ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Document Information [Line Items]
Entity Registrant Name	BLACK CREEK INDUSTRIAL REIT IV INC.
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		127,092,473
Class W Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,338,782
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,879,694

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 1,184,924	$ 878,721
Investment in unconsolidated joint venture partnerships	301,282	0
Cash and cash equivalents	180,683	51,178
Straight-line and tenant receivables	9,130	4,590
Due from affiliates	70	153
Acquisition deposits	1,600	500
Other assets	5,668	3,631
Total assets	1,683,357	938,773
Liabilities
Accounts payable and accrued liabilities	13,867	5,258
Debt, net	461,374	460,211
Due to affiliates	26,517	30,538
Distributions payable	5,862	2,241
Distribution fees payable to affiliates	42,624	16,467
Other liabilities	29,110	16,855
Total liabilities	579,354	531,570
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	3,634	724
Stockholders’ equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,207,354	451,526
Accumulated deficit	(97,517)	(47,730)
Accumulated other comprehensive (loss) income	(10,880)	2,190
Total stockholders’ equity	1,100,243	406,478
Noncontrolling interests	126	1
Total equity	1,100,369	406,479
Total liabilities and equity	1,683,357	938,773
Class T Shares
Stockholders’ equity:
Common stock, value	1,196	452
Class W Shares
Stockholders’ equity:
Common stock, value	63	27
Class I Shares
Stockholders’ equity:
Common stock, value	$ 27	$ 13

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class T Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000	1,200,000
Common stock, shares issued	119,632	45,240
Common stock, shares outstanding	119,632	45,240
Class W Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	75,000	75,000
Common stock, shares issued	6,326	2,736
Common stock, shares outstanding	6,326	2,736
Class I Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	225,000	225,000
Common stock, shares issued	2,672	1,299
Common stock, shares outstanding	2,672	1,299

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenues	$ 21,313	$ 12,548	$ 56,435	$ 25,512
Total revenues	21,313	12,548	56,435	25,512
Operating expenses:
Rental expenses	5,059	3,142	13,430	6,113
Real estate-related depreciation and amortization	13,231	6,966	33,679	13,981
General and administrative expenses	1,035	574	2,987	1,817
Advisory fees, related party	5,496	2,151	12,652	4,886
Acquisition costs and reimbursements	750	793	2,362	2,367
Other expense reimbursements, related party	730	482	2,223	1,445
Total operating expenses	26,301	14,108	67,333	30,609
Other (income) expenses:
Equity in loss from unconsolidated joint venture partnerships	629	0	629	0
Interest expense and other	3,013	2,776	8,710	5,131
Total expenses before expense support	29,943	16,884	76,672	35,740
Total (reimbursement to) expense support from the Advisor, net	(4,438)	658	5,884	(502)
Net expenses after reimbursement and expense support	(34,381)	(16,226)	(70,788)	(36,242)
Net loss	(13,068)	(3,678)	(14,353)	(10,730)
Net loss attributable to redeemable noncontrolling interest	38	6	42	24
Net income attributable to noncontrolling interests	(1)	0	(1)	0
Net loss attributable to common stockholders	$ (13,031)	$ (3,672)	$ (14,312)	$ (10,706)
Weighted-average shares outstanding (in shares)	124,798	41,808	105,022	34,144
Net loss per common share - basic and diluted (usd per share)	$ (0.10)	$ (0.09)	$ (0.14)	$ (0.31)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - 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	$ (13,068)	$ (3,678)	$ (14,353)	$ (10,730)
Change from cash flow hedging derivatives	806	820	(13,132)	820
Comprehensive loss	(12,262)	(2,858)	(27,485)	(9,910)
Comprehensive loss attributable to redeemable noncontrolling interests	36	5	104	23
Comprehensive loss attributable to common stockholders	$ (12,226)	$ (2,853)	$ (27,381)	$ (9,887)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2018	$ 203	$ 180,125	$ (8,556)		$ 1	$ 171,773
Beginning balance, shares at Dec. 31, 2018	20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interest)			(10,706)			(10,706)
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest)				$ 820		820
Issuance of common stock, shares	24,382
Issuance of common stock	$ 243	254,081				254,324
Share-based compensation		413				413
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(14,271)				(14,271)
Trailing distribution fees		(10,531)	2,430			(8,101)
Redemptions of common stock, shares	(143)
Redemptions of common stock	$ (1)	(1,404)				(1,405)
Distributions to stockholders			(13,936)			(13,936)
Redemption value allocation adjustment to redeemable noncontrolling interest		(52)				(52)
Ending balance at Sep. 30, 2019	$ 445	408,361	(30,768)	820	1	378,859
Ending balance, shares at Sep. 30, 2019	44,504
Beginning balance at Jun. 30, 2019	$ 370	337,563	(22,389)		1	315,545
Beginning balance, shares at Jun. 30, 2019	36,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interest)			(3,672)			(3,672)
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest)				820		820
Issuance of common stock, shares	7,553
Issuance of common stock	$ 75	78,845				78,920
Share-based compensation		54				54
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,437)				(4,437)
Trailing distribution fees		(3,253)	992			(2,261)
Redemptions of common stock, shares	(42)
Redemptions of common stock		(396)				(396)
Distributions to stockholders			(5,699)			(5,699)
Redemption value allocation adjustment to redeemable noncontrolling interest		(15)				(15)
Ending balance at Sep. 30, 2019	$ 445	408,361	(30,768)	820	1	378,859
Ending balance, shares at Sep. 30, 2019	44,504
Beginning balance at Dec. 31, 2019	$ 492	451,526	(47,730)	2,190	1	406,479
Beginning balance, shares at Dec. 31, 2019	49,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interest)			(14,313)		1	(14,312)
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest)				(13,070)		(13,070)
Issuance of common stock, shares	79,682
Issuance of common stock	$ 797	831,861				832,658
Share-based compensation		1,260				1,260
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(40,273)				(40,273)
Trailing distribution fees		(33,559)	7,404			(26,155)
Redemptions of common stock, shares	(327)
Redemptions of common stock	$ (3)	(3,212)				(3,215)
Preferred interest in Subsidiary REITs					125	125
Distributions to stockholders			(42,878)		(1)	(42,879)
Redemption value allocation adjustment to redeemable noncontrolling interest		(249)				(249)
Ending balance at Sep. 30, 2020	$ 1,286	1,207,354	(97,517)	(10,880)	126	1,100,369
Ending balance, shares at Sep. 30, 2020	128,630
Beginning balance at Jun. 30, 2020	$ 1,185	1,110,874	(70,433)	(11,684)	1	1,029,943
Beginning balance, shares at Jun. 30, 2020	118,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interest)			(13,032)		1	(13,031)
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest)				804		804
Issuance of common stock, shares	10,379
Issuance of common stock	$ 103	108,059				108,162
Share-based compensation		284				284
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,826)				(5,826)
Trailing distribution fees		(4,178)	2,952			(1,226)
Redemptions of common stock, shares	(181)
Redemptions of common stock	$ (2)	(1,773)				(1,775)
Preferred interest in Subsidiary REITs					125	125
Distributions to stockholders			(17,004)		(1)	(17,005)
Redemption value allocation adjustment to redeemable noncontrolling interest		(86)				(86)
Ending balance at Sep. 30, 2020	$ 1,286	$ 1,207,354	$ (97,517)	$ (10,880)	$ 126	$ 1,100,369
Ending balance, shares at Sep. 30, 2020	128,630

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ 38	$ 42
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	$ 2	$ 62

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net loss	$ (14,353)	$ (10,730)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	33,679	13,981
Equity in loss from unconsolidated joint venture partnerships	629	0
Straight-line rent and amortization of above- and below-market leases	(6,362)	(2,898)
Other	1,999	1,091
Changes in operating assets and liabilities:
Tenant receivables and other assets	372	(1,335)
Accounts payable and accrued liabilities	1,166	3,891
Due from / to affiliates, net	1,884	4,600
Net cash provided by operating activities	19,014	8,600
Investing activities:
Real estate acquisitions	(326,916)	(428,937)
Acquisition deposits	(1,600)	(500)
Capital expenditures	(4,883)	(1,269)
Investment in unconsolidated joint venture partnerships	(301,839)	0
Net cash used in investing activities	(635,238)	(430,706)
Financing activities:
Proceeds from line of credit	0	301,000
Repayments of line of credit	(107,000)	(277,000)
Proceeds from term loan	107,500	200,000
Debt issuance costs paid	(2,780)	(1,672)
Proceeds from issuance of common stock	778,685	238,059
Offering costs paid in connection with issuance of common stock	(7,619)	0
Distributions paid to common stockholders and to redeemable noncontrolling interest holders	(13,040)	(4,258)
Distribution fees paid to affiliates	(6,802)	(2,255)
Redemptions of common stock	(3,215)	(1,405)
Net cash provided by financing activities	745,729	452,469
Net increase in cash, cash equivalents and restricted cash	129,505	30,363
Cash, cash equivalents and restricted cash, at beginning of period	51,178	19,021
Cash, cash equivalents and restricted cash, at end of period	$ 180,683	$ 49,384

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” and “BCI IV” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019, filed with the SEC on March 5, 2020 (“2019 Form 10‑K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Issued Accounting Standards I Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑03, “Codification Improvements to Financial Instruments” (“ASU 2020‑03”), which updates various codification topics related to financial instruments by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020‑04, “Reference Rate Reform (Topic 848)” (“ASU 2020‑04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020‑04 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into after December 31, 2022. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under the new lease standard, which the Company adopted on January 1, 2019. The guidance did not have a material effect on the Company's condensed consolidated financial statements. However, its future impact to the Company is dependent upon the extent of lease concessions granted to customers as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. It is not possible at this time to accurately project the nature or extent of any such possible future concessions. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements” (“ASU 2020-10”), which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Investment in Unconsolidated Joint Venture Partnerships The Company analyzes its investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners not affiliated with the Company hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on its condensed consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in loss of unconsolidated joint venture partnerships on the condensed consolidated statements of operations. The outside basis portion of the Company’s unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, the Company evaluates whether the loss is other than temporary. If the Company concludes it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to the Company’s investment in unconsolidated joint venture partnerships for the nine months ended September 30, 2020. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships. Revenue Recognition The Company must make estimates as to collectability of its accounts receivable related to rental income and straight-line rent. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of COVID-19 on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of September 30, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the condensed consolidated financial statements. The allowance for doubtful accounts as of September 30, 2020 was approximately $6,000 and the Company had no allowance for doubtful accounts as of December 31, 2019.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS During the nine months ended September 30, 2020, the Company acquired 100% of the following properties, which were determined to be asset acquisitions: Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) Norcross Industrial Center 3/23/2020 1 $ 9,505 Port 146 Distribution Center 4/14/2020 1 9,571 Lima Distribution Center 4/15/2020 1 11,622 Valwood Crossroads 5/11/2020 2 69,999 Eaglepoint Logistics Center 5/26/2020 1 40,216 7A Distribution Center II 5/27/2020 1 23,218 Legacy Logistics Center 6/3/2020 1 39,718 Logistics Center at 33 6/4/2020 1 63,285 Intermodal Logistics Center 6/29/2020 1 28,628 Executive Airport II & III 9/3/2020 2 33,200 Total Acquisitions 12 $ 328,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisitions. During the nine months ended September 30, 2020, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: For the Nine Months Ended (in thousands) September 30, 2020 Land $ 83,452 Building and improvements 218,686 Intangible lease assets 29,342 Above-market lease assets 389 Below-market lease liabilities (2,907) Total purchase price (1) $ 328,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisitions. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with the Company’s acquisitions during the nine months ended September 30, 2020, as of the respective date of each acquisition, was 6.3 years.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of September 30, 2020 and December 31, 2019, the Company’s consolidated investment in real estate properties consisted of 57 and 45 industrial buildings, respectively. As of (in thousands) September 30, 2020 December 31, 2019 Land $ 345,072 $ 261,620 Building and improvements 788,010 564,669 Intangible lease assets 107,904 77,294 Construction in progress 3,940 1,126 Investment in real estate properties 1,244,926 904,709 Less accumulated depreciation and amortization (60,002) (25,988) Net investment in real estate properties $ 1,184,924 $ 878,721 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2020 and December 31, 2019 included the following: As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 106,008 $ (27,345) $ 78,663 $ 75,787 $ (11,734) $ 64,053 Above-market lease assets (1) 1,896 (576) 1,320 1,507 (211) 1,296 Below-market lease liabilities (2) (16,106) 5,051 (11,055) (13,199) 2,494 (10,705) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,630 $ 612 $ 4,170 $ 1,746 Above-market lease amortization (191) (70) (365) (114) Below-market lease amortization 1,000 604 2,557 1,266 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 6,980 $ 3,629 $ 18,039 $ 7,469 Intangible lease asset amortization 6,251 3,337 15,640 6,512

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, the Company acquired, from a subsidiary of Industrial Property Trust (“IPT”), interests in two joint venture partnerships with third party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. The Company reports its investments in the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”) under the equity method on its consolidated balance sheets as the Company has the ability to exercise significant influence in each partnership but does not have control of the entities. See “Note 10” for further discussion of the transaction. The following table summarizes the Company’s investment in the BTC Partnerships: As of Investment in Unconsolidated September 30, 2020 December 31, 2019 Joint Venture Partnerships as of Ownership Number of Ownership Number of September 30, December 31, ($ in thousands) Percentage Buildings (1) Pecentage Buildings (1) 2020 2019 BTC I Partnership % 42 % — $ 261,494 $ — BTC II Partnership % 25 % — 39,788 — Total BTC Partnerships 67 — $ 301,282 $ — (1) Represents acquired or completed buildings. As of September 30, 2020, the book value of the Company’s investment in the BTC Partnerships was $301.3 million, which includes $168.2 million of outside basis difference. The outside basis difference represents the difference between the purchase price paid by the Company for the minority ownership interests in the joint venture partnerships, which was based on fair value, and the book value of the Company’s share of the underlying net assets and liabilities of the joint venture partnerships. This difference is a result of the fair value of the real estate and noncurrent nonfinancial assets and promote receivable at acquisition. The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating Data: Total revenues $ 19,015 $ 16,506 $ 54,443 $ 44,434 Total operating expenses 14,226 11,519 38,794 31,772 Total other expenses (1) (3,207) (3,884) (9,593) (2,618) Net income 1,582 1,103 6,056 10,044 (1) Includes a gain of $5.6 million for the nine months ended September 30, 2019 related to the disposal of two industrial buildings. There were no dispositions during the three and nine months ended September 30, 2020 or for the three months ended September 30, 2019.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its term loan and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of September 30, December 31, September 30, December 31, ($ in thousands) 2020 2019 Maturity Date 2020 2019 Line of credit (1) 1.45 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.24 2.85 February 2024 415,000 307,500 Fixed-rate mortgage notes (3) 3.71 3.71 August 2024 - December 2027 49,250 49,250 Total principal amount / weighted-average (4) 2.39 % 3.04 % $ 464,250 $ 463,750 Less unamortized debt issuance costs $ (3,780) $ (4,602) Add mark-to-market adjustment on assumed debt, net 904 1,063 Total debt, net $ 461,374 $ 460,211 Gross book value of properties encumbered by debt $ 116,705 $ 117,049 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10%; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10%, each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of September 30, 2020, total commitments for the line of credit were $315.0 million and the unused and available portions under the line of credit were both $314.9 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05%; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05%, depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2020, total commitments for the term loan were $415.0 million, and there were no unused nor available amounts. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) Interest rates range from 3.59% to 3.75%. The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (4) The weighted-average remaining term of the Company’s consolidated debt was approximately 3.5 years as of September 30, 2020, excluding any extension options on the line of credit. As of September 30, 2020, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Notes Total Remainder of 2020 $ — $ — $ — $ — 2021 — — — — 2022 — — — — 2023 — — — — 2024 — 415,000 38,000 453,000 Thereafter — — 11,250 11,250 Total principal payments $ — $ 415,000 $ 49,250 $ 464,250 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR in derivatives and other financial contracts. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payment could change. In addition, uncertainty about the extent and manner of future changes may result in interest rate and/or payments that are higher or lower than if LIBOR were to remain available in the current form. As of September 30, 2020, the Company’s line of credit and term loan are the only consolidated indebtedness with maturities beyond 2021 that have exposure to LIBOR. The agreement governing the term loan provides procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. As of September 30, 2020, the Company has interest rate swaps in place to hedge LIBOR on $350.0 million of commitments under its term loan. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to seek to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants The Company’s line of credit, term loan and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all covenants as of September 30, 2020. Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. The gain or loss on the derivative instrument is presented in the same line item on the condensed consolidated statement of operations as the earnings effect of the hedged item. During the next 12 months, the Company estimates that approximately $3.5 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019. Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount Location Value As of September 30, 2020 Interest rate swaps 7 $ 350,000 Other liabilities $ (10,942) As of December 31, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 2,190 The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019. For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (59) $ 983 $ (14,385) $ 983 Amount reclassified from AOCI into interest expense 865 (163) 1,253 (163) Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 3,013 2,776 8,710 5,131

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	7. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition of its financial instruments. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of September 30, 2020 Liabilities Derivative instruments $ — $ (10,942) $ — $ (10,942) Total liabilities measured at fair value $ — $ (10,942) $ — $ (10,942) As of December 31, 2019 Assets Derivative instruments $ — $ 2,190 $ — $ 2,190 Total assets measured at fair value $ — $ 2,190 $ — $ 2,190 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, which the Company has concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “ Note 6 ” above for further discussion of the Company’s derivative instruments. Nonrecurring Fair Value of Financial Measurements As of September 30, 2020 and December 31, 2019, the fair values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of September 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Line of credit $ — $ — $ 107,000 $ 107,000 Term loan 415,000 409,469 307,500 307,500 Fixed rate mortgage notes 49,250 51,247 49,250 50,326 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Public Offerings On September 5, 2019, the Company’s initial public offering was terminated immediately upon effectiveness of the Company’s registration statement for its follow-on public offering of up to $2.0 billion of shares of its common stock, and the follow-on public offering commenced the same day. Under the follow-on public offering, the Company is offering up to $1.5 billion of shares of its common stock in the primary offering and up to $500.0 million of shares of its common stock pursuant to its distribution reinvestment plan, in any combination of Class T shares, Class W shares and Class I shares. The Company may reallocate amounts between the primary offering and distribution reinvestment plan. The Company’s follow-on public offering is a continuous offering that will end no later than September 5, 2021, unless extended in accordance with federal and state securities laws. Pursuant to its public offerings, the Company offered and continues to offer shares of its common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of the Company’s common stock most recently disclosed. The Company’s NAV per share is calculated as of the last calendar day of each month for each of its outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to the Company’s distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. The Company may update a previously disclosed transaction price in cases where the Company believes there has been a material change (positive or negative) to its NAV per share relative to the most recently disclosed monthly NAV per share. Summary of the Public Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of September 30, 2020, is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 1,232,304 $ 63,060 $ 23,478 $ 1,318,842 DRIP 28,901 1,408 750 31,059 Total offering $ 1,261,205 $ 64,468 $ 24,228 $ 1,349,901 Number of shares issued: Primary offering 117,185 6,274 2,356 125,815 DRIP 2,875 140 75 3,090 Stock grants — 6 3 9 Total offering 120,060 6,420 2,434 128,914 Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: Class T Class W Class I Total (in thousands) Shares Shares Shares Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 34,722 1,480 791 36,993 Issuance of common stock: Primary shares 6,315 713 257 7,285 DRIP 249 12 7 268 Redemptions (41) — (1) (42) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of June 30, 2020 110,468 5,566 2,398 118,432 Issuance of common stock: Primary shares 8,580 723 231 9,534 DRIP 757 42 18 817 Stock grants — — 28 28 Redemptions (173) (5) (3) (181) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 20,960 2,024 690 23,674 DRIP 599 20 13 632 Stock grants — — 76 76 Redemptions (73) — (70) (143) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 72,869 3,536 1,103 77,508 DRIP 1,798 103 44 1,945 Stock grants — — 229 229 Redemptions (275) (49) (3) (327) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: Amount Declared per Paid in Reinvested Distribution Gross (in thousands, except per share data) Common Share (1) Cash in Shares Fees (2) Distributions (3) 2020 September 30 $ 0.13625 $ 5,601 $ 8,451 $ 2,952 $ 17,004 June 30 0.13625 5,194 7,812 2,710 15,716 March 31 0.13625 3,339 5,077 1,742 10,158 Total $ 0.40875 $ 14,134 $ 21,340 $ 7,404 $ 42,878 2019 December 31 $ 0.13625 $ 2,058 $ 3,242 $ 1,105 $ 6,405 September 30 0.13625 1,841 2,866 992 5,699 June 30 0.13625 1,558 2,319 818 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.54500 $ 6,635 $ 10,171 $ 3,535 $ 20,341 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings. Redemptions The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 Number of eligible shares redeemed 327 142 Aggregate dollar amount of shares redeemed $ 3,215 $ 1,405 Average redemption price per share $ 9.83 $ 9.87

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	9. NONCONTROLLING INTERESTS During the nine months ended September 30, 2020, the Company acquired controlling interests in one subsidiary real estate investment trust (the “Subsidiary REIT”) that owns one building for a total purchase price of $22.4 million. The Company indirectly owns and controls the respective managing member of the Subsidiary REIT. Noncontrolling interests represent the portion of equity in the Subsidiary REIT that the Company does not own. Such noncontrolling interests are equity instruments presented in the condensed consolidated balance sheet as of September 30, 2020 as noncontrolling interests within permanent equity. The noncontrolling interests consist of redeemable preferred shares with a 12.5% annual preferred dividend. The Subsidiary REIT has 125 preferred shares issued and outstanding at a par value of $1,000 per share, for an aggregate amount of $125,000. The preferred shares are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective Subsidiary REIT at the discretion of the Company, through its ownership and control of the managing member, for $1,000 per share, plus accumulated and unpaid dividends. As of September 30, 2020, the Subsidiary REIT had preferred dividends payable in the amount of approximately $3,900, which were recorded in distributions payable on the Company’s condensed consolidated balance sheet.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by the Company for services provided by BCI IV Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2020 2019 2020 2019 September 30, 2020 December 31, 2019 Expensed: Advisory fee—fixed component $ 2,561 $ 1,367 $ 6,457 $ 2,948 $ 895 $ 593 Advisory fee—performance component 2,935 784 6,195 1,938 6,195 2,913 Acquisition expense reimbursements (1) 750 793 2,199 2,367 770 182 Other expense reimbursements (2) 730 482 2,223 1,445 367 473 Total $ 6,976 $ 3,426 $ 17,074 $ 8,698 $ 8,227 $ 4,161 Additional Paid-In Capital: Selling commissions $ 2,257 $ 1,695 $ 19,722 $ 5,301 $ — $ — Dealer manager fees 1,795 1,293 14,687 4,623 — — Offering costs (3) 1,774 1,449 5,864 4,347 19,185 21,269 Distribution fees—current 2,952 992 7,404 2,430 992 389 Distribution fees—trailing (4) 1,226 2,261 26,155 8,101 42,624 16,467 Total $ 10,004 $ 7,690 $ 73,832 $ 24,802 $ 62,801 $ 38,125 (1) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for such expenses. (2) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the advisory agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $0.6 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $2.0 million and $1.3 million for the nine months ended September 30, 2020 and 2019, respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) The Company is reimbursing the Advisor for all organization and offering costs incurred on its behalf as of December 31, 2019 ratably over 60 months. Since January 1, 2020, the Company either pays directly or reimburses the Advisor for offering costs as and when incurred. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares. Joint Venture Partnerships Interests Purchase On July 15, 2020, the Company acquired interests in two portfolios comprised of 64 acquired or completed buildings and 18 buildings under construction or in the pre-construction phase. As a result of the acquisition, the Company owns a 19.9% limited partner interest in the BTC I Partnership, a 0.1% general partner interest in the BTC I Partnership, a 7.9% limited partner interest in the BTC II Partnership, and a 0.1% general partner interest in the BTC II Partnership (collectively, the “Interests”). The purchase price for the Interests was $301.0 million in cash paid at closing, exclusive of due diligence expenses and other closing costs. The Company funded the acquisition of the Interests using proceeds from its public offering. The Company acquired the Interests from Industrial Property Operating Partnership LP (“IPT OP”), a subsidiary of IPT, which was a Maryland statutory trust that was advised by Industrial Property Advisors LLC (the “IPT Advisor”), an affiliate of the Company’s Advisor. IPT terminated its existence on July 28, 2020, following the sale of its interests in the BTC Partnerships. The Company and IPT also had certain common officers. Certain former officers of IPT and certain former trustees of the IPT board of trustees (the “IPT Board”) are also stockholders of the Company. Prior to the termination of IPT, the Company and IPT were also sponsored by affiliates of Black Creek Group, LLC, and such sponsors held partnership units in the operating partnerships of the Company and IPT, respectively, and certain former trustees of IPT were also members of the Company’s board of directors. The IPT Board and the Company’s board of directors each established a special committee of independent trustees or directors, as applicable, to review and approve the agreements between the Company and IPT OP and the transactions contemplated thereby, including the sale of the Interests. The members of the IPT special committee did not overlap with members of the Company’s special committee, and none of the members of the Company’s special committee were trustees of IPT. All of the members of the Company’s special committee were disinterested in the transactions, including the sale of the Interests. Each of the special committees engaged legal counsel and an independent financial advisor to assist the special committees in their evaluation and negotiation of the transactions. CBRE Capital Advisors, Inc., the independent financial advisor to the IPT special committee, delivered a fairness opinion to the IPT special committee. Duff & Phelps, the independent financial advisor to the Company special committee, delivered a fairness opinion to the Company special committee. The agreements between the Company and IPT OP and the transactions contemplated thereby, including the sale of the Interests, were approved by the special committees of each of the Company and IPT. BTC I Services Agreement and Incentive Distributions Sharing Pursuant to the Fourth Amended and Restated Agreement of Limited Partnership of the BTC I Partnership, as amended (the “BTC I Partnership Agreement”), the Company, as the general partner of the BTC I Partnership (the “BTC I GP”) will provide, directly or indirectly by appointing an affiliate or a third party, acquisition and asset management services and, to the extent applicable, development management and development oversight services (the “BTC I Advisory Services”). As compensation for providing the BTC I Advisory Services, the BTC I Partnership will pay the BTC I GP, or its designee, certain fees in accordance with the terms of the BTC I Partnership Agreement. On February 12, 2015, the BTC I GP and IPT Advisor and an entity owned by affiliates of the Advisor, entered into an agreement that the IPT Advisor subsequently assigned to Industrial Property Advisors Sub I LLC (the “BTC I SLP”), an entity owned by affiliates of the Advisor. Pursuant to this agreement (the “BTC I Services Agreement”), the BTC I GP appointed the BTC I SLP to provide the BTC I Advisory Services and assigned to the BTC I SLP the fees payable pursuant to the BTC I Partnership Agreement for providing the BTC I Advisory Services. As a result of the payment of the fees pursuant to the BTC I Services Agreement, the fees payable to the Advisor pursuant to the Advisory Agreement will be reduced by the product of (i) the fees actually paid to the BTC I SLP pursuant to the BTC I Services Agreement, and (ii) the percentage interest of the BTC I Partnership owned by the Company through its general partner and limited partner interests. In connection with the sale of the Interests, the parties to the BTC I Services Agreement amended such agreement to make certain conforming changes to reflect the new indirect ownership structure of the BTC I Partnership as a result of the sale of the Interests. In addition, the BTC I Partnership Agreement contains procedures for making distributions to the parties, including incentive distributions to the BTC I GP and the BTC I SLP, which are subject to certain return thresholds being achieved. The BTC I GP and the BTC I SLP have agreed to split such incentive distributions such that the BTC I SLP will receive 60% of the incentive distributions attributable to interests in the BTC I Partnership which are not owned by the BTC I GP or the BTC I LP. Pursuant to the BTC I Partnership Agreement, the partners will be obligated to make capital contributions in proportion to their respective partnership interests with respect to each approved investment as well as with respect to any additional capital calls the BTC I GP makes from time to time, including with respect to the funding of incentive distributions, certain preservation costs, certain limited operating and capital variances and other items. Pursuant to an agreement between the BTC I SLP and the subsidiaries through which the Company owns its general partner and limited partner interests in the BTC I Partnership, dated September 15, 2016, if the Company proposes to transfer all (but not less than all) of its respective interests in the BTC I Partnership to an unrelated third party, then the Company can require the BTC I SLP to transfer its special limited partnership interest to the purchaser on the same terms and conditions. BTC II Services Agreement and Incentive Distributions Sharing Pursuant to the Agreement of Limited Partnership of the BTC II Partnership, as amended (the “BTC II Partnership Agreement”), the Company, as the general partner of the BTC II Partnership (the “BTC II GP”) will provide, directly or indirectly by appointing an affiliate or a third party, acquisition and asset management services and, to the extent applicable, development management and development oversight services (the “BTC II Advisory Services”). As compensation for providing the BTC II Advisory Services, the BTC II Partnership will pay the BTC II GP, or its designee, certain fees in accordance with the terms of the BTC II Partnership Agreement. On May 19, 2017, the BTC II GP and Industrial Property Advisors Sub III LLC (the “BTC II Service Provider”), an entity owned by affiliates of the Advisor, entered into that certain agreement (the “BTC II Services Agreement”), pursuant to which the BTC II GP appointed the BTC II Service Provider to provide the BTC II Advisory Services and assigned to the BTC II Service Provider the fees payable pursuant to the BTC II Partnership Agreement for providing the BTC II Advisory Services. As a result of the payment of the fees pursuant to the BTC II Services Agreement, the fees payable to the Advisor pursuant to the Advisory Agreement will be reduced by the product of (i) the fees actually paid to the BTC II Service Provider pursuant to the BTC II Services Agreement, and (ii) the percentage interest of the BTC II Partnership owned by the Company through its general partner and limited partner interests. In connection with the sale of the Interests, the parties to the BTC II Services Agreement amended such agreement to make certain conforming changes to reflect the new indirect ownership structure of the BTC II Partnership as a result of the sale of the Interests. In addition, the BTC II Partnership Agreement contains procedures for making distributions to the parties, including incentive distributions to the BTC II GP and Industrial Property Advisors Sub IV LLC (the “BTC II SLP”), an entity owned by affiliates of the Advisor, which are subject to certain return thresholds being achieved. The BTC II GP and the BTC II SLP have agreed to split such incentive distributions such that the BTC II SLP will receive 80% of the incentive distributions attributable to interests in the BTC II Partnership which are not owned by the Company through its general partner and limited partner interests. Pursuant to the BTC II Partnership Agreement, the partners will be obligated to make capital contributions in proportion to their respective partnership interests with respect to each approved investment as well as with respect to any additional capital calls the BTC II GP makes from time to time, including with respect to the funding of incentive distributions, certain preservation costs, certain limited operating and capital variances and other items. Joint Venture Partnership Fees For the period from July 16, 2020 through September 30, 2020, the BTC Partnerships (as described in “Note 5”) incurred in aggregate approximately $2.9 million in acquisition and asset management fees, which were paid to affiliates of the Advisor pursuant to the respective service agreements. As of September 30, 2020, the Company had amounts due from the BTC Partnerships in aggregate of approximately $14,000, which were recorded in due from affiliates on the condensed consolidated balance sheets. Advisory Agreement On July 15, 2020, in connection with the acquisition of the Interests, the Company, BCI IV Operating Partnership LP, the Company’s operating partnership (the “Operating Partnership”), and the Advisor entered into Amendment No. 1 (“Amendment No. 1”) to the Amended and Restated Advisory Agreement (2020), dated as of June 12, 2020. Amendment No. 1 provides that the Advisor shall receive a development fee in connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements, of development properties or overseeing the provision of these services by third parties on behalf of the Company. The fee will be an amount that will be equal to 4.0% of total project cost of the development property (or the Company’s proportional interest therein with respect to real property held in joint ventures or other entities that are co-owned). If the Advisor engages a third party to provide development services, the third party will be compensated directly by the Company, and the Advisor will receive the development fee if it provides development oversight services. Expense Support Agreement The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the expense support agreement, which has been extended through December 31, 2020. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2019 Form 10‑K for a description of the expense support agreement. As of September 30, 2020, the aggregate amount paid by the Advisor pursuant to the expense support agreement was $27.1 million. Of this amount, total reimbursements to the Advisor were $21.2 million, including $20.2 million that has been paid and $1.0 million that remains to be paid, and $5.9 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fees deferred $ — $ 1,367 $ 3,896 $ 2,948 Other expenses supported — 409 9,609 2,243 Total expense support from Advisor — 1,776 13,505 5,191 Reimbursement of previously deferred fees and other expenses supported (4,438) (1,118) (7,621) (5,693) Total (reimbursement to) expense support from Advisor, net (1) $ (4,438) $ 658 $ 5,884 $ (502) (1) As of September 30, 2020 and December 31, 2019, approximately $1.0 million and $5.4 million, respectively, was payable to the Advisor by the Company and is included in due to affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Nine Months Ended September 30, (in thousands) 2020 2019 Distributions payable $ 5,862 $ 2,024 Distribution fees payable to affiliates 42,624 15,560 Distributions reinvested in common stock 19,564 6,346 Accrued offering costs 19,185 18,466 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 Accrued acquisition expense reimbursements 770 4,016 Non-cash selling commissions and dealer manager fees 34,409 9,924 Mortgage notes assumed on real estate acquisitions at fair value — 50,418 Restricted Cash The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Nine Months Ended September 30, (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 Restricted cash (1) — 5 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 End of period: Cash and cash equivalents $ 180,683 $ 49,384 Restricted cash (2) — — Cash, cash equivalents and restricted cash $ 180,683 $ 49,384 (1) As of December 31, 2019, the Company did not have any restricted cash. As of December 31, 2018, restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. (2) As of September 30, 2020 and September 30, 2019, the Company did not have any restricted cash.

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	12. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties Currently, one of the most significant risks and uncertainties is the adverse effect of the current novel coronavirus (COVID-19) pandemic. The extent of the impact from COVID-19 on the commercial real estate sector continues to vary dramatically across real estate property types and markets, with certain property segments such as hospitality, gaming, shopping malls, senior housing, and student living being impacted particularly hard. While not immune to the effects of COVID-19, the industrial property sector in which the Company invests continues to remain relatively resilient; however, the Company has had customers request rent deferral or rent abatement during this pandemic. The outbreak has triggered a period of global economic slowdown and could trigger a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: · reduced economic activity severely impacts the Company’s customers’ businesses, financial condition and liquidity and may cause customers to be unable to fully meet their obligations to the Company or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; · the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of the Company’s credit facility and other debt agreements; and · weaker economic conditions could cause the Company to recognize impairment in value of its tangible or intangible assets. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it will impact its customers and business partners. While the Company did not incur significant disruptions during the nine months ended September 30, 2020 from the COVID-19 pandemic, it is unable to predict the impact that the COVID-19 pandemic will have on its future financial condition, results of operations and cash flows due to numerous uncertainties and the impact could be material. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of the Company’s customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its subsidiaries. Environmental Matters A majority of the properties the Company acquires have been or will be subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of September 30, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Status of the Public Offerings As of November 4, 2020, the Company had raised gross proceeds of $1.4 billion from the sale of 137.7 million shares of its common stock in its public offerings, including $37.0 million from the sale of 3.7 million shares of its common stock through its distribution reinvestment plan. As of November 4, 2020, approximately $1.0 billion in shares of the Company’s common stock remained available for sale pursuant to its follow-on public offering in any combination of Class T shares, Class W shares or Class I shares, including approximately $471.4 million in shares of common stock available for sale through its distribution reinvestment plan, which may be reallocated for sale in the Company’s primary offering. Completed Acquisitions On October 9, 2020, the Company acquired two industrial buildings located in the Cincinnati market. The total purchase price was approximately $30.2 million, exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs. Acquisitions Under Contract The Company has entered into contracts to acquire properties with an aggregate contract purchase price of approximately $54.8 million, comprised of four industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract. Status of Secured Mortgage Notes Subsequent to September 30, 2020, the Company entered into a secured fixed-rate mortgage note in the amount of $118.5 million with an interest rate of 2.90% and a term of seven years. The assets and credit of each of the Company’s properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Investment in Unconsolidated Joint Venture Partnerships	Investment in Unconsolidated Joint Venture Partnerships The Company analyzes its investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners not affiliated with the Company hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on its condensed consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in loss of unconsolidated joint venture partnerships on the condensed consolidated statements of operations. The outside basis portion of the Company’s unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, the Company evaluates whether the loss is other than temporary. If the Company concludes it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to the Company’s investment in unconsolidated joint venture partnerships for the nine months ended September 30, 2020. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships.
Revenue Recognition	Revenue Recognition The Company must make estimates as to collectability of its accounts receivable related to rental income and straight-line rent. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of COVID-19 on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of September 30, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the condensed consolidated financial statements. The allowance for doubtful accounts as of September 30, 2020 was approximately $6,000 and the Company had no allowance for doubtful accounts as of December 31, 2019.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Summary of Business Acquisitions	During the nine months ended September 30, 2020, the Company acquired 100% of the following properties, which were determined to be asset acquisitions: Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) Norcross Industrial Center 3/23/2020 1 $ 9,505 Port 146 Distribution Center 4/14/2020 1 9,571 Lima Distribution Center 4/15/2020 1 11,622 Valwood Crossroads 5/11/2020 2 69,999 Eaglepoint Logistics Center 5/26/2020 1 40,216 7A Distribution Center II 5/27/2020 1 23,218 Legacy Logistics Center 6/3/2020 1 39,718 Logistics Center at 33 6/4/2020 1 63,285 Intermodal Logistics Center 6/29/2020 1 28,628 Executive Airport II & III 9/3/2020 2 33,200 Total Acquisitions 12 $ 328,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisitions.
Allocation of Purchase Price of Acquisitions	During the nine months ended September 30, 2020, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: For the Nine Months Ended (in thousands) September 30, 2020 Land $ 83,452 Building and improvements 218,686 Intangible lease assets 29,342 Above-market lease assets 389 Below-market lease liabilities (2,907) Total purchase price (1) $ 328,962 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisitions.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	As of September 30, 2020 and December 31, 2019, the Company’s consolidated investment in real estate properties consisted of 57 and 45 industrial buildings, respectively. As of (in thousands) September 30, 2020 December 31, 2019 Land $ 345,072 $ 261,620 Building and improvements 788,010 564,669 Intangible lease assets 107,904 77,294 Construction in progress 3,940 1,126 Investment in real estate properties 1,244,926 904,709 Less accumulated depreciation and amortization (60,002) (25,988) Net investment in real estate properties $ 1,184,924 $ 878,721
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2020 and December 31, 2019 included the following: As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 106,008 $ (27,345) $ 78,663 $ 75,787 $ (11,734) $ 64,053 Above-market lease assets (1) 1,896 (576) 1,320 1,507 (211) 1,296 Below-market lease liabilities (2) (16,106) 5,051 (11,055) (13,199) 2,494 (10,705) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets.
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2020 2019 2020 2019 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,630 $ 612 $ 4,170 $ 1,746 Above-market lease amortization (191) (70) (365) (114) Below-market lease amortization 1,000 604 2,557 1,266 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 6,980 $ 3,629 $ 18,039 $ 7,469 Intangible lease asset amortization 6,251 3,337 15,640 6,512

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of the investment in BTC Partnerships and operating data	The following table summarizes the Company’s investment in the BTC Partnerships: As of Investment in Unconsolidated September 30, 2020 December 31, 2019 Joint Venture Partnerships as of Ownership Number of Ownership Number of September 30, December 31, ($ in thousands) Percentage Buildings (1) Pecentage Buildings (1) 2020 2019 BTC I Partnership % 42 % — $ 261,494 $ — BTC II Partnership % 25 % — 39,788 — Total BTC Partnerships 67 — $ 301,282 $ — (1) Represents acquired or completed buildings. The following is a summary of certain operating data of the BTC I Partnership: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating Data: Total revenues $ 19,015 $ 16,506 $ 54,443 $ 44,434 Total operating expenses 14,226 11,519 38,794 31,772 Total other expenses (1) (3,207) (3,884) (9,593) (2,618) Net income 1,582 1,103 6,056 10,044 (1) Includes a gain of $5.6 million for the nine months ended September 30, 2019 related to the disposal of two industrial buildings. There were no dispositions during the three and nine months ended September 30, 2020 or for the three months ended September 30, 2019.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of September 30, December 31, September 30, December 31, ($ in thousands) 2020 2019 Maturity Date 2020 2019 Line of credit (1) 1.45 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.24 2.85 February 2024 415,000 307,500 Fixed-rate mortgage notes (3) 3.71 3.71 August 2024 - December 2027 49,250 49,250 Total principal amount / weighted-average (4) 2.39 % 3.04 % $ 464,250 $ 463,750 Less unamortized debt issuance costs $ (3,780) $ (4,602) Add mark-to-market adjustment on assumed debt, net 904 1,063 Total debt, net $ 461,374 $ 460,211 Gross book value of properties encumbered by debt $ 116,705 $ 117,049 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10%; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10%, each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of September 30, 2020, total commitments for the line of credit were $315.0 million and the unused and available portions under the line of credit were both $314.9 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05%; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05%, depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2020, total commitments for the term loan were $415.0 million, and there were no unused nor available amounts. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) Interest rates range from 3.59% to 3.75%. The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (4) The weighted-average remaining term of the Company’s consolidated debt was approximately 3.5 years as of September 30, 2020, excluding any extension options on the line of credit.
Schedule of Maturities of Long-term Debt	As of September 30, 2020, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Notes Total Remainder of 2020 $ — $ — $ — $ — 2021 — — — — 2022 — — — — 2023 — — — — 2024 — 415,000 38,000 453,000 Thereafter — — 11,250 11,250 Total principal payments $ — $ 415,000 $ 49,250 $ 464,250 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one-year extension option, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019. Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount Location Value As of September 30, 2020 Interest rate swaps 7 $ 350,000 Other liabilities $ (10,942) As of December 31, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 2,190
Derivative Instruments, Gain (Loss)	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019. For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (59) $ 983 $ (14,385) $ 983 Amount reclassified from AOCI into interest expense 865 (163) 1,253 (163) Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 3,013 2,776 8,710 5,131

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of September 30, 2020 Liabilities Derivative instruments $ — $ (10,942) $ — $ (10,942) Total liabilities measured at fair value $ — $ (10,942) $ — $ (10,942) As of December 31, 2019 Assets Derivative instruments $ — $ 2,190 $ — $ 2,190 Total assets measured at fair value $ — $ 2,190 $ — $ 2,190
Fair value of notes payable	The carrying values and fair values of these financial instruments were as follows: As of September 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Line of credit $ — $ — $ 107,000 $ 107,000 Term loan 415,000 409,469 307,500 307,500 Fixed rate mortgage notes 49,250 51,247 49,250 50,326 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Public and Private Offerings	A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of September 30, 2020, is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 1,232,304 $ 63,060 $ 23,478 $ 1,318,842 DRIP 28,901 1,408 750 31,059 Total offering $ 1,261,205 $ 64,468 $ 24,228 $ 1,349,901 Number of shares issued: Primary offering 117,185 6,274 2,356 125,815 DRIP 2,875 140 75 3,090 Stock grants — 6 3 9 Total offering 120,060 6,420 2,434 128,914
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: Class T Class W Class I Total (in thousands) Shares Shares Shares Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 34,722 1,480 791 36,993 Issuance of common stock: Primary shares 6,315 713 257 7,285 DRIP 249 12 7 268 Redemptions (41) — (1) (42) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of June 30, 2020 110,468 5,566 2,398 118,432 Issuance of common stock: Primary shares 8,580 723 231 9,534 DRIP 757 42 18 817 Stock grants — — 28 28 Redemptions (173) (5) (3) (181) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 20,960 2,024 690 23,674 DRIP 599 20 13 632 Stock grants — — 76 76 Redemptions (73) — (70) (143) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 72,869 3,536 1,103 77,508 DRIP 1,798 103 44 1,945 Stock grants — — 229 229 Redemptions (275) (49) (3) (327) Balance as of September 30, 2020 119,632 6,326 2,672 128,630
Schedule of Stock Dividends	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: Amount Declared per Paid in Reinvested Distribution Gross (in thousands, except per share data) Common Share (1) Cash in Shares Fees (2) Distributions (3) 2020 September 30 $ 0.13625 $ 5,601 $ 8,451 $ 2,952 $ 17,004 June 30 0.13625 5,194 7,812 2,710 15,716 March 31 0.13625 3,339 5,077 1,742 10,158 Total $ 0.40875 $ 14,134 $ 21,340 $ 7,404 $ 42,878 2019 December 31 $ 0.13625 $ 2,058 $ 3,242 $ 1,105 $ 6,405 September 30 0.13625 1,841 2,866 992 5,699 June 30 0.13625 1,558 2,319 818 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.54500 $ 6,635 $ 10,171 $ 3,535 $ 20,341 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings.
Share Redemption Activity	The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 Number of eligible shares redeemed 327 142 Aggregate dollar amount of shares redeemed $ 3,215 $ 1,405 Average redemption price per share $ 9.83 $ 9.87

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by BCI IV Advisors LLC (the “Advisor”) and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2020 2019 2020 2019 September 30, 2020 December 31, 2019 Expensed: Advisory fee—fixed component $ 2,561 $ 1,367 $ 6,457 $ 2,948 $ 895 $ 593 Advisory fee—performance component 2,935 784 6,195 1,938 6,195 2,913 Acquisition expense reimbursements (1) 750 793 2,199 2,367 770 182 Other expense reimbursements (2) 730 482 2,223 1,445 367 473 Total $ 6,976 $ 3,426 $ 17,074 $ 8,698 $ 8,227 $ 4,161 Additional Paid-In Capital: Selling commissions $ 2,257 $ 1,695 $ 19,722 $ 5,301 $ — $ — Dealer manager fees 1,795 1,293 14,687 4,623 — — Offering costs (3) 1,774 1,449 5,864 4,347 19,185 21,269 Distribution fees—current 2,952 992 7,404 2,430 992 389 Distribution fees—trailing (4) 1,226 2,261 26,155 8,101 42,624 16,467 Total $ 10,004 $ 7,690 $ 73,832 $ 24,802 $ 62,801 $ 38,125 (1) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for such expenses. (2) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the advisory agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $0.6 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $2.0 million and $1.3 million for the nine months ended September 30, 2020 and 2019, respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) The Company is reimbursing the Advisor for all organization and offering costs incurred on its behalf as of December 31, 2019 ratably over 60 months. Since January 1, 2020, the Company either pays directly or reimburses the Advisor for offering costs as and when incurred. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the expense support agreement, which has been extended through December 31, 2020. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2019 Form 10‑K for a description of the expense support agreement. As of September 30, 2020, the aggregate amount paid by the Advisor pursuant to the expense support agreement was $27.1 million. Of this amount, total reimbursements to the Advisor were $21.2 million, including $20.2 million that has been paid and $1.0 million that remains to be paid, and $5.9 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fees deferred $ — $ 1,367 $ 3,896 $ 2,948 Other expenses supported — 409 9,609 2,243 Total expense support from Advisor — 1,776 13,505 5,191 Reimbursement of previously deferred fees and other expenses supported (4,438) (1,118) (7,621) (5,693) Total (reimbursement to) expense support from Advisor, net (1) $ (4,438) $ 658 $ 5,884 $ (502) (1) As of September 30, 2020 and December 31, 2019, approximately $1.0 million and $5.4 million, respectively, was payable to the Advisor by the Company and is included in due to affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Nine Months Ended September 30, (in thousands) 2020 2019 Distributions payable $ 5,862 $ 2,024 Distribution fees payable to affiliates 42,624 15,560 Distributions reinvested in common stock 19,564 6,346 Accrued offering costs 19,185 18,466 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 Accrued acquisition expense reimbursements 770 4,016 Non-cash selling commissions and dealer manager fees 34,409 9,924 Mortgage notes assumed on real estate acquisitions at fair value — 50,418
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Nine Months Ended September 30, (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 Restricted cash (1) — 5 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 End of period: Cash and cash equivalents $ 180,683 $ 49,384 Restricted cash (2) — — Cash, cash equivalents and restricted cash $ 180,683 $ 49,384 (1) As of December 31, 2019, the Company did not have any restricted cash. As of December 31, 2018, restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. (2) As of September 30, 2020 and September 30, 2019, the Company did not have any restricted cash.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Joint venture impairment losses	$ 0
Allowance for doubtful accounts	$ 6,000	$ 0

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands	Sep. 30, 2020USD ($)building
Norcross Industrial Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 9,505
Port 146 Distribution Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 9,571
Lima Distribution Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 11,622
Valwood Crossroads
Business Acquisition [Line Items]
Number of Buildings | building	2
Total Purchase Price	$ 69,999
Eaglepoint Logistics Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 40,216
7A Distribution Center II
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 23,218
Legacy Logistics Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 39,718
Logistics Center at 33
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 63,285
Intermodal Logistics Center
Business Acquisition [Line Items]
Number of Buildings | building	1
Total Purchase Price	$ 28,628
Executive Airport II & III
Business Acquisition [Line Items]
Number of Buildings | building	2
Total Purchase Price	$ 33,200
Real Estate Acquired [Member]
Business Acquisition [Line Items]
Number of Buildings | building	12
Total Purchase Price	$ 328,962
Debt assumed	$ 0

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2020 Acquisitions $ in Thousands	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Land	$ 83,452
Building and improvements	218,686
Intangible lease assets	29,342
Above-market lease assets	389
Below-market lease liabilities	(2,907)
Total purchase price	328,962
Debt assumed	$ 0

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	9 Months Ended
	Sep. 30, 2020
Intangible lease assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	6 years 3 months 18 days

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - building	Sep. 30, 2020	Dec. 31, 2019
Consolidated Properties
Real Estate Properties [Line Items]
Number of industrial properties	57	45

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 345,072	$ 261,620
Building and improvements	788,010	564,669
Intangible lease assets	107,904	77,294
Construction in progress	3,940	1,126
Investment in real estate properties	1,244,926	904,709
Less accumulated depreciation and amortization	(60,002)	(25,988)
Net investment in real estate properties	$ 1,184,924	$ 878,721

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 107,904	$ 77,294
Below Market Lease [Roll Forward]
Gross	(16,106)	(13,199)
Accumulated Amortization	5,051	2,494
Total	(11,055)	(10,705)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	106,008	75,787
Accumulated Amortization	(27,345)	(11,734)
Total	78,663	64,053
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	1,896	1,507
Accumulated Amortization	(576)	(211)
Total	$ 1,320	$ 1,296

INVESTMENT IN REAL ESTATE - S_2

INVESTMENT IN REAL ESTATE - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 1,630	$ 612	$ 4,170	$ 1,746
Above-market lease amortization	(191)	(70)	(365)	(114)
Below-market lease amortization	1,000	604	2,557	1,266
Real Estate-Related Depreciation and Amortization:
Depreciation expense	6,980	3,629	18,039	7,469
Intangible lease asset amortization	$ 6,251	$ 3,337	$ 15,640	$ 6,512

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Sep. 30, 2020USD ($)itembuilding	Dec. 31, 2019USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Number of joint venture partnerships | item	2
Investment in Partnerships	$ 301,282	$ 0
BTC I and BTC II Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Number of Buildings | building	67
Investment in Partnerships	$ 301,282
BTC I Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage	20.00%	0.00%
Number of Buildings | building	42
Investment in Partnerships	$ 261,494
BTC II Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage	8.00%	0.00%
Number of Buildings | building	25
Investment in Partnerships	$ 39,788

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS - Operating data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)building
Summary of certain operating data of the BTC I Partnership
Total revenues	$ 21,313	$ 12,548	$ 56,435	$ 25,512
Total operating expenses	26,301	14,108	67,333	30,609
Net income	(13,068)	(3,678)	(14,353)	(10,730)
Dispositions of real estate buildings	0	0	0
BTC I Partnership
Summary of certain operating data of the BTC I Partnership
Total revenues	19,015	16,506	54,443	44,434
Total operating expenses	14,226	11,519	38,794	31,772
Total other expenses	(3,207)	(3,884)	(9,593)	(2,618)
Net income	$ 1,582	$ 1,103	$ 6,056	10,044
Gain on disposal				$ 5,600
Number of industrial buildings disposed | building				2

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Partnerships	$ 301,282	$ 0
Outside basis difference	$ 168,200

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.39%	3.04%
Total principal amount / weighted-average	$ 464,250	$ 463,750
Less unamortized debt issuance costs	(3,780)	(4,602)
Add mark-to-market adjustment on assumed debt, net	904	1,063
Total debt, net	461,374	460,211
Gross book value of properties encumbered by debt	$ 116,705	$ 117,049
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 6 months
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.45%	3.26%
Total principal amount / weighted-average	$ 0	$ 107,000
Total commitments	315,000
Unused portion	$ 314,900
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
Term Loan
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.24%	2.85%
Total principal amount / weighted-average	$ 415,000	$ 307,500
Unused nor available amounts	0
Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Amount of hedged item	$ 350,000
Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%
Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.71%	3.71%
Total principal amount / weighted-average	$ 49,250	$ 49,250
Fixed-rate mortgage notes | Minimum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.59%
Fixed-rate mortgage notes | Maximum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.75%

DEBT - Principal Payments on De

DEBT - Principal Payments on Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2024	$ 453,000
Thereafter	11,250
Total principal payments	$ 464,250	$ 463,750
Term of extension option	1 year
Line of Credit
Debt Instrument [Line Items]
Total principal payments	$ 0	107,000
Term Loan
Debt Instrument [Line Items]
2024	415,000
Total principal payments	415,000	307,500
Fixed-rate mortgage notes
Debt Instrument [Line Items]
2024	38,000
Thereafter	11,250
Total principal payments	$ 49,250	$ 49,250

DEBT - Cash Flow Hedges (Detail

DEBT - Cash Flow Hedges (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)contract	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)contract	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 3,500		$ 3,500
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
(Loss) gain recognized in AOCI	(59)	$ 983	(14,385)	$ 983
Amount reclassified from AOCI into interest expense	865	(163)	1,253	(163)
Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 3,013	$ 2,776	$ 8,710	$ 5,131
Interest Rate Swap | Other liabilities.
Debt Instrument [Line Items]
Number of Contracts | contract	7		7
Notional Amount	$ 350,000		$ 350,000
Derivative instruments	$ (10,942)		$ (10,942)
Interest Rate Swap | Other assets.
Debt Instrument [Line Items]
Number of Contracts | contract					4
Notional Amount					$ 200,000
Derivative instruments					$ 2,190

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Liabilities
Derivative instruments	$ (10,942)
Total liabilities measured at fair value	(10,942)
Derivative instruments		$ 2,190
Total assets measured at fair value		2,190
Level 2
Liabilities
Derivative instruments	(10,942)
Total liabilities measured at fair value	$ (10,942)
Derivative instruments		2,190
Total assets measured at fair value		$ 2,190

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value | Line of Credit
Liabilities
Debt instruments, fair value disclosure		$ 107,000
Carrying Value | Term Loan
Liabilities
Debt instruments, fair value disclosure	$ 415,000	307,500
Carrying Value | Fixed rate mortgage notes
Liabilities
Debt instruments, fair value disclosure	49,250	49,250
Fair Value | Line of Credit
Liabilities
Debt instruments, fair value disclosure		107,000
Fair Value | Term Loan
Liabilities
Debt instruments, fair value disclosure	409,469	307,500
Fair Value | Fixed rate mortgage notes
Liabilities
Debt instruments, fair value disclosure	$ 51,247	$ 50,326

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering $ in Millions	Sep. 05, 2019USD ($)
Class of Stock [Line Items]
Dollar value of shares issued	$ 2,000
Dollar value of primary shares of common stock in offering	1,500
Dollar Value Of Shares In Offering Pursuant To Distribution Reinvestment Plan	$ 500

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Sep. 30, 2020USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,349,901
Number of shares issued (in shares)	128,914
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,261,205
Number of shares issued (in shares)	120,060
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 64,468
Number of shares issued (in shares)	6,420
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 24,228
Number of shares issued (in shares)	2,434
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,318,842
Number of shares issued (in shares)	125,815
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,232,304
Number of shares issued (in shares)	117,185
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 63,060
Number of shares issued (in shares)	6,274
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 23,478
Number of shares issued (in shares)	2,356
DRIP
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 31,059
Number of shares issued (in shares)	3,090
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 28,901
Number of shares issued (in shares)	2,875
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,408
Number of shares issued (in shares)	140
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 750
Number of shares issued (in shares)	75
Stock grants
Class of Stock [Line Items]
Number of shares issued (in shares)	9
Stock grants | Class T Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	0
Stock grants | Class W Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	6
Stock grants | Class I Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	3

STOCKHOLDERS' EQUITY - Summar_2

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			45,240
Ending balance, shares	119,632		119,632
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			2,736
Ending balance, shares	6,326		6,326
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			1,299
Ending balance, shares	2,672		2,672
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	118,432	36,993	49,275	20,265
Primary shares	9,534	7,285	77,508	23,674
DRIP	817	268	1,945	632
Stock grants	28		229	76
Redemptions	(181)	(42)	(327)	(143)
Ending balance, shares	128,630	44,504	128,630	44,504
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	110,468	34,722	45,240	19,759
Primary shares	8,580	6,315	72,869	20,960
DRIP	757	249	1,798	599
Redemptions	(173)	(41)	(275)	(73)
Ending balance, shares	119,632	41,245	119,632	41,245
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	5,566	1,480	2,736	161
Primary shares	723	713	3,536	2,024
DRIP	42	12	103	20
Redemptions	(5)		(49)
Ending balance, shares	6,326	2,205	6,326	2,205
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	2,398	791	1,299	345
Primary shares	231	257	1,103	690
DRIP	18	7	44	13
Stock grants	28		229	76
Redemptions	(3)	(1)	(3)	(70)
Ending balance, shares	2,672	1,054	2,672	1,054

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - Cash Distribution - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.40875	$ 0.54500
Paid in Cash	$ 5,601	$ 5,194	$ 3,339	$ 2,058	$ 1,841	$ 1,558	$ 1,178	$ 14,134	$ 6,635
Reinvested in Shares	8,451	7,812	5,077	3,242	2,866	2,319	1,744	21,340	10,171
Distribution Fees	2,952	2,710	1,742	1,105	992	818	620	7,404	3,535
Gross Distributions	$ 17,004	$ 15,716	$ 10,158	$ 6,405	$ 5,699	$ 4,695	$ 3,542	$ 42,878	$ 20,341

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Number of eligible shares redeemed (in shares)	327	142
Aggregate dollar amount of shares redeemed	$ 3,215	$ 1,405
Average redemption price per share (in dollars per share)	$ 9.83	$ 9.87

NONCONTROLLING INTERESTS - Addi

NONCONTROLLING INTERESTS - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)propertyentity$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Noncontrolling Interest [Line Items]
Preferred stock, shares issued | shares	0	0
Preferred stock, shares outstanding | shares	0	0
Preferred stock, par value per share | $ / shares	$ 0.01	$ 0.01
Preferred stock, value, issued | $	$ 0	$ 0
Real Estate Investment Trust [Member]
Noncontrolling Interest [Line Items]
Number of Businesses Acquired | entity	1
Number of Real Estate Properties | property	1
Total purchase price | $	$ 22,400,000
Preferred stock, dividend rate, percentage	12.50%
Preferred stock, shares issued | shares	125
Preferred stock, shares outstanding | shares	125
Preferred stock, par value per share | $ / shares	$ 1,000
Preferred stock, value, issued | $	$ 125,000
Preferred stock, redemption price per share | $ / shares	$ 1,000
Preferred stock, dividends payable | $	$ 3,900

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Expensed [Abstract]
Advisory fee - fixed component, expensed	$ 2,561	$ 1,367	$ 6,457	$ 2,948
Advisory fee - performance component, expensed	2,935	784	6,195	1,938
Acquisition expense reimbursements, expensed	750	793	2,199	2,367
Other expense reimbursements, expensed	730	482	2,223	1,445
Total	6,976	3,426	17,074	8,698
Advisory fee, payable	895		895		$ 593
Advisory fee - performance component, payable	6,195		6,195		2,913
Acquisition expense reimbursements, payable	770		770		182
Other expenses reimbursements, payable	367		367		473
Related party payable	8,227		8,227		4,161
Additional Paid in Capital [Abstract]
Selling commissions, expensed	2,257	1,695	19,722	5,301
Dealer manager fees, expensed	1,795	1,293	14,687	4,623
Offering costs, expensed	1,774	1,449	5,864	4,347
Distribution fees-current, expensed	2,952	992	7,404	2,430
Distribution fees-trailing, expensed	1,226	2,261	26,155	8,101
Total	10,004	7,690	73,832	24,802
Selling commissions, payable	0		0		0
Dealer manager fees, payables	0		0		0
Offering costs, payable	19,185		19,185		21,269
Distribution fees-current, payable	992		992		389
Distribution fees payable to affiliates	42,624	15,560	42,624	15,560	16,467
Total	62,801		62,801		$ 38,125
Advisor
Additional Paid in Capital [Abstract]
Amount reimbursed for services	$ 600	$ 500	$ 2,000	$ 1,300
Affiliated Entity | Advisor
Additional Paid in Capital [Abstract]
Period of reimbursement of advisor advanced expenses					60 months

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partnerships (Details)	Jul. 15, 2020USD ($)itembuilding	Sep. 30, 2020USD ($)building	Dec. 31, 2019
BTC I and BTC II Partnerships
Related Party Transaction [Line Items]
Number of portfolios | item	2
Purchase price for interests | $	$ 301,000,000
Payment of joint venture partnership fees | $		$ 2,900,000
Due from joint ventures | $		$ 14,000
BTC I and BTC II Partnerships | Building
Related Party Transaction [Line Items]
Number of Real Estate Properties | building	64
BTC I and BTC II Partnerships | Buildings Under Construction [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | building	18
BTC I Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage		20.00%	0.00%
BTC II Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage		8.00%	0.00%
General Partner [Member] | BTC I Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	0.10%
General Partner [Member] | BTC II Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	0.10%
Limited Partner [Member] | BTC I Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	19.90%
Limited Partner [Member] | BTC II Partnership
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	7.90%
Real Estate Acquired [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | building		12
BCI IV Operating Partnership LP
Related Party Transaction [Line Items]
Advisory fees	4.00%
BCTI | Limited Partner [Member]
Related Party Transaction [Line Items]
Percentage of incentive distributions	60.00%
BCTII | Limited Partner [Member]
Related Party Transaction [Line Items]
Percentage of incentive distributions	80.00%

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (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]
Total (reimbursement to) expense support from Advisor, net	$ (4,438)	$ 658	$ 5,884	$ (502)
Expense support payable to the company by the Advisor	1,000		1,000		$ 5,400
Affiliated Entity | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Advisor pursuant to the expense support agreement			27,100
Total reimbursements			21,200
Available balance to be including reimbursed	20,200		20,200
Available balance to be paid	1,000		1,000
Available balance to be reimbursed	5,900		5,900
Fees deferred		1,367	3,896	2,948
Other expenses supported		409	9,609	2,243
Total expense support from Advisor		1,776	13,505	5,191
Reimbursement of previously deferred fees and other expenses supported	(4,438)	(1,118)	(7,621)	(5,693)
Total (reimbursement to) expense support from Advisor, net	$ (4,438)	$ 658	$ 5,884	$ (502)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 5,862	$ 2,024	$ 2,241
Distribution fees payable to affiliates	42,624	15,560	$ 16,467
Distributions reinvested in common stock	19,564	6,346
Accrued offering costs	19,185	18,466
Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee	2,913	723
Accrued acquisition expense reimbursements	770	4,016
Non-cash selling commissions and dealer manager fees	$ 34,409	9,924
Mortgage notes assumed on real estate acquisitions at fair value		$ 50,418

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 180,683	$ 51,178	$ 49,384	$ 19,016
Restricted cash	0	0	0	5
Cash, cash equivalents and restricted cash	$ 180,683	$ 51,178	$ 49,384	$ 19,021

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Thousands, shares in Millions	Nov. 04, 2020USD ($)shares	Oct. 09, 2020USD ($)building	Nov. 10, 2020USD ($)	Sep. 30, 2020USD ($)building	Sep. 30, 2019USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock				$ 778,685	$ 238,059
Maximum | Fixed-rate mortgage notes
Subsequent Event [Line Items]
Interest rates (as a percent)				3.75%
Minimum | Fixed-rate mortgage notes
Subsequent Event [Line Items]
Interest rates (as a percent)				3.59%
Real Estate Acquired [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties | building				12
Scenario, Plan [Member] | Real Estate Acquired [Member] | Industrial Property [Member]
Subsequent Event [Line Items]
Number of properties acquired | building				4
Payments to acquire real estate				$ 54,800
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 1,400,000
Total amount of common stock remaining available for sale	$ 1,000,000
Subsequent Event | Fixed-rate mortgage notes
Subsequent Event [Line Items]
Debt instrument, face amount			$ 118,500
Interest rates (as a percent)			2.90%
Det instrument, term (in years)			7 years
Subsequent Event | Real Estate Acquired [Member] | Industrial Property [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties | building		2
Payments to acquire real estate		$ 30,200
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares	137.7
Subsequent Event | DRIP
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 37,000
Total amount of common stock remaining available for sale	$ 471,400
Subsequent Event | DRIP | Common Stock
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares	3.7