In addition, investors in a Maryland REIT are referred to as “shareholders,” whereas investors in a Maryland corporation are referred to as stockholders. For the sake of efficiency and clarity, throughout this report, the Company's investors are referred to as “shareholders” rather than “stockholders,” including for periods prior to the Company's conversion to a Maryland REIT. 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, 2019 , filed with the SEC on March 9, 2020 (“ 2019 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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.

ASSET SALE

ASSET SALE	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Asset Sale	2. ASSET SALE On January 8, 2020, the Company completed the previously announced sale of substantially all of the Company’s assets to affiliates of Prologis, L.P., a Delaware limited partnership (“Parent” or “Prologis”), in exchange for total aggregate consideration of approximately $4.0 billion (including approximately $744.9 million of mortgage notes and related accrued interest and prepayment penalties paid off by the Parent) (the “Merger Consideration”), pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated as of August 20, 2019 (the “Merger Agreement”), by and among the Company, Parent and Rockies Acquisition LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent, the (“Asset Sale”). Pursuant to the terms of the Merger Agreement, the sale of all of the Company’s property-owning assets, other than the entities that hold the Company’s limited partnership and general partnership interests in the Company’s two unconsolidated joint venture partnerships—Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”)—to Parent was effected through: (i) two mergers (each, a “Merger” and collectively the “Mergers”) of newly formed Delaware limited liability companies that were wholly owned subsidiaries of affiliates of Parent (the “Merger Subs”) with and into newly formed, wholly owned subsidiaries of IPT Real Estate Holdco LLC, a Delaware limited liability company and indirect subsidiary of the Company (“IPT Holdco”) (and such wholly owned subsidiaries, the “New Holdcos”), with each applicable New Holdco surviving each Merger as a wholly owned subsidiary of an affiliate of Parent upon the terms and subject to the conditions set forth in the Merger Agreement; and (ii) the sale (each, an “Asset Transfer” and together with the Mergers, the “Asset Sale”) by IPT Holdco of nine limited liability companies that were wholly owned subsidiaries of IPT Holdco to affiliates of Parent. As a result of the Asset Sale, the Company’s remaining assets primarily consist of its interests in the BTC Partnerships. In connection with the closing of the Asset Sale (the “Closing”), in accordance with the terms of the Merger Agreement, Parent paid IPT Holdco the Merger Consideration, and IPT Holdco distributed the Merger Consideration to Industrial Property Operating Partnership LP (the “Operating Partnership”). The Operating Partnership used $957.3 million of the Merger Consideration to repay all of its debt and related accrued interest under the outstanding credit facilities, and $33.4 million of the Merger Consideration to pay costs and transaction expenses incurred in connection with the Asset Sale. The Operating Partnership then distributed $57.9 million of the Merger Consideration to IPT Advisor LLC (the “Advisor”), the Company’s advisor and the sole holder of special partnership units in the Operating Partnership (the “Special Units Distribution”) and the remaining $2.26 billion of the Merger Consideration to the Company, as the sole holder of Class A partnership units in the Operating Partnership, in accordance with the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended. The Company paid $24.8 million of the portion of the Merger Consideration it received to the Company’s external advisor as an asset management fee in accordance with the advisory agreement between the Company and its external advisor, distributed $2.23 billion of the Merger Consideration it received pro rata to the Company’s shareholders within five business days of the Closing, with each holder of common stock entitled to receive a special distribution in an amount equal to $12.54 per share of common stock, without interest and less applicable withholdings and taxes (the “Special Distribution”). Consistent with distributions historically made by the Company, the cash distribution actually paid to holders of shares of Class T common stock was net of up to the aggregate amount of the distribution fees that would have been reallowed by the dealer manager to broker dealers if the Class T shares had remained outstanding, which remaining distribution fees were paid by the Company at a discounted rate following the Closing. The amount of remaining distribution fees deducted from the Special Distribution payable to each Class T share was generally up to $0.17 per share, depending on how long a shareholder had held its Class T shares. Following payment of such remaining distribution fees, each share of Class T common stock was converted to a share of Class A common stock on a one -for-one basis. Shareholders of the Company continue to hold the same number of common shares in the Company following the Closing as they held prior to the Closing. All of the properties that were part of the Asset Sale were classified as held for sale as of December 31, 2019. Total disposition fees paid to the Advisor in relation to the disposition of these properties were $24.8 million , and the Company recorded a total net gain of approximately $1.4 billion related to the disposal. The gain is included in discontinued operations on the condensed consolidated statement of operations for the three months ended March 31, 2020. The Company also recorded a receivable from Prologis and a corresponding liability for approximately $3.2 million related to the state and local taxes resulting directly from the Asset Sale. These amounts are included in other assets and accounts payable and accrued expenses on the condensed consolidated balance sheets as of March 31, 2020.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONS The Company classifies the results of operations and the respective aggregate net gain (loss) as discontinued operations when the disposal of a property or a group of properties represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. Discontinued operations are reflected on the condensed consolidated statements of operations when such property or group of properties have been disposed of or meet the criteria to be classified as held for sale. Discontinued operations for the periods presented below include the results of operations for the properties disposed of on January 8, 2020 as part of the Asset Sale (as described above) that were classified as held for sale as of December 31, 2019. The following table summarizes the amounts included in discontinued operations in the condensed consolidated statements of operations: For the Three Months Ended (in thousands) 2020 2019 Rental revenues $ 4,619 $ 62,509 Rental expenses (1,470 ) (17,063 ) Real estate-related depreciation and amortization — (26,747 ) Asset management fees, related party (1,939 ) (5,821 ) Interest expense (1,063 ) (13,292 ) Income (loss) from discontinued operations $ 147 $ (414 ) Net gain on disposition of real estate properties 1,360,285 — Income (loss) from discontinued operations $ 1,360,432 $ (414 ) The following table summarizes the significant items related to discontinued operations in the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Real estate-related depreciation and amortization $ — $ 26,747 Straight-line rent and amortization of above- and below-market leases — (1,587 ) Capital expenditures and development activities — (6,113 ) The following table summarizes the major components of assets and liabilities held for sale in the condensed consolidated balance sheets: As of (in thousands) March 31, 2020 December 31, 2019 Land $ — $ 784,469 Building and improvements — 1,976,044 Intangible lease assets — 192,957 Construction in progress — 24,308 Accumulated depreciation and amortization — (381,271 ) Net investment in real estate properties — 2,596,507 Straight-line and tenant receivables, net — 32,350 Other assets — 13,272 Assets held for sale $ — $ 2,642,129 Accounts payable and accrued expenses $ — $ 16,655 Mortgage notes, net — 716,470 Other liabilities — 38,448 Liabilities related to assets held for sale $ — 771,573

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. 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 BTC I Partnership and 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 investments in the unconsolidated joint venture partnerships: As of Investment in Unconsolidated March 31, 2020 December 31, 2019 ($ in thousands) Ownership Percentage Number of Buildings (1) Ownership Percentage Number of Buildings (1) March 31, December 31, 2019 BTC I Partnership 20.0% 39 20.0% 39 $ 103,339 $ 102,965 BTC II Partnership 8.0% 22 8.0% 21 32,097 29,195 Total joint venture partnerships 61 60 $ 135,436 $ 132,160 (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 (in thousands) 2020 2019 Operating data: Total revenues $ 17,696 $ 12,558 Total operating expenses 12,199 9,275 Total other expenses (3,484 ) (992 ) Net income 2,013 2,291

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
SHAREHOLDERS' EQUITY	5. SHAREHOLDERS’ EQUITY Common Equity The following table summarizes the changes in the shares outstanding for each class of common equity for the periods presented below: (in thousands) Class A Class T Total FOR THE THREE MONTHS ENDED MARCH 31, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common shares: DRIP 579 383 962 Stock grants 158 — 158 Redemptions (682 ) (131 ) (813 ) Forfeitures (1 ) — (1 ) Balance as of March 31, 2019 105,728 71,532 177,260 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 105,957 72,043 178,000 Converted shares (1) 72,043 (72,043 ) — Balance as of March 31, 2020 178,000 — 178,000 (1) Following payment of the remaining distribution fees in relation to the Asset Sale, each Class T share was converted to a Class A share on a one -for-one basis. In connection with the Company’s conversion to a Maryland REIT in February 2020, all Class A shares of common stock were converted to Class A common shares of beneficial interest on a one -for-one basis. Shareholders of the Company continue to hold the same number of common shares in the Company following the Closing as they held prior to the Closing. Distributions For the first quarter of 2020, the Company’s board authorized daily distributions to all shareholders of record as of the close of business on each day of the first quarter of 2020 up until the day immediately preceding the closing of the Asset Sale at a quarterly rate of $0.1425 per Class A share and $0.1425 per Class T share for total gross distributions of $2.0 million (the “Ordinary Distribution”). In connection with the Asset Sale, the Company also distributed $2.23 billion of the Merger Consideration it received pro rata to the Company’s shareholders, with each holder entitled to receive a Special Distribution in an amount equal to $12.54 per share. In addition, the Operating Partnership distributed the Special Units Distribution equal to $57.9 million of the Merger Consideration to the Advisor, as the sole holder of special partnership units in the Operating Partnership. See “ Note 2 ” for further discussion on the Asset Sale. 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) 2020 March 31 Various (4) $ 2,284,224 $ — $ 7,599 $ 2,291,823 Total $ 2,284,224 $ — $ 7,599 $ 2,291,823 2019 December 31 $ 0.1425 $ 23,268 $ — $ 2,071 $ 25,339 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 $ 69,665 $ 23,300 $ 8,226 $ 101,191 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board per Class A share and per Class T share. The quarterly distribution on Class T shares was reduced by the distribution fees that were payable with respect to such Class T shares. (2) Prior to the closing of the Asset Sale, distribution fees were 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. Following the closing of the Asset Sale, the Company paid to the Dealer Manager, at a discounted rate, certain of the distribution fees that would have been paid to the Dealer Manager and reallowed by the Dealer Manager to broker dealers if the Class T shares had remained outstanding. Each Class T share was then converted to a Class A share on a one -for-one basis. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares. (4) Includes the $2.0 million Ordinary Distribution, the $2.23 billion Special Distribution, and the $57.9 million Special Units Distribution distributed to the Advisor, as the sole holder of special partnership units in the Operating Partnership. See above and “ Note 2 ” for further description. Redemptions In connection with the Company’s original announcement of the Merger Agreement described in “ Note 2 ,” the Company suspended its share redemption program, effective as of the third quarter of 2019. Following the closing of the Asset Sale, the Company reinstated the share redemption program solely with respect to redemptions requested in connection with the death of a shareholder, subject to an aggregate cap for all shareholders of $1.0 million . The following table summarizes the Company’s redemption activity for the periods presented below: For the Three Months Ended (in thousands, except per share data) 2020 2019 Number of eligible shares redeemed 39 582 Aggregate dollar amount of shares redeemed $ 48 $ 5,702 Average redemption price per share $ 1.25 $ 9.80

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	6. RELATED PARTY TRANSACTIONS The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s initial public offering, and any related amounts payable: For the Three Months Ended Receivable (Payable) as of March 31, December 31, (in thousands) 2020 2019 Expensed: Asset management fees (1) $ 2,170 $ 6,019 $ (76 ) $ (3 ) Asset management fees related to dispositions (2) 24,750 — — — Other expense reimbursements (3) 1,998 1,529 (155 ) — Total $ 28,918 $ 7,548 $ (231 ) $ (3 ) Capitalized: Development acquisition fees (4) $ — $ 661 $ — $ 11 Total $ — $ 661 $ — $ 11 Additional Paid-In Capital: Offering costs $ — $ 135 $ — $ — Distribution fees—current (5) 7,599 2,033 — — Distribution fees—trailing (5) — — — (10,188 ) Special units distribution (6) 57,943 — — — Total $ 65,542 $ 2,168 $ — $ (10,188 ) (1) Includes asset management fees other than asset management fees related to dispositions. (2) The asset management fee that relates to the disposition fee associated with the Asset Sale is netted against the respective gain in discontinued operations on the 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, 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. In connection with the Asset Sale, the board approved the full vesting of all non-vested share-based compensation amounts. The Company reimbursed the Advisor approximately $1.8 million and $1.4 million for the three months ended March 31, 2020 and 2019 , 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 were included in the total development project costs of the respective properties and were capitalized in construction in progress, which was 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 accrued daily and were payable monthly in arrears. The monthly amount of distribution fees payable were included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrued for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which were included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees were reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares. Following the closing of the Asset Sale, the Company paid to the Dealer Manager, at a discounted rate, certain of the distribution fees that would have been paid to the Dealer Manager and reallowed by the Dealer Manager to broker dealers if the Class T shares had remained outstanding. (6) As described in “ Note 2 ”, in connection with the Asset Sale, the Operating Partnership distributed $57.9 million of the Merger Consideration to the Advisor, as the sole holder of special partnership units in the Operating Partnership. Joint Venture Partnerships For the three months ended March 31, 2020 , the joint venture partnerships (as described in “ Note 4 ”) incurred in aggregate approximately $3.4 million in acquisition and asset management fees, which were paid to the Advisor and its wholly-owned subsidiary pursuant to the respective service agreements, as compared to $2.0 million for the three months ended March 31, 2019 . As of March 31, 2020 and December 31, 2019, the Company had amounts due to the joint venture partnerships in aggregate of approximately $650 and $10,150 , respectively, which were recorded in due to affiliates on the condensed consolidated balance sheets. Reorganization in connection with the Asset Sale On February 3, 2020, the Company entered into the Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Third A&R Partnership Agreement”), between the Company, in the Company’s capacity as general partner and limited partner of the Operating Partnership, and the Advisor, in its capacity as special limited partner of the Operating Partnership. The Third A&R Partnership Agreement amended and restated the Operating Partnership’s limited partnership agreement to provide for the issuance of a preferred equity capital interest to the Advisor in connection with certain restructuring transactions entered into between the Company and Industrial Property Advisors Group LLC (the “Sponsor”) and to revise the priority of distributions by the Operating Partnership to reflect the terms of such preferred equity capital interest, as described in additional detail below, as well as to reflect certain changes to the tax law. The Third A&R Partnership Agreement also incorporates previously adopted amendments to the Operating Partnership’s Second Amended and Restated Limited Partnership Agreement pursuant to (i) that certain Side Agreement Concerning Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of August 20, 2019, by and between the Company and the Sponsor, as described in a Current Report on Form 8-K filed with the SEC on August 23, 2019, and (ii) that certain Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of October 7, 2019, by and among the Company, the Operating Partnership and the Sponsor, as described in a Current Report on Form 8-K filed with the SEC on October 8, 2019, in each case, other than those changes that are no longer applicable as a result of the closing of the Asset Sale. As previously disclosed in a Current Report on Form 8-K filed with the SEC on October 8, 2019, in connection with the Asset Sale, on October 7, 2019, the Company, the Operating Partnership, the Sponsor, Industrial Property Advisors LLC, the Company’s prior external advisor (the “Prior 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 restructure the Sponsor’s interests in the Company. In accordance with the Master Reorganization Agreement, prior to the closing of the Asset Sale, the Sponsor accepted an assignment of all rights to the trademark and all related rights and goodwill, world-wide, to the mark “Industrial Property Trust” (collectively, the “IPT Intellectual Property”) from the current holder thereof, an affiliate of the Sponsor, and an assignment from the Prior Advisor of all of its rights under the Advisory Agreement, and the Sponsor assumed the obligations of the Prior Advisor under the Advisory Agreement. Following such assignment and assumption and prior to the closing of the Asset Sale, the Sponsor capitalized the Advisor by contributing to it (i) the IPT Intellectual Property, (ii) the Advisory Agreement, and (iii) the Sponsor’s special partnership units in the Operating Partnership. As a result of such contributions, the Advisor became the Company’s new external advisor and the new special limited partner in the Operating Partnership. As contemplated by the Master Reorganization Agreement, on February 3, 2020, the Advisor made 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 previously licensed from an affiliate of the Sponsor under a terminable non-exclusive license. In exchange for such in-kind contribution of the IPT Intellectual Property, pursuant to the Third A&R Partnership Agreement, the Operating Partnership issued to the Advisor a preferred equity capital interest in the Operating Partnership having a preference on distributions from the Operating Partnership (the “Preference”). The amount of the Preference was determined by reference to the appraised fair market value of the IPT Intellectual Property. The Third A&R Partnership Agreement also amended the Operating Partnership’s limited partnership agreement to provide that distributions by the Operating Partnership made from proceeds received by the Operating Partnership from dispositions of the interests in the BTC Partnerships and any other assets the Company owns in the future will be made, after any distribution necessary to maintain its REIT status, (i) first, 100% to pay the Preference, and (ii) then, 65% to the Company, and 35% to the Advisor.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	7. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2020 2019 Distributions payable $ — $ 23,889 Distribution fees payable to affiliates — 16,426 Distributions reinvested in common stock — 11,863 Mortgage notes assumed in the Asset Sale 719,177 — Restricted Cash Restricted cash consists of cash held in escrow in connection with certain financing requirements and tenant improvements. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown on the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 15,757 $ 5,698 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 15,757 $ 5,763 End of period: Cash and cash equivalents $ 50,634 $ 5,340 Restricted cash — — Cash, cash equivalents and restricted cash $ 50,634 $ 5,340

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its subsidiaries. Environmental Matters A majority of the properties the BTC Partnerships acquire and develop are subject to environmental reviews either by the Company, as general partner of the BTC Partnerships, or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels the BTC Partnerships may acquire in connection with the development of land. The BTC Partnerships have 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, on behalf of the BTC Partnerships, may purchase various environmental insurance policies to mitigate exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its and the BTC Partnerships’ business, financial condition, or results of operations as of March 31, 2020 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS COVID-19 The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it will impact its customers and business partners. While the Company and the BTC Partnerships did not incur significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, it is unable to predict the impact that the COVID-19 pandemic will have on its future financial condition, results of operations and cash flows due to numerous uncertainties and the impact could be material . In addition, at this time, the Company cannot predict the ultimate impact to the process or timing of completing liquidation of its remaining assets and making final distributions to shareholders. It is possible that the Company will delay liquidation to a date later than it originally expected in an effort to realize the maximum value for its remaining assets. In April and May 2020, the BTC Partnerships received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. The Company is evaluating each customer rent relief request on an individual basis, considering a number of factors. Where appropriate, the Company has restructured leases and may restructure additional leases to provide temporary rent relief needed by certain customers while positioning ourselves to recapture abated rent over time. Not all customer requests will ultimately result in modification of lease agreements, nor is the Company forgoing its contractual rights under its lease agreements. The Company can provide no assurances that we will be able to recover unpaid rent.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Unless the context otherwise requires, the “Company” refers to Industrial Property Trust and its consolidated subsidiaries. As described in the Company’s 2019 Form 10-K (defined below), the Company converted from a Maryland corporation to a Maryland real estate investment trust (“REIT”) on February 3, 2020. Accordingly, unless the context otherwise requires, references throughout this report to the Company’s “board” refer to the Company’s board of directors for the period prior to the conversion and to the Company’s board of trustees for the period thereafter. In addition, investors in a Maryland REIT are referred to as “shareholders,” whereas investors in a Maryland corporation are referred to as stockholders. For the sake of efficiency and clarity, throughout this report, the Company's investors are referred to as “shareholders” rather than “stockholders,” including for periods prior to the Company's conversion to a Maryland REIT. 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, 2019 , filed with the SEC on March 9, 2020 (“ 2019 Form 10-K”).
Consolidation	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table summarizes the amounts included in discontinued operations in the condensed consolidated statements of operations: For the Three Months Ended (in thousands) 2020 2019 Rental revenues $ 4,619 $ 62,509 Rental expenses (1,470 ) (17,063 ) Real estate-related depreciation and amortization — (26,747 ) Asset management fees, related party (1,939 ) (5,821 ) Interest expense (1,063 ) (13,292 ) Income (loss) from discontinued operations $ 147 $ (414 ) Net gain on disposition of real estate properties 1,360,285 — Income (loss) from discontinued operations $ 1,360,432 $ (414 ) The following table summarizes the significant items related to discontinued operations in the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Real estate-related depreciation and amortization $ — $ 26,747 Straight-line rent and amortization of above- and below-market leases — (1,587 ) Capital expenditures and development activities — (6,113 ) The following table summarizes the major components of assets and liabilities held for sale in the condensed consolidated balance sheets: As of (in thousands) March 31, 2020 December 31, 2019 Land $ — $ 784,469 Building and improvements — 1,976,044 Intangible lease assets — 192,957 Construction in progress — 24,308 Accumulated depreciation and amortization — (381,271 ) Net investment in real estate properties — 2,596,507 Straight-line and tenant receivables, net — 32,350 Other assets — 13,272 Assets held for sale $ — $ 2,642,129 Accounts payable and accrued expenses $ — $ 16,655 Mortgage notes, net — 716,470 Other liabilities — 38,448 Liabilities related to assets held for sale $ — 771,573

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERHIPS (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investment in Unconsolidated Joint Ventures	The following table summarizes the Company’s investments in the unconsolidated joint venture partnerships: As of Investment in Unconsolidated March 31, 2020 December 31, 2019 ($ in thousands) Ownership Percentage Number of Buildings (1) Ownership Percentage Number of Buildings (1) March 31, December 31, 2019 BTC I Partnership 20.0% 39 20.0% 39 $ 103,339 $ 102,965 BTC II Partnership 8.0% 22 8.0% 21 32,097 29,195 Total joint venture partnerships 61 60 $ 135,436 $ 132,160 (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 (in thousands) 2020 2019 Operating data: Total revenues $ 17,696 $ 12,558 Total operating expenses 12,199 9,275 Total other expenses (3,484 ) (992 ) Net income 2,013 2,291

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
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 equity for the periods presented below: (in thousands) Class A Class T Total FOR THE THREE MONTHS ENDED MARCH 31, 2019 Balance as of December 31, 2018 105,674 71,280 176,954 Issuance of common shares: DRIP 579 383 962 Stock grants 158 — 158 Redemptions (682 ) (131 ) (813 ) Forfeitures (1 ) — (1 ) Balance as of March 31, 2019 105,728 71,532 177,260 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 105,957 72,043 178,000 Converted shares (1) 72,043 (72,043 ) — Balance as of March 31, 2020 178,000 — 178,000 (1) Following payment of the remaining distribution fees in relation to the Asset Sale, each Class T share was converted to a Class A share on a one -for-one basis. In connection with the Company’s conversion to a Maryland REIT in February 2020, all Class A shares of common stock were converted to Class A common shares of beneficial interest on a one -for-one basis. Shareholders of the Company continue to hold the same number of common shares in the Company following the Closing as they held prior to the Closing.
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) 2020 March 31 Various (4) $ 2,284,224 $ — $ 7,599 $ 2,291,823 Total $ 2,284,224 $ — $ 7,599 $ 2,291,823 2019 December 31 $ 0.1425 $ 23,268 $ — $ 2,071 $ 25,339 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 $ 69,665 $ 23,300 $ 8,226 $ 101,191 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board per Class A share and per Class T share. The quarterly distribution on Class T shares was reduced by the distribution fees that were payable with respect to such Class T shares. (2) Prior to the closing of the Asset Sale, distribution fees were 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. Following the closing of the Asset Sale, the Company paid to the Dealer Manager, at a discounted rate, certain of the distribution fees that would have been paid to the Dealer Manager and reallowed by the Dealer Manager to broker dealers if the Class T shares had remained outstanding. Each Class T share was then converted to a Class A share on a one -for-one basis. (3) Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares. (4) Includes the $2.0 million Ordinary Distribution, the $2.23 billion Special Distribution, and the $57.9 million Special Units Distribution distributed to the Advisor, as the sole holder of special partnership units in the Operating Partnership. See above and “ Note 2 ” for further description.
Redemption Table	The following table summarizes the Company’s redemption activity for the periods presented below: For the Three Months Ended (in thousands, except per share data) 2020 2019 Number of eligible shares redeemed 39 582 Aggregate dollar amount of shares redeemed $ 48 $ 5,702 Average redemption price per share $ 1.25 $ 9.80

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s initial public offering, and any related amounts payable: For the Three Months Ended Receivable (Payable) as of March 31, December 31, (in thousands) 2020 2019 Expensed: Asset management fees (1) $ 2,170 $ 6,019 $ (76 ) $ (3 ) Asset management fees related to dispositions (2) 24,750 — — — Other expense reimbursements (3) 1,998 1,529 (155 ) — Total $ 28,918 $ 7,548 $ (231 ) $ (3 ) Capitalized: Development acquisition fees (4) $ — $ 661 $ — $ 11 Total $ — $ 661 $ — $ 11 Additional Paid-In Capital: Offering costs $ — $ 135 $ — $ — Distribution fees—current (5) 7,599 2,033 — — Distribution fees—trailing (5) — — — (10,188 ) Special units distribution (6) 57,943 — — — Total $ 65,542 $ 2,168 $ — $ (10,188 ) (1) Includes asset management fees other than asset management fees related to dispositions. (2) The asset management fee that relates to the disposition fee associated with the Asset Sale is netted against the respective gain in discontinued operations on the 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, 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. In connection with the Asset Sale, the board approved the full vesting of all non-vested share-based compensation amounts. The Company reimbursed the Advisor approximately $1.8 million and $1.4 million for the three months ended March 31, 2020 and 2019 , 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 were included in the total development project costs of the respective properties and were capitalized in construction in progress, which was 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 accrued daily and were payable monthly in arrears. The monthly amount of distribution fees payable were included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrued for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which were included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees were reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares. Following the closing of the Asset Sale, the Company paid to the Dealer Manager, at a discounted rate, certain of the distribution fees that would have been paid to the Dealer Manager and reallowed by the Dealer Manager to broker dealers if the Class T shares had remained outstanding. (6) As described in “ Note 2 ”, in connection with the Asset Sale, the Operating Partnership distributed $57.9 million of the Merger Consideration to the Advisor, as the sole holder of special partnership units in the Operating Partnership.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow Supplemental Disclosures	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown on the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 15,757 $ 5,698 Restricted cash — 65 Cash, cash equivalents and restricted cash $ 15,757 $ 5,763 End of period: Cash and cash equivalents $ 50,634 $ 5,340 Restricted cash — — Cash, cash equivalents and restricted cash $ 50,634 $ 5,340 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2020 2019 Distributions payable $ — $ 23,889 Distribution fees payable to affiliates — 16,426 Distributions reinvested in common stock — 11,863 Mortgage notes assumed in the Asset Sale 719,177 —

ASSET SALE (Details)

ASSET SALE (Details) $ / shares in Units, $ in Thousands	Feb. 03, 2020shares	Jan. 08, 2020USD ($)limited_liability_companybusiness_dayjoint_venturemerger$ / sharesshares	Feb. 29, 2020shares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of real estate properties		$ 1,400,000		$ 1,360,285	$ 0
Asset Sale Transaction | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total aggregate consideration		4,000,000
Mortgage notes, net		$ 744,900
Number of joint ventures excluded from sale | joint_venture		2
Number of mergers | merger		2
Number of limited liability companies | limited_liability_company		9
Parent Company | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt		$ 957,300
Payments for merger related costs		33,400
Special Partnership Units | Parent Company | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distributions payable to shareholders		57,900
Class A
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Conversion basis of shares converted | shares			1
Class A | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Special distributions to shareholders		$ 2,230,000
Merger consideration distribution period | business_day		5
Special distribution per share (usd per share) | $ / shares		$ 12.54
Class A | Parent Company | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distributions payable to shareholders		$ 2,260,000
Class T
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Conversion basis of shares converted | shares	1	1
Affiliated Entity | Asset Sale Transaction | Prologis, L.P.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Taxes payable				$ 3,200
Asset Management Fee | Affiliated Entity | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amounts of transaction		$ 24,750
Maximum | Class T | Asset Sale Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount deducted from the special distribution (usd per share) | $ / shares		$ 0.17

DISCONTINUED OPERATIONS - Incom

DISCONTINUED OPERATIONS - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations	$ 1,360,432	$ (414)
Asset Sale Transaction | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental revenues	4,619	62,509
Rental expenses	(1,470)	(17,063)
Real estate-related depreciation and amortization	0	(26,747)
Asset management fees, related party	(1,939)	(5,821)
Interest expense	(1,063)	(13,292)
Income (loss) from discontinued operations	147	(414)
Net gain on disposition of real estate properties	1,360,285	0
Income (loss) from discontinued operations	1,360,432	(414)
Straight-line rent and amortization of above- and below-market leases	0	(1,587)
Capital expenditures and development activities	$ 0	$ (6,113)

DISCONTINUED OPERATIONS - Asset

DISCONTINUED OPERATIONS - Assets Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 0	$ 2,642,129
Liabilities related to assets held for sale	0	771,573
Held-for-sale | Asset Sale Transaction
Long Lived Assets Held-for-sale [Line Items]
Land	0	784,469
Building and improvements	0	1,976,044
Intangible lease assets	0	192,957
Construction in progress	0	24,308
Accumulated depreciation and amortization	0	(381,271)
Net investment in real estate properties	0	2,596,507
Straight-line and tenant receivables, net	0	32,350
Other assets	0	13,272
Assets held for sale	0	2,642,129
Accounts payable and accrued expenses	0	16,655
Mortgage notes, net	0	716,470
Other liabilities	0	38,448
Liabilities related to assets held for sale	$ 0	$ 771,573

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERHIPS - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)Building	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings | Building	61		60
Investment in unconsolidated joint ventures	$ 135,436		$ 132,160
Total revenues	0	$ 0
Total operating expenses	2,980	2,412
Total other income (expenses)	1,218	360
Net income (loss)	$ 1,358,670	(2,466)
BTC I Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	20.00%		20.00%
Number of buildings | Building	39		39
Investment in unconsolidated joint ventures	$ 103,339		$ 102,965
Total revenues	17,696	12,558
Total operating expenses	12,199	9,275
Total other income (expenses)	(3,484)	(992)
Net income (loss)	$ 2,013	$ 2,291
BTC II Partnership
Investments in and Advances to Affiliates [Line Items]
Ownership Percentage	8.00%		8.00%
Number of buildings | Building	22		21
Investment in unconsolidated joint ventures	$ 32,097		$ 29,195

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 08, 2020	Mar. 31, 2020
Stockholders' Equity Detail [Line Items]
Aggregate redemption cap		$ 1
Class T
Stockholders' Equity Detail [Line Items]
Declared per Common Share (usd per share)		$ 0.1425
Class A and T
Stockholders' Equity Detail [Line Items]
Dividends		$ 2
Class A
Stockholders' Equity Detail [Line Items]
Declared per Common Share (usd per share)		$ 0.1425
Class A | Asset Sale Transaction
Stockholders' Equity Detail [Line Items]
Special distributions to shareholders	$ 2,230
Special distribution per share (usd per share)	$ 12.54
Parent Company | Class A | Asset Sale Transaction
Stockholders' Equity Detail [Line Items]
Distributions payable to shareholders	$ 2,260
Parent Company | Special Partnership Units | Asset Sale Transaction
Stockholders' Equity Detail [Line Items]
Distributions payable to shareholders	$ 57.9

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares	Feb. 03, 2020	Jan. 08, 2020	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions				(39,000)	(582,000)
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares				105,957,000
Ending balance, shares				178,000,000
Conversion basis of shares converted			1
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares				72,043,000
Ending balance, shares				0
Conversion basis of shares converted	1	1
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares				178,000,000	176,954,000
Issuance of common stock, DRIP					962,000
Issuance of common stock, Stock grants				0	158,000
Redemptions				0	(813,000)
Forfeitures					(1,000)
Ending balance, shares				178,000,000	177,260,000
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares				105,957,000	105,674,000
Issuance of common stock, DRIP					579,000
Issuance of common stock, Stock grants				72,043,000	158,000
Redemptions					(682,000)
Forfeitures					(1,000)
Ending balance, shares				178,000,000	105,728,000
Common Stock | Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares				72,043,000	71,280,000
Issuance of common stock, DRIP					383,000
Issuance of common stock, Stock grants				(72,043,000)	0
Redemptions					(131,000)
Forfeitures					0
Ending balance, shares				0	71,532,000

SHAREHOLDERS' EQUITY - Distribu

SHAREHOLDERS' EQUITY - Distributions Table (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2020	Jan. 08, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Cash Distributions
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share (usd per share)				$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425
Paid in Cash			$ 2,284,224	$ 23,268	$ 23,266	$ 11,641	$ 11,490	$ 69,665
Reinvested in Shares			0	0	0	11,601	11,699	23,300
Distributions Fees			7,599	2,071	2,070	2,052	2,033	8,226
Gross Distributions			$ 2,291,823	$ 25,339	$ 25,336	$ 25,294	$ 25,222	$ 101,191
Class T
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share (usd per share)			$ 0.1425
Conversion basis of shares converted	1	1
Asset Sale Transaction | Parent Company | Special Partnership Units
Schedule Of Stockholders' Equity [Line Items]
Distributions payable to shareholders		$ 57,900

SHAREHOLDERS' EQUITY - Redempti

SHAREHOLDERS' EQUITY - Redemption Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Aggregate redemption cap	$ 1,000
Number of eligible shares redeemed	39	582
Aggregate dollar amount of shares redeemed	$ 48	$ 5,702
Average redemption price per share (usd per share)	$ 1.25	$ 9.80

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	Jan. 08, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Expensed:
Asset management fees, incurred		$ 2,170	$ 6,019
Asset management fees related to dispositions, incurred		24,750	0
Other expense reimbursements, incurred		1,998	1,529
Total incurred		28,918	7,548
Asset management fees, payable		(76)		$ (3)
Asset management fees related to dispositions, payable		0		0
Other expense reimbursements, payable		(155)		0
Total payable		(231)		(3)
Capitalized:
Development acquisition fees, incurred		0	661
Total incurred		0	661
Development acquisition fees, payable		0		11
Total payable		0		11
Additional Paid-In Capital:
Offering costs, incurred		0	135
Distribution fees - current, incurred		7,599	2,033
Distribution fees - trailing, incurred		0	0
Special unit distributions, incurred		57,943	0
Total incurred		65,542	2,168
Offering costs, payable		0		0
Distribution fees - current		0		0
Distribution fees - trailing		0	(16,426)	(10,188)
Special units distribution, payable		0		0
Total payable		0		$ (10,188)
Advisor or Its Affiliates
Additional Paid-In Capital:
Other expense reimbursements for compensation costs		$ 1,800	$ 1,400
Special Partnership Units | Asset Sale Transaction | Parent Company
Additional Paid-In Capital:
Distributions payable to shareholders	$ 57,900

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Ventures (Details) - Advisor - Joint Venture Agreement - BTC Partnership - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 3,400	$ 2,000
Due from related parties	$ 1		$ 10

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Reorganization due to Asset Sale (Details)	Feb. 03, 2020
Related Party Transaction [Line Items]
Disbursement agreement percent	65.00%
Affiliated Entity
Related Party Transaction [Line Items]
Disbursement agreement percent	35.00%
Parent Company
Related Party Transaction [Line Items]
Disbursement agreement percent	100.00%

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 0	$ 23,889	$ 23,268
Distribution fees payable to affiliates	0	16,426	$ 10,188
Distributions reinvested in common stock	0	11,863
Mortgage notes assumed in the Asset Sale	$ 719,177	$ 0

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 50,634	$ 15,757	$ 5,340	$ 5,698
Restricted cash	0	0	0	65
Cash, cash equivalents and restricted cash	$ 50,634	$ 15,757	$ 5,340	$ 5,763