Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Ex Transition Period | true | ||
Entity Public Float | $ 0 | ||
Class T Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 138,845,767 | ||
Class W Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,977,107 | ||
Class I Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,000,429 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Net investment in real estate properties | $ 1,322,521 | $ 878,721 |
Investment in unconsolidated joint venture partnerships | 324,242 | 0 |
Cash and cash equivalents | 232,369 | 51,178 |
Restricted cash | 530 | 0 |
Straight-line and tenant receivables | 10,396 | 4,590 |
Due from affiliates | 3,308 | 153 |
Acquisition deposits | 610 | 500 |
Other assets | 3,452 | 3,631 |
Total assets | 1,897,428 | 938,773 |
Liabilities | ||
Accounts payable and accrued liabilities | 12,483 | 5,258 |
Debt, net | 579,171 | 460,211 |
Due to affiliates | 28,275 | 30,538 |
Distributions payable | 6,450 | 2,241 |
Distribution fees payable to affiliates | 44,962 | 16,467 |
Other liabilities | 29,624 | 16,855 |
Total liabilities | 700,965 | 531,570 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interest | 3,648 | 724 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,329,799 | 451,526 |
Accumulated deficit | (128,775) | (47,730) |
Accumulated other comprehensive (loss) income | (9,750) | 2,190 |
Total stockholders’ equity | 1,192,689 | 406,478 |
Noncontrolling interests | 126 | 1 |
Total equity | 1,192,815 | 406,479 |
Total liabilities and equity | 1,897,428 | 938,773 |
Class T Shares | ||
Stockholders’ equity: | ||
Common stock, value | 1,306 | 452 |
Class W Shares | ||
Stockholders’ equity: | ||
Common stock, value | 79 | 27 |
Class I Shares | ||
Stockholders’ equity: | ||
Common stock, value | $ 30 | $ 13 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 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 | 130,565 | 45,240 |
Common stock, shares outstanding | 130,565 | 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 | 7,866 | 2,736 |
Common stock, shares outstanding | 7,866 | 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 | 3,040 | 1,299 |
Common stock, shares outstanding | 3,040 | 1,299 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental revenues | $ 79,396 | $ 40,377 | $ 6,520 |
Total revenues | 79,396 | 40,377 | 6,520 |
Operating expenses: | |||
Rental expenses | 19,550 | 9,779 | 1,252 |
Real estate-related depreciation and amortization | 46,483 | 22,236 | 3,541 |
General and administrative expenses | 3,970 | 2,485 | 1,564 |
Advisory fees, related party | 19,293 | 7,498 | 1,624 |
Acquisition costs and reimbursements | 3,166 | 3,068 | 4,900 |
Other expense reimbursements, related party | 3,003 | 1,963 | 1,195 |
Total operating expenses | 95,465 | 47,029 | 14,076 |
Other (income) expenses: | |||
Equity in loss from unconsolidated joint venture partnerships | 1,790 | 0 | 0 |
Interest expense and other | 12,316 | 8,290 | 2,250 |
Total expenses before expense support | 109,571 | 55,319 | 16,326 |
Total (reimbursement to) expense support from the Advisor, net | 0 | (7,468) | 5,583 |
Net expenses after reimbursement and expense support | (109,571) | (62,787) | (10,743) |
Net loss | (30,175) | (22,410) | (4,223) |
Net loss attributable to redeemable noncontrolling interest | 83 | 42 | 0 |
Net income attributable to noncontrolling interests | (5) | 0 | 0 |
Net loss attributable to common stockholders | $ (30,097) | $ (22,368) | $ (4,223) |
Weighted-average shares outstanding | 113,145 | 37,382 | 9,107 |
Net loss per common share - basic and diluted | $ (0.27) | $ (0.60) | $ (0.46) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (30,175) | $ (22,410) | $ (4,223) |
Change from cash flow hedging derivatives | (11,999) | 2,190 | 0 |
Comprehensive loss | (42,174) | (20,220) | (4,223) |
Comprehensive loss attributable to redeemable noncontrolling interests | 142 | 4 | 0 |
Comprehensive loss attributable to common stockholders | $ (42,032) | $ (20,216) | $ (4,223) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - 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, 2017 | $ 12 | $ 10,859 | $ (266) | $ 1 | $ 10,606 | |
Beginning balance, shares at Dec. 31, 2017 | 1,238 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss (excludes portion attributable to redeemable noncontrolling interest) | (4,223) | (4,223) | ||||
Issuance of common stock, shares | 19,090 | |||||
Issuance of common stock | $ 191 | 199,879 | 200,070 | |||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (22,072) | (22,072) | ||||
Trailing distribution fees | (7,938) | 875 | $ (7,063) | |||
Redemptions of common stock, shares | (63) | (63) | ||||
Redemptions of common stock | (603) | $ (603) | ||||
Distributions to stockholders | (4,942) | (4,942) | ||||
Ending balance at Dec. 31, 2018 | $ 203 | 180,125 | (8,556) | 1 | 171,773 | |
Ending balance, shares at Dec. 31, 2018 | 20,265 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss (excludes portion attributable to redeemable noncontrolling interest) | (22,368) | (22,368) | ||||
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest) | $ 2,190 | 2,190 | ||||
Issuance of common stock, shares | 29,243 | |||||
Issuance of common stock | $ 292 | 304,691 | 304,983 | |||
Share-based compensation | 465 | 465 | ||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (18,847) | (18,847) | ||||
Trailing distribution fees | (12,545) | 3,535 | $ (9,010) | |||
Redemptions of common stock, shares | (233) | (233) | ||||
Redemptions of common stock | $ (3) | (2,282) | $ (2,285) | |||
Distributions to stockholders | (20,341) | (20,341) | ||||
Redemption value allocation adjustment to redeemable noncontrolling interest | (81) | (81) | ||||
Ending balance at Dec. 31, 2019 | $ 492 | 451,526 | (47,730) | 2,190 | 1 | 406,479 |
Ending balance, shares at Dec. 31, 2019 | 49,275 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss (excludes portion attributable to redeemable noncontrolling interest) | (30,097) | 5 | (30,092) | |||
Change from cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interest) | (11,940) | (11,940) | ||||
Issuance of common stock, shares | 92,689 | |||||
Issuance of common stock | $ 928 | 967,663 | 968,591 | |||
Share-based compensation | 1,544 | 1,544 | ||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (46,594) | (46,594) | ||||
Trailing distribution fees | (39,127) | 10,634 | $ (28,493) | |||
Redemptions of common stock, shares | (493) | (493) | ||||
Redemptions of common stock | $ (5) | (4,862) | $ (4,867) | |||
Preferred interest in Subsidiary REITs | 125 | 125 | ||||
Distributions to stockholders | (61,582) | (5) | (61,587) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (351) | (351) | ||||
Ending balance at Dec. 31, 2020 | $ 1,415 | $ 1,329,799 | $ (128,775) | $ (9,750) | $ 126 | $ 1,192,815 |
Ending balance, shares at Dec. 31, 2020 | 141,471 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Net loss allocated to redeemable non-controlling interest | $ 83 | $ 42 |
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest | $ 59 | $ 4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net loss | $ (30,175) | $ (22,410) | $ (4,223) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Real estate-related depreciation and amortization | 46,483 | 22,236 | 3,541 |
Equity in loss from unconsolidated joint venture partnerships | 1,790 | 0 | 0 |
Straight-line rent and amortization of above- and below-market leases | (7,744) | (4,420) | (1,673) |
Other | 2,553 | 1,416 | 557 |
Changes in operating assets and liabilities: | |||
Tenant receivables and other assets | (140) | (825) | (133) |
Accounts payable and accrued liabilities | 1,177 | 4,417 | 1,175 |
Due from / to affiliates, net | 1,632 | 6,039 | 3,910 |
Net cash provided by operating activities | 15,576 | 6,453 | 3,154 |
Investing activities: | |||
Real estate acquisitions | (473,000) | (533,027) | (298,478) |
Acquisition deposits | (610) | (500) | (675) |
Capital expenditures | (8,930) | (3,376) | (800) |
Investment in unconsolidated joint venture partnerships | (325,890) | 0 | 0 |
Net cash used investing activities | (808,430) | (536,903) | (299,953) |
Financing activities: | |||
Proceeds from mortgage note | 118,500 | 0 | 0 |
Proceeds from line of credit | 0 | 377,000 | 203,000 |
Repayments of line of credit | (107,000) | (389,000) | (84,000) |
Proceeds from term loan | 107,500 | 307,500 | 0 |
Repayments of notes to shareholders | 0 | (376) | 0 |
Debt issuance costs paid | (1,050) | (4,458) | (814) |
Proceeds from issuance of common stock | 900,810 | 283,803 | 189,309 |
Offering costs paid in connection with issuance of common stock | (10,333) | 0 | 0 |
Distributions paid to common stockholders and to redeemable noncontrolling interest holders | (19,084) | (6,263) | (1,404) |
Distribution fees paid to affiliates | (9,901) | (3,314) | (714) |
Redemptions of common stock | (4,867) | (2,285) | (603) |
Net cash provided by financing activities | 974,575 | 562,607 | 304,774 |
Net increase in cash, cash equivalents and restricted cash | 181,721 | 32,157 | 7,975 |
Cash, cash equivalents and restricted cash, at beginning of period | 51,178 | 19,021 | 11,046 |
Cash, cash equivalents and restricted cash, at end of period | $ 232,899 | $ 51,178 | $ 19,021 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Black Creek Industrial REIT IV Inc. (the “Company”) is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company” and “BCI IV” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries, which includes BCI IV Operating Partnership LP (the “Operating Partnership”). The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, its charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2020, the Company owned and managed, either directly or through its minority ownership interests in joint venture partnerships, a real estate portfolio that included 132 industrial buildings. The Company operates as one reportable segment comprised of industrial real estate. The Company currently operates and has been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and the Company intends to continue to operate in accordance with the requirements for qualification as a REIT. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which the Company is the sole general partner and a limited partner. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties The Company first determines whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2020 acquisitions. During 2019, two debt instruments were assumed at fair value of $50.4 million. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. 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 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 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 year ended December 31, 2020. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company does not use derivative instruments for trading or speculative purposes. Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date. Accumulated amortization of debt issuance costs was approximately $2.9 million and $1.7 million as of December 31, 2020 and 2019, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s interest expense included approximately $1.2 million, $1.1 million and $0.6 million, respectively, of amortization of financing costs. Capitalized Interest The Company capitalizes interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the year ended December 31, 2020, approximately $0.6 million of interest was capitalized. No interest was capitalized for the years ended December 31, 2019 and 2018. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class W shares in the primary portion of the Company’s public offerings. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class W shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 10” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 12” for additional information regarding the Subsidiary REIT. Redeemable Noncontrolling Interest BCI IV Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee pursuant to the amended and restated advisory agreement (the “Advisory Agreement”) by and among the Company, the Operating Partnership and BCI IV Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to transfer or redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. Rental Revenue When a lease is entered into, the Company first determines if the collectability from the tenant is probable. If the collectability is not probable the Company recognizes revenue when the payment has been received. If the collectability is determined to be probable the Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic 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 December 31, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. The Company evaluates collectability from its tenants on an ongoing basis, if the assessment of collectability changes during the lease term, any difference between the revenue that was recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2020 and 2019, the Company has no allowance for doubtful accounts. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon the disposition of an asset, the Company will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 10” for additional information regarding organization and offering expenses. Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the year ended December 31, 2017. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Net Income (Loss) Per Common Share The Company computes net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2020, 2019 and 2018. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions. As the Company’s revenues predominantly consist of rental payments, it is dependent on its customers for its source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: · Quoted prices for similar assets/liabilities in active markets; · Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); · Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and · Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. The Company applied this standard beginning in August 2019, upon entering into its interest rate swap agreements, which made this standard applicable to the Company for the first time. The amendments to ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑03, “Codification Improvements to Financial Instruments” (“ASU 2020‑03”), which updates various codification topics related to financial instruments by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements. 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 consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer document to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under ASU 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which the Company adopted on January 1, 2019. The guidance did not have a material effect on the Company's 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 consolidated financial statements. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. The Company adopted this standard as of the reporting period beginning January 1, 2021. The Company’s adoption of this standard did not have a material effect on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 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 derivative contracts 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 consolidated financial statements. |
REAL ESTATE ACQUISITIONS
REAL ESTATE ACQUISITIONS | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
REAL ESTATE ACQUISITIONS | 3. REAL ESTATE ACQUISITIONS During the years ended December 31, 2020 and 2019, 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) 2020 Acquisitions: 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 Airpark International Logistics Center 10/9/2020 2 30,201 Carlstadt Industrial Center 11/10/2020 2 37,530 Nelson Industrial Center 12/7/2020 1 9,032 Miraloma Industrial Center 12/10/2020 1 9,498 Pennsy Logistics Center 12/18/2020 2 60,097 Total Acquisitions 20 $ 475,320 2019 Acquisitions: Airport Industrial Center 1/8/2019 1 $ 8,136 Kelly Trade Center 1/31/2019 1 15,340 7A Distribution Center 2/11/2019 1 12,151 Quakerbridge Distribution Center 3/11/2019 1 8,594 Hebron Airpark Logistics Center 5/30/2019 1 11,800 Las Vegas Light Industrial Portfolio 5/30/2019 4 59,271 Monte Vista Industrial Center 6/7/2019 1 15,539 King of Prussia Core Infill Portfolio 6/21/2019 5 31,978 Dallas Infill Industrial Portfolio (2) 6/28/2019 5 116,055 Edison Distribution Center 6/28/2019 1 27,598 395 Distribution Center 8/5/2019 2 54,018 I-80 Distribution Center 9/4/2019 4 72,009 Avenue B Industrial Center 9/11/2019 1 7,113 485 Distribution Center 9/13/2019 1 43,059 Weston Business Center 12/10/2019 1 32,411 Marigold Distribution Center 12/20/2019 1 39,735 Bishops Gate Distribution Center 12/31/2019 1 32,226 Total Acquisitions 32 $ 587,033 (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. (2) Total purchase price includes debt assumed at fair value as of the acquisition date of $50.4 million, with a principal amount of $49.3 million. During the years ended December 31, 2020 and 2019, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: For the Year Ended December 31, (in thousands) 2020 2019 Land $ 124,368 $ 170,533 Building and improvements 313,833 373,414 Intangible lease assets 38,954 50,983 Above-market lease assets 2,438 1,260 Below-market lease liabilities (4,273) (9,157) Total purchase price (1) $ 475,320 $ 587,033 (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. Total purchase price for the year ended December 31, 2019 includes debt assumed at fair value as of the acquisition date of $50.4 million, with a principal amount of $49.3 million. 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 years ended December 31, 2020 and 2019, as of the respective date of each acquisition, was 5.9 years and 4.9 years, respectively. |
INVESTMENT IN REAL ESTATE
INVESTMENT IN REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
INVESTMENT IN REAL ESTATE | 4. INVESTMENT IN REAL ESTATE As of December 31, 2020 and 2019, the Company’s consolidated investment in real estate properties consisted of 65 and 45 industrial buildings, respectively. As of December 31, (in thousands) 2020 2019 Land $ 385,988 $ 261,620 Building and improvements 885,489 564,669 Intangible lease assets 119,765 77,294 Construction in progress 4,203 1,126 Investment in real estate properties 1,395,445 904,709 Less accumulated depreciation and amortization (72,924) (25,988) Net investment in real estate properties $ 1,322,521 $ 878,721 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2020 and 2019 included the following: As of December 31, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 115,821 $ (32,699) $ 83,122 $ 75,787 $ (11,734) $ 64,053 Above-market lease assets (1) 3,944 (694) 3,250 1,507 (211) 1,296 Below-market lease liabilities (2) (17,471) 5,862 (11,609) (13,199) 2,494 (10,705) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2020, for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 $ 21,456 $ 717 $ 3,223 Year 2 17,023 662 2,421 Year 3 13,661 593 1,654 Year 4 10,456 450 1,256 Year 5 6,883 391 911 Thereafter 13,643 437 2,144 Total $ 83,122 $ 3,250 $ 11,609 Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2020 and 2019, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2020 Year 1 $ 67,019 Year 2 62,259 Year 3 55,531 Year 4 46,302 Year 5 33,672 Thereafter 69,303 Total $ 334,086 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 Year Ended December 31, (in thousands) 2020 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 4,859 $ 2,703 $ 1,106 Above-market lease amortization (483) (196) (15) Below-market lease amortization 3,368 1,913 582 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 25,489 $ 11,952 $ 2,091 Intangible lease asset amortization 20,994 10,284 1,450 |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | 12 Months Ended |
Dec. 31, 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 December 31, 2020 December 31, 2019 Joint Venture Partnerships as of Ownership Number of Ownership Number of December 31, December 31, ($ in thousands) Percentage Buildings (1) Percentage Buildings (1) 2020 2019 BTC I Partnership % 42 % — $ 279,108 $ — BTC II Partnership % 25 % — 45,134 — Total BTC Partnerships 67 — $ 324,242 $ — (1) Represents acquired or completed buildings. As of December 31, 2020, the book value of the Company’s investment in the BTC Partnerships was $324.2 million, which includes $151.2 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 originated from the fair value of the real estate and noncurrent nonfinancial assets at acquisition. The following is a summary of certain balance sheet and operating data of the BTC I Partnership: For the Year Ended December 31, 2020 2019 2018 Operating data: Total revenues $ 75,429 $ 62,243 $ 47,169 Total operating expenses 54,282 44,523 35,884 Total other (expenses) income (1) (13,715) 5,135 34,031 Net income 7,432 22,855 45,316 As of December 31, (in thousands) 2020 2019 Balance sheet data: Net investment in properties $ 1,123,551 $ 1,064,499 Cash and cash equivalents 25,157 23,393 Total assets 1,174,236 1,108,795 Debt, net 622,092 580,588 Total liabilities 667,489 609,465 Partners' capital 506,625 499,198 (1) Includes a gain of $17.0 million for the year ended December 31, 2019 related to the disposal of four industrial buildings and a gain of $39.6 million for the year ended December 31, 2018 related to the disposal of eight industrial buildings. There were no dispositions during the year ended December 31, 2020. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | 6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its term loan and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2020 2019 Maturity Date 2020 2019 Line of credit (1) 1.44 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.23 2.85 February 2024 415,000 307,500 Fixed-rate mortgage notes (3) 3.14 3.71 August 2024 - December 2027 167,750 49,250 Total principal amount / weighted-average (4) 2.49 % 3.04 % $ 582,750 $ 463,750 Less unamortized debt issuance costs $ (4,430) $ (4,602) Add mark-to-market adjustment on assumed debt, net 851 1,063 Total debt, net $ 579,171 $ 460,211 Gross book value of properties encumbered by debt $ 299,318 $ 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 December 31, 2020, total commitments for the line of credit were $315.0 million, the unused portion under the line of credit was $314.9 million, of which $308.0 million was available. (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 December 31, 2020, total commitments for the term loan were $415.0 million. 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 2.90% 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 4.0 years as of December 31, 2020, excluding any extension options on the line of credit. As of December 31, 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 2021 $ — $ — $ — $ — 2022 — — — — 2023 — — — — 2024 — 415,000 38,000 453,000 2025 — — — — Thereafter — — 129,750 129,750 Total principal payments $ — $ 415,000 $ 167,750 $ 582,750 (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. 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. LIBOR is expected to be phased out or modified by June 2023, and the writing of contracts using LIBOR is expected to stop by the end of 2021. As of December 31, 2020, our term loan is our only consolidated indebtedness with maturity beyond 2023 that has 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 December 31, 2020, we have interest rate swaps in place to hedge LIBOR on $350.0 million of commitments under our term loan. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2023 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our 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 December 31, 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 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 consolidated statement of operations as the earnings effect of the hedged item. During the next 12 months, the Company estimates that approximately $3.6 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s consolidated balance sheets as of December 31, 2020 and 2019: Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount Location Value As of December 31, 2020 Interest rate swaps 7 $ 350,000 Other liabilities $ (9,809) 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 consolidated financial statements: For the Year Ended December 31, (in thousands) 2020 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (14,140) $ 2,642 $ — Amount reclassified from AOCI into interest expense 2,141 (452) — Total interest expense and other presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded 12,316 8,290 — |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2020 Liabilities Derivative instruments $ — $ (9,809) $ — $ (9,809) Total liabilities measured at fair value $ — $ (9,809) $ — $ (9,809) 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 December 31, 2020 and 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 December 31, 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 415,000 411,787 307,500 307,500 Fixed rate mortgage notes 167,750 172,008 49,250 50,326 (1) The carrying value reflects the principal amount outstanding. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 8. STOCKHOLDERS’ EQUITY Public Offerings On February 18, 2016, the SEC declared the Company’s registration statement for its initial public offering of up to $2.0 billion of shares of its common stock effective. 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. Black Creek Capital Markets, LLC (the “Dealer Manager”), a related party, provides dealer manager services in connection with the Company’s public offerings. The Class T shares, Class W shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T shares and Class W shares will be lower than the per share amount of distributions paid on Class I shares because of the distribution fees payable with respect to Class T shares and Class W shares sold in the primary offering. 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 December 31, 2020, is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 1,340,612 $ 78,144 $ 26,991 $ 1,445,747 DRIP 37,207 1,926 952 40,085 Total offering $ 1,377,819 $ 80,070 $ 27,943 $ 1,485,832 Number of shares issued: Primary offering 127,452 7,770 2,704 137,926 DRIP 3,699 192 95 3,986 Stock grants — 6 3 9 Total offering 131,151 7,968 2,802 141,921 As of December 31, 2020, approximately $980.8 million in shares of common stock remained available for sale pursuant to the Company’s follow-on public offerings in any combination of Class T, Class W and Class I shares, including approximately $468.3 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. 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 (1) Shares Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 18,643 154 97 18,894 DRIP 189 1 6 196 Redemptions (49) — (14) (63) Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 24,705 2,584 935 28,224 DRIP 887 36 20 943 Stock grants — — 76 76 Redemptions (111) (45) (77) (233) Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants — — 229 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 130,565 7,866 3,040 141,471 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 10” for additional information. 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 December 31 $ 0.13625 $ 6,159 $ 9,315 $ 3,230 $ 18,704 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 $ 0.54500 $ 20,293 $ 30,655 $ 10,634 $ 61,582 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 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 September 30 0.13625 495 681 256 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 $ 0.54500 $ 1,687 $ 2,379 $ 876 $ 4,942 (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 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. Refer to “Note 10” for further detail regarding distribution fees. (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 Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock, regardless of share class, for cash at a price equal to the transaction price in effect as of the last calendar day of that month, except that shares of the Company’s common stock that have not been outstanding for at least one year will be redeemed at 95.0% of the transaction price and Class T shares that have been outstanding for at least one year but less than two years will be redeemed at 97.5% of the transaction price. The “transaction price” generally will be equal to the NAV per share of the Company’s common stock most recently disclosed by the Company. Redemptions are limited by the Company in accordance with a monthly and quarterly cap. While the Company is not obligated to redeem shares of its common stock under its share redemption program, it intends to redeem shares under its share redemption program on a monthly basis. However, the Company’s board of directors may determine from time to time to adjust the timing of redemptions or suspend, terminate or otherwise modify the Company’s share redemption program. The following table summarizes the Company’s redemption activity for the periods presented below: For the Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Number of eligible shares redeemed 493 233 63 Aggregate dollar amount of shares redeemed $ 4,867 $ 2,285 $ 603 Average redemption price per share $ 9.87 $ 9.81 $ 9.57 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES The Company has concluded there were no uncertain tax positions as of December 31, 2020, 2019 and 2018. The U.S. is the major tax jurisdiction for the Company and the earliest tax year subject to examination by the taxing authority is 2017. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of the Company’s 2020, 2019 and 2018 distributions were: For the Year Ended December 31, (unaudited) 2020 2019 2018 Ordinary income 7.1 % — % — % Non-taxable return of capital 92.9 100.0 100.0 Long-term capital gain — — — Total distribution 100.0 % 100.0 % 100.0 % |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the amended and restated advisory agreement (2021), dated February 16, 2021, by and among the Company, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends June 12, 2021, subject to renewals by the Company’s board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the follow-on public offering pursuant to the terms of the dealer manager agreement, effective as of September 5, 2019 (the “Dealer Manager Agreement”), by and among the Company, the Advisor and the Dealer Manager. Black Creek Property Management Company LLC (the “Property Manager”) may perform certain property management services on behalf of the Company and the Operating Partnership. The Sponsor, which owns the Advisor, is presently directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates and the Sponsor and the Advisor are jointly controlled by the estate of Mr. Blumberg, Messrs Mulvihill and Zucker and/or their respective affiliates. The Dealer Manager and the Property Manager are presently each directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Messrs Mulvihill and/or Zucker and/or their respective affiliates. Mr. Zucker is the Chairman of our board of directors. The Advisor, the Sponsor, the Dealer Manager and the Property Manager receive compensation in the form of fees and expense reimbursements for services relating to the public offerings and for the investment and management of the Company’s assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, the Property Manager and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, the amended and restated management agreement between the Company and the Property Manager, and the sixth amended and restated limited partnership agreement of the Operating Partnership. Selling Commissions, Dealer Manager Fees and Distribution Fees. The Dealer Manager is entitled to receive upfront selling commissions and dealer manager fees with respect to Class T shares sold in the primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the offering price at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of Class T shares and Class W shares sold in the primary portion of the offerings. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. With respect to Class T shares, the distribution fees were payable at a rate of 1.0% of NAV per annum for periods prior to March 1, 2021. Class T Class W Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.5 % — % The Company will cease paying the distribution fees with respect to individual Class T shares and Class W shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T share or Class W share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of the Company’s common stock on a national securities exchange; (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with the Company’s transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the offerings. Advisory Fee. The advisory fee consists of a fixed component and a performance component. The fixed component of the advisory fee includes a fee that will be paid monthly to the Advisor for asset management services provided to the Company and a fee payable to the Advisor in connection with a disposition. The following table details the fixed component of the advisory fee. Please see “Note 15 to the Consolidated Financial Statements” for information regarding changes to the advisory fee effected subsequent to December 31, 2020. Fixed Component % of aggregate cost of real property assets located in the U.S. (per annum) 0.80 % % of aggregate cost of real property assets located outside the U.S. (per annum) 1.20 % % of aggregate cost or investment of any interest in any other real estate-related entity or debt investment or other investment (per annum) 0.80 % % of total consideration paid in connection with the disposition of real property or a liquidity event involving gross market capitalization of the Company upon occurrence of a listing 1.00 % The performance component of the advisory fee, which generally will be paid to the Sponsor in its capacity as holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance based amount in the form of an allocation and distribution. This amount will be paid to the Sponsor, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Sponsor, all or a portion of this amount will be paid instead to the Advisor in the form of an allocation and distribution, as described in the Advisory Agreement. The performance component of the advisory fee is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance component of the advisory fee be less than zero. “Fund Interests” means the outstanding shares of the Company’s common stock and any OP Units held by third parties. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Sponsor or the Advisor, as applicable, will earn a performance component equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from the Company’s payment or obligation to pay, or distribute, as applicable, the performance component of the advisory fee as well as ongoing distribution fees (i.e., the Company’s ongoing class-specific fees). If the performance component is being calculated with respect to a year in which the Company completes a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance component of the advisory fee. The loss carryforward was zero as of December 31, 2020. Organization and Offering Expenses. The Advisor agreed to advance all of the Company’s organization and offering expenses on the Company’s behalf, excluding upfront selling commissions, dealer manager fees and distribution fees, through December 31, 2019. The Company agreed to reimburse the Advisor for all such advanced expenses ratably over the 60 months following December 31, 2019 and reimbursed in full in January 2021, as described below. Beginning January 1, 2020, the Company either pays organization and offering expenses directly or reimburses the Advisor for any organization and offering expenses that it pays on the Company’s behalf as and when paid. The Company’s total cumulative organization and offering expenses may not exceed 15.0% of the gross proceeds from the primary portion of the offerings. As such, the Company would not consider organization and offering expenses above that amount to be payable, but such amounts may become payable in the future. As of December 31, 2020, the Company’s cumulative organization and offering expenses had not exceeded 15.0% of the gross proceeds from the primary portion of the offerings and the Company paid the remaining organization and offering expense amounts owed to the Advisor in full in January 2021. Development Fees. Pursuant to Amendment No. 1 (“Amendment No. 1”), entered into on July 15, 2020, to the Amended and Restated Advisory Agreement (2020), dated as of June 12, 2020, the Company has agreed to pay the Advisor 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. Fees from Other Services. The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or its operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services, construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance, treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting‑related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Any such arrangements will be at market rates or reimbursement of costs. Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, the Company agreed to reimburse the Advisor for all acquisition expenses incurred on the Company’s behalf in connection with the selection, acquisition, development or origination of its investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Until December 31, 2019, the Advisor deferred reimbursement of all or a portion of acquisition expenses incurred or paid on the Company’s behalf if, in a given month, the reimbursement of acquisition expenses to the Advisor would have caused the NAV per share to be lower than the lesser of $10.00 or the NAV per share calculated for the prior month, which the Company refers to as a shortfall. If the reimbursement would have resulted in a shortfall, then the Advisor deferred reimbursement of acquisition expenses in the amount necessary to prevent a shortfall for such month. The Advisor was reimbursed for any such unreimbursed acquisition expenses as of December 31, 2020. Beginning January 1, 2020, the Company either pays acquisition expenses directly or reimburses the Advisor for any acquisition expenses that it pays on the Company’s behalf as and when paid. The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of (in thousands) 2020 2019 2018 December 31, 2020 December 31, 2019 Expensed: Organization costs (1) $ — $ — $ — $ — $ 78 Advisory fee—fixed component 9,653 4,585 901 1,345 593 Advisory fee—performance component 9,640 2,913 723 9,640 2,913 Acquisition expense reimbursements (2) 2,958 3,068 4,900 1,037 182 Other expense reimbursements (3) 3,003 1,963 1,195 539 473 Total $ 25,254 $ 12,529 $ 7,719 $ 12,561 $ 4,239 Capitalized: Development fees (4) $ 24 $ — $ — $ 24 $ — Total $ 24 $ — $ — $ 24 $ — Additional Paid-In Capital: Selling commissions $ 22,433 $ 6,391 $ 4,372 $ — $ — Dealer manager fees 16,757 5,306 4,430 — — Offering costs (1) 7,404 7,150 13,270 18,246 21,269 Distribution fees—current 10,634 3,535 875 1,122 389 Distribution fees—trailing (5) 28,493 9,010 7,063 44,962 16,467 Total $ 85,721 $ 31,392 $ 30,010 $ 64,330 $ 38,125 (1) As of December 31, 2020, the Advisor had incurred $22.0 million in offering costs and $0.1 million of organization costs on behalf of the Company. 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. The Company agreed to pay the remaining organization and offering expense amounts owed to the Advisor in full in January 2021. (2) 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. The Company either pays directly or reimburses the Advisor for such expenses. (3) 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 consolidated statements of operations. The Company reimbursed the Advisor approximately $2.7 million, $1.8 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, 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. (4) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. (5) The distribution fees are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the 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 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. In addition, the Company paid the Advisor for property-level accounting services in the amount of approximately $603,000, $313,000, and $36,000 for the year ended December 31, 2020, 2019 and 2018, respectively. These payments were funded from a portion of the property management fees paid by customers at our properties, with the remainder of such property management fees paid to the third-party property managers for such properties. The portion of these payments by the customers that were passed through to the Advisor were related to property accounting services and are at or near market rates for the regions in which our properties are located. Transactions with Affiliates In November 2014, the Company sold 20,000 shares of Class A common stock to the Advisor at a price of $10.00 per share. Additionally, the Operating Partnership issued 20,000 OP Units to the Company in exchange for $200,000. The Operating Partnership also issued 100 Special Units to the Sponsor for consideration of $1,000. The Special Units are classified as noncontrolling interests. Performance Fee OP Units The 2020 performance component of the advisory fee in the amount of $9.6 million became payable to the Sponsor on December 31, 2020, which were issued as Class I OP units in January 2021. Such Class I OP Units were issued at the NAV per unit as of December 31, 2020. The 2019 performance component of the advisory fee in the amount of $2.9 million became payable to the Sponsor on December 31, 2019, which were issued as Class I OP units in January 2020. 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 owned 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 Partnership Promote The BTC I Partnership’s Partnership Agreement contains procedures for making incentive distributions to its partners, which are subject to the achievement of certain return thresholds. The incentive distributions became due and payable in the fourth quarter of 2020. The Company elected to receive its share of the incentive distribution as an increase of its interest in the Partnership in lieu of a cash payment. As a result, the Company’s limited partner interest in the BTC I Partnership decreased from 19.9% to 17.9% and its general partner interest in the BTC I Partnership increased from 0.1% to 8.9%. As stipulated in the Partnership Agreement, partners are required to make contributions into the Partnership in order to fund the incentive distribution, and the Company made net payments of $18.2 million to the Partnership to fulfill its share of this requirement. As of December 31, 2020, the BTC I Partnership owed the Company $3.2 million for the Company’s overpayment of the required contributions, which was recorded in due from affiliates on the consolidated balance sheets. 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. In connection with the promote transaction described above, the BTC I SLP assigned its interest in the BTC I Services Agreement to Industrial Property Advisors Sub II LLC (the “BTC I Service Provider”), including, without limitation, the BTC I SLP’s obligations to provide services and right to receive fees under the agreement, with such assignment effective as of the Effective Date. 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 December 31, 2020, the BTC Partnerships (as described in “Note 5”) incurred in aggregate approximately $6.2 million in acquisition and asset management fees, which were paid to affiliates of the Advisor pursuant to the respective service agreements. As of December 31, 2020, the Company had amounts due from the BTC Partnerships in aggregate of approximately $25,000 for partnership fees, which were recorded in due from affiliates on the consolidated balance sheets. Expense Support Agreement On January 1, 2019, the Company, the Advisor and the Operating Partnership entered into the Second Amended and Restated Expense Support Agreement (the “Expense Support Agreement”). The Expense Support Agreement amended and restated the agreement that had been entered into by the Company, the Operating Partnership and the Advisor in October 2016, which was subsequently amended and restated as of July 1, 2017. Pursuant to the Expense Support Agreement, the Advisor has agreed to defer certain fees and fund certain of the Company’s expenses, subject to the terms of the agreement. As amended, the Expense Support Agreement provides that, effective for each quarter commencing January 1, 2019 and ending December 31, 2020, the Advisor has agreed to defer payment of all or a portion of the fixed component of the advisory fee otherwise payable to it pursuant to the Advisory Agreement, if, for a particular quarter, the sum of (i) funds from operations (“FFO”), before taking into consideration any of the amounts paid to or by the Advisor pursuant to the Expense Support Agreement, as disclosed in the Company’s quarterly and annual reports, (ii) the Company’s accrued acquisition expenses (net of any acquisition expenses paid by the Company or on its behalf), (iii) the performance component of the advisory fee, (iv) any adjustment that has been made in calculating the Company’s FFO based on straight-line rent and amortization of above/below market leases, (v) organization and offering expenses reimbursed by the Company to the Advisor, and (vi) the fair market value gain amount (collectively, the “Expense Support Threshold”) is less than the aggregate gross cash distributions declared for such quarter, assuming all such cash distributions had been declared at the aggregate distribution |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, (in thousands) 2020 2019 2018 Interest paid, net of capitalized interest $ 12,180 $ 7,810 $ 1,521 Distributions payable 6,450 2,241 920 Distribution fees payable to affiliates 44,962 16,467 7,457 Distributions reinvested in common stock 28,590 9,482 1,959 Accrued offering and organization costs 18,246 21,347 14,197 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 — Accrued acquisition expense reimbursements 1,037 182 3,500 Non-cash selling commissions and dealer manager fees 39,190 11,697 8,802 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 consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 $ 10,565 Restricted cash (1) — 5 481 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 $ 11,046 End of period: Cash and cash equivalents $ 232,369 $ 51,178 $ 19,016 Restricted cash (1) 530 — 5 Cash, cash equivalents and restricted cash $ 232,899 $ 51,178 $ 19,021 (1) As of December 31, 2020, restricted cash consisted of cash held in escrow in connection with certain property improvements required by the lender of the $118.5 million mortgage note entered into in October 2020. 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. As of December 31, 2017, restricted cash consisted of amounts deposited with a third-party escrow agent related to the notes issued pursuant to the private offering, which was released to the Company from escrow in January 2018. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Advisor for consideration of $1,000. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The Sponsor in its capacity as holder of the Special Units will be paid a performance based amount in the form of an allocation and distribution. Refer to “Note 10” for details regarding the performance component of the advisory fee and Class I OP Units issued as payment for the performance component of the advisory fee. This amount will be paid to the Sponsor, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Sponsor, will be paid instead to the Advisor in the form of an allocation and distribution, as described in the Advisory Agreement. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs During the year ended December 31, 2020, the Company acquired controlling interests in one subsidiary REIT that owns one building for a total purchase price of $22.4 million. The Company indirectly owns and controls the 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 consolidated balance sheet as of December 31, 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 December 31, 2020, the subsidiary REIT had preferred dividends payable in the amount of approximately $7,800, which were recorded in distributions payable on the Company’s consolidated balance sheet. |
SIGNIFICANT RISKS AND UNCERTAIN
SIGNIFICANT RISKS AND UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT RISKS AND UNCERTAINTIES | 13. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties Currently, one of the most significant risks and uncertainties is the adverse effect of the 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 year ended December 31, 2020 from the COVID-19 pandemic, it is unable to predict the impact that the COVID-19 pandemic will have on its future financial condition, results of operations and cash flows due to numerous uncertainties and the impact could be material. 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 | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. 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 December 31, 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS Status of the Public Offerings As of March 1, 2021, the Company had raised gross proceeds of $1.6 billion from the sale of 152.8 million shares of its common stock in its public offerings, including $50.0 million from the sale of 5.0 million shares of its common stock through its distribution reinvestment plan. As of March 1, 2021, approximately $866.9 million 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 and Class I shares, including approximately $458.3 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 January 8, 2021, the Company acquired one industrial building located in the D.C. / Baltimore market. The total purchase price was approximately $19.0 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 $83.6 million comprised of two industrial buildings and one land parcel. There can be no assurance that the Company will complete the acquisition of the properties under contract. DST Program The Company, through the Operating Partnership, intends to initiate a program to raise capital in private placements exempt from registration under Section 506(b) of the Securities Act of 1933, as amended, or the “Securities Act” through the sale of beneficial interests in specific Delaware statutory trusts holding real properties, including properties currently indirectly owned by the Operating Partnership. Under the DST Program, each private placement will offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (the “DST Properties”). The Company anticipates that these interests may serve as replacement properties for investors seeking to complete like kind exchange transactions under Section 1031 of the Internal Revenue Code of 1986 (the “Code”). Additionally, underlying interests of properties that are sold to investors pursuant to such private placements will be leased back by an indirect wholly owned subsidiary of the Operating Partnership on a long term basis of up to 29 years. The lease agreements are expected to be fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. The Company expects that the DST Program will give it the opportunity to expand and diversify its capital raising and asset acquisition strategies by offering what it believes to be an attractive and unique investment product for investors that may be seeking replacement properties to complete like kind exchange transactions under Section 1031 of the Code. The Company expects to use the net proceeds of these private placements to make investments in accordance with its investment strategy and policies, to provide liquidity to its investors and for general corporate purposes (which may include repayment of the Company’s debt or any other corporate purposes it deems appropriate). The specific amounts of the net proceeds that are used for such purposes, and the priority of such uses, will depend on the amount and timing of receipts of such proceeds and what the Company deems to be the best use of such proceeds at such time. In connection with the DST Program, Black Creek Industrial Exchange LLC (“BCIX”), a wholly-owned subsidiary of the Company’s taxable REIT subsidiary that is wholly-owned by the Operating Partnership, will enter into a dealer manager agreement with the Company’s Dealer Manager. Pursuant to the dealer manager agreement, the Dealer Manager agreed to conduct the private placements of up to $500 million of interests. BC Exchange Industrial Manager LLC (the “DST Manager”), a wholly-owned subsidiary of the Company’s Operating Partnership, will act, directly or through a wholly owned subsidiary, as the manager of each Delaware statutory trust holding a DST Property, but has assigned all of its rights and obligations as manager (including fees and reimbursements received) to BC Exchange Industrial Advisor LLC (the “DST Advisor”), an affiliate of the Advisor. Further, in connection with the DST Program, the Company’s affiliate, BCIX will maintain a loan program and may, upon request, provide loans (the “DST Investor Loans” and, each individually, a “DST Investor Loan”) to certain purchasers of the interests in the Delaware Statutory Trusts (the “DST Interests”) to finance a portion of the purchase price payable upon their acquisition of such interests (the “Purchase Price”). The DST Investor Loans will be made by a newly formed entity (the “BCIX Lender”), which will be affiliated with the Company, the Operating Partnership and the DST Manager. BTC I Partnership Agreement Incentive Distributions Pursuant to BTC I Partnership Agreement As disclosed in the Current Report on Form 8-K filed by the Company on July 21, 2020 (the “Prior 8-K”), the Company, indirectly through certain of its subsidiaries, owns a minority ownership interest in the BTC I Partnership. Specifically, our subsidiaries, IPT BTC I GP LLC (the “BTC I GP”) and IPT BTC I LP LLC (the “BTC I LP”), own a general partner interest and a minority limited partner interest, respectively, in the BTC I Partnership. The Fourth Amended and Restated Agreement of Limited Partnership of the BTC I Partnership, dated as of December 31, 2016, and amended as of July 15, 2020, by and among the BTC I GP, the BTC I LP, Industrial Property Advisors Sub I LLC (the “BTC I SLP”), an affiliate of our Advisor, and QR Master Holdings USA II LP (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 the achievement of certain return thresholds. The BTC I GP and the BTC I SLP agreed to split such incentive distributions such that BTC I SLP will receive 60% of the incentive distributions attributable to interests in BTC I which are not owned by the BTC I GP or the BTC I LP. The incentive distributions became due and payable in the fourth quarter of 2020. Our subsidiary, the BTC I GP, elected to receive its share of the incentive distribution as an increase of our interest in BTC I in lieu of a cash payment. The new percentage ownership interest of the BTC I GP in BTC I is described below under “—Amendment to the BTC I Partnership Agreement”. The BTC I SLP requested that a portion of its incentive distribution be issued as an increase of its interest in BTC I in lieu of a full redemption of its interest and a cash payment, and the parties to the BTC I Partnership Agreement amended the BTC I Partnership Agreement to accommodate this request, as described below. Amendment to BTC I Partnership Agreement The parties to the BTC I Partnership Agreement entered into a second amendment to the agreement on January 12, 2021 (the “Amendment”). Pursuant to the Amendment, effective as of December 22, 2020 (the “Effective Date”), a portion of the BTC I SLP’s incentive distribution in the amount of $16 million was issued as an increase of the BTC I SLP’s interest in the BTC I Partnership. As of the Effective Date, the BTC I GP owned an 8.9% interest, the BTC I LP owned a 17.9% interest, the BTC I SLP owned a 1.2% interest and the third party partner, QR Master Holdings USA II LP (the “QR Limited Partner”), owned a 72.0% interest in BTC I. The QR Limited Partner was previously assigned 100% of the interest held by the BCIMC Limited Partner, as defined in the Prior 8-K. The Amendment also provides that the BTC I SLP will participate pro rata (based on its percentage interest) in any distributions of available cash and liquidating distributions. In addition, the BTC I SLP will be treated in the same manner as the BTC I LP for purposes of the rights of first offer, tag along rights, buy-sell and forced sale provisions of the BTC I Partnership Agreement, which were described in the Prior 8-K. Pursuant to the Amendment, the QR Limited Partner and the BTC I SLP each have the right, on 15 days’ prior written notice, to cause BTC I to redeem the BTC I SLP’s interest. Until March 31, 2021, the redemption price will be $16 million. Thereafter, the redemption price will be the fair market value of the interest, determined based on the latest appraised value of BTC I’s assets plus any capital contributions funded with respect to such assets since the appraised value was finalized, in each case adjusted to reflect any applicable distributions in connection with any capital transactions. As also disclosed in the Prior 8-K, the Company entered in to an agreement (the “BTC I Services Agreement”) between the BTC I GP, the BTC I SLP, and the Advisor, pursuant to which the BTC I GP appointed the BTC I SLP to provide acquisition and asset management services and, to the extent applicable, development management and development oversight services (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. In connection with the transactions described above, the BTC I SLP assigned its interest in the BTC I Services Agreement to the BTC I Service Provider, including, without limitation, the BTC I SLP’s obligations to provide services and right to receive fees under the agreement, with such assignment effective as of the Effective Date. The BTC I Service Provider is owned by an affiliate of the Advisor. Dealer Manager Agreement On February 16, 2021, we entered into the Amended and Restated Dealer Manager Agreement (the “A&R Dealer Manager Agreement”) with the Advisor and the Dealer Manager. The A&R Dealer Manager Agreement amends and restates the dealer manager agreement, dated as of September 5, 2019, by and among us, the Advisor and the Dealer Manager, to reduce the rate at which the distribution fee payable on Class T shares will be paid from 1.0% of NAV per annum to 0.85% of NAV per annum. The terms of the A&R Dealer Manager Agreement are otherwise substantially the same as the terms of the prior dealer manager agreement. Share Redemption Program Our share redemption program provides that we may redeem, during any calendar month, shares whose aggregate value (based on the price at which the shares are redeemed) is 2% of our aggregate NAV as of the last calendar day of the previous quarter and, during any calendar quarter, shares whose aggregate value (based on the price at which the shares are redeemed) is up to 5% of the Company’s aggregate NAV as of the last calendar day of the prior calendar quarter. On February 16, 2021, our board of directors approved the amended and restated share redemption program (the “Share Redemption Program”). The Share Redemption Program amends and restates the prior share redemption program in a manner which enhances the potential capacity for redemptions. Specifically, the Share Redemption Program provides that (i) if share redemptions are less than 2% in the first months of a given quarter, any unused capacity will carry over to the second month, and any unused capacity for the first two months will carry over to the third month; provided that redemptions in any given quarter will not exceed 5% of our aggregate NAV as of the last day of the prior quarter; and (ii) the redemption limitations will be based on net redemptions during a month or quarter, as applicable. The term “net redemptions” means, during the applicable period, the excess of share redemptions (capital outflows) over the proceeds from the sale of shares (capital inflows). Our board of directors may determine to change the measurement from net to gross redemptions with respect to a particular quarter in its discretion, but any such determination must be made with respect to the entire quarter. The Share Redemption Program has also been amended to eliminate the 2.5% early redemption deduction applicable to Class T Shares outstanding for at least one year but less than two years, such that the only early redemption deduction in place is a 5% early redemption deduction that will ordinarily apply to all shares that have been outstanding for less than one year. However, on February 16, 2021, our board of directors suspended the early redemption deduction on all redemptions effected from February 16, 2021 through at least September 30, 2021. In addition, the Share Redemption Program includes new provisions regarding certain circumstances in which the early redemption deduction may be waived, as well as certain limitations that will be imposed on the Company’s ability to make new investments, increase the then-current distribution rate and pay the performance component of the advisory fee under the Advisory Agreement and the Partnership Agreement (defined below), in the event that the Company were ever to fail to satisfy 100% of properly submitted redemption requests for any consecutive 24-month period. Amended and Restated Advisory Agreement On February 16, 2021, the Company and the Operating Partnership entered into the Advisory Agreement with the Advisor. The Advisory Agreement amends and restates the Amended and Restated Advisory Agreement (2020) to, among other things, amend the calculation of the fixed component of the advisory fee. As amended, the fixed component of the advisory fee, which was previously a monthly fee in an amount equal to 1/12th of 0.80% of the aggregate cost of each real property asset within our portfolio, will be a monthly fee in an amount equal to 1/12th of 1.25% of (a) the applicable monthly NAV per Fund Interest times the weighted-average number of Fund Interests for such month and (b) the consideration received by the Company or its affiliates for selling interests in properties under the DST Program (defined below), net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests. “Fund Interests” are outstanding shares of our common stock and units of limited partnership interest in the Operating Partnership held by third parties. In addition, the Advisory Agreement revised the circumstances under which the fixed component of the advisory fee will be paid in connection with a disposition, eliminating the payment of the fee in connection with one-off dispositions that do not result in a special distribution to our stockholders. As amended, the Advisory Agreement provides that the fee will be paid in connection with a disposition, which includes (i) a sale of any substantial portion of our assets, whether effectuated either directly or indirectly through the sale of any entity owning such assets, including, without limitation, the Company or the Operating Partnership, (ii) any sale, merger, or other transaction resulting in a special distribution to our stockholders, including, without limitation, any transaction in which our stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, or (iii) a listing or partial listing of our common stock on a national securities exchange. The fee to be paid in connection with a disposition will be equal to, as applicable, 1.0% of the total consideration paid and debt assumed and/or incurred in connection with a disposition described in clauses (i) and (ii) above or 1.0% of the gross market capitalization (reflective of total asset value) of the Company (or applicable portion thereof) upon the occurrence of a full or partial listing of our common stock on a national securities exchange. There is no disposition fee in connection with any dispositions that occur outside of a liquidity event transaction. In addition, the Advisory Agreement also includes certain terms and provisions related to the facilitation of our planned launch of the DST Program, pursuant to which a subsidiary of the Operating Partnership intends to raise capital through the sale of beneficial interests in Delaware statutory trusts holding real properties, including properties currently indirectly owned by the Operating Partnership. Seventh Amended and Restated Limited Partnership Agreement On February 16, 2021, in connection with the DST Program, we, on our own behalf as general partner and on behalf of the limited partners thereto, entered into the Seventh Amended and Restated Limited Partnership Agreement (the “Operating Partnership Agreement”). The Operating Partnership Agreement amends the prior limited partnership agreement of the Operating Partnership in order to facilitate the issuance of units of limited partnership interest in exchange for beneficial interests in Delaware statutory trusts issued pursuant to the DST Program. The Operating Partnership Agreement also establishes three series of Class T units of limited partnership interest, Series 1 Class T Units, Series 2 Class T Units and Series 3 Class T Units, in order to align with the interests that will be offered pursuant to the DST Program. |
SCHEDULE III-REAL ESTATE AND AC
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION Costs Accumulated Capitalized or Gross Amount Carried as of Depreciation Initial Cost to Company Adjustments December 31, 2020 (2) and Depreciable # of Buildings and Total Subsequent to Buildings and Total Amortization Acquisition Life ($in thousands) Buildings Debt Land Improvements (2) Costs Acquisition Land Improvements (2) Costs (4) (4) Date (Years) Consolidated Industrial Properties: Ontario Industrial Center in Ontario, CA 1 $ (1) $ 5,225 $ 5,370 $ 10,595 $ 631 $ 5,225 $ 6,001 $ 11,226 $ (1,183) 2/26/2018 1-20 Medley Industrial Center in Medley, FL 1 — 2,864 4,559 7,423 309 2,864 4,868 7,732 (661) 4/11/2018 1-30 Ontario Distribution Center in Ontario, CA 1 — 14,657 16,101 30,758 123 14,657 16,224 30,881 (3,111) 5/17/2018 1-20 Park 429 Logistics Center in Ocoee, FL 2 — 7,963 36,919 44,882 277 7,963 37,196 45,159 (3,287) 6/7/2018 1-40 Pescadero Distribution Center in Tracy, CA 1 (1) 5,602 40,021 45,623 59 5,602 40,080 45,682 (4,020) 6/20/2018 1-40 Gothard Industrial Center in Huntington Beach, CA 1 (1) 5,325 4,771 10,096 80 5,325 4,851 10,176 (772) 6/25/2018 1-20 Midway Industrial Center in Odenton, MD 1 — 4,579 3,548 8,127 398 4,579 3,946 8,525 (984) 10/22/2018 1-20 Executive Airport Distribution Center I in Henderson, NV 1 — 10,360 40,710 51,070 215 10,360 40,925 51,285 (4,057) 11/20/2018 1-40 Iron Run Distribution Center in Allentown, PA 1 — 5,483 10,039 15,522 156 5,483 10,195 15,678 (1,364) 12/04/2018 1-20 Elgin Distribution Center in Elgin, IL 1 — 4,032 16,951 20,983 71 4,032 17,022 21,054 (1,117) 12/11/2018 1-40 Addison Distribution Center II in Addison, IL 1 — 4,439 8,009 12,448 528 4,439 8,537 12,976 (1,096) 12/21/2018 1-30 Fontana Distribution Center in Fontana, CA 1 — 20,558 21,943 42,501 101 20,558 22,044 42,602 (4,159) 12/28/2018 1-20 Airport Industrial Center in Ontario, CA 1 — 4,085 4,051 8,136 215 4,085 4,266 8,351 (1,030) 01/08/2019 1-20 Kelly Trade Center in Austin, TX 1 — 2,686 12,654 15,340 243 2,686 12,897 15,583 (1,771) 01/31/2019 1-30 7A Distribution Center in Robbinsville, NJ 1 — 4,874 7,277 12,151 286 4,874 7,563 12,437 (1,274) 02/11/2019 1-20 Quakerbridge Distribution Center in Hamilton, NJ 1 — 2,334 6,260 8,594 277 2,334 6,537 8,871 (1,556) 03/11/2019 1-40 Hebron Airpark Logistics Center in Hebron, KY 1 — 2,228 9,572 11,800 41 2,228 9,613 11,841 (843) 05/30/2019 1-40 Las Vegas Light Industrial Portfolio in Las Vegas, NV 4 — 19,872 39,399 59,271 356 19,872 39,755 59,627 (4,294) 05/30/2019 1-30 Monte Vista Industrial Center in Chino, CA 1 — 7,947 7,592 15,539 256 7,947 7,848 15,795 (1,233) 06/07/2019 1-20 King of Prussia Core Infill Portfolio in King of Prussia, PA 5 — 14,791 17,187 31,978 699 14,791 17,886 32,677 (2,583) 06/21/2019 1-20 Dallas Infill Industrial Portfolio in Arlington, TX 3 38,000 17,159 74,981 92,140 718 17,159 75,699 92,858 (7,276) 06/28/2019 1-30 Dallas Infill Industrial Portfolio in Garland, TX 2 11,250 3,545 20,370 23,915 — 3,545 20,370 23,915 (1,281) 06/28/2019 1-40 Edison Distribution Center in Edison, NJ 1 — 11,519 16,079 27,598 32 11,519 16,111 27,630 (1,641) 06/28/2019 1-20 395 Distribution Center in Reno, NV 2 — 8,904 45,114 54,018 101 8,904 45,215 54,119 (2,798) 08/05/2019 1-40 I-80 Distribution Center in Reno, NV 4 (1) 18,742 53,267 72,009 1,750 18,742 55,017 73,759 (3,887) 09/04/2019 1-40 Avenue B Industrial Center in Bethlehem, PA 1 — 2,461 4,652 7,113 65 2,461 4,717 7,178 (526) 09/11/2019 1-20 485 Distribution Center in Shiremanstown, PA 1 — 8,427 34,632 43,059 142 8,427 34,774 43,201 (2,124) 09/13/2019 1-40 Weston Business Center in Weston, FL 1 — 15,661 16,750 32,411 113 15,661 16,863 32,524 (1,215) 12/10/2019 1-20 Marigold Distribution Center in Redlands, CA 1 — 17,230 22,505 39,735 98 17,230 22,603 39,833 (2,140) 12/20/2019 1-30 Bishops Gate Distribution Center in Mount Laurel, NJ 1 — 8,068 24,158 32,226 107 8,068 24,265 32,333 (1,826) 12/31/2019 1-20 Norcross Industrial Center in Peachtree Corner, GA 1 — 4,086 5,419 9,505 1,767 4,086 7,186 11,272 — 3/23/2020 1-20 Port 146 Distribution Center in LaPorte, TX 1 — 2,577 6,994 9,571 1,052 2,577 8,046 10,623 — 4/14/2020 1-40 Lima Distribution Center in Denver, CO 1 — 2,313 9,309 11,622 30 2,313 9,339 11,652 (517) 4/15/2020 1-20 Valwood Crossroads in Carrollton, TX 2 — 21,312 48,687 69,999 78 21,312 48,765 70,077 (1,741) 5/11/2020 1-40 Eaglepoint LC in Brownsburg, IN 1 — 6,875 33,341 40,216 51 6,875 33,392 40,267 (1,164) 5/26/2020 1-40 7A DC II in Robbinsville Township, NJ 1 — 7,887 15,331 23,218 466 7,887 15,797 23,684 (627) 5/27/2020 1-20 Legacy Logistics Center in Salt Lake City, UT 1 (1) 8,223 31,495 39,718 1,982 8,223 33,477 41,700 (995) 6/3/2020 1-40 Logistics Center at 33 in Easton, PA 1 — 13,157 50,128 63,285 48 13,157 50,176 63,333 (1,556) 6/4/2020 1-40 Intermodal Logistics Center in Fort Worth, TX 1 — 7,531 21,097 28,628 109 7,531 21,206 28,737 (500) 6/29/2020 1-40 Executive Airport Distribution Center II, III in Henderson, NV 2 — 9,490 23,710 33,200 1,239 9,490 24,949 34,439 — 9/3/2020 1-40 Airpark International Logistics Center in Hebron, KY 2 — 4,410 25,791 30,201 82 4,410 25,873 30,283 (262) 10/9/2021 1-40 Carlstadt Industrial Center in Carlstadt, NJ 2 — 17,616 19,914 37,530 110 17,616 20,024 37,640 (286) 11/10/2020 1-20 Nelson Industrial Center in La Puente, CA 1 — 4,233 4,799 9,032 32 4,233 4,831 9,064 (39) 12/7/2020 1-40 Miraloma Industrial Center in Placentia, CA 1 — 5,113 4,385 9,498 25 5,113 4,410 9,523 (27) 12/10/2020 1-20 Pennsy Logistics Center in Landover, MD 2 — 9,545 50,552 60,097 13 9,545 50,565 60,110 (101) 12/18/2020 1-30 Total 65 $ 167,750 $ 385,988 $ 976,393 $ 1,362,381 $ 15,531 $ 385,988 $ 991,924 $ 1,377,912 $ (72,924) (1) These properties include a $118.5 million mortgage note as of December 31, 2020. This borrowing is non-recourse and secured by deeds of trust for the eight collateralized buildings. The mortgage note has a maturity date of November 1, 2027 and an interest rate of 2.90%. See “Note 6 to the Consolidated Financial Statements” for more detail. (2) Includes gross intangible lease assets of $119.8 million and gross intangible lease liabilities of $17.5 million. (3) As of December 31, 2020, the aggregate cost for federal income tax purposes of investments in property was $1.4 billion (unaudited). (4) A summary of activity for investment in real estate properties is as follows: (in thousands) 2020 2019 Investment in real estate properties: Balance at beginning of period $ 891,170 $ 300,713 Acquisition of properties 475,320 587,033 Improvements 11,451 3,424 Write-off of intangibles and customer leasing costs (29) — Balance at end of period $ 1,377,912 $ 891,170 Accumulated depreciation and amortization: Balance at beginning of period $ (25,988) $ (3,556) Additions charged to costs and expenses (46,965) (22,432) Write-off of intangibles and customer leasing costs 29 — Balance at end of period $ (72,924) $ (25,988) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. |
Investment in Real Estate Properties | Investment in Real Estate Properties The Company first determines whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2020 acquisitions. During 2019, two debt instruments were assumed at fair value of $50.4 million. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. |
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 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 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 year ended December 31, 2020. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. |
Derivative Instruments | Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company does not use derivative instruments for trading or speculative purposes. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date. Accumulated amortization of debt issuance costs was approximately $2.9 million and $1.7 million as of December 31, 2020 and 2019, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s interest expense included approximately $1.2 million, $1.1 million and $0.6 million, respectively, of amortization of financing costs. |
Capitalized Interest | Capitalized Interest The Company capitalizes interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the year ended December 31, 2020, approximately $0.6 million of interest was capitalized. No interest was capitalized for the years ended December 31, 2019 and 2018. |
Distribution Fees | Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class W shares in the primary portion of the Company’s public offerings. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class W shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 10” for additional information regarding when distribution fees become payable. |
Noncontrolling Interests | Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 12” for additional information regarding the Subsidiary REIT. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest BCI IV Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee pursuant to the amended and restated advisory agreement (the “Advisory Agreement”) by and among the Company, the Operating Partnership and BCI IV Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to transfer or redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. |
Rental Revenue | Rental Revenue When a lease is entered into, the Company first determines if the collectability from the tenant is probable. If the collectability is not probable the Company recognizes revenue when the payment has been received. If the collectability is determined to be probable the Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic 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 December 31, 2020, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. The Company evaluates collectability from its tenants on an ongoing basis, if the assessment of collectability changes during the lease term, any difference between the revenue that was recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2020 and 2019, the Company has no allowance for doubtful accounts. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon the disposition of an asset, the Company will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. |
Organization and Offering Expenses | Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 10” for additional information regarding organization and offering expenses. |
Income Taxes | Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the year ended December 31, 2017. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The Company computes net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2020, 2019 and 2018. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions. As the Company’s revenues predominantly consist of rental payments, it is dependent on its customers for its source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: · Quoted prices for similar assets/liabilities in active markets; · Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); · Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and · Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. The Company applied this standard beginning in August 2019, upon entering into its interest rate swap agreements, which made this standard applicable to the Company for the first time. The amendments to ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑03, “Codification Improvements to Financial Instruments” (“ASU 2020‑03”), which updates various codification topics related to financial instruments by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements. 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 consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer document to clarify whether lease concessions related to the effects of COVID-19 require the application of lease modification guidance under ASU 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which the Company adopted on January 1, 2019. The guidance did not have a material effect on the Company's 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 consolidated financial statements. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. The Company adopted this standard as of the reporting period beginning January 1, 2021. The Company’s adoption of this standard did not have a material effect on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 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 derivative contracts 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 consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options |
REAL ESTATE ACQUISITIONS (Table
REAL ESTATE ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Business Acquisitions | During the years ended December 31, 2020 and 2019, 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) 2020 Acquisitions: 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 Airpark International Logistics Center 10/9/2020 2 30,201 Carlstadt Industrial Center 11/10/2020 2 37,530 Nelson Industrial Center 12/7/2020 1 9,032 Miraloma Industrial Center 12/10/2020 1 9,498 Pennsy Logistics Center 12/18/2020 2 60,097 Total Acquisitions 20 $ 475,320 2019 Acquisitions: Airport Industrial Center 1/8/2019 1 $ 8,136 Kelly Trade Center 1/31/2019 1 15,340 7A Distribution Center 2/11/2019 1 12,151 Quakerbridge Distribution Center 3/11/2019 1 8,594 Hebron Airpark Logistics Center 5/30/2019 1 11,800 Las Vegas Light Industrial Portfolio 5/30/2019 4 59,271 Monte Vista Industrial Center 6/7/2019 1 15,539 King of Prussia Core Infill Portfolio 6/21/2019 5 31,978 Dallas Infill Industrial Portfolio (2) 6/28/2019 5 116,055 Edison Distribution Center 6/28/2019 1 27,598 395 Distribution Center 8/5/2019 2 54,018 I-80 Distribution Center 9/4/2019 4 72,009 Avenue B Industrial Center 9/11/2019 1 7,113 485 Distribution Center 9/13/2019 1 43,059 Weston Business Center 12/10/2019 1 32,411 Marigold Distribution Center 12/20/2019 1 39,735 Bishops Gate Distribution Center 12/31/2019 1 32,226 Total Acquisitions 32 $ 587,033 (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. (2) Total purchase price includes debt assumed at fair value as of the acquisition date of $50.4 million, with a principal amount of $49.3 million. |
Allocation of Purchase Price of Acquisitions | During the years ended December 31, 2020 and 2019, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: For the Year Ended December 31, (in thousands) 2020 2019 Land $ 124,368 $ 170,533 Building and improvements 313,833 373,414 Intangible lease assets 38,954 50,983 Above-market lease assets 2,438 1,260 Below-market lease liabilities (4,273) (9,157) Total purchase price (1) $ 475,320 $ 587,033 (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. Total purchase price for the year ended December 31, 2019 includes debt assumed at fair value as of the acquisition date of $50.4 million, with a principal amount of $49.3 million. |
INVESTMENT IN REAL ESTATE (Tabl
INVESTMENT IN REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2020 and 2019, the Company’s consolidated investment in real estate properties consisted of 65 and 45 industrial buildings, respectively. As of December 31, (in thousands) 2020 2019 Land $ 385,988 $ 261,620 Building and improvements 885,489 564,669 Intangible lease assets 119,765 77,294 Construction in progress 4,203 1,126 Investment in real estate properties 1,395,445 904,709 Less accumulated depreciation and amortization (72,924) (25,988) Net investment in real estate properties $ 1,322,521 $ 878,721 |
Intangible Lease Assets And Liabilities | Intangible lease assets and liabilities as of December 31, 2020 and 2019 included the following: As of December 31, 2020 As of December 31, 2019 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 115,821 $ (32,699) $ 83,122 $ 75,787 $ (11,734) $ 64,053 Above-market lease assets (1) 3,944 (694) 3,250 1,507 (211) 1,296 Below-market lease liabilities (2) (17,471) 5,862 (11,609) (13,199) 2,494 (10,705) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets. |
Estimated Net Amortization of Intangible Lease Assets and Liabilities | The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2020, for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 $ 21,456 $ 717 $ 3,223 Year 2 17,023 662 2,421 Year 3 13,661 593 1,654 Year 4 10,456 450 1,256 Year 5 6,883 391 911 Thereafter 13,643 437 2,144 Total $ 83,122 $ 3,250 $ 11,609 |
Future Minimum Rent | Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2020 and 2019, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2020 Year 1 $ 67,019 Year 2 62,259 Year 3 55,531 Year 4 46,302 Year 5 33,672 Thereafter 69,303 Total $ 334,086 |
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 Year Ended December 31, (in thousands) 2020 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 4,859 $ 2,703 $ 1,106 Above-market lease amortization (483) (196) (15) Below-market lease amortization 3,368 1,913 582 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 25,489 $ 11,952 $ 2,091 Intangible lease asset amortization 20,994 10,284 1,450 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of the investment in BTC Partnerships and certain balance sheet and operating data | The following table summarizes the Company’s investment in the BTC Partnerships: As of Investment in Unconsolidated December 31, 2020 December 31, 2019 Joint Venture Partnerships as of Ownership Number of Ownership Number of December 31, December 31, ($ in thousands) Percentage Buildings (1) Percentage Buildings (1) 2020 2019 BTC I Partnership % 42 % — $ 279,108 $ — BTC II Partnership % 25 % — 45,134 — Total BTC Partnerships 67 — $ 324,242 $ — (1) Represents acquired or completed buildings. The following is a summary of certain balance sheet and operating data of the BTC I Partnership: For the Year Ended December 31, 2020 2019 2018 Operating data: Total revenues $ 75,429 $ 62,243 $ 47,169 Total operating expenses 54,282 44,523 35,884 Total other (expenses) income (1) (13,715) 5,135 34,031 Net income 7,432 22,855 45,316 As of December 31, (in thousands) 2020 2019 Balance sheet data: Net investment in properties $ 1,123,551 $ 1,064,499 Cash and cash equivalents 25,157 23,393 Total assets 1,174,236 1,108,795 Debt, net 622,092 580,588 Total liabilities 667,489 609,465 Partners' capital 506,625 499,198 (1) Includes a gain of $17.0 million for the year ended December 31, 2019 related to the disposal of four industrial buildings and a gain of $39.6 million for the year ended December 31, 2018 related to the disposal of eight industrial buildings. There were no dispositions during the year ended December 31, 2020. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2020 2019 Maturity Date 2020 2019 Line of credit (1) 1.44 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.23 2.85 February 2024 415,000 307,500 Fixed-rate mortgage notes (3) 3.14 3.71 August 2024 - December 2027 167,750 49,250 Total principal amount / weighted-average (4) 2.49 % 3.04 % $ 582,750 $ 463,750 Less unamortized debt issuance costs $ (4,430) $ (4,602) Add mark-to-market adjustment on assumed debt, net 851 1,063 Total debt, net $ 579,171 $ 460,211 Gross book value of properties encumbered by debt $ 299,318 $ 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 December 31, 2020, total commitments for the line of credit were $315.0 million, the unused portion under the line of credit was $314.9 million, of which $308.0 million was available. (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 December 31, 2020, total commitments for the term loan were $415.0 million. 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 2.90% 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 4.0 years as of December 31, 2020, excluding any extension options on the line of credit. |
Schedule of Maturities of Long-term Debt | As of December 31, 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 2021 $ — $ — $ — $ — 2022 — — — — 2023 — — — — 2024 — 415,000 38,000 453,000 2025 — — — — Thereafter — — 129,750 129,750 Total principal payments $ — $ 415,000 $ 167,750 $ 582,750 (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 consolidated balance sheets as of December 31, 2020 and 2019: Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount Location Value As of December 31, 2020 Interest rate swaps 7 $ 350,000 Other liabilities $ (9,809) 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 consolidated financial statements: For the Year Ended December 31, (in thousands) 2020 2019 2018 Derivative Instruments Designated as Cash Flow Hedges (Loss) gain recognized in AOCI $ (14,140) $ 2,642 $ — Amount reclassified from AOCI into interest expense 2,141 (452) — Total interest expense and other presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded 12,316 8,290 — |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2020 Liabilities Derivative instruments $ — $ (9,809) $ — $ (9,809) Total liabilities measured at fair value $ — $ (9,809) $ — $ (9,809) 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 December 31, 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 415,000 411,787 307,500 307,500 Fixed rate mortgage notes 167,750 172,008 49,250 50,326 (1) The carrying value reflects the principal amount outstanding. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020, is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 1,340,612 $ 78,144 $ 26,991 $ 1,445,747 DRIP 37,207 1,926 952 40,085 Total offering $ 1,377,819 $ 80,070 $ 27,943 $ 1,485,832 Number of shares issued: Primary offering 127,452 7,770 2,704 137,926 DRIP 3,699 192 95 3,986 Stock grants — 6 3 9 Total offering 131,151 7,968 2,802 141,921 |
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 (1) Shares Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 18,643 154 97 18,894 DRIP 189 1 6 196 Redemptions (49) — (14) (63) Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 24,705 2,584 935 28,224 DRIP 887 36 20 943 Stock grants — — 76 76 Redemptions (111) (45) (77) (233) Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants — — 229 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 130,565 7,866 3,040 141,471 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 10” for additional information. |
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 December 31 $ 0.13625 $ 6,159 $ 9,315 $ 3,230 $ 18,704 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 $ 0.54500 $ 20,293 $ 30,655 $ 10,634 $ 61,582 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 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 September 30 0.13625 495 681 256 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 $ 0.54500 $ 1,687 $ 2,379 $ 876 $ 4,942 (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 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. Refer to “Note 10” for further detail regarding distribution fees. (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 Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Number of eligible shares redeemed 493 233 63 Aggregate dollar amount of shares redeemed $ 4,867 $ 2,285 $ 603 Average redemption price per share $ 9.87 $ 9.81 $ 9.57 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Preliminary Taxability of Distributions on Common Shares | The unaudited preliminary taxability of the Company’s 2020, 2019 and 2018 distributions were: For the Year Ended December 31, (unaudited) 2020 2019 2018 Ordinary income 7.1 % — % — % Non-taxable return of capital 92.9 100.0 100.0 Long-term capital gain — — — Total distribution 100.0 % 100.0 % 100.0 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Dealer Manager Fees | The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. With respect to Class T shares, the distribution fees were payable at a rate of 1.0% of NAV per annum for periods prior to March 1, 2021. Class T Class W Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.5 % — % |
Schedule of Fixed Component for Advisory Fee | The following table details the fixed component of the advisory fee. Please see “Note 15 to the Consolidated Financial Statements” for information regarding changes to the advisory fee effected subsequent to December 31, 2020. Fixed Component % of aggregate cost of real property assets located in the U.S. (per annum) 0.80 % % of aggregate cost of real property assets located outside the U.S. (per annum) 1.20 % % of aggregate cost or investment of any interest in any other real estate-related entity or debt investment or other investment (per annum) 0.80 % % of total consideration paid in connection with the disposition of real property or a liquidity event involving gross market capitalization of the Company upon occurrence of a listing 1.00 % |
Summary of Fees and Expenses Incurred by Company | The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of (in thousands) 2020 2019 2018 December 31, 2020 December 31, 2019 Expensed: Organization costs (1) $ — $ — $ — $ — $ 78 Advisory fee—fixed component 9,653 4,585 901 1,345 593 Advisory fee—performance component 9,640 2,913 723 9,640 2,913 Acquisition expense reimbursements (2) 2,958 3,068 4,900 1,037 182 Other expense reimbursements (3) 3,003 1,963 1,195 539 473 Total $ 25,254 $ 12,529 $ 7,719 $ 12,561 $ 4,239 Capitalized: Development fees (4) $ 24 $ — $ — $ 24 $ — Total $ 24 $ — $ — $ 24 $ — Additional Paid-In Capital: Selling commissions $ 22,433 $ 6,391 $ 4,372 $ — $ — Dealer manager fees 16,757 5,306 4,430 — — Offering costs (1) 7,404 7,150 13,270 18,246 21,269 Distribution fees—current 10,634 3,535 875 1,122 389 Distribution fees—trailing (5) 28,493 9,010 7,063 44,962 16,467 Total $ 85,721 $ 31,392 $ 30,010 $ 64,330 $ 38,125 (1) As of December 31, 2020, the Advisor had incurred $22.0 million in offering costs and $0.1 million of organization costs on behalf of the Company. 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. The Company agreed to pay the remaining organization and offering expense amounts owed to the Advisor in full in January 2021. (2) 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. The Company either pays directly or reimburses the Advisor for such expenses. (3) 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 consolidated statements of operations. The Company reimbursed the Advisor approximately $2.7 million, $1.8 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, 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. (4) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. (5) The distribution fees are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the 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 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 | For the Year Ended December 31, (in thousands) 2020 2019 2018 Fees deferred $ 3,896 $ 3,895 $ 901 Other expenses supported 9,609 2,243 4,682 Total expense support from Advisor 13,505 6,138 $ 5,583 Reimbursement of previously deferred fees and other expenses supported (13,505) (13,606) — Total (reimbursement to) expense support from Advisor, net (1) $ — $ (7,468) $ 5,583 (1) As of December 31, 2020, no amounts were payable to or receivable from the Advisor. As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company and is included in due to affiliates on the consolidated balance sheets. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, (in thousands) 2020 2019 2018 Interest paid, net of capitalized interest $ 12,180 $ 7,810 $ 1,521 Distributions payable 6,450 2,241 920 Distribution fees payable to affiliates 44,962 16,467 7,457 Distributions reinvested in common stock 28,590 9,482 1,959 Accrued offering and organization costs 18,246 21,347 14,197 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 — Accrued acquisition expense reimbursements 1,037 182 3,500 Non-cash selling commissions and dealer manager fees 39,190 11,697 8,802 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 consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2020 2019 2018 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 $ 10,565 Restricted cash (1) — 5 481 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 $ 11,046 End of period: Cash and cash equivalents $ 232,369 $ 51,178 $ 19,016 Restricted cash (1) 530 — 5 Cash, cash equivalents and restricted cash $ 232,899 $ 51,178 $ 19,021 (1) As of December 31, 2020, restricted cash consisted of cash held in escrow in connection with certain property improvements required by the lender of the $118.5 million mortgage note entered into in October 2020. As of December 31, 2019, the Company did not have any restricted cash. As of December 31, 2018, restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. As of December 31, 2017, restricted cash consisted of amounts deposited with a third-party escrow agent related to the notes issued pursuant to the private offering, which was released to the Company from escrow in January 2018. |
DESCRIPTION OF BUSINESS Additio
DESCRIPTION OF BUSINESS Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020segmentbuilding | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 65 |
Number of reportable segments | segment | 1 |
Owned And Managed Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 132 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)instrumentshares | Dec. 31, 2018USD ($)shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of debt instruments assumed in period | instrument | 2 | ||
Fair value of debt assumed in acquisitions | $ 0 | $ 50,400,000 | |
Joint venture impairment losses | 0 | ||
Accumulated amortization of debt issuance costs | 2,900,000 | 1,700,000 | |
Amortization of debt issuance costs | 1,200,000 | 1,100,000 | $ 600,000 |
Capitalized interest | 600,000 | 0 | $ 0 |
Allowance for doubtful accounts | $ 0 | $ 0 | |
Dilutive shares | shares | 0 | 0 | 0 |
Unconsolidated Properties [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Assumed ownership percentage | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Building and land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Building and land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
REAL ESTATE ACQUISITIONS - Summ
REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands | Dec. 31, 2020USD ($)building | Dec. 31, 2019USD ($)building |
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 65 | |
Asset Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 20 | 32 |
Total Purchase Price | $ 475,320 | $ 587,033 |
Debt assumed at fair value | $ 0 | |
Norcross Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 9,505 | |
Port 146 Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 9,571 | |
Lima Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 11,622 | |
Valwood Crossroads | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 69,999 | |
Eaglepoint Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 40,216 | |
7A Distribution Center II | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 23,218 | |
Legacy Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 39,718 | |
Logistics Center at 33 | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 63,285 | |
Intermodal Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 28,628 | |
Executive Airport II & III | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 33,200 | |
Airpark International Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 30,201 | |
Carlstadt Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 37,530 | |
Nelson Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 9,032 | |
Miraloma Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 9,498 | |
Pennsy Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 60,097 | |
Airport Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 8,136 | |
Kelly Trade Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 15,340 | |
7A Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 12,151 | |
Quakerbridge Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 8,594 | |
Hebron Airpark Logistics Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 11,800 | |
Las Vegas Light Industrial Portfolio | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 4 | |
Total Purchase Price | $ 59,271 | |
Monte Vista Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 15,539 | |
King of Prussia Core Infill Portfolio | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 5 | |
Total Purchase Price | $ 31,978 | |
Dallas Infill Industrial Portfolio | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 5 | |
Total Purchase Price | $ 116,055 | |
Debt assumed at fair value | 50,400 | |
Debt instrument, principal amount | $ 49,300 | |
Edison Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 27,598 | |
395 Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 2 | |
Total Purchase Price | $ 54,018 | |
I-80 Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 4 | |
Total Purchase Price | $ 72,009 | |
Avenue B Industrial Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 7,113 | |
485 Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 43,059 | |
Weston Business Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 32,411 | |
Marigold Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 39,735 | |
Bishops Gate Distribution Center | ||
Business Acquisition [Line Items] | ||
Number of real estate properties | building | 1 | |
Total Purchase Price | $ 32,226 |
REAL ESTATE ACQUISITIONS - Purc
REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Land | $ 124,368 | $ 170,533 |
Building and improvements | 313,833 | 373,414 |
Intangible lease assets | 38,954 | 50,983 |
Above-market lease assets | 2,438 | 1,260 |
Below-market lease liabilities | (4,273) | (9,157) |
Total purchase price | 475,320 | 587,033 |
Asset Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Debt assumed at fair value | $ 0 | |
Dallas Infill Industrial Portfolio | ||
Business Acquisition [Line Items] | ||
Debt assumed at fair value | 50,400 | |
Debt instrument, principal amount | $ 49,300 |
REAL ESTATE ACQUISITIONS - Narr
REAL ESTATE ACQUISITIONS - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Lease Assets | ||
Business Acquisition [Line Items] | ||
Weighted-average amortization period of acquired finite-lived intangible assets | 5 years 10 months 24 days | 4 years 10 months 24 days |
INVESTMENT IN REAL ESTATE - Nar
INVESTMENT IN REAL ESTATE - Narrative (Details) - building | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Properties [Line Items] | ||
Number of industrial properties | 65 | |
Consolidated Properties | ||
Real Estate Properties [Line Items] | ||
Number of industrial properties | 65 | 45 |
INVESTMENT IN REAL ESTATE - Inv
INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | |||
Land | $ 385,988 | $ 261,620 | |
Building and improvements | 885,489 | 564,669 | |
Intangible lease assets | 119,765 | 77,294 | |
Construction in progress | 4,203 | 1,126 | |
Investment in real estate properties | 1,395,445 | 904,709 | |
Less accumulated depreciation and amortization | (72,924) | (25,988) | $ (3,556) |
Net investment in real estate properties | $ 1,322,521 | $ 878,721 |
INVESTMENT IN REAL ESTATE - Sum
INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 119,765 | $ 77,294 |
Below Market Lease [Roll Forward] | ||
Gross | (17,471) | (13,199) |
Accumulated Amortization | 5,862 | 2,494 |
Net | (11,609) | (10,705) |
Intangible Lease Assets | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | 115,821 | 75,787 |
Accumulated Amortization | (32,699) | (11,734) |
Total | 83,122 | 64,053 |
Above-Market Lease Assets | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | 3,944 | 1,507 |
Accumulated Amortization | (694) | (211) |
Total | $ 3,250 | $ 1,296 |
INVESTMENT IN REAL ESTATE - Est
INVESTMENT IN REAL ESTATE - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | $ 3,223 | |
Year 2 | 2,421 | |
Year 3 | 1,654 | |
Year 4 | 1,256 | |
Year 5 | 911 | |
Thereafter | 2,144 | |
Total | 11,609 | $ 10,705 |
Intangible Lease Assets | ||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | 21,456 | |
Year 2 | 17,023 | |
Year 3 | 13,661 | |
Year 4 | 10,456 | |
Year 5 | 6,883 | |
Thereafter | 13,643 | |
Total | 83,122 | 64,053 |
Above-Market Lease Assets | ||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | 717 | |
Year 2 | 662 | |
Year 3 | 593 | |
Year 4 | 450 | |
Year 5 | 391 | |
Thereafter | 437 | |
Total | $ 3,250 | $ 1,296 |
INVESTMENT IN REAL ESTATE - Fut
INVESTMENT IN REAL ESTATE - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Real Estate [Abstract] | |
Year 1 | $ 67,019 |
Year 2 | 62,259 |
Year 3 | 55,531 |
Year 4 | 46,302 |
Year 5 | 33,672 |
Thereafter | 69,303 |
Total | $ 334,086 |
INVESTMENT IN REAL ESTATE - S_2
INVESTMENT IN REAL ESTATE - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) to Rental Revenue: | |||
Straight-line rent adjustments | $ (4,859) | $ (2,703) | $ (1,106) |
Real Estate-Related Depreciation and Amortization: | |||
Depreciation expense | 25,489 | 11,952 | 2,091 |
Intangible lease asset amortization | 20,994 | 10,284 | 1,450 |
Above-Market Lease Assets | |||
Increase (Decrease) to Rental Revenue: | |||
Amortization of above and below Market Leases | (483) | (196) | (15) |
Below Market Lease [Member] | |||
Increase (Decrease) to Rental Revenue: | |||
Amortization of above and below Market Leases | $ 3,368 | $ 1,913 | $ 582 |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands | Dec. 31, 2020USD ($)building | Jul. 15, 2020item | Dec. 31, 2019USD ($) |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | |||
Number of joint venture partnerships | item | 2 | ||
Investment in Partnerships | $ 324,242 | $ 0 | |
BTC I and BTC II Partnerships | |||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | |||
Number of Buildings | building | 67 | ||
Investment in Partnerships | $ 324,242 | ||
BTC I Partnership | |||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | |||
Ownership Percentage | 26.80% | 0.00% | |
Number of Buildings | building | 42 | ||
Investment in Partnerships | $ 279,108 | ||
BTC II Partnership | |||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | |||
Ownership Percentage | 8.00% | 0.00% | |
Number of Buildings | building | 25 | ||
Investment in Partnerships | $ 45,134 |
INVESTMENT IN UNCONSOLIDATED _4
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS - Operating data (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)building | Dec. 31, 2018USD ($)building | Dec. 31, 2017USD ($) | |
Summary of certain balance sheet and operating data of the BTC I Partnership | ||||
Total revenues | $ 79,396,000 | $ 40,377,000 | $ 6,520,000 | |
Total operating expenses | 95,465,000 | 47,029,000 | 14,076,000 | |
Net loss | (30,175,000) | (22,410,000) | (4,223,000) | |
Net investment in real estate properties | 1,322,521,000 | 878,721,000 | ||
Cash and cash equivalents | 232,369,000 | 51,178,000 | 19,016,000 | $ 10,565,000 |
Total assets | 1,897,428,000 | 938,773,000 | ||
Debt | 579,171,000 | 460,211,000 | ||
Total liabilities | 700,965,000 | 531,570,000 | ||
Partners' capital | 1,192,815,000 | 406,479,000 | 171,773,000 | $ 10,606,000 |
BTC I Partnership | ||||
Summary of certain balance sheet and operating data of the BTC I Partnership | ||||
Total revenues | 75,429,000 | 62,243,000 | 47,169,000 | |
Total operating expenses | 54,282,000 | 44,523,000 | 35,884,000 | |
Total other (expenses) income | (13,715,000) | 5,135,000 | 34,031,000 | |
Net loss | 7,432,000 | 22,855,000 | 45,316,000 | |
Net investment in real estate properties | 1,123,551,000 | 1,064,499,000 | ||
Cash and cash equivalents | 25,157,000 | 23,393,000 | ||
Total assets | 1,174,236,000 | 1,108,795,000 | ||
Debt | 622,092,000 | 580,588,000 | ||
Total liabilities | 667,489,000 | 609,465,000 | ||
Partners' capital | $ 506,625,000 | 499,198,000 | ||
Gain on disposal | $ 17,000,000 | $ 39,600,000 | ||
Number of industrial buildings disposed | 0 | 4 | 8 |
INVESTMENT IN UNCONSOLIDATED _5
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment in Partnerships | $ 324,242 | $ 0 |
Outside basis difference | $ 151,200 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 2.49% | 3.04% |
Total principal amount / weighted-average | $ 582,750 | $ 463,750 |
Less unamortized debt issuance costs | (4,430) | (4,602) |
Add mark-to-market adjustment on assumed debt, net | 851 | 1,063 |
Total debt, net | 579,171 | 460,211 |
Gross book value of properties encumbered by debt | $ 299,318 | $ 117,049 |
Weighted Average | ||
Debt Instrument [Line Items] | ||
Remaining debt term (in years) | 4 years | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 1.44% | 3.26% |
Total principal amount / weighted-average | $ 107,000 | |
Total commitments | $ 315,000 | |
Unused portion | 314,900 | |
Available capacity | $ 308,000 | |
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 | 2.23% | 2.85% |
Total principal amount / weighted-average | $ 415,000 | $ 307,500 |
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 | 3.14% | 3.71% |
Total principal amount / weighted-average | $ 167,750 | $ 49,250 |
Interest rates (as a percent) | 2.90% | |
Fixed-rate mortgage notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rates (as a percent) | 2.90% | |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
2024 | $ 453,000 | |
Thereafter | 129,750 | |
Total principal payments | $ 582,750 | $ 463,750 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Total principal payments | 107,000 | |
Term of extension option | 1 year | |
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 | 129,750 | |
Total principal payments | $ 167,750 | $ 49,250 |
DEBT (Summary of Location and F
DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands | Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract |
Debt Instrument [Line Items] | ||
Cash flow hedge to be reclassified in next twelve months | $ 3,600 | |
Interest Rate Swap | Other liabilities. | ||
Debt Instrument [Line Items] | ||
Number of Contracts | contract | 7 | |
Notional Amount | $ 350,000 | |
Derivative instruments | $ (9,809) | |
Interest Rate Swap | Other assets. | ||
Debt Instrument [Line Items] | ||
Number of Contracts | contract | 4 | |
Notional Amount | $ 200,000 | |
Derivative instruments | $ 2,190 |
DEBT (Effect of Derivative Fina
DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - Interest Rate Swap - Cash Flow Hedges - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
(Loss) gain recognized in AOCI | $ (14,140) | $ 2,642 |
Amount reclassified from AOCI into interest expense | 2,141 | (452) |
Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded | $ 12,316 | $ 8,290 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Liabilities | ||
Derivative instruments | $ (9,809) | |
Total liabilities measured at fair value | (9,809) | |
Derivative instruments | $ 2,190 | |
Total assets measured at fair value | 2,190 | |
Level 2 | ||
Liabilities | ||
Derivative instruments | (9,809) | |
Total liabilities measured at fair value | $ (9,809) | |
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) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 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 | 167,750 | 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 | 411,787 | 307,500 |
Fair Value | Fixed rate mortgage notes | ||
Liabilities | ||
Debt instruments, fair value disclosure | $ 172,008 | $ 50,326 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Sep. 05, 2019 | Feb. 18, 2016 | |
Class of Stock [Line Items] | |||
Redemption percentage of common stock that's been outstanding less than one year | 95.00% | ||
Class T Shares | |||
Class of Stock [Line Items] | |||
Redemption percentage of common stock that's been outstanding more than one year but less than two years | 97.50% | ||
Initial Public Offering | |||
Class of Stock [Line Items] | |||
Dollar value of shares issued | $ 2,000 | $ 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 | ||
Total amount of common stock remaining available for sale | $ 980.8 |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands | Dec. 31, 2020USD ($)shares |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 1,485,832 |
Number of shares issued (in shares) | 141,921 |
Class T Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 1,377,819 |
Number of shares issued (in shares) | 131,151 |
Class W Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 80,070 |
Number of shares issued (in shares) | 7,968 |
Class I Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 27,943 |
Number of shares issued (in shares) | 2,802 |
Primary Offering | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 1,445,747 |
Number of shares issued (in shares) | 137,926 |
Primary Offering | Class T Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 1,340,612 |
Number of shares issued (in shares) | 127,452 |
Primary Offering | Class W Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 78,144 |
Number of shares issued (in shares) | 7,770 |
Primary Offering | Class I Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 26,991 |
Number of shares issued (in shares) | 2,704 |
DRIP | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 40,085 |
Number of shares issued (in shares) | 3,986 |
DRIP | Class T Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 37,207 |
Number of shares issued (in shares) | 3,699 |
DRIP | Class W Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 1,926 |
Number of shares issued (in shares) | 192 |
DRIP | Class I Shares | |
Class of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 952 |
Number of shares issued (in shares) | 95 |
Stock grants | |
Class of Stock [Line Items] | |
Number of shares issued (in shares) | 9 |
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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Redemptions | (493,000) | (233,000) | (63,000) | |
Class T Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 45,240,000 | |||
Ending balance, shares | 130,565,000 | 45,240,000 | ||
Common stock, shares issued | 130,565,000 | 45,240,000 | ||
Class W Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 2,736,000 | |||
Ending balance, shares | 7,866,000 | 2,736,000 | ||
Common stock, shares issued | 7,866,000 | 2,736,000 | ||
Class I Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 1,299,000 | |||
Ending balance, shares | 3,040,000 | 1,299,000 | ||
Common stock, shares issued | 3,040,000 | 1,299,000 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 49,275,000 | 20,265,000 | 1,238,000 | |
Primary shares | 89,619,000 | 28,224,000 | 18,894,000 | |
DRIP | 2,841,000 | 943,000 | 196,000 | |
Stock grants | 229,000 | 76,000 | ||
Redemptions | (493,000) | (233,000) | (63,000) | |
Ending balance, shares | 141,471,000 | 49,275,000 | 20,265,000 | |
Common Stock | Class T Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 45,240,000 | 19,759,000 | 976,000 | |
Primary shares | 83,136,000 | 24,705,000 | 18,643,000 | |
DRIP | 2,622,000 | 887,000 | 189,000 | |
Redemptions | (433,000) | (111,000) | (49,000) | |
Ending balance, shares | 130,565,000 | 45,240,000 | 19,759,000 | |
Common Stock | Class W Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 2,736,000 | 161,000 | 6,000 | |
Primary shares | 5,032,000 | 2,584,000 | 154,000 | |
DRIP | 155,000 | 36,000 | 1,000 | |
Redemptions | (57,000) | (45,000) | ||
Ending balance, shares | 7,866,000 | 2,736,000 | 161,000 | |
Common Stock | Class I Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 1,299,000 | 345,000 | 256,000 | |
Primary shares | 1,451,000 | 935,000 | 97,000 | |
DRIP | 64,000 | 20,000 | 6,000 | |
Stock grants | 229,000 | 76,000 | ||
Redemptions | (3,000) | (77,000) | (14,000) | |
Ending balance, shares | 3,040,000 | 1,299,000 | 345,000 | |
Common Stock | Class I Shares | BCI IV Advisors LLC (the “Advisor”) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock, shares issued | 20,000 |
STOCKHOLDERS' EQUITY - Summar_3
STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||||||||||||||
Declared per Common Share (usd per share) | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.54500 | $ 0.54500 | $ 0.54500 |
Paid in Cash | $ 6,159 | $ 5,601 | $ 5,194 | $ 3,339 | $ 2,058 | $ 1,841 | $ 1,558 | $ 1,178 | $ 747 | $ 495 | $ 305 | $ 140 | $ 20,293 | $ 6,635 | $ 1,687 |
Reinvested in Shares | 9,315 | 8,451 | 7,812 | 5,077 | 3,242 | 2,866 | 2,319 | 1,744 | 1,102 | 681 | 399 | 197 | 30,655 | 10,171 | 2,379 |
Distribution Fees | 3,230 | 2,952 | 2,710 | 1,742 | 1,105 | 992 | 818 | 620 | 406 | 256 | 147 | 67 | 10,634 | 3,535 | 876 |
Gross Distributions | $ 18,704 | $ 17,004 | $ 15,716 | $ 10,158 | $ 6,405 | $ 5,699 | $ 4,695 | $ 3,542 | $ 2,255 | $ 1,432 | $ 851 | $ 404 | $ 61,582 | $ 20,341 | $ 4,942 |
STOCKHOLDERS' EQUITY - Share Re
STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Number of eligible shares redeemed (in shares) | 493 | 233 | 63 |
Aggregate dollar amount of shares redeemed | $ 4,867 | $ 2,285 | $ 603 |
Average redemption price per share (in dollars per share) | $ 9.87 | $ 9.81 | $ 9.57 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Impact on uncertain tax positions from results of operations | $ 0 | $ 0 | $ 0 |
INCOME TAXES - Preliminary Taxa
INCOME TAXES - Preliminary Taxability of Distributions on Common Shares (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 7.10% | 0.00% | 0.00% |
Non-taxable return of capital | 92.90% | 100.00% | 100.00% |
Long-term capital Gain | 0.00% | 0.00% | 0.00% |
Total distribution | 100.00% | 100.00% | 100.00% |
RELATED PARTY TRANSACTIONS - Se
RELATED PARTY TRANSACTIONS - Selling Commissions, Dealer Manager Fees and Distribution Fees (Details) | Mar. 01, 2021 | Dec. 31, 2020 |
BCI IV Advisors LLC (the “Advisor”) | ||
Related Party Transaction [Line Items] | ||
Advisory agreement period | 1 year | |
Black Creek Capital Markets, LLC (Dealer Manager) [Member] | ||
Related Party Transaction [Line Items] | ||
Distribution fees threshold to cease payment | 8.50% | |
Class T Shares | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 2.00% | |
Dealer manager fees (as % of offering price), up to this percent | 2.50% | |
Distribution fees (as % of NAV per annum) | 1.00% | |
Class W Shares | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 0.00% | |
Dealer manager fees (as % of offering price), up to this percent | 0.00% | |
Distribution fees (as % of NAV per annum) | 0.50% | |
Class I Shares | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 0.00% | |
Dealer manager fees (as % of offering price), up to this percent | 0.00% | |
Distribution fees (as % of NAV per annum) | 0.00% | |
Subsequent Event | Class T Shares | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | ||
Related Party Transaction [Line Items] | ||
Distribution fees (as % of NAV per annum) | 0.85% |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Advisory Fee (Details) - BCI IV Advisors LLC (the “Advisor”) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | |
% of aggregate cost or investment of any interest in any other real estate-related entity or debt investment or other investment (per annum) | 0.80% |
% of total consideration paid in connection with the disposition of real property or a liquidity event involving gross market capitalization of the Company upon occurrence of a listing | 1.00% |
Threshold for performance component of advisory fee | 12.50% |
Threshold of annual total return as % of NAV | 5.00% |
Performance component earned for excess return over the hurdle amount | 100.00% |
Maximum performance component limited to % of total annual return | 12.50% |
Advisory Fees | |
Related Party Transaction [Line Items] | |
Loss carryforward | $ 0 |
United States | |
Related Party Transaction [Line Items] | |
% of aggregate cost of real property assets | 0.80% |
Outside the U.S. | |
Related Party Transaction [Line Items] | |
% of aggregate cost of real property assets | 1.20% |
RELATED PARTY TRANSACTIONS - Pr
RELATED PARTY TRANSACTIONS - Property Management and Leasing Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Fees incurred with related parties | $ 25,254 | $ 12,529 | $ 7,719 |
RELATED PARTY TRANSACTIONS - Or
RELATED PARTY TRANSACTIONS - Organization and Offering Expenses (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Threshold criteria of organization and offering expenses | 15.00% | 15.00% |
Percentage of Total Project Cost of Development Property | 4.00% | |
BCI IV Advisors LLC (the “Advisor”) | ||
Related Party Transaction [Line Items] | ||
Period of reimbursement of advisor advanced expenses | 60 months | |
Estimated NAV per share (in dollars per share) | $ 10 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Organization costs | $ 78,000 | ||
Due to Affiliate | $ 28,275,000 | 30,538,000 | |
Value-add development fee | 24,000 | ||
Total | 24,000 | ||
Offering costs incurred | 22,000,000 | ||
Organization costs, payable | 100,000 | ||
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 85,721,000 | 31,392,000 | $ 30,010,000 |
Related Party Transaction, Additional Paid-In Capital Payable | 64,330,000 | 38,125,000 | |
BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 25,254,000 | 12,529,000 | 7,719,000 |
Due to Affiliate | 12,561,000 | 4,239,000 | |
Amount reimbursed for services | 2,700,000 | $ 1,800,000 | 900,000 |
Period of reimbursement of advisor advanced expenses | 60 months | ||
Advisory Fee, Fixed Component [Member] | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 9,653,000 | $ 4,585,000 | 901,000 |
Due to Affiliate | 1,345,000 | 593,000 | |
Advisory Fee, Performance Component [Member] | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 9,640,000 | 2,913,000 | 723,000 |
Due to Affiliate | 9,640,000 | 2,913,000 | |
Acquisition Expense Reimbursements [Member] | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 2,958,000 | 3,068,000 | 4,900,000 |
Due to Affiliate | 1,037,000 | 182,000 | |
Other Expense Reimbursements [Member] | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 3,003,000 | 1,963,000 | 1,195,000 |
Due to Affiliate | 539,000 | 473,000 | |
Property management services expense | |||
Related Party Transaction [Line Items] | |||
Aggregate amount paid by the Advisor pursuant to the expense support agreement | 603,000 | 313,000 | 36,000 |
Selling Commissions [Member] | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 22,433,000 | 6,391,000 | 4,372,000 |
Related Party Transaction, Additional Paid-In Capital Payable | 0 | 0 | |
Offering Costs [Member] | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 7,404,000 | 7,150,000 | 13,270,000 |
Related Party Transaction, Additional Paid-In Capital Payable | 18,246,000 | 21,269,000 | |
Dealer manager fees | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 16,757,000 | 5,306,000 | 4,430,000 |
Related Party Transaction, Additional Paid-In Capital Payable | 0 | 0 | |
Distribution Fees, Current [Member] | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 10,634,000 | 3,535,000 | 875,000 |
Related Party Transaction, Additional Paid-In Capital Payable | 1,122,000 | 389,000 | |
Distribution Fees, Trailing [Member] | Black Creek Capital Markets, LLC (Dealer Manager) [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction Adjust To Additional Paid In Capital | 28,493,000 | 9,010,000 | $ 7,063,000 |
Related Party Transaction, Additional Paid-In Capital Payable | $ 44,962,000 | $ 16,467,000 |
RELATED PARTY TRANSACTIONS - Tr
RELATED PARTY TRANSACTIONS - Transactions with Affiliates and Performance Fee OP Units (Details) - USD ($) | 1 Months Ended | ||
Nov. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 28,275,000 | $ 30,538,000 | |
BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 12,561,000 | $ 4,239,000 | |
Affiliated Entity | BCI IV Operating Partnership LP (Operating Partnership) [Member] | |||
Related Party Transaction [Line Items] | |||
Sale of Stock, Consideration Received Per Transaction | $ 200,000 | ||
Sale of Stock, Number of Shares Issued in Transaction | 20,000 | ||
Affiliated Entity | BCI IV Operating Partnership LP (Operating Partnership) [Member] | Sponsor | |||
Related Party Transaction [Line Items] | |||
Sale of Stock, Consideration Received Per Transaction | $ 1,000 | ||
Sale of Stock, Number of Shares Issued in Transaction | 100 | ||
Class A | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Common stock, shares issued | 20,000 | ||
Share price (in dollars per share) | $ 10 | ||
Class I Shares | |||
Related Party Transaction [Line Items] | |||
Common stock, shares issued | 3,040,000 | 1,299,000 | |
Class I Shares | Common Stock | BCI IV Advisors LLC (the “Advisor”) | |||
Related Party Transaction [Line Items] | |||
Common stock, shares issued | 20,000 | ||
Advisory Fees | Class I Shares | Operating Partnership Units [Member] | Sponsor | Performance Fee OP Units 2019 [Member] | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 2,900,000 | ||
Advisory Fees | Class I Shares | Operating Partnership Units [Member] | Sponsor | Performance Fee OP Units 2020 [Member] | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 9,600,000 |
RELATED PARTY TRANSACTIONS - BT
RELATED PARTY TRANSACTIONS - BTC I Partnership Promote (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Due from Affiliates | $ 3,308 | $ 3,308 | $ 153 | |
BTC I Partnership | ||||
Related Party Transaction [Line Items] | ||||
Payments to Acquire Limited Partnership Interests | 18,200 | |||
Due from Affiliates | $ 3,200 | $ 3,200 | ||
Limited Partner Interest | BTC I Partnership | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in limited partner interest | 17.90% | 19.90% | ||
General Partner Interest | BTC I Partnership | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in general partner interest | 8.90% | 0.10% |
RELATED PARTY TRANSACTIONS - Jo
RELATED PARTY TRANSACTIONS - Joint Venture Partnerships (Details) | Jul. 15, 2020USD ($)itembuilding | Dec. 31, 2020USD ($)building | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||
Number of Real Estate Properties | building | 65 | ||
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 | $ | $ 6,200,000 | ||
Due from joint ventures | $ | $ 25,000 | ||
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] | |||
Ownership Percentage | 26.80% | 0.00% | |
BTC II Partnership | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 8.00% | 0.00% | |
General Partner | BTC I Partnership | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 0.10% | ||
General Partner | BTC II Partnership | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 0.10% | ||
Limited Partner | BTC I Partnership | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 19.90% | ||
Limited Partner | BTC II Partnership | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 7.90% | ||
BCTI | BTC I SLP | |||
Related Party Transaction [Line Items] | |||
Percentage of incentive distributions | 60.00% | ||
BCTII | BTC II SLP | |||
Related Party Transaction [Line Items] | |||
Percentage of incentive distributions | 80.00% |
RELATED PARTY TRANSACTIONS - Ex
RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Total (reimbursement to) expense support from Advisor, net | $ 0 | $ (7,468) | $ 5,583 | |
Due to Affiliate | 28,275 | 30,538 | ||
Due from Affiliates | 3,308 | 153 | ||
BCI IV Advisors LLC (the “Advisor”) | ||||
Related Party Transaction [Line Items] | ||||
Maximum for aggregate of the deferred fixed component of the advisory fee and the Deficiency support payments | $ 15,000 | |||
Period the Company may not be obligated to reimburse Advisor under agreement terms | 4 years | |||
Period after listing | 30 days | |||
Listing period | 90 days | |||
Pretax annual rate of return | 5.00% | |||
Due to Affiliate | 12,561 | 4,239 | ||
Expense Support Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
NAV per share (in dollars per share) | $ 10 | |||
Expense Support Agreement | BCI IV Advisors LLC (the “Advisor”) | ||||
Related Party Transaction [Line Items] | ||||
Aggregate amount paid by the Advisor pursuant to the expense support agreement | 27,100 | |||
Total reimbursements | 27,100 | |||
Available balance to be reimbursed | 0 | |||
Fees deferred | 3,896 | 3,895 | 901 | |
Other expenses supported | 9,609 | 2,243 | 4,682 | |
Total expense support from Advisor | 13,505 | 6,138 | 5,583 | |
Reimbursement of previously deferred fees and other expenses supported | (13,505) | (13,606) | ||
Total (reimbursement to) expense support from Advisor, net | (7,468) | $ 5,583 | ||
Due to Affiliate | $ 0 | $ 5,400 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid, net of capitalized interest | $ 12,180 | $ 7,810 | $ 1,521 |
Distributions payable | 6,450 | 2,241 | 920 |
Distribution fees payable to affiliates | 44,962 | 16,467 | 7,457 |
Distributions reinvested in common stock | 28,590 | 9,482 | 1,959 |
Accrued offering and organization costs | 18,246 | 21,347 | 14,197 |
Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee | 2,913 | 723 | |
Accrued acquisition expense reimbursements | 1,037 | 182 | 3,500 |
Non-cash selling commissions and dealer manager fees | $ 39,190 | 11,697 | $ 8,802 |
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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 232,369 | $ 51,178 | $ 19,016 | $ 10,565 |
Restricted cash | 530 | 0 | 5 | 481 |
Cash, cash equivalents and restricted cash | 232,899 | 51,178 | 19,021 | $ 11,046 |
Proceeds from mortgage note | $ 118,500 | $ 0 | $ 0 |
NONCONTROLLING INTERESTS - Addi
NONCONTROLLING INTERESTS - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2014USD ($)shares | Dec. 31, 2020USD ($)propertyentitybuilding$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Noncontrolling Interest [Line Items] | |||
Special units issued (in shares) | shares | 100 | ||
Value of special units issued | $ | $ 1,000 | ||
Number of real estate properties | building | 65 | ||
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 | |||
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 | $ | $ 7,800 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) shares in Millions | Feb. 16, 2021USD ($)series | Feb. 15, 2021 | Jan. 12, 2021USD ($) | Jan. 11, 2021USD ($)building | Mar. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)propertybuilding | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 01, 2021USD ($) | Jul. 15, 2020 |
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties | building | 65 | |||||||||
Amount of interest | $ 968,591,000 | $ 304,983,000 | $ 200,070,000 | |||||||
BTC I SLP | BCTI | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of incentive distributions | 60.00% | |||||||||
BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 26.80% | 0.00% | ||||||||
General Partner | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 0.10% | |||||||||
Limited Partner | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 19.90% | |||||||||
Maximum | DST Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Sale Leaseback Transaction, Lease Term | 29 years | |||||||||
Common Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Amount of interest | $ 928,000 | $ 292,000 | $ 191,000 | |||||||
DRIP | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Total amount of common stock remaining available for sale | 468,300,000 | |||||||||
Private Placement | Maximum | DST Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Amount of interest | $ 500,000,000 | |||||||||
Scenario, Plan | Real Estate Acquired [Member] | Industrial Property [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties | building | 2 | |||||||||
Payments to acquire real estate | $ 83,600,000 | |||||||||
Scenario, Plan | Real Estate Acquired [Member] | Land Parcel [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties | property | 1 | |||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate proceeds from issuance of common stock | $ 1,600,000,000 | |||||||||
Shares, Issued | shares | 152.8 | |||||||||
Total amount of common stock remaining available for sale | $ 866,900,000 | |||||||||
Subsequent Event | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Redemption price | 16,000,000 | |||||||||
Subsequent Event | Share Redemption Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of early redemption deduction | 5.00% | |||||||||
Percentage of redemption request | 100.00% | |||||||||
Consecutive monthly term for redemption request | 24 months | |||||||||
Subsequent Event | Class T Shares | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number Of Operating Partnership Unit Series | series | 3 | |||||||||
Subsequent Event | Class T Shares | Share Redemption Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage Of Early Deduction Applicable On Shares Outstanding In Year Two | 2.50% | |||||||||
Subsequent Event | Amended and Restated Advisory Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of fixed component of advisory fee | 8.33% | 8.33% | ||||||||
Percentage of aggregate cost of real property asset | 1.25% | 0.80% | ||||||||
Percentage of disposition fee | 1.00% | |||||||||
Percentage of gross market capitalization | 1.00% | |||||||||
Disposition fee | $ 0 | |||||||||
Subsequent Event | Minimum | Share Redemption Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of shares redeemed on net asset value | 2.00% | 2.00% | ||||||||
Subsequent Event | Minimum | Dealer Manager Agreement | Class T Shares | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of distribution fee payable on net asset value | 1.00% | |||||||||
Subsequent Event | Maximum | Share Redemption Program | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of shares redeemed on net asset value | 5.00% | 5.00% | ||||||||
Subsequent Event | Maximum | Dealer Manager Agreement | Class T Shares | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of distribution fee payable on net asset value | 0.85% | |||||||||
Subsequent Event | Real Estate Acquired [Member] | Industrial Property [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties | building | 1 | |||||||||
Payments to acquire real estate | $ 19,000,000 | |||||||||
Subsequent Event | DRIP | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate proceeds from issuance of common stock | $ 50,000,000 | |||||||||
Shares, Issued | shares | 5 | |||||||||
Total amount of common stock remaining available for sale | $ 458,300,000 | |||||||||
QR and BTC I SLP | Subsequent Event | BTCI | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Notice period to cause redemption of interest | 15 days | |||||||||
QR Limited Partner | Subsequent Event | BTCI | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership percentage in limited partner interest | 72.00% | 100.00% | ||||||||
BTC I SLP | Subsequent Event | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Payments to Acquire Equity Method Investments | $ 16,000,000 | |||||||||
Ownership Percentage | 1.20% | |||||||||
BTCIGP | Subsequent Event | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 8.90% | |||||||||
BTCILP | Subsequent Event | BTC I Partnership | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership Percentage | 17.90% |
SCHEDULE III-REAL ESTATE AND _2
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)building | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 65 | ||
Debt | $ 167,750 | ||
Initial Cost of Land | 385,988 | ||
Initial Cost of Buildings and Improvements | 976,393 | ||
Total Initial Costs | 1,362,381 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 15,531 | ||
Gross amount carried, Land | 385,988 | ||
Gross amount carried, Buildings and Improvements | 991,924 | ||
Gross amount carried, Total Costs | 1,377,912 | $ 891,170 | $ 300,713 |
Accumulated Depreciation and Amortization | (72,924) | ||
Gross | 119,765 | 77,294 | |
Intangibles lease liabilities, gross | 17,471 | $ 13,199 | |
Real estate federal income tax basis | 1,400,000 | ||
Fixed-rate mortgage notes | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Gross amount carried, Total Costs | $ 118,500 | ||
Interest rates (as a percent) | 2.90% | ||
Minimum | Fixed-rate mortgage notes | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Interest rates (as a percent) | 2.90% | ||
Maximum | Fixed-rate mortgage notes | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Interest rates (as a percent) | 3.75% | ||
Ontario Industrial Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 5,225 | ||
Initial Cost of Buildings and Improvements | 5,370 | ||
Total Initial Costs | 10,595 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 631 | ||
Gross amount carried, Land | 5,225 | ||
Gross amount carried, Buildings and Improvements | 6,001 | ||
Gross amount carried, Total Costs | 11,226 | ||
Accumulated Depreciation and Amortization | $ (1,183) | ||
Ontario Industrial Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Ontario Industrial Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Medley Industrial Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,864 | ||
Initial Cost of Buildings and Improvements | 4,559 | ||
Total Initial Costs | 7,423 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 309 | ||
Gross amount carried, Land | 2,864 | ||
Gross amount carried, Buildings and Improvements | 4,868 | ||
Gross amount carried, Total Costs | 7,732 | ||
Accumulated Depreciation and Amortization | $ (661) | ||
Medley Industrial Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Medley Industrial Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
Ontario Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 14,657 | ||
Initial Cost of Buildings and Improvements | 16,101 | ||
Total Initial Costs | 30,758 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 123 | ||
Gross amount carried, Land | 14,657 | ||
Gross amount carried, Buildings and Improvements | 16,224 | ||
Gross amount carried, Total Costs | 30,881 | ||
Accumulated Depreciation and Amortization | $ (3,111) | ||
Ontario Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Ontario Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Park 429 Logistics Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 7,963 | ||
Initial Cost of Buildings and Improvements | 36,919 | ||
Total Initial Costs | 44,882 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 277 | ||
Gross amount carried, Land | 7,963 | ||
Gross amount carried, Buildings and Improvements | 37,196 | ||
Gross amount carried, Total Costs | 45,159 | ||
Accumulated Depreciation and Amortization | $ (3,287) | ||
Park 429 Logistics Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Park 429 Logistics Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Pescadero Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 5,602 | ||
Initial Cost of Buildings and Improvements | 40,021 | ||
Total Initial Costs | 45,623 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 59 | ||
Gross amount carried, Land | 5,602 | ||
Gross amount carried, Buildings and Improvements | 40,080 | ||
Gross amount carried, Total Costs | 45,682 | ||
Accumulated Depreciation and Amortization | $ (4,020) | ||
Pescadero Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Pescadero Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Gothard Industrial Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 5,325 | ||
Initial Cost of Buildings and Improvements | 4,771 | ||
Total Initial Costs | 10,096 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 80 | ||
Gross amount carried, Land | 5,325 | ||
Gross amount carried, Buildings and Improvements | 4,851 | ||
Gross amount carried, Total Costs | 10,176 | ||
Accumulated Depreciation and Amortization | $ (772) | ||
Gothard Industrial Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Gothard Industrial Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Midway Industrial Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,579 | ||
Initial Cost of Buildings and Improvements | 3,548 | ||
Total Initial Costs | 8,127 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 398 | ||
Gross amount carried, Land | 4,579 | ||
Gross amount carried, Buildings and Improvements | 3,946 | ||
Gross amount carried, Total Costs | 8,525 | ||
Accumulated Depreciation and Amortization | $ (984) | ||
Midway Industrial Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Midway Industrial Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Executive Airport Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 10,360 | ||
Initial Cost of Buildings and Improvements | 40,710 | ||
Total Initial Costs | 51,070 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 215 | ||
Gross amount carried, Land | 10,360 | ||
Gross amount carried, Buildings and Improvements | 40,925 | ||
Gross amount carried, Total Costs | 51,285 | ||
Accumulated Depreciation and Amortization | $ (4,057) | ||
Executive Airport Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Executive Airport Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Iron Run Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 5,483 | ||
Initial Cost of Buildings and Improvements | 10,039 | ||
Total Initial Costs | 15,522 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 156 | ||
Gross amount carried, Land | 5,483 | ||
Gross amount carried, Buildings and Improvements | 10,195 | ||
Gross amount carried, Total Costs | 15,678 | ||
Accumulated Depreciation and Amortization | $ (1,364) | ||
Iron Run Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Iron Run Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Elgin Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,032 | ||
Initial Cost of Buildings and Improvements | 16,951 | ||
Total Initial Costs | 20,983 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 71 | ||
Gross amount carried, Land | 4,032 | ||
Gross amount carried, Buildings and Improvements | 17,022 | ||
Gross amount carried, Total Costs | 21,054 | ||
Accumulated Depreciation and Amortization | $ (1,117) | ||
Elgin Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Elgin Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Addison Distribution Center II in Addison, IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,439 | ||
Initial Cost of Buildings and Improvements | 8,009 | ||
Total Initial Costs | 12,448 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 528 | ||
Gross amount carried, Land | 4,439 | ||
Gross amount carried, Buildings and Improvements | 8,537 | ||
Gross amount carried, Total Costs | 12,976 | ||
Accumulated Depreciation and Amortization | $ (1,096) | ||
Addison Distribution Center II in Addison, IL [Member] | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Addison Distribution Center II in Addison, IL [Member] | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
Fontana Distribution Center | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 20,558 | ||
Initial Cost of Buildings and Improvements | 21,943 | ||
Total Initial Costs | 42,501 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 101 | ||
Gross amount carried, Land | 20,558 | ||
Gross amount carried, Buildings and Improvements | 22,044 | ||
Gross amount carried, Total Costs | 42,602 | ||
Accumulated Depreciation and Amortization | $ (4,159) | ||
Fontana Distribution Center | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Fontana Distribution Center | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Airport Industrial Center in Ontario, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,085 | ||
Initial Cost of Buildings and Improvements | 4,051 | ||
Total Initial Costs | 8,136 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 215 | ||
Gross amount carried, Land | 4,085 | ||
Gross amount carried, Buildings and Improvements | 4,266 | ||
Gross amount carried, Total Costs | 8,351 | ||
Accumulated Depreciation and Amortization | $ (1,030) | ||
Airport Industrial Center in Ontario, CA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Airport Industrial Center in Ontario, CA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Kelly Trade Center in Austin, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,686 | ||
Initial Cost of Buildings and Improvements | 12,654 | ||
Total Initial Costs | 15,340 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 243 | ||
Gross amount carried, Land | 2,686 | ||
Gross amount carried, Buildings and Improvements | 12,897 | ||
Gross amount carried, Total Costs | 15,583 | ||
Accumulated Depreciation and Amortization | $ (1,771) | ||
Kelly Trade Center in Austin, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Kelly Trade Center in Austin, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
7A Distribution Center in Robbinsville, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,874 | ||
Initial Cost of Buildings and Improvements | 7,277 | ||
Total Initial Costs | 12,151 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 286 | ||
Gross amount carried, Land | 4,874 | ||
Gross amount carried, Buildings and Improvements | 7,563 | ||
Gross amount carried, Total Costs | 12,437 | ||
Accumulated Depreciation and Amortization | $ (1,274) | ||
7A Distribution Center in Robbinsville, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
7A Distribution Center in Robbinsville, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Quakerbridge Distribution Center in Hamilton, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,334 | ||
Initial Cost of Buildings and Improvements | 6,260 | ||
Total Initial Costs | 8,594 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 277 | ||
Gross amount carried, Land | 2,334 | ||
Gross amount carried, Buildings and Improvements | 6,537 | ||
Gross amount carried, Total Costs | 8,871 | ||
Accumulated Depreciation and Amortization | $ (1,556) | ||
Quakerbridge Distribution Center in Hamilton, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Quakerbridge Distribution Center in Hamilton, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Hebron Airpark Logistics Center in Hebron, KY | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,228 | ||
Initial Cost of Buildings and Improvements | 9,572 | ||
Total Initial Costs | 11,800 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 41 | ||
Gross amount carried, Land | 2,228 | ||
Gross amount carried, Buildings and Improvements | 9,613 | ||
Gross amount carried, Total Costs | 11,841 | ||
Accumulated Depreciation and Amortization | $ (843) | ||
Hebron Airpark Logistics Center in Hebron, KY | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Hebron Airpark Logistics Center in Hebron, KY | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Las Vegas Light Industrial Portfolio in Las Vegas, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 4 | ||
Initial Cost of Land | $ 19,872 | ||
Initial Cost of Buildings and Improvements | 39,399 | ||
Total Initial Costs | 59,271 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 356 | ||
Gross amount carried, Land | 19,872 | ||
Gross amount carried, Buildings and Improvements | 39,755 | ||
Gross amount carried, Total Costs | 59,627 | ||
Accumulated Depreciation and Amortization | $ (4,294) | ||
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
Monte Vista Industrial Center in Chino, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 7,947 | ||
Initial Cost of Buildings and Improvements | 7,592 | ||
Total Initial Costs | 15,539 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 256 | ||
Gross amount carried, Land | 7,947 | ||
Gross amount carried, Buildings and Improvements | 7,848 | ||
Gross amount carried, Total Costs | 15,795 | ||
Accumulated Depreciation and Amortization | $ (1,233) | ||
Monte Vista Industrial Center in Chino, CA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Monte Vista Industrial Center in Chino, CA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
King of Prussia Core Infill Portfolio in King of Prussia, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 5 | ||
Initial Cost of Land | $ 14,791 | ||
Initial Cost of Buildings and Improvements | 17,187 | ||
Total Initial Costs | 31,978 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 699 | ||
Gross amount carried, Land | 14,791 | ||
Gross amount carried, Buildings and Improvements | 17,886 | ||
Gross amount carried, Total Costs | 32,677 | ||
Accumulated Depreciation and Amortization | $ (2,583) | ||
King of Prussia Core Infill Portfolio in King of Prussia, PA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
King of Prussia Core Infill Portfolio in King of Prussia, PA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Dallas Infill Industrial Portfolio in Arlington, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 3 | ||
Debt | $ 38,000 | ||
Initial Cost of Land | 17,159 | ||
Initial Cost of Buildings and Improvements | 74,981 | ||
Total Initial Costs | 92,140 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 718 | ||
Gross amount carried, Land | 17,159 | ||
Gross amount carried, Buildings and Improvements | 75,699 | ||
Gross amount carried, Total Costs | 92,858 | ||
Accumulated Depreciation and Amortization | $ (7,276) | ||
Dallas Infill Industrial Portfolio in Arlington, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Dallas Infill Industrial Portfolio in Arlington, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
Dallas Infill Industrial Portfolio in Garland, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Debt | $ 11,250 | ||
Initial Cost of Land | 3,545 | ||
Initial Cost of Buildings and Improvements | 20,370 | ||
Total Initial Costs | 23,915 | ||
Gross amount carried, Land | 3,545 | ||
Gross amount carried, Buildings and Improvements | 20,370 | ||
Gross amount carried, Total Costs | 23,915 | ||
Accumulated Depreciation and Amortization | $ (1,281) | ||
Dallas Infill Industrial Portfolio in Garland, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Dallas Infill Industrial Portfolio in Garland, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Edison Distribution Center in Edison, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 11,519 | ||
Initial Cost of Buildings and Improvements | 16,079 | ||
Total Initial Costs | 27,598 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 32 | ||
Gross amount carried, Land | 11,519 | ||
Gross amount carried, Buildings and Improvements | 16,111 | ||
Gross amount carried, Total Costs | 27,630 | ||
Accumulated Depreciation and Amortization | $ (1,641) | ||
Edison Distribution Center in Edison, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Edison Distribution Center in Edison, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
395 Distribution Center in Reno, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 8,904 | ||
Initial Cost of Buildings and Improvements | 45,114 | ||
Total Initial Costs | 54,018 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 101 | ||
Gross amount carried, Land | 8,904 | ||
Gross amount carried, Buildings and Improvements | 45,215 | ||
Gross amount carried, Total Costs | 54,119 | ||
Accumulated Depreciation and Amortization | $ (2,798) | ||
395 Distribution Center in Reno, NV | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
395 Distribution Center in Reno, NV | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
I-80 Distribution Center in Reno, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 4 | ||
Initial Cost of Land | $ 18,742 | ||
Initial Cost of Buildings and Improvements | 53,267 | ||
Total Initial Costs | 72,009 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,750 | ||
Gross amount carried, Land | 18,742 | ||
Gross amount carried, Buildings and Improvements | 55,017 | ||
Gross amount carried, Total Costs | 73,759 | ||
Accumulated Depreciation and Amortization | $ (3,887) | ||
I-80 Distribution Center in Reno, NV | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
I-80 Distribution Center in Reno, NV | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Avenue B Industrial Center in Bethlehem, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,461 | ||
Initial Cost of Buildings and Improvements | 4,652 | ||
Total Initial Costs | 7,113 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 65 | ||
Gross amount carried, Land | 2,461 | ||
Gross amount carried, Buildings and Improvements | 4,717 | ||
Gross amount carried, Total Costs | 7,178 | ||
Accumulated Depreciation and Amortization | $ (526) | ||
Avenue B Industrial Center in Bethlehem, PA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Avenue B Industrial Center in Bethlehem, PA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
485 Distribution Center in Shiremanstown, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 8,427 | ||
Initial Cost of Buildings and Improvements | 34,632 | ||
Total Initial Costs | 43,059 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 142 | ||
Gross amount carried, Land | 8,427 | ||
Gross amount carried, Buildings and Improvements | 34,774 | ||
Gross amount carried, Total Costs | 43,201 | ||
Accumulated Depreciation and Amortization | $ (2,124) | ||
485 Distribution Center in Shiremanstown, PA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
485 Distribution Center in Shiremanstown, PA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Weston Business Center in Weston, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 15,661 | ||
Initial Cost of Buildings and Improvements | 16,750 | ||
Total Initial Costs | 32,411 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 113 | ||
Gross amount carried, Land | 15,661 | ||
Gross amount carried, Buildings and Improvements | 16,863 | ||
Gross amount carried, Total Costs | 32,524 | ||
Accumulated Depreciation and Amortization | $ (1,215) | ||
Weston Business Center in Weston, FL | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Weston Business Center in Weston, FL | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Marigold Distribution Center in Redlands, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 17,230 | ||
Initial Cost of Buildings and Improvements | 22,505 | ||
Total Initial Costs | 39,735 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 98 | ||
Gross amount carried, Land | 17,230 | ||
Gross amount carried, Buildings and Improvements | 22,603 | ||
Gross amount carried, Total Costs | 39,833 | ||
Accumulated Depreciation and Amortization | $ (2,140) | ||
Marigold Distribution Center in Redlands, CA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Marigold Distribution Center in Redlands, CA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years | ||
Bishops Gate Distribution Center in Mount Laurel, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 8,068 | ||
Initial Cost of Buildings and Improvements | 24,158 | ||
Total Initial Costs | 32,226 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 107 | ||
Gross amount carried, Land | 8,068 | ||
Gross amount carried, Buildings and Improvements | 24,265 | ||
Gross amount carried, Total Costs | 32,333 | ||
Accumulated Depreciation and Amortization | $ (1,826) | ||
Bishops Gate Distribution Center in Mount Laurel, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Bishops Gate Distribution Center in Mount Laurel, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Norcross Industrial Center in Peachtree Corner, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,086 | ||
Initial Cost of Buildings and Improvements | 5,419 | ||
Total Initial Costs | 9,505 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,767 | ||
Gross amount carried, Land | 4,086 | ||
Gross amount carried, Buildings and Improvements | 7,186 | ||
Gross amount carried, Total Costs | $ 11,272 | ||
Norcross Industrial Center in Peachtree Corner, GA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Norcross Industrial Center in Peachtree Corner, GA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Port 146 Distribution Center in LaPorte, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,577 | ||
Initial Cost of Buildings and Improvements | 6,994 | ||
Total Initial Costs | 9,571 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,052 | ||
Gross amount carried, Land | 2,577 | ||
Gross amount carried, Buildings and Improvements | 8,046 | ||
Gross amount carried, Total Costs | $ 10,623 | ||
Port 146 Distribution Center in LaPorte, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Port 146 Distribution Center in LaPorte, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Lima Distribution Center in Denver, CO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 2,313 | ||
Initial Cost of Buildings and Improvements | 9,309 | ||
Total Initial Costs | 11,622 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 30 | ||
Gross amount carried, Land | 2,313 | ||
Gross amount carried, Buildings and Improvements | 9,339 | ||
Gross amount carried, Total Costs | 11,652 | ||
Accumulated Depreciation and Amortization | $ (517) | ||
Lima Distribution Center in Denver, CO | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Lima Distribution Center in Denver, CO | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Valwood Crossroads in Carrollton, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 21,312 | ||
Initial Cost of Buildings and Improvements | 48,687 | ||
Total Initial Costs | 69,999 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 78 | ||
Gross amount carried, Land | 21,312 | ||
Gross amount carried, Buildings and Improvements | 48,765 | ||
Gross amount carried, Total Costs | 70,077 | ||
Accumulated Depreciation and Amortization | $ (1,741) | ||
Valwood Crossroads in Carrollton, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Valwood Crossroads in Carrollton, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Eaglepoint LC in Brownsburg, IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 6,875 | ||
Initial Cost of Buildings and Improvements | 33,341 | ||
Total Initial Costs | 40,216 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 51 | ||
Gross amount carried, Land | 6,875 | ||
Gross amount carried, Buildings and Improvements | 33,392 | ||
Gross amount carried, Total Costs | 40,267 | ||
Accumulated Depreciation and Amortization | $ (1,164) | ||
Eaglepoint LC in Brownsburg, IN [Member] | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Eaglepoint LC in Brownsburg, IN [Member] | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
7A DC II in Robbinsville Township, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 7,887 | ||
Initial Cost of Buildings and Improvements | 15,331 | ||
Total Initial Costs | 23,218 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 466 | ||
Gross amount carried, Land | 7,887 | ||
Gross amount carried, Buildings and Improvements | 15,797 | ||
Gross amount carried, Total Costs | 23,684 | ||
Accumulated Depreciation and Amortization | $ (627) | ||
7A DC II in Robbinsville Township, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
7A DC II in Robbinsville Township, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Legacy Logistics Center in Salt Lake City, UT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 8,223 | ||
Initial Cost of Buildings and Improvements | 31,495 | ||
Total Initial Costs | 39,718 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,982 | ||
Gross amount carried, Land | 8,223 | ||
Gross amount carried, Buildings and Improvements | 33,477 | ||
Gross amount carried, Total Costs | 41,700 | ||
Accumulated Depreciation and Amortization | $ (995) | ||
Legacy Logistics Center in Salt Lake City, UT | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Legacy Logistics Center in Salt Lake City, UT | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Logistics Center at 33 in Easton, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 13,157 | ||
Initial Cost of Buildings and Improvements | 50,128 | ||
Total Initial Costs | 63,285 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 48 | ||
Gross amount carried, Land | 13,157 | ||
Gross amount carried, Buildings and Improvements | 50,176 | ||
Gross amount carried, Total Costs | 63,333 | ||
Accumulated Depreciation and Amortization | $ (1,556) | ||
Logistics Center at 33 in Easton, PA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Logistics Center at 33 in Easton, PA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Intermodal Logistics Center in Fort Worth, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 7,531 | ||
Initial Cost of Buildings and Improvements | 21,097 | ||
Total Initial Costs | 28,628 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 109 | ||
Gross amount carried, Land | 7,531 | ||
Gross amount carried, Buildings and Improvements | 21,206 | ||
Gross amount carried, Total Costs | 28,737 | ||
Accumulated Depreciation and Amortization | $ (500) | ||
Intermodal Logistics Center in Fort Worth, TX | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Intermodal Logistics Center in Fort Worth, TX | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Executive Airport Distribution Center II, III in Henderson, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 9,490 | ||
Initial Cost of Buildings and Improvements | 23,710 | ||
Total Initial Costs | 33,200 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,239 | ||
Gross amount carried, Land | 9,490 | ||
Gross amount carried, Buildings and Improvements | 24,949 | ||
Gross amount carried, Total Costs | $ 34,439 | ||
Executive Airport Distribution Center II, III in Henderson, NV | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Executive Airport Distribution Center II, III in Henderson, NV | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Airpark International Logistics Center in Hebron, KY | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 4,410 | ||
Initial Cost of Buildings and Improvements | 25,791 | ||
Total Initial Costs | 30,201 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 82 | ||
Gross amount carried, Land | 4,410 | ||
Gross amount carried, Buildings and Improvements | 25,873 | ||
Gross amount carried, Total Costs | 30,283 | ||
Accumulated Depreciation and Amortization | $ (262) | ||
Airpark International Logistics Center in Hebron, KY | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Airpark International Logistics Center in Hebron, KY | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Carlstadt Industrial Center in Carlstadt, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 17,616 | ||
Initial Cost of Buildings and Improvements | 19,914 | ||
Total Initial Costs | 37,530 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 110 | ||
Gross amount carried, Land | 17,616 | ||
Gross amount carried, Buildings and Improvements | 20,024 | ||
Gross amount carried, Total Costs | 37,640 | ||
Accumulated Depreciation and Amortization | $ (286) | ||
Carlstadt Industrial Center in Carlstadt, NJ | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Carlstadt Industrial Center in Carlstadt, NJ | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Nelson Industrial Center in La Puente, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 4,233 | ||
Initial Cost of Buildings and Improvements | 4,799 | ||
Total Initial Costs | 9,032 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 32 | ||
Gross amount carried, Land | 4,233 | ||
Gross amount carried, Buildings and Improvements | 4,831 | ||
Gross amount carried, Total Costs | 9,064 | ||
Accumulated Depreciation and Amortization | $ (39) | ||
Nelson Industrial Center in La Puente, CA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Nelson Industrial Center in La Puente, CA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 40 years | ||
Miraloma Industrial Center in Placentia, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 1 | ||
Initial Cost of Land | $ 5,113 | ||
Initial Cost of Buildings and Improvements | 4,385 | ||
Total Initial Costs | 9,498 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 25 | ||
Gross amount carried, Land | 5,113 | ||
Gross amount carried, Buildings and Improvements | 4,410 | ||
Gross amount carried, Total Costs | 9,523 | ||
Accumulated Depreciation and Amortization | $ (27) | ||
Miraloma Industrial Center in Placentia, CA | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Miraloma Industrial Center in Placentia, CA | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 20 years | ||
Pennsy Logistics Center in Landover, MD | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Buildings | building | 2 | ||
Initial Cost of Land | $ 9,545 | ||
Initial Cost of Buildings and Improvements | 50,552 | ||
Total Initial Costs | 60,097 | ||
Costs Capitalized or Adjustments Subsequent to Acquisition | 13 | ||
Gross amount carried, Land | 9,545 | ||
Gross amount carried, Buildings and Improvements | 50,565 | ||
Gross amount carried, Total Costs | 60,110 | ||
Accumulated Depreciation and Amortization | $ (101) | ||
Pennsy Logistics Center in Landover, MD | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 1 year | ||
Pennsy Logistics Center in Landover, MD | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Life (Years) | 30 years |
SCHEDULE III-REAL ESTATE AND _3
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary of Activity for Investment in Real Estate Properties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||
Investment Properties Beginning Balance | $ 891,170 | $ 300,713 |
Acquisition of properties | 475,320 | 587,033 |
Improvements | 11,451 | 3,424 |
Write-off of intangibles and customer leasing costs | (29) | |
Investment Properties Ending Balance | 1,377,912 | 891,170 |
Accumulated Depreciation and Amortization Beginning Balance | (25,988) | (3,556) |
Additions charged to costs and expenses | (46,965) | (22,432) |
Write-off of intangibles and customer leasing costs | 29 | |
Accumulated Depreciation and Amortization Ending Balance | $ (72,924) | $ (25,988) |