Cole Credit Property Trust V 10-Q13 Nov 202020 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares shares in Millions	9 Months Ended
Cover Page - shares shares in Millions	Sep. 30, 2020	Nov. 05, 2020
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	Cole Credit Property Trust V, Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001580988
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate assets:
Land	$ 155,544	$ 153,934
Buildings and improvements	444,240	437,666
Intangible lease assets	92,386	91,935
Total real estate assets, at cost	692,170	683,535
Less: accumulated depreciation and amortization	(90,090)	(75,980)
Total real estate assets, net	602,080	607,555
Cash and cash equivalents	19,080	3,485
Restricted cash	392	456
Prepaid expenses, prepaid taxes and other assets	764	431
Rents and tenant receivables, net	12,798	9,668
Deferred costs, net	427	646
Assets held for sale	1,072	0
Total assets	636,613	622,241
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	368,144	342,511
Accrued expenses and accounts payable	3,482	3,052
Due to affiliates	1,624	1,782
Intangible lease liabilities, net	2,948	3,275
Distributions payable	1,309	1,669
Derivative liabilities, deferred rental income and other liabilities	12,140	7,940
Total liabilities	389,647	360,229
Commitments and contingencies
Redeemable common stock	0	9,526
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	381,248	371,988
Accumulated distributions in excess of earnings	(123,995)	(114,216)
Accumulated other comprehensive loss	(10,456)	(5,455)
Total stockholders’ equity	246,966	252,486
Total liabilities, redeemable common stock and stockholders’ equity	636,613	622,241
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	149	149
Class T Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 20	$ 20

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Class A Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	245,000,000
Common stock, shares issued (shares)	14,966,753.38	14,997,382
Common stock, shares outstanding (shares)	14,966,753.38	14,997,382
Class T Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	245,000,000
Common stock, shares issued (shares)	1,982,240	1,967,581
Common stock, shares outstanding (shares)	1,982,240	1,967,581

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental and other property income	$ 13,311	$ 13,788	$ 39,830	$ 41,123
Operating expenses:
General and administrative	1,037	814	3,058	2,774
Property operating	925	839	2,323	2,491
Real estate tax	1,046	1,124	3,157	3,221
Advisory fees and expenses	1,643	1,555	4,911	4,635
Merger-related	954	0	954	0
Transaction-related	(15)	7	78	8
Depreciation and amortization	4,740	4,683	14,106	14,047
Impairment	0	502	52	502
Total operating expenses	10,330	9,524	28,639	27,678
Gain on disposition of real estate, net	0	150	0	685
Operating income	2,981	4,414	11,191	14,130
Other expense:
Interest expense and other, net	(3,745)	(3,624)	(11,250)	(10,857)
Net (loss) income	(764)	790	(59)	3,273
Class A Common Stock
Other expense:
Net (loss) income	$ (598)	$ 780	$ 181	$ 3,134
Basic and diluted weighted average number of common shares outstanding (shares)	14,974,562	14,980,504	14,987,146	14,997,002
Basic and diluted net (loss) income per common share (USD per share)	$ (0.04)	$ 0.05	$ 0.01	$ 0.21
Class T Common Stock
Other expense:
Net (loss) income	$ (166)	$ 10	$ (240)	$ 139
Basic and diluted weighted average number of common shares outstanding (shares)	1,981,885	1,954,847	1,978,960	1,944,190
Basic and diluted net (loss) income per common share (USD per share)	$ (0.08)	$ 0.01	$ (0.12)	$ 0.07

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (764)	$ 790	$ (59)	$ 3,273
Other comprehensive income (loss)
Unrealized gain (loss) on interest rate swaps	55	(1,043)	(7,979)	(6,262)
Amount of loss (gain) reclassified from other comprehensive income into income (loss) as interest expense and other, net	1,379	97	2,978	(269)
Total other comprehensive income (loss)	1,434	(946)	(5,001)	(6,531)
Total comprehensive income (loss)	$ 670	$ (156)	$ (5,060)	$ (3,258)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance (shares) at Dec. 31, 2018				14,982,055	1,914,878
Beginning balance at Dec. 31, 2018	$ 272,989			$ 150	$ 19	$ 369,638	$ (96,485)	$ (333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				161,958	26,392
Issuance of common stock	4,253			$ 2		4,251
Distributions declared on common stock	(6,481)						(6,481)
Commissions on stock sales and related dealer manager fees	(74)					(74)
Other offering costs	(94)					(94)
Distribution and stockholder servicing fees	(11)					(11)
Redemptions of common stock (shares)				(129,182)	(3,063)
Redemptions of common stock	(2,922)			$ (2)		(2,920)
Equity-based compensation	20					20
Changes in redeemable common stock	(9)					(9)
Comprehensive income (loss)	(103)						1,013	(1,116)
Ending balance (shares) at Mar. 31, 2019				15,014,831	1,938,207
Ending balance at Mar. 31, 2019	267,568			$ 150	$ 19	370,801	(101,953)	(1,449)
Beginning balance (shares) at Dec. 31, 2018				14,982,055	1,914,878
Beginning balance at Dec. 31, 2018	272,989			$ 150	$ 19	369,638	(96,485)	(333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(3,258)
Ending balance (shares) at Sep. 30, 2019				14,984,576	1,958,742
Ending balance at Sep. 30, 2019	255,296			$ 150	$ 19	371,538	(109,547)	(6,864)
Beginning balance (shares) at Mar. 31, 2019				15,014,831	1,938,207
Beginning balance at Mar. 31, 2019	267,568			$ 150	$ 19	370,801	(101,953)	(1,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				108,657	14,990
Issuance of common stock	2,427			$ 1		2,426
Distributions declared on common stock	(4,908)						(4,908)
Other offering costs	(20)					(20)
Distribution and stockholder servicing fees	11					11
Redemptions of common stock (shares)				(143,513)	(5,574)
Redemptions of common stock	(2,919)			$ (1)		(2,918)
Equity-based compensation	19					19
Equity-based payment to advisor (shares)				14,244
Equity-based payments to advisor	280					280
Changes in redeemable common stock	491					491
Comprehensive income (loss)	(2,999)						1,470	(4,469)
Ending balance (shares) at Jun. 30, 2019				14,994,219	1,947,623
Ending balance at Jun. 30, 2019	259,950			$ 150	$ 19	371,090	(105,391)	(5,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				90,572	12,759
Issuance of common stock	2,030			$ 1	$ 0	2,029
Distributions declared on common stock	(4,946)						(4,946)
Distribution and stockholder servicing fees	1					1
Redemptions of common stock (shares)				(121,927)	(1,640)
Redemptions of common stock	(2,421)			$ (1)		(2,420)
Equity-based compensation	20					20
Equity-based payment to advisor (shares)				21,712
Equity-based payments to advisor	426					426
Changes in redeemable common stock	392					392
Comprehensive income (loss)	(156)						790	(946)
Ending balance (shares) at Sep. 30, 2019				14,984,576	1,958,742
Ending balance at Sep. 30, 2019	255,296			$ 150	$ 19	371,538	(109,547)	(6,864)
Beginning balance (shares) at Dec. 31, 2019		14,997,382	1,967,581	14,997,382	1,967,581
Beginning balance at Dec. 31, 2019	252,486			$ 149	$ 20	371,988	(114,216)	(5,455)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				85,564	12,434
Issuance of common stock	1,924			$ 1		1,923
Distributions declared on common stock	(4,890)						(4,890)
Distribution and stockholder servicing fees	2					2
Redemptions of common stock (shares)				(96,257)	(2,109)
Redemptions of common stock	(1,936)			$ (1)		(1,935)
Equity-based compensation	20					20
Equity-based payment to advisor (shares)				21,784
Equity-based payments to advisor	428					428
Changes in redeemable common stock	5					5
Comprehensive income (loss)	(5,705)						1,076	(6,781)
Ending balance (shares) at Mar. 31, 2020				15,008,473	1,977,906
Ending balance at Mar. 31, 2020	242,334			$ 149	$ 20	372,431	(118,030)	(12,236)
Beginning balance (shares) at Dec. 31, 2019		14,997,382	1,967,581	14,997,382	1,967,581
Beginning balance at Dec. 31, 2019	252,486			$ 149	$ 20	371,988	(114,216)	(5,455)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based payment to advisor (shares)		52,000
Equity-based payments to advisor		$ 997
Comprehensive income (loss)	(5,060)
Ending balance (shares) at Sep. 30, 2020		14,966,753.38	1,982,240	14,966,753	1,982,240
Ending balance at Sep. 30, 2020	246,966			$ 149	$ 20	381,248	(123,995)	(10,456)
Beginning balance (shares) at Mar. 31, 2020				15,008,473	1,977,906
Beginning balance at Mar. 31, 2020	242,334			$ 149	$ 20	372,431	(118,030)	(12,236)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				39,840	4,661
Issuance of common stock	869			$ 1		868
Distributions declared on common stock	(1,292)						(1,292)
Distribution and stockholder servicing fees	2					2
Redemptions of common stock (shares)				(94,683)	(2,661)
Redemptions of common stock	(1,911)			$ (1)		(1,910)
Equity-based compensation	19					19
Equity-based payment to advisor (shares)				22,409
Equity-based payments to advisor	425					425
Changes in redeemable common stock	1,041					1,041
Comprehensive income (loss)	(25)						(371)	346
Ending balance (shares) at Jun. 30, 2020				14,976,039	1,979,906
Ending balance at Jun. 30, 2020	241,462			$ 149	$ 20	372,876	(119,693)	(11,890)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				27,381	3,360
Issuance of common stock	572					572
Distributions declared on common stock	(3,538)						(3,538)
Distribution and stockholder servicing fees	1					1
Redemptions of common stock (shares)				(44,435)	(1,026)
Redemptions of common stock	(845)					(845)
Equity-based compensation	20					20
Equity-based payment to advisor (shares)		8,000		7,768.38
Equity-based payments to advisor	144	$ 144				144
Changes in redeemable common stock	8,480					8,480
Comprehensive income (loss)	670						(764)	1,434
Ending balance (shares) at Sep. 30, 2020		14,966,753.38	1,982,240	14,966,753	1,982,240
Ending balance at Sep. 30, 2020	$ 246,966			$ 149	$ 20	$ 381,248	$ (123,995)	$ (10,456)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared on common stock (USD per share)	$ 0.21	$ 0.08	$ 0.29	$ 0.30	$ 0.29	$ 0.39

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (59)	$ 3,273
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	14,168	14,054
Straight-line rental income	(1,343)	(1,271)
Write-offs (recoveries) for uncollectable lease-related receivables	1,197	(15)
Amortization of deferred financing costs	640	634
Equity-based compensation	59	59
Equity-based payment to advisor	997	706
Gain on disposition of real estate assets, net	0	(685)
Impairment of real estate assets	52	502
Changes in assets and liabilities:
Rents and tenant receivables	(2,984)	82
Prepaid expenses and other assets	(383)	(329)
Accrued expenses and accounts payable	534	767
Deferred rental income and other liabilities	(751)	(612)
Due to affiliates	110	(223)
Net cash provided by operating activities	12,237	16,942
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(10,248)	(31,346)
Net proceeds from disposition of real estate assets	0	38,109
Payment of property escrow deposits	(100)	(50)
Refund of property escrow deposits	100	200
Net cash (used in) provided by investing activities	(10,248)	6,913
Cash flows from financing activities:
Proceeds from issuance of common stock	0	1,322
Redemptions of common stock	(4,692)	(8,262)
Offering costs on issuance of common stock	0	(188)
Distribution and stockholder servicing fees paid	(263)	(281)
Proceeds from credit facility and notes payable	32,500	39,200
Repayments of credit facility and notes payable	(7,288)	(46,200)
Distributions to stockholders	(6,715)	(9,554)
Deferred financing costs paid	0	(50)
Net cash provided by (used in) financing activities	13,542	(24,013)
Net increase (decrease) in cash and cash equivalents and restricted cash	15,531	(158)
Cash and cash equivalents and restricted cash, beginning of period	3,941	2,906
Cash and cash equivalents and restricted cash, end of period	19,472	2,748
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	19,080	2,313
Total cash and cash equivalents and restricted cash	$ 19,472	$ 2,748

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
ORGANIZATION AND BUSINESS	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Credit Property Trust V, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on December 12, 2012, that elected to be taxed, and currently qualifies, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2014. The Company operates a diversified portfolio of commercial real estate assets primarily consisting of net leased properties located throughout the United States. As of September 30, 2020 , the Company owned 150 properties, comprising 3.4 million rentable square feet of commercial space located in 34 states. As of September 30, 2020 , the rentable space at these properties was 98.1% leased, including month-to-month agreements, if any. Substantially all of the Company’s business is conducted through Cole Operating Partnership V, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by Cole REIT Management V, LLC, a Delaware limited liability company (“CR V Management”), which is an affiliate of CIM Group, LLC (“CIM”). CIM is a community-focused real estate and infrastructure owner, operator, developer and lender with multi-disciplinary expertise, including in acquisitions, management, development, leasing, research and capital markets. CIM is headquartered in Los Angeles, California, and has offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; Phoenix, Arizona; Orlando, Florida; Tokyo, Japan; and Atlanta, Georgia. CCO Group, LLC owns and controls CR V Management, the Company’s advisor, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor and as a sponsor to CIM Real Estate Finance Trust, Inc. (“CMFT”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”) and CIM Income NAV, Inc. (“CIM Income NAV”). On March 17, 2014, the Company commenced its initial public offering (the “Initial Offering”) on a “best efforts” basis of up to a maximum of $2.975 billion in shares of a single class of common stock. The Initial Offering offered up to a maximum of $2.5 billion in shares of a single class of common stock (now referred to as Class A Shares as defined below) in the primary offering, as well as up to $475.0 million in additional shares pursuant to a distribution reinvestment plan (the “Original DRIP”). In March 2016, the Company reclassified a portion of its unissued Class A common stock (“Class A Shares”) as Class T common stock (“Class T Shares”) and commenced sales of Class T Shares thereafter upon receipt of the required regulatory approvals. On March 29, 2016, the Company’s board of directors (the “Board”) adopted an Amended and Restated Distribution Reinvestment Plan (the “First Amended and Restated DRIP”) in connection with the reinvestment of distributions paid on Class A Shares and Class T Shares. Pursuant to the First Amended and Restated DRIP, distributions on Class A Shares are reinvested in Class A Shares and distributions on Class T Shares are reinvested in Class T Shares. The First Amended and Restated DRIP became effective as of May 1, 2016. On August 1, 2017, the Company commenced a follow-on offering on a “best efforts” basis (the “Follow-on Offering”) of up to an aggregate of $1.2 billion in Class A Shares and Class T Shares in the primary portion of the Follow-on Offering (up to $660.0 million in Class A Shares and up to $540.0 million in Class T Shares) and an additional $300.0 million in shares of common stock pursuant to the Second Amended and Restated Distribution Reinvestment Plan (the “Second Amended and Restated DRIP”). Effective December 31, 2018, the primary portion of the Follow-On Offering was terminated, but the Company continued to issue Class A Shares and Class T Shares pursuant to the Second Amended and Restated DRIP portion of the Follow-on Offering. On March 28, 2019, the Company registered an aggregate of $68,740,000 of Class A Shares and Class T Shares under the Second Amended and Restated DRIP (collectively with the Original DRIP and the First Amended and Restated DRIP, the “DRIP”) pursuant to a Registration Statement on Form S-3 (Registration No. 333-230566) filed with the U.S. Securities and Exchange Commission (the “SEC”) (the “S-3 Registration Statement”), which was declared effective on April 5, 2019 (the “DRIP Offering,” and collectively with the Initial Offering and the Follow-on Offering, the “Offerings”). As of April 30, 2019, the Company ceased issuing shares in the Follow-on Offering and had sold a total of $73.3 million of Class A Shares and Class T Shares, including $53.9 million ( $32.9 million in Class A Shares and $21.0 million in Class T Shares) sold to the public pursuant to the primary portion of the Follow-on Offering and $19.4 million ( $17.4 million in Class A Shares and $2.0 million in Class T Shares) sold pursuant to the DRIP. The unsold Class A Shares and Class T Shares in the Follow-on Offering of $1.4 billion in the aggregate were subsequently deregistered. The Company began to issue Class A Shares and Class T Shares under the DRIP Offering on May 1, 2019 and continued to issue shares under the DRIP Offering until, on August 30, 2020, the Board suspended the DRIP Offering in connection with the entry of the Company into the Merger Agreement (as defined below). The Board establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of September 30, 2020, the estimated per share NAV was $18.96 per share for both Class A Shares and Class T Shares, which was established on August 12, 2020 using a valuation date of June 30, 2020. Commencing on August 14, 2020, $18.96 served as the per share NAV for both Class A Shares and Class T Shares under the Second Amended and Restated DRIP. The Board previously established a per share NAV as of February 29, 2016, December 31, 2016, December 31, 2017, December 31, 2018, December 31, 2019, March 31, 2020 and June 30, 2020. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. Given the relative stability of the Company’s rent collections and the per share NAV for the quarters ended March 31, 2020 and June 30, 2020, the Board determined that it is in the best interests of the Company and its stockholders to cease incurring the additional costs associated with quarterly valuations and return to updating the Company’s per share NAV on an annual basis in accordance with its valuation policies. Pending Merger with CMFT On August 30, 2020, the Company, CMFT and Thor V Merger Sub, LLC, a wholly owned subsidiary of CMFT (“Merger Sub”), entered into an Agreement and Plan of Merger (as subsequently amended on each of October 22, 2020, October 24, 2020 and October 29, 2020, the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger, such that following the Merger, the surviving entity will continue as a wholly owned subsidiary of CMFT. In accordance with the applicable provisions of the Maryland General Corporation Law (the “MGCL”), the separate existence of the Company shall cease at the effective time of the Merger. At the effective time of the Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding Class A Share and Class T Share will be converted into the right to receive 2.892 shares of CMFT’s common stock, $0.01 par value per share (the “CMFT Common Stock”), subject to the treatment of fractional shares in accordance with the Merger Agreement (the “Merger Consideration”). At the effective time of the Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding Class A Share granted under the Company’s 2018 Equity Incentive Plan, whether vested or unvested, will be cancelled in exchange for an amount equal to the Merger Consideration. The Merger Agreement contains customary representations, warranties and covenants, including covenants relating to the conduct of the Company’s and CMFT’s respective businesses during the period between the execution of the Merger Agreement and the completion of the Merger, subject to certain exceptions. Pursuant to the terms of the Merger Agreement, the Company had a “go shop” period that ended on 11:59 p.m. New York City time on October 7, 2020 (the “Go Shop Period End Time”) during which the Company and its subsidiaries and representatives could initiate, solicit, provide information and enter into discussions concerning proposals relating to alternative business combination transactions. Following the Go Shop Period End Time, the Company and its subsidiaries and representatives may not solicit, provide information or enter into discussions concerning proposals relating to alternative business combination transactions, subject to certain limited exceptions set forth in the Merger Agreement. The Merger Agreement also provides that prior to the Stockholder Approval (as defined below), the Board may, under specified circumstances, make an Adverse Recommendation Change (as defined in the Merger Agreement), including withdrawing its recommendation of the Merger, subject to complying with certain conditions set forth in the Merger Agreement. The Merger Agreement may be terminated under certain circumstances, including by either the Company or CMFT if the Merger has not been consummated on or before 11:59 p.m. New York time on May 30, 2021 (the “Outside Date”), if a final and non-appealable order is entered permanently restraining or otherwise prohibiting the transactions contemplated by the Merger Agreement, if the Stockholder Approval has not been obtained at the Stockholders Meeting (as defined in the Merger Agreement) or upon a material uncured breach of the respective obligations, covenants or agreements by the other party that would cause the closing conditions in the Merger Agreement not to be satisfied. In addition, the Company may terminate the Merger Agreement in order to enter into an “Alternative Acquisition Agreement” with respect to a “Superior Proposal” (each as defined in the Merger Agreement) at any time prior to receipt by the Company of the Stockholder Approval pursuant to and subject to the terms and conditions of the Merger Agreement. CMFT may terminate the Merger Agreement at any time prior to the receipt of the Stockholder Approval, in certain limited circumstances, including upon (i) an Adverse Recommendation Change, (ii) a tender offer or exchange offer that is commenced which the Board fails to recommend against or (iii) a breach by the Company, in any material respect, of its obligations under the go shop or no solicitation provisions set forth in the Merger Agreement. If the Merger Agreement is terminated because the Merger was not consummated before the Outside Date or because the Stockholder Approval was not obtained, and (i) an Acquisition Proposal (as defined in the Merger Agreement) has been publicly announced or otherwise communicated to the Company’s stockholders prior to the Stockholders Meeting and (ii) within 12 months after the date of such termination (A) the Company consummates or enters into an agreement (that is thereafter consummated) in respect of an Acquisition Proposal for 50% or more of the Company’s equity or assets or (B) the Board recommends or fails to recommend against an Acquisition Proposal structured as a tender or exchange offer for 50% or more of the Company’s equity and such Acquisition Proposal is actually consummated, then the Company must pay CMFT a termination fee of $9.85 million and up to $1.79 million as reimbursement for CMFT’s Expenses (as defined in the Merger Agreement). If the Merger Agreement is terminated in connection with the Company’s acceptance of a Superior Proposal or making an Adverse Recommendation Change, then the Company must pay to CMFT a termination fee of $9.85 million and up to $1.79 million as reimbursement for CMFT’s Expenses, subject to certain exceptions set forth in the Merger Agreement. The obligation of each party to consummate the Merger is subject to a number of customary conditions, including receipt of the approval of the Merger (and of an amendment to the Company’s charter that is required to consummate the Merger) by holders of a majority of the outstanding shares of the Company’s common stock entitled to vote thereon (the “Stockholder Approval”), delivery of certain documents and legal opinions, the truth and correctness of the representations and warranties of the parties (subject to the materiality standards contained in the Merger Agreement) and the absence of a CCPT V Material Adverse Effect or CMFT Material Adverse Effect (as each term is defined in the Merger Agreement). On August 30, 2020, CMFT, CCIT III and Thor III Merger Sub, LLC, a wholly owned subsidiary of CMFT (“CCIT III Merger Sub”), entered into an Agreement and Plan of Merger as subsequently amended on November 3, 2020, (as subsequently amended on November 3, 2020, the “CCIT III Merger Agreement”), pursuant to which CCIT III will be merged with and into CCIT III Merger Sub (the “CCIT III Merger”). Neither the Merger nor the CCIT III Merger is contingent upon the completion of the other. On August 30, 2020, CMFT, CCIT II and Thor II Merger Sub, LLC, a wholly owned subsidiary of CMFT (“CCIT II Merger Sub”), entered into an Agreement and Plan of Merger (the “CCIT II Merger Agreement”), pursuant to which CCIT II would have merged with and into CCIT II Merger Sub, with CCIT II Merger Sub surviving the merger as the surviving entity such that following the merger, the surviving entity would have continued as a wholly owned subsidiary of CMFT. The CCIT II Merger Agreement was subsequently terminated on October 29, 2020 and, as a result, all provisions of the Merger Agreement relating to CCIT II or the CCIT II Merger Agreement are no longer applicable. Concurrently with the entry into the Merger Agreement, the Company and CR V Management entered into a letter agreement (the “Termination Agreement”). Pursuant to the Termination Agreement, the advisory agreement between the Company and CR V Management (the “Advisory Agreement”) will be terminated at the effective time of the Merger. Also pursuant to the Termination Agreement, CR V Management agreed to waive any subordinated performance fee or disposition fee (as described in Note 10 — Related-Party Transactions and Arrangements) it otherwise would be entitled to pursuant to the Advisory Agreement related to the Merger. In the event the Merger Agreement is terminated in accordance with its terms, the Termination Agreement will be automatically terminated. In connection with the contemplated Merger, on August 30, 2020, the Board approved the suspension of the DRIP Offering, and, therefore, distributions paid after that date will be paid in cash to all stockholders unless and until the DRIP Offering is reinstated. Additionally, on August 30, 2020, the Board approved the suspension of the Company’s share redemption program, and, therefore, no shares will be redeemed from the Company’s stockholders after that date unless and until the share redemption program is reinstated. On August 30, 2020, the Board approved and adopted the Amended and Restated Bylaws of the Company (the “Amended and Restated Bylaws”) to provide that (i) the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for (A) any derivative action or proceeding brought on behalf of the Company, (B) any action asserting a claim of breach of any duty owed by a director or officer or other employee of the Company to the Company or its stockholders or asserting a claim of breach of any standard of conduct set forth in the MGCL, (C) any action asserting a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of the MGCL, the charter of the Company or the bylaws of the Company, or (D) any action asserting a claim against the Company or any director or officer or other employee of the Company that is governed by the internal affairs doctrine and (ii) the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The reclassification had no effect on previously reported totals or subtotals. The Company is separately presenting the recoveries for uncollectable lease-related receivables of $15,000 for the nine months ended September 30, 2019, which was previously included in straight-line rental income, net in the condensed consolidated statements of cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. During the nine months ended September 30, 2020 , the Company recorded impairment charges of $52,000 related to one retail property, due to the carrying value being greater than the estimated fair value of the property. The Company’s impairment assessment as of September 30, 2020 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2020 or in future periods, particularly with respect to any negative impacts to the Company that may result from the economic disruptions caused by the current novel coronavirus (“COVID-19”) pandemic. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. As of September 30, 2020 , the Company has not identified any further impairments resulting from the COVID-19 pandemic related impacts, including as a result of tenant requests for rent relief. The Company generally intends to hold its assets for the long-term; therefore, a temporary change in cash flows due to COVID-19 related impacts alone would not be an indicator of impairment. However, the Company has yet to see the long-term effects of the COVID-19 pandemic on the economy and the extent to which it may impact the Company’s tenants in the future. Indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry as a result of the economic impacts of the COVID-19 pandemic, or changes in the Company’s long-term hold strategies, could be indicative of an impairment indicator. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether the carrying value of the Company’s real estate assets are recoverable. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate acquisition and disposition activity. During the nine months ended September 30, 2019 , the Company recorded impairment charges of $502,000 related to one retail property, due to the carrying value being greater than the estimated fair value of the property. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of September 30, 2020 , the Company identified one asset with a carrying value of $1.1 million as held for sale. There were no assets identified as held for sale as of December 31, 2019 . Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. There were no property dispositions during the nine months ended September 30, 2020 . The disposition of seven properties during the nine months ended September 30, 2019 did not qualify for discontinued operations presentation, and, thus, the results of the properties that were sold will remain in operating income, and the associated gain from the dispositions is included in gain on disposition of real estate, net in the accompanying condensed consolidated statements of operations . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Acquisition-related fees and certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Restricted Cash The Company had $392,000 and $456,000 in restricted cash as of September 30, 2020 and December 31, 2019 , respectively. Included in restricted cash was $392,000 and $354,000 held by lenders in escrow accounts in accordance with the associated lender’s loan agreement as of September 30, 2020 and December 31, 2019 , respectively. As of December 31, 2019 , restricted cash also included $102,000 held by lenders in lockbox accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are disbursed to the Company. Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not party to any material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. Revenue Recognition Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable. During the three and nine months ended September 30, 2020 , the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $483,000 and $1.4 million for the three and nine months ended September 30, 2020 , which included $88,000 and $195,000 related to certain tenant reimbursements. These write-offs reduced rental and other property income during the three and nine months ended September 30, 2020 . Earnings (Loss) and Distributions Per Share The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share, when applicable, considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2020 or 2019 . Distributions per share are calculated based on the authorized monthly distribution rate. Prior to April 1, 2020, distributions were calculated based on the authorized daily distribution rate. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”) in November 2018. Subsequently, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-02 to provide additional guidance on the credit losses standard. ASU 2016-13 and the related updates are intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held-for-investment, held-to-maturity debt securities, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASU No. 2016-02, Leases ( Topic 842 ) (“ASC 842”) . ASU 2016-13 and ASU 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2016-13 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of ASU 2018-13 are to be applied retrospectively, and early adoption is permitted . The Company adopted ASU 2018-13 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes or another acceptable benchmark interest rate. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings, including one interest rate swap agreement entered into since the date of adoption of ASU 2018-16. The Company evaluated the effect of this new benchmark interest rate option, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. ASU 2018-17 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted ASU 2018-17 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842 addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from COVID-19 related impacts. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 related impacts and (2) result in the cash flows remaining substantially the same or less than the original contract and will account for these lease concessions as if no changes were made to the leases. During the three and nine months ended September 30, 2020 , th e Company provided lease concessions, either in the form of rental deferrals or abatements, to certain tenants in response to the impact of the COVID-19 pandemic on those tenants. As of September 30, 2020 , the Company had granted rent deferrals of $718,000 . The deferral of rental payments affects the timing, but not the amount, of the lease payments and resulted in an increase of $718,000 to the Company’s lease-related receivables balance as of September 30, 2020. Additionally, as of September 30, 2020, the Company had granted rental abatements of $55,000 . In addition, the Company entered into lease amendments during the three and nine months ended September 30, 2020 that provided for lease concessions, through rent abatements or rent deferrals, that represented substantive changes to the consideration in the original lease. These lease amendments extended the lease periods ranging from five months to 60 months. For these leases, the Company applied the lease modification accounting framework pursuant to ASC 842. As of September 30, 2020 , these lease amendments resulted in rent abatements of $302,000 and deferred rental income of $118,000 . As of November 5, 2020 , the Company has collected approximately 92% of rental payments billed to tenants during the three months ended September 30, 2020 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Credit facility and notes payable — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of September 30, 2020 , the estimated fair value of the Company’s debt was $368.6 million , compared to a carrying value of $369.3 million . The estimated fair value of the Company’s debt was $343.4 million as of December 31, 2019 , compared to a carrying value on that date of $344.1 million . Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2020 and December 31, 2019 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accrued expenses and accounts payable , other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of September 30, 2020 and December 31, 2019 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2020 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (10,456 ) $ — $ (10,456 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2019 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 50 $ — $ 50 $ — Financial liabilities: Interest rate swaps $ (5,505 ) $ — $ (5,505 ) $ — Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the nine months ended September 30, 2020 , real estate assets related to one retail property was deemed to be impaired, due to the carrying value being greater than the estimated fair value of the property, net of selling costs. The carrying value was reduced to an estimated fair value of $876,000 as a result of updated estimated selling costs, resulting in impairment charges of $52,000 . During the nine months ended September 30, 2019 , real estate assets related to one retail property were deemed to be impaired and their carrying values were reduced to an estimated fair value of $1.1 million , resulting in impairment charges of $502,000 . The Company determined that the selling prices used to determine the fair values were Level 2 inputs. The following table presents the impairment charges by asset class recorded during the nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, 2020 2019 Asset class impaired: Land $ 16 $ 86 Buildings and improvements 36 195 Intangible lease assets — 221 Total impairment loss $ 52 $ 502

REAL ESTATE ASSETS

REAL ESTATE ASSETS	9 Months Ended
REAL ESTATE ASSETS	Sep. 30, 2020
Real Estate [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS 2020 Property Acquisitions During the nine months ended September 30, 2020 , the Company acquired two commercial properties for an aggregate purchase price of $9.7 million (the “ 2020 Asset Acquisitions ”), which includes $308,000 of acquisition-related expenses that were capitalized. The Company funded the 2020 Asset Acquisitions with proceeds from borrowings during the nine months ended September 30, 2020 . The following table summarizes the purchase price allocation for the 2020 Asset Acquisitions purchased during the nine months ended September 30, 2020 (in thousands): 2020 Asset Acquisitions Land $ 1,884 Buildings and improvements 7,098 Acquired in-place leases and other intangibles (1) 736 Total purchase price $ 9,718 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 14.8 years. 2020 Impairment The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets. Dur ing the nine months ended September 30, 2020 , one property with a carrying value of $928,000 was deemed to be impaired and its carrying value was reduced to an estimated fair value of $876,000 , resulting in impairment charges of $52,000 , which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges . 2019 Property Acquisitions During the nine months ended September 30, 2019 , the Company acquired 14 commercial properties for an aggregate purchase price of $30.6 million (the “ 2019 Asset Acquisitions” ), which includes $941,000 of acquisition-related expenses that were capitalized. The Company funded the 2019 Asset Acquisitions with proceeds from real estate dispositions during the nine months ended September 30, 2019 . The following table summarizes the purchase price allocation for the 2019 Asset Acquisitions purchased during the nine months ended September 30, 2019 (in thousands): 2019 Asset Acquisitions Land $ 5,454 Buildings and improvements 14,037 Acquired in-place leases and other intangibles (1) 11,465 Intangible lease liability (2) (316 ) Total purchase price $ 30,640 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 19.8 years. (2) The weighted average amortization period for acquired in-place leases and other intangibles was 14.9 years. 2019 Property Dispositions During the nine months ended September 30, 2019 , the Company disposed of six retail properties and one anchored shopping center for an aggregate gross sales price of $39.2 million , resulting in net proceeds of $38.1 million after closing costs and disposition fees due to CR V Management or its affiliates and a net gain of $685,000 . The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties does not qualify to be reported as discontinued operations since the dispositions do not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective dates of disposition. During the nine months ended September 30, 2020 , the Company did no t dispose of any properties. 2019 Impairment During the nine months ended September 30, 2019 , one property with a carrying value of $1.6 million was deemed to be impaired and its carrying value was reduced to an estimated fair value of $1.1 million , resulting in impairment charges of $502,000 , which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges.

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	9 Months Ended
INTANGIBLE LEASE ASSETS AND LIABILITIES	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS AND LIABILITIES	INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands, except weighted average life remaining): September 30, 2020 December 31, 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $27,323 and $23,013 respectively (with a weighted average life remaining of 11.1 years and 11.5 years, respectively) $ 57,176 $ 61,035 Acquired above-market leases, net of accumulated amortization of $3,361 and $2,973, respectively (with a weighted average life remaining of 10.5 years and 10.8 years, respectively) 4,526 4,914 Total intangible lease assets, net $ 61,702 $ 65,949 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $2,618 and $2,359, respectively (with a weighted average life remaining of 8.2 years and 8.7 years, respectively) $ 2,948 $ 3,275 Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 In-place lease and other intangible amortization $ 1,534 $ 1,542 $ 4,548 $ 4,574 Above-market lease amortization $ 127 $ 139 $ 388 $ 429 Below-market lease amortization $ 107 $ 124 $ 326 $ 422 The following table summarizes the estimated amortization relating to the intangible lease assets and liabilities subsequent to September 30, 2020 (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2020 $ 1,494 $ 127 $ 106 2021 5,946 499 414 2022 5,762 488 333 2023 5,460 478 321 2024 5,048 388 287 Thereafter 33,466 2,546 1,487 Total $ 57,176 $ 4,526 $ 2,948

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. As of September 30, 2020 , the Company had three interest rate swap agreements. The following table summarizes the terms of the Company’s interest rate swap agreements designated as hedging instruments as of September 30, 2020 and December 31, 2019 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of September 30, 2020 September 30, 2020 December 31, 2019 Interest Rate Swaps (2) Derivative liabilities, deferred rental income and other liabilities $ 241,100 3.49% to 4.50% 1/15/2016 to 4/25/2019 2/1/2021 to 3/27/2023 $ (10,456 ) $ (5,505 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2020 . (2) As of December 31, 2019, one of the interest rate swaps with an aggregate outstanding notional amount of $21.1 million was in an asset position with an aggregate fair value of $50,000 and is included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss) , with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and nine months ended September 30, 2020 , the amount of losses reclassified from other comprehensive income (loss) as an increase to interest expense was $1.4 million and $3.0 million , respectively. For the three months ended September 30, 2019 , the amount of loss reclassified from other comprehensive income (loss) as an increase to interest expense was $97,000 . For the nine months ended September 30, 2019 the amount of gain reclassified from other comprehensive income (loss) as a decrease to interest expense was $269,000 . The total unrealized loss on interest rate swaps of $10.5 million and $5.5 million as of September 30, 2020 and December 31, 2019, respectively, is included in accumulated other comprehensive (loss) income in the accompanying condensed consolidated statement of stockholders’ equity. During the next 12 months, the Company estimates that $5.3 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company includes cash flows from interest rate swap agreements in cash flows provided by operating activities on its condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its condensed consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at an aggregate termination value, inclusive of interest payments, of $10.5 million , which includes accrued interest, at September 30, 2020 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of September 30, 2020 .

CREDIT FACILITY AND NOTES PAYAB

CREDIT FACILITY AND NOTES PAYABLE	9 Months Ended
CREDIT FACILITY AND NOTES PAYABLE	Sep. 30, 2020
Debt Disclosure [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	CREDIT FACILITY AND NOTES PAYABLE As of September 30, 2020 , the Company had $368.1 million of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 2.1 years and a weighted average interest rate of 3.8% . The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date. The following table summarizes the debt balances as of September 30, 2020 and December 31, 2019 , and the debt activity for the nine months ended September 30, 2020 (in thousands): During the Nine Months Ended September 30, 2020 Balance as of December 31, 2019 Debt Issuance, Net (1) Repayments and Modifications Accretion Balance as of Credit facility $ 251,500 $ 32,500 $ (7,000 ) $ — $ 277,000 Fixed rate debt 92,600 — (288 ) — 92,312 Total debt 344,100 32,500 (7,288 ) — 369,312 Deferred costs – credit facility (2) (1,302 ) — — 305 (997 ) Deferred costs – fixed rate debt (287 ) — — 116 (171 ) Total debt, net $ 342,511 $ 32,500 $ (7,288 ) $ 421 $ 368,144 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs related to the term portion of the Credit Facility, as defined below. Notes Payable As of September 30, 2020 , the fixed rate debt outstanding of $92.3 million included $21.1 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rate per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.5% to 4.5% per annum. The fixed rate debt outstanding matures on various dates from February 2021 to December 2024. With respect to the remaining $67.6 million of debt maturing within the next 12 months following the date these financial statements are issued, the Company believes cash on hand, net cash provided by operations, borrowings available under the Credit Facility or the entry into new financing arrangements will be sufficient in order to meet its debt obligations as they become due. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $157.2 million as of September 30, 2020 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. Credit Facility The Company has a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent, and the other lenders party thereto. The Credit Agreement allows for borrowings of up to $350.0 million (the “Credit Facility”). The Credit Facility includes $220.0 million in term loans (the “Term Loans”) and up to $130.0 million in revolving loans (the “Revolving Loans”). The Term Loans mature on March 27, 2023 and the Revolving Loans mature on March 28, 2022; however, the Company may elect to extend the maturity date of the Revolving Loans to March 28, 2023 subject to satisfying certain conditions described in the Credit Agreement. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month LIBOR multiplied by the statutory reserve rate (the “Adjusted LIBO Rate”) for the interest period plus an applicable rate ranging from 1.30% to 1.70% ; or (ii) a base rate ranging from 0.30% to 0.70% , plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Credit Agreement); (b) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50% ; or (c) the Adjusted LIBO Rate for a period of one month plus 1.0% . As of September 30, 2020 , the amounts outstanding under the Revolving Loans totaled $57.0 million at a weighted average interest rate of 1.9% . As of September 30, 2020 , the amounts outstanding under the Term Loans totale d $220.0 million , all of which was subject to interest rate swap agreements (the “Swapped Term Loan”). The interest rate swap agreements had the effect of fixing the Adjusted LIBO Rate per annum of the Swapped Term Loan at an all-in rate of 4.2% . The Company had $277.0 million of debt outstanding under the Credit Facility as of September 30, 2020 at a weighted average interest rate of 3.7% and $73.0 million in unused capacity, subject to borrowing availability. The Company had available borrowings of $1.5 million as of September 30, 2020 . The Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Credit Agreement requires the Company to maintain a minimum consolidated net worth not less than $225.0 million plus 75% of the equity interests issued by the Company, a net leverage ratio less than or equal to 60% , a fixed charge coverage ratio equal to or greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 , a secured debt ratio equal to or less than 40% and recourse debt not greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants of the Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of September 30, 2020 . Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2020 (in thousands): Principal Repayments Remainder of 2020 $ 100 2021 68,009 2022 57,428 2023 220,448 2024 23,327 Thereafter — Total $ 369,312

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	9 Months Ended
SUPPLEMENTAL CASH FLOW DISCLOSURES	Sep. 30, 2020
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the nine months ended September 30, 2020 and 2019 are as follows (in thousands): Nine Months Ended September 30, 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Common stock issued through distribution reinvestment plan $ 3,365 $ 7,388 Distributions declared and unpaid $ 1,309 $ 1,613 Change in accrued distribution and stockholder servicing fees $ (5 ) $ (1 ) Accrued capital expenditures $ 10 $ — Change in fair value of interest rate swaps $ (5,001 ) $ (6,531 ) Supplemental Cash Flow Disclosures: Interest paid $ 10,607 $ 10,443 Cash paid for taxes $ 141 $ 154

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity. Merger Agreement On August 30, 2020, the Company announced it had entered into the Merger Agreement with CMFT and Merger Sub. In the event the Merger Agreement is terminated in connection with the Company’s acceptance of a Superior Proposal or making an Adverse Recommendation Change, as defined in the Merger Agreement, the Company must pay to CMFT a termination fee of $9.85 million and up to $1.79 million as reimbursement for CMFT’s Expenses, subject to certain exceptions set forth in the Merger Agreement. If the Merger Agreement is terminated because the Merger was not consummated before the Outside Date or because the Stockholder Approval was not obtained, and (i) an Acquisition Proposal has been publicly announced or otherwise communicated to the Company’s stockholders prior to the Stockholders Meeting and (ii) within 12 months after the date of such termination (A) the Company consummates or enters into an agreement (that is thereafter consummated) in respect of an Acquisition Proposal for 50% or more of the Company’s equity or assets or (B) the Board recommends or fails to recommend against an Acquisition Proposal structured as a tender or exchange offer for 50% or more of the Company’s equity and such Acquisition Proposal is actually consummated, then the Company must pay CMFT a termination fee of $9.85 million and up to $1.79 million as reimbursement for CMFT’s Expenses. No such fees were paid as of September 30, 2020.

RELATED-PARTY TRANSACTIONS AND

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	9 Months Ended
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, commissions, fees and expenses payable to CR V Management and certain of its affiliates in connection with the Offerings and the acquisition, management and disposition of its assets. Selling commissions and dealer manager fees In connection with the primary portion of the Follow-on Offering, which was terminated on December 31, 2018, CCO Capital, the Company’s dealer manager, which is affiliated with CR V Management, received selling commissions of up to 7.0% and 3.0% of gross offering proceeds from the primary portion of the Offerings for Class A Shares and Class T Shares, respectively, and before reallowance of selling commissions earned by participating broker-dealers. The Company has been advised that CCO Capital reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCO Capital received 2.0% of gross offering proceeds from the primary portion of the Offerings for both Class A Shares and Class T Shares as a dealer manager fee. CCO Capital, in its sole discretion, reallowed all or a portion of its dealer manager fee to participating broker-dealers. No selling commissions or dealer manager fees are paid to CCO Capital or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Other organization and offering expenses All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions, dealer manager fees and distribution and stockholder servicing fees) were paid by CR V Management or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses may be considered to be underwriting compensation. As of September 30, 2020 , CR V Management had paid organization and offering expenses in excess of 2.0% of aggregate gross offering proceeds in connection with the Offerings. These excess amounts were not included in the condensed consolidated financial statements of the Company because such amounts were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offerings. Since the Follow-on Offering has been terminated, these excess amounts will not be paid. Distribution and stockholder servicing fees Through October 4, 2016, the Company paid CCO Capital a distribution and stockholder servicing fee for Class T Shares that was calculated on a daily basis in the amount of 1/365th of 0.8% of the most recent estimated per share NAV of the Class T Shares sold in the primary portion of the Initial Offering. Beginning on October 5, 2016, the distribution and stockholder servicing fee is calculated on a daily basis in an amount equal to 1/365th of 1.0% of the most recent estimated per share NAV of the Class T Shares sold in the primary portion of the Offerings. The distribution and stockholder servicing fee is paid monthly in arrears from cash flows from operations or, if the Company’s cash flows from operations are not sufficient to pay the distribution and stockholder servicing fee, from borrowings in anticipation of future cash flows. An estimated liability for future distribution and stockholder servicing fees payable to CCO Capital was recognized at the time each Class T Share was sold and included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of (i) the end of the month in which the total distribution and stockholder servicing fees paid by a stockholder within his or her individual account would be equal to 4.0% of the stockholder’s total gross investment amount at the time of the purchase of the primary Class T Shares held in such account, or a lower limit agreed upon between the dealer manager and the participating broker-dealer at the time such Class T Shares were sold; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the sale of the Company’s shares, excluding shares sold pursuant to the DRIP; (iii) the fourth anniversary of the last day of the month in which the offering in which such Class T Shares were purchased (excluding the offering of shares pursuant to the DRIP) terminates; (iv) the date such Class T Share is no longer outstanding; and (v) the date the Company effects a liquidity event. CCO Capital may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee for services that such participating broker-dealers perform in connection with the distribution of Class T Shares. At the time the Company ceases paying the distribution and stockholder servicing fee with respect to an outstanding Class T Share pursuant to the provisions above, such Class T Share will convert into a number of Class A Shares (including any fractional shares) with an equivalent net asset value as such Class T Share. The Company cannot predict when this will occur. No distribution and stockholder servicing fees are paid to CCO Capital or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Acquisition fees and expenses The Company pays CR V Management or its affiliates acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. In addition, the Company reimburses CR V Management or its affiliates for insourced expenses incurred in the process of acquiring a property or the origination or acquisition of a loan, which are fixed on an annual basis at 0.5% of the contract purchase price of each property and 0.5% of the amount advanced for a loan or other investment, which will be prorated for any partial calendar year; provided, that acquisition expenses are not included in the contract purchase price of the property. Additionally, CR V Management or its affiliates are reimbursed for third-party acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. Other transaction-related expenses, such as advisor reimbursements for disposition activities, are expensed as incurred and are included in transaction-related expenses in the condensed consolidated statements of operations. Advisory fees and expenses Pursuant to the Advisory Agreement, the Company pays CR V Management a monthly advisory fee based upon the Company’s monthly average asset value, which, effective July 1, 2020, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of June 30, 2020, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to June 30, 2020, is based on the purchase price. The monthly advisory fee is equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average asset value that is between $0 and $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average asset value that is between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% paid on the Company’s average asset value that is over $4.0 billion . Starting in May 2019, one-third of this fee is paid to CR V Management in Class A Shares, which are issued at the most recently established NAV price. During the three and nine months ended September 30, 2020 , approximately 8,000 and 52,000 Class A Shares, respectively, were issued for payment of advisory fees, which vested upon issuance, totaling $144,000 and $997,000 , respectively, for the three and nine months ended September 30, 2020 in equity-based payments included in advisory fees and expenses in the condensed consolidated statements of operations. The Board has approved the payment of one-third of the monthly advisory fee in Class A Shares through December 2020. Operating expenses The Company reimburses CR V Management, or its affiliates, for the expenses they paid or incurred in connection with the advisory and administrative services provided to the Company, subject to the limitation that the Company will not reimburse CR V Management or its affiliates for any amount by which the operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income excluding any additions to reserves for depreciation or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse CR V Management or its affiliates for the salaries and benefits paid to personnel in connection with the services for which CR V Management or its affiliates receive acquisition fees, and the Company will not reimburse CR V Management for salaries and benefits paid to the Company’s executive officers. Disposition fees If CR V Management or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CR V Management or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the total disposition fees paid to CR V Management, its affiliates and unaffiliated third parties exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. In addition, if CR V Management or its affiliates provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more assets other than properties, the Company may separately compensate CR V Management or its affiliates at such rates and in such amounts as the Board, including a majority of the Company’s independent directors, and CR V Management agree upon, not to exceed an amount equal to 1.0% of the contract price of the assets sold. Subordinated performance fees The Company will pay a subordinated performance fee in connection with one of the following alternative events: (1) if the Company’s shares are listed on a national securities exchange, CR V Management, or its affiliates, will be entitled to a subordinated performance fee equal to 15.0% of the amount, if any, by which (i) the market value of the Company’s outstanding stock plus distributions paid by the Company prior to listing, exceeds (ii) the sum of the total amount of capital raised from stockholders and the amount of distributions necessary to generate a 6.0% annual cumulative, non-compounded return to stockholders; (2) if the Company is sold or its assets are liquidated, CR V Management will be entitled to a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after stockholders have received, from regular distributions plus special distributions paid from proceeds of such sale, a return of their net capital invested and a 6.0% annual cumulative, non-compounded return; or (3) upon termination of the advisory agreement with CR V Management, CR V Management may be entitled to a subordinated performance fee similar to the fee to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During the three and nine months ended September 30, 2020 and 2019 , no subordinated performance fees were incurred related to any such events. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Management and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Selling commissions $ — $ — $ — $ 47 Dealer manager fees $ — $ — $ — $ 27 Other organization and offering expenses $ — $ — $ — $ 114 Distribution and stockholder servicing fees (1) $ 87 $ 91 $ 263 $ 281 Acquisition fees and expenses $ — $ 128 $ 235 $ 742 Disposition fees $ — $ 44 $ — $ 326 Advisory fees and expenses $ 1,643 $ 1,555 $ 4,911 $ 4,635 Operating expenses $ 392 $ 247 $ 1,179 $ 966 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCO Capital of $601,000 and $962,000 as of September 30, 2020 and 2019 , respectively, which is included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value. Due to Affiliates As of September 30, 2020 and December 31, 2019 , $1.6 million and $1.8 million , respectively, were recorded for services and expenses incurred, but not yet reimbursed to CR V Management or its affiliates. The amounts are primarily for operating fees and expenses, and distribution and stockholder servicing fees payable to CCO Capital. These amounts were included in due to affiliates in the condensed consolidated balance sheets for such periods. Termination Agreement Concurrently with the entry into the Merger Agreement, the Company and CR V Management entered into the Termination Agreement, effective as of August 30, 2020. Pursuant to the Termination Agreement, the current Advisory Agreement will be terminated at the effective time of the Merger. Also pursuant to the Termination Agreement, CR V Management waived any subordinated performance fee or disposition fee it otherwise would be entitled to pursuant to the Advisory Agreement related to the Merger. In the event the Merger Agreement is terminated in accordance with its terms, the Termination Agreement will be automatically terminated.

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	9 Months Ended
ECONOMIC DEPENDENCY	Sep. 30, 2020
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CR V Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CR V Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
STOCKHOLDERS’ EQUITY	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Company’s 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s shares of common stock were reserved for issuance and awards of 392,000 shares of common stock are available for future grant as of September 30, 2020 . As of September 30, 2020 , the Company has granted awards of approximately 2,500 restricted Class A Shares to each of the independent members of the Board (approximately 7,600 restricted shares in aggregate) under the Plan. As of September 30, 2020 , 3,600 of the restricted Class A Shares had vested based on one year of continuous service. The remaining 4,000 shares issued fully vested on October 1, 2020 . The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant. Compensation expense related to these restricted Class A Shares is recognized over the vesting period. The Company recorded compensation expense of $20,000 and $59,000 for the three and nine months ended September 30, 2020 and 2019, respectively, related to these restricted Class A Shares, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. All of the total compensation expense related to these restricted Class A Shares was recognized ratably over the period of service prior to October 1, 2020.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2020
Leases [Abstract]
LEASES	LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of September 30, 2020 , the leases had a weighted-average remaining term of 9.8 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of September 30, 2020 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2020 $ 13,661 2021 47,121 2022 45,919 2023 44,527 2024 41,931 Thereafter 295,923 Total $ 489,082 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three and nine months ended September 30, 2020 and 2019 , the amount of the contingent rent earned by the Company was not significant . Rental and other property income during the three and nine months ended September 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed rental and other property income (1) $ 11,708 $ 12,045 $ 34,916 $ 36,036 Variable rental and other property income (2) 1,603 1,743 4,914 5,087 Total rental and other property income $ 13,311 $ 13,788 $ 39,830 $ 41,123 ______________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to September 30, 2020 : Property Dispositions Subsequent to September 30, 2020, the Company disposed of two retail properties for a gross sales price of $2.3 million , resulting in net proceeds of $2.2 million after closing costs and disposition fees due to CR V Management or its affiliates, and a gain of approximately $203,000 . The Company has no continuing involvement with these properties. Amendments to Merger Agreement On October 22, 2020, the parties to the Merger Agreement entered into the First Amendment to Agreement and Plan of Merger, pursuant to which the Company was granted an extension under limited circumstances to timely deliver a CCPT V Change Notice (as defined in the Merger Agreement) in order for the Go Shop Termination Payment (as defined in the Merger Agreement) to be applicable in those circumstances. On October 24, 2020, the parties to the Merger Agreement entered into the Second Amendment to Agreement and Plan of Merger, pursuant to which the Company was granted another extension under limited circumstances to timely deliver a CCPT V Change Notice in order for the Go Shop Termination Payment to be applicable in those circumstances. On October 29, 2020, the parties to the Merger Agreement entered into Amendment No. 3 to Agreement and Plan of Merger, pursuant to which the Merger Agreement was amended to (i) increase the Exchange Ratio from 2.691 to 2.892 shares of CMFT Common Stock (as defined in the Merger Agreement) for each share of the Company’s common stock (with such ratio subject to adjustments in accordance with the terms and conditions of the Merger Agreement), (ii) increase the amount of the Full Termination Payment (as defined in the Merger Agreement) from $9.17 million to $9.85 million and (iii) increase the maximum amount of Expenses (as defined in the Merger Agreement) payable by either CMFT or the Company to the other in connection with certain terminations of the Merger Agreement from $1.67 million to $1.79 million . Registration Statement on Form S-4 In connection with the Merger, CMFT filed a registration statement on Form S-4 (File No. 333-249294), declared effective by the SEC on November 10, 2020, that includes a proxy statement of the Company and that also constitutes a prospectus of CMFT. The Merger is currently anticipated to close by year end 2020.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassification	Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The reclassification had no effect on previously reported totals or subtotals.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, Assets Held for Sale and Disposition of Real Estate Assets	The Company’s impairment assessment as of September 30, 2020 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2020 or in future periods, particularly with respect to any negative impacts to the Company that may result from the economic disruptions caused by the current novel coronavirus (“COVID-19”) pandemic. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. As of September 30, 2020 , the Company has not identified any further impairments resulting from the COVID-19 pandemic related impacts, including as a result of tenant requests for rent relief. The Company generally intends to hold its assets for the long-term; therefore, a temporary change in cash flows due to COVID-19 related impacts alone would not be an indicator of impairment. However, the Company has yet to see the long-term effects of the COVID-19 pandemic on the economy and the extent to which it may impact the Company’s tenants in the future. Indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry as a result of the economic impacts of the COVID-19 pandemic, or changes in the Company’s long-term hold strategies, could be indicative of an impairment indicator. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether the carrying value of the Company’s real estate assets are recoverable. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate acquisition and disposition activity. Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. There were no property dispositions during the nine months ended September 30, 2020 . The disposition of seven properties during the nine months ended September 30, 2019 did not qualify for discontinued operations presentation, and, thus, the results of the properties that were sold will remain in operating income, and the associated gain from the dispositions is included in gain on disposition of real estate, net in the accompanying condensed consolidated statements of operations . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions.
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Acquisition-related fees and certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above.
Restricted Cash	Restricted Cash As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are disbursed to the Company.
Leases	Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not party to any material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.
Revenue Recognition	Revenue Recognition Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.
Earnings (Loss) and Distributions Per Share	Earnings (Loss) and Distributions Per Share The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share, when applicable, considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2020 or 2019 . Distributions per share are calculated based on the authorized monthly distribution rate. Prior to April 1, 2020, distributions were calculated based on the authorized daily distribution rate.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”) in November 2018. Subsequently, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-02 to provide additional guidance on the credit losses standard. ASU 2016-13 and the related updates are intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held-for-investment, held-to-maturity debt securities, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASU No. 2016-02, Leases ( Topic 842 ) (“ASC 842”) . ASU 2016-13 and ASU 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2016-13 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of ASU 2018-13 are to be applied retrospectively, and early adoption is permitted . The Company adopted ASU 2018-13 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes or another acceptable benchmark interest rate. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings, including one interest rate swap agreement entered into since the date of adoption of ASU 2018-16. The Company evaluated the effect of this new benchmark interest rate option, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. ASU 2018-17 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted ASU 2018-17 during the first quarter of fiscal year 2020 and has concluded there is no material impact on its condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842 addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from COVID-19 related impacts. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 related impacts and (2) result in the cash flows remaining substantially the same or less than the original contract and will account for these lease concessions as if no changes were made to the leases. During the three and nine months ended September 30, 2020 , th e Company provided lease concessions, either in the form of rental deferrals or abatements, to certain tenants in response to the impact of the COVID-19 pandemic on those tenants. As of September 30, 2020 , the Company had granted rent deferrals of $718,000 . The deferral of rental payments affects the timing, but not the amount, of the lease payments and resulted in an increase of $718,000 to the Company’s lease-related receivables balance as of September 30, 2020. Additionally, as of September 30, 2020, the Company had granted rental abatements of $55,000 . In addition, the Company entered into lease amendments during the three and nine months ended September 30, 2020 that provided for lease concessions, through rent abatements or rent deferrals, that represented substantive changes to the consideration in the original lease. These lease amendments extended the lease periods ranging from five months to 60 months. For these leases, the Company applied the lease modification accounting framework pursuant to ASC 842. As of September 30, 2020 , these lease amendments resulted in rent abatements of $302,000 and deferred rental income of $118,000 . As of November 5, 2020 , the Company has collected approximately 92% of rental payments billed to tenants during the three months ended September 30, 2020 .
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Real Estate Assets by Class	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2020 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (10,456 ) $ — $ (10,456 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2019 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 50 $ — $ 50 $ — Financial liabilities: Interest rate swaps $ (5,505 ) $ — $ (5,505 ) $ —
Impairment Charges by Asset	The following table presents the impairment charges by asset class recorded during the nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, 2020 2019 Asset class impaired: Land $ 16 $ 86 Buildings and improvements 36 195 Intangible lease assets — 221 Total impairment loss $ 52 $ 502

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	9 Months Ended
REAL ESTATE ASSETS (Tables)	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation for the 2019 Asset Acquisitions purchased during the nine months ended September 30, 2019 (in thousands): 2019 Asset Acquisitions Land $ 5,454 Buildings and improvements 14,037 Acquired in-place leases and other intangibles (1) 11,465 Intangible lease liability (2) (316 ) Total purchase price $ 30,640 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 19.8 years. (2) The weighted average amortization period for acquired in-place leases and other intangibles was 14.9 years. The following table summarizes the purchase price allocation for the 2020 Asset Acquisitions purchased during the nine months ended September 30, 2020 (in thousands): 2020 Asset Acquisitions Land $ 1,884 Buildings and improvements 7,098 Acquired in-place leases and other intangibles (1) 736 Total purchase price $ 9,718 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 14.8 years.

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	9 Months Ended
INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands, except weighted average life remaining): September 30, 2020 December 31, 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $27,323 and $23,013 respectively (with a weighted average life remaining of 11.1 years and 11.5 years, respectively) $ 57,176 $ 61,035 Acquired above-market leases, net of accumulated amortization of $3,361 and $2,973, respectively (with a weighted average life remaining of 10.5 years and 10.8 years, respectively) 4,526 4,914 Total intangible lease assets, net $ 61,702 $ 65,949 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $2,618 and $2,359, respectively (with a weighted average life remaining of 8.2 years and 8.7 years, respectively) $ 2,948 $ 3,275
Schedule of Amortization Related to the Intangible Lease Assets and Liabilities	The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 In-place lease and other intangible amortization $ 1,534 $ 1,542 $ 4,548 $ 4,574 Above-market lease amortization $ 127 $ 139 $ 388 $ 429 Below-market lease amortization $ 107 $ 124 $ 326 $ 422
Schedule of Estimated Amortization Related to the Intangible Lease Assets and Liabilities	The following table summarizes the estimated amortization relating to the intangible lease assets and liabilities subsequent to September 30, 2020 (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2020 $ 1,494 $ 127 $ 106 2021 5,946 499 414 2022 5,762 488 333 2023 5,460 478 321 2024 5,048 388 287 Thereafter 33,466 2,546 1,487 Total $ 57,176 $ 4,526 $ 2,948

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s interest rate swap agreements designated as hedging instruments as of September 30, 2020 and December 31, 2019 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of September 30, 2020 September 30, 2020 December 31, 2019 Interest Rate Swaps (2) Derivative liabilities, deferred rental income and other liabilities $ 241,100 3.49% to 4.50% 1/15/2016 to 4/25/2019 2/1/2021 to 3/27/2023 $ (10,456 ) $ (5,505 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2020 . (2) As of December 31, 2019, one of the interest rate swaps with an aggregate outstanding notional amount of $21.1 million was in an asset position with an aggregate fair value of $50,000 and is included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheets.

CREDIT FACILITY AND NOTES PAY_2

CREDIT FACILITY AND NOTES PAYABLE (Tables)	9 Months Ended
CREDIT FACILITY AND NOTES PAYABLE (Tables)	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of September 30, 2020 and December 31, 2019 , and the debt activity for the nine months ended September 30, 2020 (in thousands): During the Nine Months Ended September 30, 2020 Balance as of December 31, 2019 Debt Issuance, Net (1) Repayments and Modifications Accretion Balance as of Credit facility $ 251,500 $ 32,500 $ (7,000 ) $ — $ 277,000 Fixed rate debt 92,600 — (288 ) — 92,312 Total debt 344,100 32,500 (7,288 ) — 369,312 Deferred costs – credit facility (2) (1,302 ) — — 305 (997 ) Deferred costs – fixed rate debt (287 ) — — 116 (171 ) Total debt, net $ 342,511 $ 32,500 $ (7,288 ) $ 421 $ 368,144 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs related to the term portion of the Credit Facility, as defined below.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2020 (in thousands): Principal Repayments Remainder of 2020 $ 100 2021 68,009 2022 57,428 2023 220,448 2024 23,327 Thereafter — Total $ 369,312

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	9 Months Ended
SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	Sep. 30, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures for the nine months ended September 30, 2020 and 2019 are as follows (in thousands): Nine Months Ended September 30, 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Common stock issued through distribution reinvestment plan $ 3,365 $ 7,388 Distributions declared and unpaid $ 1,309 $ 1,613 Change in accrued distribution and stockholder servicing fees $ (5 ) $ (1 ) Accrued capital expenditures $ 10 $ — Change in fair value of interest rate swaps $ (5,001 ) $ (6,531 ) Supplemental Cash Flow Disclosures: Interest paid $ 10,607 $ 10,443 Cash paid for taxes $ 141 $ 154

RELATED-PARTY TRANSACTIONS AN_2

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)	9 Months Ended
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Management and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Selling commissions $ — $ — $ — $ 47 Dealer manager fees $ — $ — $ — $ 27 Other organization and offering expenses $ — $ — $ — $ 114 Distribution and stockholder servicing fees (1) $ 87 $ 91 $ 263 $ 281 Acquisition fees and expenses $ — $ 128 $ 235 $ 742 Disposition fees $ — $ 44 $ — $ 326 Advisory fees and expenses $ 1,643 $ 1,555 $ 4,911 $ 4,635 Operating expenses $ 392 $ 247 $ 1,179 $ 966 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCO Capital of $601,000 and $962,000 as of September 30, 2020 and 2019 , respectively, which is included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2020
Leases [Abstract]
Schedule of Future Minimum Rental Income for Operating Leases - ASC 842	As of September 30, 2020 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2020 $ 13,661 2021 47,121 2022 45,919 2023 44,527 2024 41,931 Thereafter 295,923 Total $ 489,082
Schedule of Rental and Other Property Income	Rental and other property income during the three and nine months ended September 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed rental and other property income (1) $ 11,708 $ 12,045 $ 34,916 $ 36,036 Variable rental and other property income (2) 1,603 1,743 4,914 5,087 Total rental and other property income $ 13,311 $ 13,788 $ 39,830 $ 41,123 ______________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.

ORGANIZATION AND BUSINESS (Real

ORGANIZATION AND BUSINESS (Real Estate) (Details) ft² in Millions	Sep. 30, 2020ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned properties \| property	150
Rentable square feet (sqft) \| ft²	3.4
Number of states in which entity owns properties \| state	34
Percentage of rentable space leased	98.10%

ORGANIZATION AND BUSINESS (Shar

ORGANIZATION AND BUSINESS (Shares Offering) (Details) - USD ($)

Apr. 30, 2019

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2020

Aug. 14, 2020

Mar. 28, 2019

Aug. 01, 2017

Mar. 17, 2014

Class of Stock [Line Items]

Common stock, shares authorized

$ 1,200,000,000

$ 2,975,000,000

Issuance of common stock

$ 572,000

$ 869,000

$ 1,924,000

$ 2,030,000

$ 2,427,000

$ 4,253,000

Class A Shares

Class of Stock [Line Items]

Common stock, shares authorized

660,000,000

Net asset value per share (USD per share)

$ 18.96

Class T Shares

Class of Stock [Line Items]

Common stock, shares authorized

540,000,000

IPO

Class of Stock [Line Items]

Common stock, shares authorized

2,500,000,000

DRIP

Class of Stock [Line Items]

Common stock, shares authorized

$ 68,740,000

$ 300,000,000

$ 475,000,000

DRIP | Class A Shares

Class of Stock [Line Items]

Issuance of common stock

$ 17,400,000

Net asset value per share (USD per share)

$ 18.96

Share price (USD per share)

$ 18.96

DRIP | Class T Shares

Class of Stock [Line Items]

Issuance of common stock

2,000,000

Share price (USD per share)

$ 18.96

DRIP | Class A and Class T Shares

Class of Stock [Line Items]

Issuance of common stock

19,400,000

Follow-on Offering | Class A and Class T Shares

Class of Stock [Line Items]

Issuance of common stock

73,300,000

Shares deregistered

1,400,000,000

Follow-on Offering, Sold to Public | Class A Shares

Class of Stock [Line Items]

Issuance of common stock

32,900,000

Follow-on Offering, Sold to Public | Class T Shares

Class of Stock [Line Items]

Issuance of common stock

21,000,000

Follow-on Offering, Sold to Public | Class A and Class T Shares

Class of Stock [Line Items]

Issuance of common stock

$ 53,900,000

Cole Operating Partnership V, LP

Class of Stock [Line Items]

General partner partnership interest (percent)

100.00%

ORGANIZATION AND BUSINESS (Pend

ORGANIZATION AND BUSINESS (Pending Merger with CMFT) (Details) - CMFT - USD ($)	Sep. 30, 2020	Aug. 30, 2020
Class of Stock [Line Items]
Termination period		12 months
Percent of equity or assets acquired		50.00%
Percent of company equity		50.00%
Termination fees	$ 0	$ 9,850,000
Reimbursement for CMFT expenses (Up to)		$ 1,790,000
Common Stock
Class of Stock [Line Items]
Common stock, shares issued (shares)		2.892
Common stock, par value (USD per share)		$ 0.01

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Write-offs for uncollectable lease-related receivables	$ 1,197	$ (15)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details)	9 Months Ended
	Sep. 30, 2020
Buildings
Real Estate
Useful life	40 years
Site improvements
Real Estate
Useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Recoverability of Real Estate Assets) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property
Accounting Policies [Abstract]
Impairment of real estate \| $	$ 0	$ 502	$ 52	$ 502
Number of real estate properties impaired \| property			1	1

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Assets Held for Sale) (Details)	Sep. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of owned properties	150
Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of owned properties	1
Real estate held-for-sale \| $	$ 1,100,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Disposition of Real Estate Assets) (Details) - property	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Number of properties sold	0	7

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Restricted Cash and Cash Equivalents
Restricted cash	$ 392	$ 456	$ 435
Escrowed Investor Proceeds
Restricted Cash and Cash Equivalents
Restricted cash	$ 392	354
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents
Restricted cash		$ 102

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other) (Details) $ in Thousands	Nov. 05, 2020	Sep. 30, 2020USD ($)class_of_stock	Sep. 30, 2020USD ($)class_of_stockshares	Sep. 30, 2019shares	Sep. 30, 2020USD ($)class_of_stockshares	Sep. 30, 2019shares
Unusual or Infrequent Item, or Both [Line Items]
Write off outstanding receivables			$ 483		$ 1,400
Number of classes of common stock \| class_of_stock		2	2		2
Potentially dilutive share equivalents (shares) \| shares			0	0	0	0
Rent deferral request granted		$ 718	$ 718		$ 718
Financing receivable, allowance for credit loss, period increase (decrease)		718
Additional granted rental abatements		55	55		55
Granted rent abatements		302	302		302
Rent deferral due to lease term adjustment		$ 118	$ 118		$ 118
Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Percent of rental payments collected	92.00%
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Amendment extended lease term			5 months		24 months
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Amendment extended lease term			60 months		36 months
Tenant Reimbursements
Unusual or Infrequent Item, or Both [Line Items]
Write off outstanding receivables			$ 88		$ 195

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired \| property			1	1
Impairment of real estate	$ 0	$ 502	$ 52	$ 502
Estimate of fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate property	876	1,100	876	1,100
Estimate of fair value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	368,600		368,600		$ 343,400
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	369,300		369,300		$ 344,100
Real estate property	$ 928	$ 1,600	$ 928	$ 1,600
Retail Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired \| property			1	1

FAIR VALUE MEASUREMENTS (Financ

FAIR VALUE MEASUREMENTS (Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair value, measurements, recurring - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap		$ 50
Financial liabilities: Interest rate swaps	$ (10,456)	(5,505)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap		0
Financial liabilities: Interest rate swaps	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap		50
Financial liabilities: Interest rate swaps	(10,456)	(5,505)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap		0
Financial liabilities: Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Impair

FAIR VALUE MEASUREMENTS (Impairment Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate	$ 0	$ 502	$ 52	$ 502
Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate			16	86
Buildings and improvements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate			36	195
Intangible lease assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate			$ 0	$ 221

REAL ESTATE ASSETS (Narrative)

REAL ESTATE ASSETS (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
REAL ESTATE ASSETS (Narrative) (Details) $ in Thousands	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Total purchase price	$ 692,170		$ 692,170		$ 683,535
Transaction-related	(15)	$ 7	$ 78	$ 8
Number of real estate properties impaired \| property			1	1
Impairment of real estate	0	502	$ 52	$ 502
Net proceeds from disposition of real estate assets			0	38,109
Gain on disposition of real estate, net	0	150	$ 0	$ 685
2020 Asset Acquisitions
Real Estate [Line Items]
Number of properties acquired \| property			2
Total purchase price	9,718		$ 9,718
Transaction-related			$ 308
2019 Asset Acquisitions
Real Estate [Line Items]
Number of properties acquired \| property				14
Total purchase price		30,640		$ 30,640
Transaction-related				$ 941
Retail Properties
Real Estate [Line Items]
Number of real estate properties impaired \| property			1	1
Carrying value
Real Estate [Line Items]
Real estate property	928	1,600	$ 928	$ 1,600
Estimate of fair value
Real Estate [Line Items]
Real estate property	876	1,100	876	1,100
Fair value of impaired properties	$ 876	$ 1,100	$ 876	1,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Property Disposition 2019
Real Estate [Line Items]
Gross sales price				39,200
Net proceeds from disposition of real estate assets				38,100
Gain on disposition of real estate, net				$ 685
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Retail Properties
Real Estate [Line Items]
Number of properties disposed \| property			0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Retail Properties \| Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed \| property				6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Anchored Shopping Center \| Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed \| property				1

REAL ESTATE ASSETS (Property Ac

REAL ESTATE ASSETS (Property Acquisitions - Schedule of Acquisition) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate [Line Items]
Land	$ 155,544		$ 153,934
Buildings and improvements	444,240		437,666
Acquired in-place leases and other intangibles	92,386		91,935
Total real estate assets, at cost	692,170		$ 683,535
2020 Asset Acquisitions
Real Estate [Line Items]
Land	1,884
Buildings and improvements	7,098
Acquired in-place leases and other intangibles	736
Total real estate assets, at cost	$ 9,718
2020 Asset Acquisitions \| Acquired in-place leases and other intangibles
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	14 years 9 months 18 days
2019 Asset Acquisitions
Real Estate [Line Items]
Land		$ 5,454
Buildings and improvements		14,037
Acquired in-place leases and other intangibles		11,465
Intangible lease liability		(316)
Total real estate assets, at cost		$ 30,640
2019 Asset Acquisitions \| Acquired in-place leases and other intangibles
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		19 years 9 months 18 days
2019 Asset Acquisitions \| Intangible lease liability
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		14 years 10 months 24 days

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES (Components) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 61,702	$ 65,949
Below market leases net of amortization	2,948	3,275
Below market lease, accumulated amortization	$ 2,618	$ 2,359
Below market lease, weighted average useful life	8 years 2 months 12 days	8 years 8 months 12 days
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 57,176	$ 61,035
Accumulated amortization	$ 27,323	$ 23,013
Useful life	11 years 1 month 6 days	11 years 6 months
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 4,526	$ 4,914
Accumulated amortization	$ 3,361	$ 2,973
Useful life	10 years 6 months	10 years 9 months 18 days

INTANGIBLE LEASE ASSETS AND L_4

INTANGIBLE LEASE ASSETS AND LIABILITIES (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Below-market lease amortization	$ 107	$ 124	$ 326	$ 422
In-place lease and other intangible amortization
Finite-Lived Intangible Assets [Line Items]
Amortization	1,534	1,542	4,548	4,574
Above-market lease amortization
Finite-Lived Intangible Assets [Line Items]
Amortization	$ 127	$ 139	$ 388	$ 429

INTANGIBLE LEASE ASSETS AND L_5

INTANGIBLE LEASE ASSETS AND LIABILITIES (Estimated Amortization of Intangible Lease Assets) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Below-Market Leases
Remainder of 2020	$ 106
2021	414
2022	333
2023	321
2024	287
Thereafter	1,487
Total	2,948
In-Place Leases and Other Intangibles
In-Place Leases and Other Intangibles and Above-Market Leases
Remainder of 2020	1,494
2021	5,946
2022	5,762
2023	5,460
2024	5,048
2025	33,466
Total	57,176
Above-Market Leases
In-Place Leases and Other Intangibles and Above-Market Leases
Remainder of 2020	127
2021	499
2022	488
2023	478
2024	388
2025	2,546
Total	$ 4,526

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held (derivative) \| derivative	3		3
Amount of (loss) gain reclassified from other comprehensive income (loss)as interest expense	$ (1,379)	$ (97)	$ (2,978)	$ 269
Interest rate cash flow hedge loss to be reclassified during next twelve months	5,300		5,300
Interest rate swaps
Derivatives, Fair Value [Line Items]
Unrealized loss on interest rate swaps	10,500		10,500		$ 5,500
Designated as Hedging Instrument \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Aggregate termination value	$ 10,500		$ 10,500

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments) (Details)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)derivative
Derivatives, Fair Value [Line Items]
Number of instruments held \| derivative		1
Designated as Hedging Instrument \| Interest rate swaps \| Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 241,100,000
Fair Value of Liabilities	$ (10,456,000)	$ (5,505,000)
Designated as Hedging Instrument \| Interest rate swaps \| Prepaid expenses, derivative assets and other assets
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		21,100,000
Fair Value of Assets		$ 50,000
Designated as Hedging Instrument \| Minimum \| Interest rate swaps \| Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rate	3.49%
Designated as Hedging Instrument \| Maximum \| Interest rate swaps \| Derivative liabilities, deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rate	4.50%

CREDIT FACILITY AND NOTES PAY_3

CREDIT FACILITY AND NOTES PAYABLE (Notes Payable) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 368,144	$ 342,511
Weighted average years to maturity	2 years 1 month 6 days
Weighted average interest rate	3.80%
Long-term debt, gross	$ 369,312	344,100
Debt due within next 12 month	68,009
Fixed rate debt
Debt Instrument [Line Items]
Long-term debt, gross	92,312	$ 92,600
Debt due within next 12 month	67,600
Debt instrument, collateral amount	$ 157,200
Minimum \| Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate	3.50%
Maximum \| Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate	4.50%
Interest rate swaps \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 21,100

CREDIT FACILITY AND NOTES PAY_4

CREDIT FACILITY AND NOTES PAYABLE (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt [Roll Forward]
Long-term debt, gross beginning balance	$ 344,100
Debt, net beginning balance	342,511
Debt Issuance, Amount	32,500	$ 39,200
Debt Issuance, Net	32,500
Repayments and Modifications	(7,288)
Accretion	421
Long-term debt, gross ending balance	369,312
Debt, net ending balance	368,144
Credit facility
Debt [Roll Forward]
Long-term debt, gross beginning balance	251,500
Deferred costs, beginning balance	(1,302)
Debt Issuance, Amount	32,500
Repayments and Modifications	(7,000)
Accretion	305
Long-term debt, gross ending balance	277,000
Deferred costs, ending balance	(997)
Fixed rate debt
Debt [Roll Forward]
Long-term debt, gross beginning balance	92,600
Deferred costs, beginning balance	(287)
Debt Issuance, Amount	0
Repayments and Modifications	(288)
Accretion	116
Long-term debt, gross ending balance	92,312
Deferred costs, ending balance	$ (171)

CREDIT FACILITY AND NOTES PAY_5

CREDIT FACILITY AND NOTES PAYABLE (Credit Facility) (Details)	9 Months Ended
	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Long-term line of credit	$ 368,144,000	$ 342,511,000
Weighted average interest rate	3.80%
Long-term debt, gross	$ 369,312,000	344,100,000
Credit facility
Debt Instrument [Line Items]
Long-term debt, gross	277,000,000	$ 251,500,000
Credit facility \| JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Weighted average interest rate	3.70%
Long-term debt, gross	$ 277,000,000
Unused borrowing capacity, amount	73,000,000
Line of credit facility, remaining borrowing capacity	1,500,000
Line of credit facility, covenant, minimum consolidated net worth (not less than)	$ 225,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Debt instrument, covenant, fixed charge coverage ratio (greater than)	1.50
Credit facility \| JPMorgan Chase Bank, N.A \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Credit facility \| JPMorgan Chase Bank, N.A \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Credit facility \| JPMorgan Chase Bank, N.A \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate	0.30%
Line of credit facility, covenant, unsecured debt service coverage ratio (greater than)	1.75
Credit facility \| JPMorgan Chase Bank, N.A \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Credit facility \| JPMorgan Chase Bank, N.A \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate	0.70%
Line of credit facility, covenant, leverage ratio (less than)	60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio (less than)	60.00%
Line of credit facility, covenant, secured debt ratio (less than)	40.00%
Line of credit facility, covenant, recourse debt coverage ratio (not greater than)	15.00%
Credit facility \| JPMorgan Chase Bank, N.A \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.70%
Credit facility \| Term Loan \| JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 220,000,000
Credit facility \| Term Loan \| JPMorgan Chase Bank, N.A \| Interest rate swaps
Debt Instrument [Line Items]
Long-term line of credit	$ 220,000,000
Weighted average interest rate	4.20%
Credit facility \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 130,000,000
Long-term line of credit	$ 57,000,000
Weighted average interest rate	1.90%

CREDIT FACILITY AND NOTES PAY_6

CREDIT FACILITY AND NOTES PAYABLE (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Principal Repayments
Remainder of 2020	$ 100
2021	68,009
2022	57,428
2023	220,448
2024	23,327
Thereafter	0
Total	$ 369,312	$ 344,100

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Common stock issued through distribution reinvestment plan	$ 3,365	$ 7,388
Distributions declared and unpaid	1,309	1,613
Change in accrued distribution and stockholder servicing fees	(5)	(1)
Accrued capital expenditures	10	0
Change in fair value of interest rate swaps	(5,001)	(6,531)
Supplemental Cash Flow Disclosures:
Interest paid	10,607	10,443
Cash paid for taxes	$ 141	$ 154

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - CMFT - USD ($)	Sep. 30, 2020	Aug. 30, 2020
Long-term Purchase Commitment [Line Items]
Termination fees	$ 0	$ 9,850,000
Reimbursement for CMFT expenses (Up to)		$ 1,790,000
Termination period		12 months
Percent of equity or assets acquired		50.00%
Percent of company equity		50.00%

RELATED-PARTY TRANSACTIONS AN_3

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Selling Commissions and Dealer Manager Fees) (Details) - Dealer manager	Sep. 30, 2020
Selling commissions
Related Party Transaction [Line Items]
Expenses reallowed (percentage)	100.00%
Selling commissions \| Class A Common Stock
Related Party Transaction [Line Items]
Organization and offering expense (percent)	7.00%
Selling commissions \| Class T Common Stock
Related Party Transaction [Line Items]
Organization and offering expense (percent)	3.00%
Dealer manager fees
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%

RELATED-PARTY TRANSACTIONS AN_4

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Other Organization and Offering Expenses) (Details)	Sep. 30, 2020
Advisor \| Other organization and offering expenses
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%

RELATED-PARTY TRANSACTIONS AN_5

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Distribution and Stockholder Servicing Fees) (Details) - Advisors	Oct. 05, 2016	Oct. 04, 2016	Sep. 30, 2020
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.00274%	0.00219%
Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of Total Gross Investment			4.00%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering (percent)			10.00%

RELATED-PARTY TRANSACTIONS AN_6

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Acquisition Fees and Expenses) (Details) - Maximum - Advisors	Sep. 30, 2020
Acquisition Fee
Related Party Transaction [Line Items]
Acquisition and advisory fee	2.00%
Acquisition Related Expenses
Related Party Transaction [Line Items]
Related party, reimbursement fixed annual percentage of the contract purchase price	0.50%
Related party, reimbursement fixed annual percentage of loan advanced or other investment (percent)	0.50%
Acquisition fees and expenses
Related Party Transaction [Line Items]
Acquisition and advisory fee	6.00%

RELATED-PARTY TRANSACTIONS AN_7

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Advisory Fees and Expenses) (Details) - USD ($) shares in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020
Related Party Transaction [Line Items]
Equity-based payment to advisor	$ 144,000	$ 425,000	$ 428,000	$ 426,000	$ 280,000
Class A Common Stock
Related Party Transaction [Line Items]
Equity-based payment to advisor (shares)	8					52
Equity-based payment to advisor	$ 144,000					$ 997,000
Approved fee, percentage						33.33%
Advisors \| Average invested assets between $0 to $2 billion \| Minimum
Related Party Transaction [Line Items]
Average invested assets	0					$ 0
Advisors \| Average invested assets between $0 to $2 billion \| Maximum
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000					2,000,000,000
Advisors \| Average invested assets between $2 billion to $4 billion \| Minimum
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000					2,000,000,000
Advisors \| Average invested assets between $2 billion to $4 billion \| Maximum
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000					4,000,000,000
Advisors \| Average invested assets over $4 billion \| Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000					$ 4,000,000,000
Advisors \| Advisory Fee \| Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.75%					0.75%
Advisors \| Advisory Fee \| Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.70%					0.70%
Advisors \| Advisory Fee \| Average invested assets over $4 billion
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.65%					0.65%

RELATED-PARTY TRANSACTIONS AN_8

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Operating Expenses) (Details) - Operating expenses - Advisors	Sep. 30, 2020
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%

RELATED-PARTY TRANSACTIONS AN_9

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Disposition Fees) (Details) - Advisors	Sep. 30, 2020
Brokerage Commission Fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent (up to)	50.00%
Disposition fee for sale of real estate
Related Party Transaction [Line Items]
Acquisition and advisory fee	1.00%
Property Portfolio
Related Party Transaction [Line Items]
Acquisition and advisory fee	6.00%
Property Sales Commission
Related Party Transaction [Line Items]
Acquisition and advisory fee	1.00%

RELATED-PARTY TRANSACTIONS A_10

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Subordinated Performance Fees) (Details) - Advisors - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	6.00%		6.00%
Subordinate Performance Fees for Listing
Related Party Transaction [Line Items]
Expense from transaction, percent	15.00%		15.00%
Subordinate Performance Fee in Event of Liquidation
Related Party Transaction [Line Items]
Expense from transaction, percent	15.00%		15.00%
Subordinated Performance Fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0

RELATED-PARTY TRANSACTIONS A_11

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 1,624		$ 1,624		$ 1,782
Selling commissions \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 0	0	$ 47
Dealer manager fees \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0	27
Other organization and offering expenses \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0	114
Distribution and stockholder servicing fees \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	87	91	263	281
Due to affiliates	601	962	601	962
Acquisition fees and expenses \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	128	235	742
Disposition fees \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	44	0	326
Advisory fees and expenses \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,643	1,555	4,911	4,635
Operating expenses \| Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 392	$ 247	$ 1,179	$ 966

RELATED-PARTY TRANSACTIONS A_12

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Due to Affiliates) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Due to affiliates	$ 1,624	$ 1,782

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 10, 2018
Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)		3,600
Vesting period of service		1 year
CCPT V 2018 Equity Incentive Plan \| Restricted Stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense			$ 20	$ 20	$ 59	$ 59
CCPT V 2018 Equity Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period to each independent member of board of directors (shares)		2,500
Grants in period to members of the board of directors (shares)		7,600
Common Stock \| CCPT V 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)							400,000
Shares available for grant (shares)		392,000	392,000		392,000
Subsequent Event \| CCPT V 2018 Equity Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	4,000

LEASES (Future Minimum Rental i

LEASES (Future Minimum Rental income) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	9 years 10 months 2 days
Future Minimum Rental Income
Remainder of 2020	$ 13,661
2021	47,121
2022	45,919
2023	44,527
2024	41,931
Thereafter	295,923
Total	$ 489,082

LEASES (Rental Income) (Details

LEASES (Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES (Rental Income) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Fixed rental and other property income	$ 11,708	$ 12,045	$ 34,916	$ 36,036
Variable rental and other property income	1,603	1,743	4,914	5,087
Total rental and other property income	$ 13,311	$ 13,788	$ 39,830	$ 41,123

SUBSEQUENT EVENTS Property Disp

SUBSEQUENT EVENTS Property Disposition (Details)	Oct. 29, 2020USD ($)shares	Oct. 28, 2020USD ($)shares	Sep. 30, 2020USD ($)	Aug. 30, 2020USD ($)shares	Nov. 12, 2020USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Subsequent Event [Line Items]
Net proceeds from disposition of real estate assets						$ 0	$ 38,109,000
Subsequent Event
Subsequent Event [Line Items]
Number of properties disposed \| property					2
Gross sales price					$ 2,300,000
Net proceeds from disposition of real estate assets					2,200,000
Gain (loss) on sale of properties					$ 203,000
CMFT
Subsequent Event [Line Items]
Termination fees			$ 0	$ 9,850,000
Reimbursement for CMFT expenses (Up to)				$ 1,790,000
CMFT \| Subsequent Event
Subsequent Event [Line Items]
Termination fees	$ 9,850,000	$ 9,170,000
Reimbursement for CMFT expenses (Up to)	$ 1,790,000	$ 1,670,000
Common Stock \| CMFT
Subsequent Event [Line Items]
Common stock, shares issued (shares) \| shares				2.892
Common Stock \| CMFT \| Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued (shares) \| shares	2.892	2.691