ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-56032
Entity Registrant Name	Black Creek Industrial REIT IV Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1592886
Entity Address, Address Line One	518 Seventeenth Street, 17th Floor
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001625941
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		203,776,254
Class W Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,984,645
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,446,864

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Net investment in real estate properties	$ 3,658,003	$ 1,322,521
Investment in unconsolidated joint venture partnership(s)	51,262	324,242
Cash and cash equivalents	132,070	232,369
Restricted cash	1,834	530
Due from affiliates	88	3,308
Deferred acquisition costs	8,460	610
DST Program Loans	33,074
Other assets	27,634	13,848
Total assets	3,912,425	1,897,428
Liabilities
Accounts payable and accrued liabilities	36,852	12,483
Debt, net	1,456,595	579,171
Intangible lease liabilities, net	39,129	11,609
Financing obligations, net	196,773
Due to affiliates	49,277	28,275
Distributions payable	10,842	6,450
Distribution fees payable to affiliates	80,913	44,962
Other liabilities	25,927	18,015
Total liabilities	1,896,308	700,965
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	14,338	3,648
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	2,263,645	1,329,799
Accumulated deficit and cumulative distributions	(260,680)	(128,775)
Accumulated other comprehensive loss	(3,746)	(9,750)
Total stockholders' equity	2,001,592	1,192,689
Noncontrolling interests	187	126
Total equity	2,001,779	1,192,815
Total liabilities and equity	3,912,425	1,897,428
Class T Shares
Stockholders' equity:
Common stock, value	1,940	1,306
Class W Shares
Stockholders' equity:
Common stock, value	119	79
Class I Shares
Stockholders' equity:
Common stock, value	$ 314	$ 30

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	193,950	130,565
Common stock, shares outstanding	193,950	130,565
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	11,872	7,866
Common stock, shares outstanding	11,872	7,866
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	31,395	3,040
Common stock, shares outstanding	31,395	3,040

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental revenues	$ 55,854	$ 21,313	$ 108,900	$ 56,435
Total revenues	55,854	21,313	108,900	56,435
Operating expenses:
Rental expenses	13,218	5,059	26,043	13,430
Real estate-related depreciation and amortization	36,945	13,231	67,186	33,679
General and administrative expenses	2,126	1,765	6,496	5,210
Advisory fees	8,273	2,561	17,733	6,457
Performance participation allocation	29,910	2,935	45,932	6,195
Acquisition costs and reimbursements	1,214	750	3,339	2,362
Total operating expenses	91,686	26,301	166,729	67,333
Other (income) expenses:
Equity in (income) loss from unconsolidated joint venture partnership(s)	(5,328)	629	(6,493)	629
Interest expense	9,001	3,065	17,296	9,362
Other income	(274)	(52)	(403)	(652)
Total expenses before expense support	95,085	29,943	177,129	76,672
Total (reimbursement to) expense support from the Advisor, net	0	(4,438)	0	5,884
Net expenses after expense support	(95,085)	(34,381)	(177,129)	(70,788)
Net loss	(39,231)	(13,068)	(68,229)	(14,353)
Net loss attributable to redeemable noncontrolling interests	228	38	453	42
Net income attributable to noncontrolling interests	(6)	(1)	(14)	(1)
Net loss attributable to common stockholders	$ (39,009)	$ (13,031)	$ (67,790)	$ (14,312)
Weighted-average shares outstanding	223,706	124,798	183,693	105,022
Net loss per common share - basic and diluted	$ (0.17)	$ (0.10)	$ (0.37)	$ (0.14)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (39,231)	$ (13,068)	$ (68,229)	$ (14,353)
Change from cash flow hedging derivatives	2,849	806	6,047	(13,132)
Comprehensive loss	(36,382)	(12,262)	(62,182)	(27,485)
Comprehensive loss attributable to redeemable noncontrolling interests	212	36	410	104
Comprehensive loss attributable to common stockholders	$ (36,170)	$ (12,226)	$ (61,772)	$ (27,381)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED 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, 2019	$ 492	$ 451,526	$ (47,730)	$ 2,190	$ 1	$ 406,479
Beginning balance, shares at Dec. 31, 2019	49,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(14,313)		1	(14,312)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(13,070)		(13,070)
Issuance of common stock, shares	79,682
Issuance of common stock	$ 797	831,861				832,658
Share-based compensation		1,260				1,260
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(40,273)				(40,273)
Trailing distribution fees		(33,559)	7,404			$ (26,155)
Redemptions of common stock, shares	(327)					(327)
Redemptions of common stock	$ (3)	(3,212)				$ (3,215)
Preferred interest in Subsidiary REITs					125	125
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(42,878)		(1)	(42,879)
Redemption value allocation adjustment to redeemable noncontrolling interests		(249)				(249)
Ending balance at Sep. 30, 2020	$ 1,286	1,207,354	(97,517)	(10,880)	126	1,100,369
Ending balance, shares at Sep. 30, 2020	128,630
Beginning balance at Jun. 30, 2020	$ 1,185	1,110,874	(70,433)	(11,684)	1	1,029,943
Beginning balance, shares at Jun. 30, 2020	118,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(13,032)		1	(13,031)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				804		804
Issuance of common stock, shares	10,379
Issuance of common stock	$ 103	108,059				108,162
Share-based compensation		284				284
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,826)				(5,826)
Trailing distribution fees		(4,178)	2,952			(1,226)
Redemptions of common stock, shares	(181)
Redemptions of common stock	$ (2)	(1,773)				(1,775)
Preferred interest in Subsidiary REITs					125	125
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(17,004)		(1)	(17,005)
Redemption value allocation adjustment to redeemable noncontrolling interests		(86)				(86)
Ending balance at Sep. 30, 2020	$ 1,286	1,207,354	(97,517)	(10,880)	126	1,100,369
Ending balance, shares at Sep. 30, 2020	128,630
Beginning balance at Dec. 31, 2020	$ 1,415	1,329,799	(128,775)	(9,750)	126	1,192,815
Beginning balance, shares at Dec. 31, 2020	141,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(67,790)		14	(67,776)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				6,004		6,004
Issuance of common stock, shares	97,284
Issuance of common stock	$ 973	1,015,478				1,016,451
Share-based compensation		1,234				1,234
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(18,222)				(18,222)
Trailing distribution fees		(46,827)	10,876			$ (35,951)
Redemptions of common stock, shares	(1,538)					(1,538)
Redemptions of common stock	$ (15)	(15,821)				$ (15,836)
Preferred interest in Subsidiary REITs					61	61
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(74,991)		(14)	(75,005)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,996)				(1,996)
Ending balance at Sep. 30, 2021	$ 2,373	2,263,645	(260,680)	(3,746)	187	2,001,779
Ending balance, shares at Sep. 30, 2021	237,217
Beginning balance at Jun. 30, 2021	$ 1,952	1,848,608	(195,434)	(6,579)	187	1,648,734
Beginning balance, shares at Jun. 30, 2021	195,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(39,009)		6	(39,003)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				2,833		2,833
Issuance of common stock, shares	42,544
Issuance of common stock	$ 426	451,690				452,116
Share-based compensation		378				378
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(6,873)				(6,873)
Trailing distribution fees		(23,096)	4,263			(18,833)
Redemptions of common stock, shares	(566)
Redemptions of common stock	$ (5)	(5,920)				(5,925)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(30,500)		(6)	(30,506)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,142)				(1,142)
Ending balance at Sep. 30, 2021	$ 2,373	$ 2,263,645	$ (260,680)	$ (3,746)	$ 187	$ 2,001,779
Ending balance, shares at Sep. 30, 2021	237,217

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 228	$ 38	$ 453	$ 42
Changes from cash flow hedging activities allocated to redeemable noncontrolling interests	16	2	43	(62)
Distributions to redeemable noncontrolling interest	$ 178	$ 49	$ 536	$ 147

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (68,229)	$ (14,353)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	67,186	33,679
Equity in (income) from unconsolidated joint venture partnerships	(6,493)	629
Straight-line rent and amortization of above- and below-market leases	(7,969)	(6,362)
Other	2,643	1,999
Changes in operating assets and liabilities:
Tenant receivables and other assets	(6,310)	372
Accounts payable and accrued liabilities	12,962	1,166
Due from / to affiliates, net	51,008	1,884
Net cash provided by operating activities	44,798	19,014
Investing activities:
Real estate acquisitions	(1,468,488)	(326,916)
Incremental investment to acquire joint venture partnership portfolio	(585,021)	0
Deferred acquisition costs	(8,450)	(1,600)
Capital expenditures	(16,362)	(4,883)
Investment in unconsolidated joint venture partnerships	(4,402)	(301,839)
Distributions from joint venture partnerships	5,200	0
Net cash used in investing activities	(2,077,523)	(635,238)
Financing activities:
Proceeds from mortgage note	209,250	0
Proceeds from line of credit	640,000	0
Repayments of line of credit	(566,000)	(107,000)
Proceeds from term loan	600,000	107,500
Debt issuance costs paid	(7,239)	(2,780)
Proceeds from issuance of common stock	969,035	778,685
Proceeds from financing obligations, net	166,911	0
Offering costs paid in connection with issuance of common stock and private placements	(23,343)	(7,619)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(24,945)	(13,040)
Distribution fees paid to affiliates	(10,515)	(6,802)
Redemptions of common stock	(15,836)	(3,215)
Other	(3,588)	0
Net cash provided by financing activities	1,933,730	745,729
Net (decrease) increase in cash, cash equivalents and restricted cash	(98,995)	129,505
Cash, cash equivalents and restricted cash, at beginning of period	232,899	51,178
Cash, cash equivalents and restricted cash, at end of period	$ 133,904	$ 180,683

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” and “BCI IV” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries, which includes BCI IV Operating Partnership LP (the “Operating Partnership”). The Company is externally managed by its advisor. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including the Company’s former advisor, BCI IV Advisors LLC (the “Former Advisor”). As a result of the closing of this transaction, Ares Commercial Real Estate Management LLC became the Company’s new advisor (the “New Advisor”). Ares did not acquire the Company’s former sponsor, BCI IV Advisors Group LLC (the “Former Sponsor”), and the Company now considers the Ares real estate group (“AREG”) to be its Sponsor. See Note 11 for additional information regarding this transaction. References to the “Advisor” throughout this report mean BCI IV Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 5, 2021 (“2020 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Adopted Accounting Standards In 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 condensed 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 condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether the instrument has been designated and qualifies as a hedge and, if so, the type of hedge. Our 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. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Reclassifications Certain items in the Company’s condensed consolidated balance sheets for 2020 have been reclassified to conform to the 2021 presentation. Intangible lease liabilities, net have been reclassified from other liabilities and are presented separately in the condensed consolidated balance sheets. Additionally, straight-line and tenant receivables have been reclassified to other assets in the condensed consolidated balance sheets. Certain items in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2020 have been reclassified to conform to 2021 presentation. Other income has been reclassified from interest expense and other and is presented separately in the condensed consolidated statements of operations. Additionally, other expense reimbursements, related party has been reclassified to general and administrative expenses in the condensed consolidated statements of operations. ​ Promote Revenue Recognition The Company may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of the Company’s control, and such volatility can materially impact its performance-based incentive fee period over period, revenue recognition of the performance-based incentive fee is limited to amounts for which it is probable that a significant revenue reversal will not occur. See “Note 15” for additional information on the BTC II Partnership (defined in “Note 5”) promote.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS ​ During the nine months ended September 30, 2021, the Company acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (2) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 Total Acquisitions ​ ​ ​ 88 ​ $ 2,352,052 (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 2021 acquisitions. (2) Refer to “Note 5” for further detail regarding the Build-To-Core Logistics Portfolio acquisition. During the nine months ended September 30, 2021, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended (in thousands) September 30, 2021 Land ​ $ 552,797 Building and improvements ​ 1,682,161 Intangible lease assets ​ 134,395 Above-market lease assets ​ 6,052 Construction in progress ​ ​ 8,067 Below-market lease liabilities ​ (31,420) Total purchase price (1) ​ $ 2,352,052 (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 2021 acquisitions. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with the Company’s acquisitions during the nine months ended September 30, 2021, as of the respective date of each acquisition, was 4.6 years.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of September 30, 2021 and December 31, 2020, the Company’s consolidated investment in real estate properties consisted of 153 and 65 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2021 December 31, 2020 Land ​ $ 939,036 ​ $ 385,988 Building and improvements ​ 2,574,634 ​ 885,489 Intangible lease assets ​ 264,648 ​ 119,765 Construction in progress ​ 20,559 ​ 4,203 Investment in real estate properties ​ 3,798,877 ​ 1,395,445 Less accumulated depreciation and amortization ​ (140,874) ​ (72,924) Net investment in real estate properties ​ $ 3,658,003 ​ $ 1,322,521 ​ Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2021 and December 31, 2020 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 254,652 ​ $ (58,157) ​ $ 196,495 ​ $ 115,821 ​ $ (32,699) ​ $ 83,122 Above-market lease assets (1) ​ 9,996 ​ (1,458) ​ 8,538 ​ 3,944 ​ (694) ​ 3,250 Below-market lease liabilities ​ (48,892) ​ 9,763 ​ (39,129) ​ (17,471) ​ 5,862 ​ (11,609) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2021 2020 2021 2020 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,298 ​ $ 1,630 ​ $ 4,834 ​ $ 4,170 Above-market lease amortization ​ (374) ​ (191) ​ (765) ​ (365) Below-market lease amortization ​ 2,038 ​ 1,000 ​ 3,900 ​ 2,557 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 23,438 ​ $ 6,980 ​ $ 41,728 ​ $ 18,039 Intangible lease asset amortization ​ 13,507 ​ 6,251 ​ 25,458 ​ 15,640 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
	Sep. 30, 2021
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, 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”). The BTC Partnerships were formed with third party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. On June 15, 2021, the Company, through two of its subsidiaries, entered into a transaction (the “BTC I Partnership Transaction”) with its joint venture partners in the BTC I Partnership, QR Master Holdings USA II LP (the “QR Limited Partner”) and Industrial Property Advisors Sub I LLC (the “BTC I SLP”). The BTC I SLP is indirectly owned by the Chairman of the Company’s board of directors. Pursuant to the BTC I Partnership Transaction, the Company, the QR Limited Partner, and the BTC I SLP agreed to split the real property portfolio of the BTC I Partnership in an equitable manner, such that following the split, the Company and the QR Limited Partner (together with certain of its affiliates), each own a 100% interest in approximately half of the portfolio of the BTC I Partnership (excluding one property that was distributed to the BTC I SLP). As a result of this transaction, the Company has a 100% interest in 22 buildings that were previously part of the BTC I Partnership (the “Build-To-Core Logistics Portfolio”). The Company and the BTC I SLP have no further interest in the BTC I Partnership as a result of the BTC I Partnership Transaction. The total cost of these properties to the Company is $876.7 million, which includes the cost of the Company’s minority joint venture interest in the BTC I Partnership and the Company’s incremental additional investment of approximately $580 million, exclusive of transaction costs, to effect the split of the BTC I Portfolio. The Company has elected the cost accumulation and allocation model to account for the BTC I Partnership Transaction, which allocates the cost of the acquisition at the carrying amount of the previously held interest, along with the incremental consideration paid and transaction costs incurred based on relative fair values. The Company has reported its investments in the BTC Partnerships under the equity method on its condensed consolidated balance sheets, because with respect to the BTC I Partnership, for the period prior to the BTC I Partnership Transaction, the Company had the ability to exercise significant influence but did not have control over the partnership. Similarly, with respect to the BTC II Partnership, the Company has the ability to exercise significant influence but does not have control of the partnership. The following table summarizes the Company’s investment in the BTC Partnerships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Investment in Unconsolidated ​ ​ September 30, 2021 December 31, 2020 ​ Joint Venture Partnerships as of ​ Ownership ​ Number of Ownership ​ Number of September 30, December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ 2021 ​ 2020 BTC I Partnership — % ​ — ​ 26.8 % ​ 42 ​ $ — ​ $ 279,108 BTC II Partnership 8.0 % ​ 27 ​ 8.0 % ​ 25 ​ 51,262 ​ 45,134 Total BTC Partnerships ​ ​ ​ 27 ​ ​ ​ ​ 67 ​ $ 51,262 ​ $ 324,242 (1) Represents acquired or completed buildings. As of September 30, 2021, the book value of the Company’s investment in the BTC II Partnership was $51.3 million, which includes $5.8 million of outside basis difference. The outside basis difference originated from the difference between the purchase price paid by the Company for the minority ownership interest in the BTC II Partnership, 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 partnership.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2021 ​ 2020 ​ Maturity Date ​ 2021 ​ 2020 Line of credit (1) 1.38 % 1.44 % November 2023 ​ $ 74,000 ​ $ — Term loan (2) 2.22 2.23 February 2024 ​ 415,000 ​ 415,000 Term loan (3) ​ 1.64 ​ — ​ May 2026 ​ ​ 600,000 ​ ​ — Fixed-rate mortgage notes (4) 3.14 3.14 August 2024 - December 2027 ​ 167,750 ​ 167,750 Floating-rate mortgage note (5) ​ 1.58 ​ — ​ July 2025 ​ ​ 209,250 ​ ​ — Total principal amount / weighted-average (6) 1.96 % 2.49 % ​ ​ $ 1,466,000 ​ $ 582,750 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ $ (10,097) ​ $ (4,430) Add mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 692 ​ 851 Total debt, net ​ ​ ​ ​ ​ ​ $ 1,456,595 ​ $ 579,171 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 653,862 ​ $ 299,318 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of September 30, 2021, total commitments for the line of credit were $430.0 million and the unused and available portions under the line of credit were both $356.0 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2021, 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) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate. As of September 30, 2021, total commitments for the term loan were $600.0 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. (4) 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. (5) The effective interest rate is calculated based on LIBOR plus a margin of 1.50%. (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 3.8 years as of September 30, 2021, excluding any extension options on the line of credit and $209.3 million mortgage note. As of September 30, 2021, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2021 $ — ​ $ — ​ $ — ​ $ — 2022 ​ — ​ — ​ — ​ — 2023 ​ 74,000 ​ — ​ — ​ 74,000 2024 ​ — ​ 415,000 ​ 38,000 ​ 453,000 2025 ​ — ​ — ​ ​ 209,250 ​ 209,250 Thereafter ​ — ​ 600,000 ​ 129,750 ​ 729,750 Total principal payments ​ $ 74,000 ​ $ 1,015,000 ​ $ 377,000 ​ $ 1,466,000 (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. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR in derivatives and other financial contracts. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates 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 September 30, 2021, the Company’s line of credit, term loans, and $209.3 million mortgage note are the only consolidated indebtedness with initial or extended maturity dates beyond 2023 that have exposure to LIBOR. The agreements governing the term loans provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. As of September 30, 2021, the Company has interest rate swaps in place to hedge LIBOR on $350.0 million of commitments under its $415.0 million term loan and on $225.0 million of commitments under its $600.0 million term loan. Additionally, we have one interest rate cap in place on $170.0 million of borrowings under our $209.3 million mortgage note, as of September 30, 2021. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2023 and work with its lenders to seek to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants The Company’s line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all covenants as of September 30, 2021. 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. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. The gain or loss on the derivative instrument is presented in the same line item on the condensed consolidated statement of operations as the earnings effect of the hedged item. The interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value are recognized through income. During the next 12 months, the Company estimates that approximately $4.8 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on the Company’s condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Other liabilities ​ $ (3,762) Interest rate caps ​ 1 ​ ​ 170,000 ​ Other assets ​ ​ 375 Total derivative instruments ​ 11 ​ $ 745,000 ​ ​ ​ $ (3,387) As of December 31, 2020 ​ ​ Interest rate swaps 7 ​ $ 350,000 Other liabilities ​ $ (9,809) ​ The following table presents the effect of the Company’s derivative instruments on the Company’s condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 1,752 ​ $ (59) ​ $ 3,146 ​ $ (14,385) Amount reclassified from AOCI into interest expense ​ 1,097 ​ 865 ​ 2,901 ​ 1,253 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 9,001 ​ 3,065 ​ 17,296 ​ 9,362 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ (2) ​ $ — ​ $ (2) ​ $ — ​

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 30, 2021
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	cond 7. DST PROGRAM On May 1, 2021, the Company initiated a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for held partnership units in the Operating Partnership (“OP Units”). Under the master lease, the Company is responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in the Company’s condensed consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the condensed consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount the Company receives from the underlying properties subject to the master lease may be more or less than the amount it pays to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the condensed consolidated balance sheets due to the fact that the Company has an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, the Company has made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. As of September 30, 2021, there were approximately $33.1 million of outstanding DST Program Loans that the Company has made to partially finance the sale of DST Interests. DST Program Loans are evidenced by promissory notes from the investor, secured by the investor’s DST Interests, and based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR, or an alternate rate in the event LIBOR is not available, and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, the Company includes its investments in DST Program Loans separately on its condensed consolidated balance sheets in the “DST Program Loans” line item and includes income earned from DST Program Loans in “other income” on its statements of operations. The Company does not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the nine months ended September 30, 2021, the Company sold approximately $200.0 million in gross interests related to the DST Program, including interests financed by $33.1 million of DST Program Loans, and incurred rent obligations of approximately $1.8 million under its master lease agreements with investors who are participating in the DST Program.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition of its financial instruments. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2021 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 375 ​ $ — ​ $ 375 Total assets measured at fair value ​ $ — ​ $ 375 ​ $ — ​ $ 375 Liabilities ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ (3,762) ​ $ — ​ $ (3,762) Total liabilities measured at fair value ​ $ — ​ $ (3,762) ​ $ — ​ $ (3,762) As of December 31, 2020 ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) Total liabilities measured at fair value ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. Nonrecurring Fair Value Measurements As of September 30, 2021 and December 31, 2020, the fair values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 As of December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 33,074 ​ $ 33,074 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ $ 74,000 ​ $ 74,000 ​ $ — ​ $ — Term loans ​ 1,015,000 ​ 1,015,000 ​ 415,000 ​ 411,787 Mortgage notes ​ 377,000 ​ 379,390 ​ 167,750 ​ 172,008 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY Public Offerings The Company intends to conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On August 4, 2021, the SEC declared the Company’s registration statement on Form S-11 with respect to its third public offering of up to $5.0 billion of shares of its common stock effective, and the third public offering commenced the same day. The Company’s second public offering of up to $2.0 billion of shares of its common stock was terminated immediately upon the effectiveness of the registration statement for the third public offering. Under the third public offering, the Company is offering up to $3.75 billion of shares of its common stock in the primary offering and up to $1.25 billion 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. Pursuant to its public offerings, the Company offered and continues to offer shares of its common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of the Company’s common stock most recently disclosed. The Company’s NAV per share is calculated as of the last calendar day of each month for each of its outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to the Company’s distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. The Company may update a previously disclosed transaction price in cases where the Company believes there has been a material change (positive or negative) to its NAV per share relative to the most recently disclosed monthly NAV per share. Summary of the Public Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of September 30, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 1,991,828 ​ $ 118,312 ​ $ 316,378 ​ $ 2,426,518 DRIP ​ 68,550 ​ 4,038 ​ 3,177 ​ 75,765 Total offering ​ $ 2,060,378 ​ $ 122,350 ​ $ 319,555 ​ $ 2,502,283 Number of shares issued: ​ ​ ​ ​ Primary offering ​ 189,221 ​ 11,670 ​ 30,655 ​ 231,546 DRIP ​ 6,736 ​ 397 ​ 308 ​ 7,441 Total offering ​ 195,957 ​ 12,067 ​ 30,963 ​ 238,987 ​ Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class W Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2020 110,468 5,566 2,398 118,432 Issuance of common stock: Primary shares 8,580 723 231 9,534 DRIP 757 42 18 817 Stock grants ​ — ​ — ​ 28 ​ 28 Redemptions (173) (5) (3) (181) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 164,487 10,504 20,248 195,239 Issuance of common stock: Primary shares 28,833 1,338 10,988 41,159 DRIP 1,150 75 132 1,357 Stock grants — — 29 29 Redemptions (520) (45) (1) (566) Forfeitures ​ — ​ — ​ (1) ​ (1) Balance as of September 30, 2021 193,950 11,872 31,395 237,217 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 72,869 3,536 1,103 77,508 DRIP 1,798 103 44 1,945 Stock grants ​ — ​ — ​ 229 ​ 229 Redemptions (275) (49) (3) (327) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 61,769 3,900 27,951 93,620 DRIP 3,037 205 213 3,455 Stock grants — — 233 233 Redemptions (1,421) (99) (18) (1,538) Forfeitures ​ — ​ — ​ (24) ​ (24) Balance as of September 30, 2021 193,950 11,872 31,395 237,217 ​ 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) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.13625 ​ $ 11,023 ​ $ 15,214 ​ $ 4,263 ​ $ 30,500 June 30 ​ ​ 0.13625 ​ ​ 8,552 ​ ​ 12,295 ​ ​ 3,373 ​ ​ 24,220 March 31 ​ ​ 0.13625 ​ ​ 6,721 ​ ​ 10,310 ​ ​ 3,240 ​ ​ 20,271 Total ​ $ 0.40875 ​ $ 26,296 ​ $ 37,819 ​ $ 10,876 ​ $ 74,991 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 (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 Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings. Redemptions The following table summarizes the Company’s redemption activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2021 ​ 2020 Number of eligible shares redeemed ​ ​ 1,538 ​ ​ 327 Aggregate dollar amount of shares redeemed ​ $ 15,836 ​ $ 3,215 Average redemption price per share ​ $ 10.30 ​ $ 9.83 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	10. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership issued OP Units to the Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement, by and among the Company, the Operating Partnership and the Advisor. The Former Sponsor subsequently transferred these OP Units to its members or their affiliates. The Company has classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units have the ability to tender the OP Units at any time, irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of the Company’s common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are 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. The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2021 and September 30, 2020: ​ ​ ​ ​ ($ in thousands) ​ ​ ​ As of December 31, 2019 ​ $ 723 Settlement of 2019 performance participation allocation (1) ​ ​ 2,913 Distributions to redeemable noncontrolling interests ​ ​ (147) Net loss attributable to redeemable noncontrolling interests ​ ​ (42) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (62) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 249 As of September 30, 2020 ​ $ 3,634 ​ ​ ​ ​ As of December 31, 2020 ​ $ 3,648 Settlement of 2020 performance participation allocation (2) ​ ​ 9,640 Distributions to redeemable noncontrolling interests ​ ​ (536) Net loss attributable to redeemable noncontrolling interests ​ ​ (453) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 43 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 1,996 As of September 30, 2021 ​ $ 14,338 (1) The 2019 performance participation allocation in the amount of $2.9 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $2.9 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. (2) The 2020 performance participation allocation in the amount of $9.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $9.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ Payable as of (in thousands) 2021 2020 2021 ​ 2020 ​ September 30, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) ​ $ 4,110 ​ $ 4,052 ​ $ 11,737 ​ $ 34,409 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 4,263 ​ 2,952 ​ ​ 10,876 ​ ​ 7,404 ​ 1,483 ​ 1,122 Advisory fee—fixed component ​ ​ 8,273 ​ ​ 2,561 ​ ​ 17,733 ​ ​ 6,457 ​ ​ 3,076 ​ ​ 1,345 Performance participation allocation ​ ​ 29,910 ​ ​ 2,935 ​ ​ 45,932 ​ ​ 6,195 ​ ​ 45,932 ​ ​ 9,640 Other expense reimbursements (3)(4) ​ ​ 2,927 ​ ​ 2,464 ​ ​ 9,192 ​ ​ 7,486 ​ ​ 4,218 ​ ​ 2,706 Property accounting fee (5) ​ ​ 368 ​ ​ 152 ​ ​ 786 ​ ​ 429 ​ ​ 143 ​ ​ 59 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,051 ​ ​ — ​ ​ 1,278 ​ ​ — ​ ​ 68 ​ ​ — Other DST Program related costs (4) ​ ​ 1,492 ​ ​ — ​ ​ 2,400 ​ ​ — ​ ​ 51 ​ ​ — Development fees (6) ​ ​ 116 ​ ​ — ​ ​ 830 ​ ​ — ​ ​ 44 ​ ​ 24 Total ​ $ 52,510 ​ $ 15,116 ​ $ 100,764 ​ $ 62,380 ​ $ 55,015 ​ $ 14,896 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, the Company accrues for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $80.9 million and $45.0 million as of September 30, 2021 and December 31, 2020, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 4, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The property accounting fee is equal to the difference between: (i) the property management fee charged with respect to each real property, which reflects the market rate for all real property management services, including property-level accounting services, based on rates charged for similar properties within the region or market in which the real property is located, and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arm’s length negotiation with a third party property management service provider (the difference between (i) and (ii), the “property accounting fee”). The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to the Company or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, the Company may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) 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 condensed consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on the Company’s condensed consolidated balance sheets. ​ Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. These amounts include a portion of the salary, bonus, and benefits of certain of the Company’s named executive officers. The Company reimbursed the Advisor approximately $2.7 million and $2.0 million for the three months ended September 30, 2021 and 2020, respectively, and $8.0 million and $6.2 million for the nine months ended September 30, 2021 and 2020, respectively, for such compensation expenses. As of December 31, 2020, $17.1 million of organization and offering costs that the Advisor had incurred on the Company’s behalf through December 31, 2019, remained payable to the Advisor. The Company paid this amount to the Advisor in full in January 2021. The Company now pays offering costs directly as and when incurred. Joint Venture Partnerships For the three and nine months ended September 30, 2021, the BTC Partnerships (as described in “Note 5”) incurred in aggregate approximately $2.1 million and $8.5 million, respectively, in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements, as compared to $2.9 million for the period from July 16, 2020 (the date the Company acquired an interest in the BTC Partnerships) through September 30, 2020. The BTC I Partnership incurred these amounts for periods in 2021 prior to the BTC I Partnership Transaction only. The BTC II Partnership owed the Company approximately $20,000 as of September 30, 2021 for partnership fees, which was recorded in due from affiliates on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet. As of December 31, 2020, the BTC I Partnership owed the Company $3.2 million for the Company’s overpayment of the required contributions associated with the BTC I Partnership promote, which was recorded in due from affiliates on the condensed consolidated balance sheets. The BTC I Partnership returned the overpayment of the required contributions to the Company in January 2021. Ares Acquisition Completion of the Transaction with Ares On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including BCI IV Advisors LLC, the Company’s Former Advisor (the “Transaction”). On the same date, the Company’s Former Advisor assigned the advisory agreement to the Company’s New Advisor. Ares did not acquire the Former Sponsor, and the Company now considers the Ares real estate group to be the Company’s sponsor. Advisory Agreement On July 1, 2021, the Company and the Operating Partnership entered into the Third Amended and Restated Advisory Agreement with the New Advisor. The Advisory Agreement amends and restates the Second Amended and Restated Advisory Agreement (the “Prior Advisory Agreement”) to, among other things, reflect the assignment of the Advisor’s rights and obligations under the Prior Advisory Agreement to the New Advisor. The term of the Advisory Agreement ends on July 1, 2022, subject to renewals by mutual consent of the parties for an unlimited number of successive one-year periods. The terms of the Advisory Agreement are otherwise substantially the same as the terms of the Prior Advisory Agreement. Limited Partnership Agreement On July 1, 2021, the Company, on behalf of itself as general partner and on behalf of the limited partners thereto other than the special limited partner, entered into the Eighth Amended and Restated Limited Partnership Agreement of BCI IV Operating Partnership LP (the “Limited Partnership Agreement”). The Limited Partnership Agreement amends and restates the Seventh Amended and Restated Limited Partnership Agreement of BCI IV Operating Partnership LP, dated as of February 16, 2021 (the “Prior Limited Partnership Agreement”) in order to reflect the assignment and transfer of all of the special partnership units to the New Advisor. The terms of the Limited Partnership Agreement are otherwise substantially the same as the terms of the Prior Limited Partnership Agreement. Equity Incentive Plans On July 1, 2021, the Company adopted a Second Amended and Restated Equity Incentive Plan and an Amended and Restated Private Placement Equity Incentive Plan, in order to add Ares, the New Advisor and their affiliates as plan related parties, which will allow the outstanding awards under each plan to continue to vest in due course following the closing of the Transaction. ​ Expense Support Agreement The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the expense support agreement. The expense support agreement was not renewed after the expiration of its effective term on December 31, 2020. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2020 Form 10-K for a description of the expense support agreement. The total aggregate amount paid by the Advisor pursuant to the expense support agreement was $27.1 million, and as of December 31, 2020, all reimbursable amounts had been paid in their entirety, and no amounts remain to be reimbursed to the Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Fees deferred ​ $ — ​ $ — ​ $ — ​ $ 3,896 Other expenses supported ​ — ​ — ​ — ​ 9,609 Total expense support from Advisor ​ ​ — ​ ​ — ​ ​ — ​ ​ 13,505 Reimbursement of previously deferred fees and other expenses supported ​ — ​ (4,438) ​ — ​ (7,621) Total expense support from Advisor, net ​ $ — ​ $ (4,438) ​ $ — ​ $ 5,884 ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 Distributions payable ​ $ 10,842 ​ $ 5,862 Distributions reinvested in common stock ​ 35,679 ​ 19,564 Increase in DST Program Loans receivable ​ ​ 33,074 ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 9,640 ​ 2,913 Non-cash redemption of minority ownership interest in BTC I Partnership ​ ​ 279,340 ​ ​ — Non-cash selling commissions and dealer manager fees ​ 11,737 ​ 34,409 ​ Restricted Cash The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 Beginning of period: ​ ​ Cash and cash equivalents ​ $ 232,369 ​ $ 51,178 Restricted cash (1) ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 232,899 ​ $ 51,178 End of period: ​ ​ Cash and cash equivalents ​ $ 132,070 ​ $ 180,683 Restricted cash (2) ​ 1,834 ​ — Cash, cash equivalents and restricted cash ​ $ 133,904 ​ $ 180,683 (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. (2) As of September 30, 2021, 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, cash held in escrow in connection with a property acquired as part of the Build-To-Core Logistics Portfolio, and utility deposits. As of September 30, 2020, the Company did not have any restricted cash.

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 30, 2021
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 current novel coronavirus (COVID-19) pandemic. The extent of the impact from COVID-19 on the commercial real estate sector continues to vary dramatically across real estate property types and markets, with certain property segments such as hospitality, gaming, shopping malls, senior housing, and student living being impacted particularly hard. While not immune to the effects of COVID-19, the industrial property sector in which the Company invests continues to remain relatively resilient; however, the Company has had customers request rent deferral or rent abatement during the pandemic, particularly during the year ended December 31, 2020. 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 could severely impact the Company’s customers’ businesses, financial condition and liquidity and could 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 and the nine months ended September 30, 2021 and the vaccination rates in the United States are encouraging, the Company is unable to predict the impact that the COVID-19 pandemic and the vaccination rates in the United States 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 severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company and its subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2021, the Company and its subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties the Company acquires have been or will be subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of September 30, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Status of the Public Offerings As of November 4, 2021, the Company had raised gross proceeds of $2.7 billion from the sale of 254.6 million shares of its common stock in its public offerings, including $86.7 million from the sale of 8.4 million shares of its common stock through its distribution reinvestment plan. As of November 4, 2021, approximately $4.7 billion in shares of the Company’s common stock remained available for sale pursuant to its third public offering in any combination of Class T shares, Class W shares and Class I shares, including approximately $1.2 billion 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 Subsequent to September 30, 2021, the Company acquired eight industrial buildings. The total purchase price was approximately $211.0 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 $230.1 million, comprised of eight industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract. BTC II Promote As of September 30, 2021, the Company, through a subsidiary, owned an 8.0% minority interest in the BTC II Partnership, as general partner and as a limited partner. As of that date, a third-party institutional investor (“QR Limited Partner”), owned a 90.0% limited partner interest and the remaining 2.0% limited partner interest was owned by an entity in which two of the Company’s directors and some of the Company’s executive officers own an interest (“BCG Limited Partner”). In addition, as of September 30, 2021, Industrial Property Advisors Sub IV LLC (“BTC II SLP”), an affiliate of the Advisor, owned a special limited partner interest in the BTC II Partnership. The Agreement of Limited Partnership of the BTC II Partnership, as amended (the “BTC II Partnership Agreement”) contains procedures for making incentive fee distributions to the Company and the BTC II SLP, which are subject to the achievement of certain return thresholds. The thresholds to calculate and realize the incentive fee were achieved in October 2021 and the incentive fee distributions are expected to be paid in November 2021. The Company has elected to receive its share of the incentive fee distribution as an increase of its interest in the BTC II Partnership in lieu of a cash payment. The BTC II SLP has elected to receive a portion of its share of the incentive fee distribution as a cash payment and the remainder will be issued as an increase of the BTC II SLP’s interest in the BTC II Partnership. As a result, as of November 10, 2021, the Company expects its ownership interest to increase by approximately 4%. The increase in the Company’s ownership will be recognized as earnings on the consolidated statement of operations in the fourth quarter of 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Derivative Instruments	Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether the instrument has been designated and qualifies as a hedge and, if so, the type of hedge. Our 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. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes.
Reclassifications	Reclassifications Certain items in the Company’s condensed consolidated balance sheets for 2020 have been reclassified to conform to the 2021 presentation. Intangible lease liabilities, net have been reclassified from other liabilities and are presented separately in the condensed consolidated balance sheets. Additionally, straight-line and tenant receivables have been reclassified to other assets in the condensed consolidated balance sheets. Certain items in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2020 have been reclassified to conform to 2021 presentation. Other income has been reclassified from interest expense and other and is presented separately in the condensed consolidated statements of operations. Additionally, other expense reimbursements, related party has been reclassified to general and administrative expenses in the condensed consolidated statements of operations.
Promote Revenue Recognition	Promote Revenue Recognition The Company may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of the Company’s control, and such volatility can materially impact its performance-based incentive fee period over period, revenue recognition of the performance-based incentive fee is limited to amounts for which it is probable that a significant revenue reversal will not occur. See “Note 15” for additional information on the BTC II Partnership (defined in “Note 5”) promote.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Summary of Business Acquisitions	During the nine months ended September 30, 2021, the Company acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (2) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 Total Acquisitions ​ ​ ​ 88 ​ $ 2,352,052 (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 2021 acquisitions. (2) Refer to “Note 5” for further detail regarding the Build-To-Core Logistics Portfolio acquisition.
Allocation of Purchase Price of Acquisitions	​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended (in thousands) September 30, 2021 Land ​ $ 552,797 Building and improvements ​ 1,682,161 Intangible lease assets ​ 134,395 Above-market lease assets ​ 6,052 Construction in progress ​ ​ 8,067 Below-market lease liabilities ​ (31,420) Total purchase price (1) ​ $ 2,352,052 (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 2021 acquisitions.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Properties	As of September 30, 2021 and December 31, 2020, the Company’s consolidated investment in real estate properties consisted of 153 and 65 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2021 December 31, 2020 Land ​ $ 939,036 ​ $ 385,988 Building and improvements ​ 2,574,634 ​ 885,489 Intangible lease assets ​ 264,648 ​ 119,765 Construction in progress ​ 20,559 ​ 4,203 Investment in real estate properties ​ 3,798,877 ​ 1,395,445 Less accumulated depreciation and amortization ​ (140,874) ​ (72,924) Net investment in real estate properties ​ $ 3,658,003 ​ $ 1,322,521
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2021 and December 31, 2020 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 254,652 ​ $ (58,157) ​ $ 196,495 ​ $ 115,821 ​ $ (32,699) ​ $ 83,122 Above-market lease assets (1) ​ 9,996 ​ (1,458) ​ 8,538 ​ 3,944 ​ (694) ​ 3,250 Below-market lease liabilities ​ (48,892) ​ 9,763 ​ (39,129) ​ (17,471) ​ 5,862 ​ (11,609) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2021 2020 2021 2020 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,298 ​ $ 1,630 ​ $ 4,834 ​ $ 4,170 Above-market lease amortization ​ (374) ​ (191) ​ (765) ​ (365) Below-market lease amortization ​ 2,038 ​ 1,000 ​ 3,900 ​ 2,557 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 23,438 ​ $ 6,980 ​ $ 41,728 ​ $ 18,039 Intangible lease asset amortization ​ 13,507 ​ 6,251 ​ 25,458 ​ 15,640

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of the investment in BTC Partnerships and certain balance sheet and operating data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Investment in Unconsolidated ​ ​ September 30, 2021 December 31, 2020 ​ Joint Venture Partnerships as of ​ Ownership ​ Number of Ownership ​ Number of September 30, December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ 2021 ​ 2020 BTC I Partnership — % ​ — ​ 26.8 % ​ 42 ​ $ — ​ $ 279,108 BTC II Partnership 8.0 % ​ 27 ​ 8.0 % ​ 25 ​ 51,262 ​ 45,134 Total BTC Partnerships ​ ​ ​ 27 ​ ​ ​ ​ 67 ​ $ 51,262 ​ $ 324,242 (1) Represents acquired or completed buildings.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2021 ​ 2020 ​ Maturity Date ​ 2021 ​ 2020 Line of credit (1) 1.38 % 1.44 % November 2023 ​ $ 74,000 ​ $ — Term loan (2) 2.22 2.23 February 2024 ​ 415,000 ​ 415,000 Term loan (3) ​ 1.64 ​ — ​ May 2026 ​ ​ 600,000 ​ ​ — Fixed-rate mortgage notes (4) 3.14 3.14 August 2024 - December 2027 ​ 167,750 ​ 167,750 Floating-rate mortgage note (5) ​ 1.58 ​ — ​ July 2025 ​ ​ 209,250 ​ ​ — Total principal amount / weighted-average (6) 1.96 % 2.49 % ​ ​ $ 1,466,000 ​ $ 582,750 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ $ (10,097) ​ $ (4,430) Add mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 692 ​ 851 Total debt, net ​ ​ ​ ​ ​ ​ $ 1,456,595 ​ $ 579,171 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 653,862 ​ $ 299,318 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of September 30, 2021, total commitments for the line of credit were $430.0 million and the unused and available portions under the line of credit were both $356.0 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2021, 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) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate. As of September 30, 2021, total commitments for the term loan were $600.0 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. (4) 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. (5) The effective interest rate is calculated based on LIBOR plus a margin of 1.50%. (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 3.8 years as of September 30, 2021, excluding any extension options on the line of credit and $209.3 million mortgage note.
Schedule of Maturities of Long-term Debt	As of September 30, 2021, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2021 $ — ​ $ — ​ $ — ​ $ — 2022 ​ — ​ — ​ — ​ — 2023 ​ 74,000 ​ — ​ — ​ 74,000 2024 ​ — ​ 415,000 ​ 38,000 ​ 453,000 2025 ​ — ​ — ​ ​ 209,250 ​ 209,250 Thereafter ​ — ​ 600,000 ​ 129,750 ​ 729,750 Total principal payments ​ $ 74,000 ​ $ 1,015,000 ​ $ 377,000 ​ $ 1,466,000 (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. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on the Company’s condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Other liabilities ​ $ (3,762) Interest rate caps ​ 1 ​ ​ 170,000 ​ Other assets ​ ​ 375 Total derivative instruments ​ 11 ​ $ 745,000 ​ ​ ​ $ (3,387) As of December 31, 2020 ​ ​ Interest rate swaps 7 ​ $ 350,000 Other liabilities ​ $ (9,809)
Derivative Instruments, Gain (Loss)	The following table presents the effect of the Company’s derivative instruments on the Company’s condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 1,752 ​ $ (59) ​ $ 3,146 ​ $ (14,385) Amount reclassified from AOCI into interest expense ​ 1,097 ​ 865 ​ 2,901 ​ 1,253 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 9,001 ​ 3,065 ​ 17,296 ​ 9,362 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ (2) ​ $ — ​ $ (2) ​ $ —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2021 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 375 ​ $ — ​ $ 375 Total assets measured at fair value ​ $ — ​ $ 375 ​ $ — ​ $ 375 Liabilities ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ (3,762) ​ $ — ​ $ (3,762) Total liabilities measured at fair value ​ $ — ​ $ (3,762) ​ $ — ​ $ (3,762) As of December 31, 2020 ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) Total liabilities measured at fair value ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809)
Fair value of instruments measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 As of December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 33,074 ​ $ 33,074 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ $ 74,000 ​ $ 74,000 ​ $ — ​ $ — Term loans ​ 1,015,000 ​ 1,015,000 ​ 415,000 ​ 411,787 Mortgage notes ​ 377,000 ​ 379,390 ​ 167,750 ​ 172,008 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Summary of Public Offerings	A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of September 30, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 1,991,828 ​ $ 118,312 ​ $ 316,378 ​ $ 2,426,518 DRIP ​ 68,550 ​ 4,038 ​ 3,177 ​ 75,765 Total offering ​ $ 2,060,378 ​ $ 122,350 ​ $ 319,555 ​ $ 2,502,283 Number of shares issued: ​ ​ ​ ​ Primary offering ​ 189,221 ​ 11,670 ​ 30,655 ​ 231,546 DRIP ​ 6,736 ​ 397 ​ 308 ​ 7,441 Total offering ​ 195,957 ​ 12,067 ​ 30,963 ​ 238,987
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class W Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2020 110,468 5,566 2,398 118,432 Issuance of common stock: Primary shares 8,580 723 231 9,534 DRIP 757 42 18 817 Stock grants ​ — ​ — ​ 28 ​ 28 Redemptions (173) (5) (3) (181) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 164,487 10,504 20,248 195,239 Issuance of common stock: Primary shares 28,833 1,338 10,988 41,159 DRIP 1,150 75 132 1,357 Stock grants — — 29 29 Redemptions (520) (45) (1) (566) Forfeitures ​ — ​ — ​ (1) ​ (1) Balance as of September 30, 2021 193,950 11,872 31,395 237,217 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 72,869 3,536 1,103 77,508 DRIP 1,798 103 44 1,945 Stock grants ​ — ​ — ​ 229 ​ 229 Redemptions (275) (49) (3) (327) Balance as of September 30, 2020 119,632 6,326 2,672 128,630 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 61,769 3,900 27,951 93,620 DRIP 3,037 205 213 3,455 Stock grants — — 233 233 Redemptions (1,421) (99) (18) (1,538) Forfeitures ​ — ​ — ​ (24) ​ (24) Balance as of September 30, 2021 193,950 11,872 31,395 237,217
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) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.13625 ​ $ 11,023 ​ $ 15,214 ​ $ 4,263 ​ $ 30,500 June 30 ​ ​ 0.13625 ​ ​ 8,552 ​ ​ 12,295 ​ ​ 3,373 ​ ​ 24,220 March 31 ​ ​ 0.13625 ​ ​ 6,721 ​ ​ 10,310 ​ ​ 3,240 ​ ​ 20,271 Total ​ $ 0.40875 ​ $ 26,296 ​ $ 37,819 ​ $ 10,876 ​ $ 74,991 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 (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 Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings.
Share Redemption Activity	The following table summarizes the Company’s redemption activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2021 ​ 2020 Number of eligible shares redeemed ​ ​ 1,538 ​ ​ 327 Aggregate dollar amount of shares redeemed ​ $ 15,836 ​ $ 3,215 Average redemption price per share ​ $ 10.30 ​ $ 9.83

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2021 and September 30, 2020: ​ ​ ​ ​ ($ in thousands) ​ ​ ​ As of December 31, 2019 ​ $ 723 Settlement of 2019 performance participation allocation (1) ​ ​ 2,913 Distributions to redeemable noncontrolling interests ​ ​ (147) Net loss attributable to redeemable noncontrolling interests ​ ​ (42) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (62) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 249 As of September 30, 2020 ​ $ 3,634 ​ ​ ​ ​ As of December 31, 2020 ​ $ 3,648 Settlement of 2020 performance participation allocation (2) ​ ​ 9,640 Distributions to redeemable noncontrolling interests ​ ​ (536) Net loss attributable to redeemable noncontrolling interests ​ ​ (453) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 43 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 1,996 As of September 30, 2021 ​ $ 14,338 (1) The 2019 performance participation allocation in the amount of $2.9 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $2.9 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. (2) The 2020 performance participation allocation in the amount of $9.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $9.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates .

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ Payable as of (in thousands) 2021 2020 2021 ​ 2020 ​ September 30, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) ​ $ 4,110 ​ $ 4,052 ​ $ 11,737 ​ $ 34,409 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 4,263 ​ 2,952 ​ ​ 10,876 ​ ​ 7,404 ​ 1,483 ​ 1,122 Advisory fee—fixed component ​ ​ 8,273 ​ ​ 2,561 ​ ​ 17,733 ​ ​ 6,457 ​ ​ 3,076 ​ ​ 1,345 Performance participation allocation ​ ​ 29,910 ​ ​ 2,935 ​ ​ 45,932 ​ ​ 6,195 ​ ​ 45,932 ​ ​ 9,640 Other expense reimbursements (3)(4) ​ ​ 2,927 ​ ​ 2,464 ​ ​ 9,192 ​ ​ 7,486 ​ ​ 4,218 ​ ​ 2,706 Property accounting fee (5) ​ ​ 368 ​ ​ 152 ​ ​ 786 ​ ​ 429 ​ ​ 143 ​ ​ 59 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,051 ​ ​ — ​ ​ 1,278 ​ ​ — ​ ​ 68 ​ ​ — Other DST Program related costs (4) ​ ​ 1,492 ​ ​ — ​ ​ 2,400 ​ ​ — ​ ​ 51 ​ ​ — Development fees (6) ​ ​ 116 ​ ​ — ​ ​ 830 ​ ​ — ​ ​ 44 ​ ​ 24 Total ​ $ 52,510 ​ $ 15,116 ​ $ 100,764 ​ $ 62,380 ​ $ 55,015 ​ $ 14,896 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, the Company accrues for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $80.9 million and $45.0 million as of September 30, 2021 and December 31, 2020, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 4, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The property accounting fee is equal to the difference between: (i) the property management fee charged with respect to each real property, which reflects the market rate for all real property management services, including property-level accounting services, based on rates charged for similar properties within the region or market in which the real property is located, and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arm’s length negotiation with a third party property management service provider (the difference between (i) and (ii), the “property accounting fee”). The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to the Company or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, the Company may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) 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 condensed consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on the Company’s condensed consolidated balance sheets.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Fees deferred ​ $ — ​ $ — ​ $ — ​ $ 3,896 Other expenses supported ​ — ​ — ​ — ​ 9,609 Total expense support from Advisor ​ ​ — ​ ​ — ​ ​ — ​ ​ 13,505 Reimbursement of previously deferred fees and other expenses supported ​ — ​ (4,438) ​ — ​ (7,621) Total expense support from Advisor, net ​ $ — ​ $ (4,438) ​ $ — ​ $ 5,884

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 Distributions payable ​ $ 10,842 ​ $ 5,862 Distributions reinvested in common stock ​ 35,679 ​ 19,564 Increase in DST Program Loans receivable ​ ​ 33,074 ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 9,640 ​ 2,913 Non-cash redemption of minority ownership interest in BTC I Partnership ​ ​ 279,340 ​ ​ — Non-cash selling commissions and dealer manager fees ​ 11,737 ​ 34,409
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2021 2020 Beginning of period: ​ ​ Cash and cash equivalents ​ $ 232,369 ​ $ 51,178 Restricted cash (1) ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 232,899 ​ $ 51,178 End of period: ​ ​ Cash and cash equivalents ​ $ 132,070 ​ $ 180,683 Restricted cash (2) ​ 1,834 ​ — Cash, cash equivalents and restricted cash ​ $ 133,904 ​ $ 180,683 (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. (2) As of September 30, 2021, 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, cash held in escrow in connection with a property acquired as part of the Build-To-Core Logistics Portfolio, and utility deposits. As of September 30, 2020, the Company did not have any restricted cash.

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands	Sep. 30, 2021USD ($)building
Business Acquisition [Line Items]
Percentage of assets acquired	100.00%
Asset Acquisition [Member]
Business Acquisition [Line Items]
Number of real estate properties | building	88
Total Purchase Price	$ 2,352,052
Debt assumed at fair value	$ 0
Gerwig Distribution Center [Member]
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 19,274
Harvill Busines Center [Member]
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 60,588
Princess Logistics Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 74,075
Rancho Cucamonga Business Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 24,624
Norton Distribution Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 32,413
Build-To-Core Logistics Portfolio
Business Acquisition [Line Items]
Number of real estate properties | building	22
Total Purchase Price	$ 876,731
Benchmark Distribution Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 19,651
Key Logistics Portfolio
Business Acquisition [Line Items]
Number of real estate properties | building	48
Total Purchase Price	$ 916,766
Stonewood Logistics Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 19,343
Heron Industrial Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 25,999
Colony Crossing Logistics Portfolio
Business Acquisition [Line Items]
Number of real estate properties | building	2
Total Purchase Price	$ 21,569
Harvill Industrial Center
Business Acquisition [Line Items]
Total Purchase Price	$ 7,532
Commerce Farms Logistics Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 63,821
North County Commerce Center
Business Acquisition [Line Items]
Number of real estate properties | building	5
Total Purchase Price	$ 147,132
Performance Distribution Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 29,532
Madison Distribution Center
Business Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 13,002

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) $ in Thousands	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Land	$ 552,797
Building and improvements	1,682,161
Intangible lease assets	134,395
Above-market lease assets	6,052
Construction in progress	8,067
Below-market lease liabilities	(31,420)
Total purchase price	2,352,052
Asset Acquisition [Member]
Business Acquisition [Line Items]
Debt assumed at fair value	$ 0

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	9 Months Ended
	Sep. 30, 2021
Intangible Lease Assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 7 months 6 days

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - building	Sep. 30, 2021	Dec. 31, 2020
Consolidated Properties
Real Estate Properties [Line Items]
Number of industrial properties	153	65

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 939,036	$ 385,988
Building and improvements	2,574,634	885,489
Intangible lease assets	264,648	119,765
Construction in progress	20,559	4,203
Investment in real estate properties	3,798,877	1,395,445
Less accumulated depreciation and amortization	(140,874)	(72,924)
Net investment in real estate properties	$ 3,658,003	$ 1,322,521

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 264,648	$ 119,765
Below Market Lease [Roll Forward]
Gross	(48,892)	(17,471)
Accumulated Amortization	9,763	5,862
Net	(39,129)	(11,609)
Intangible Lease Assets
Finite-lived Intangible Assets [Roll Forward]
Gross	254,652	115,821
Accumulated Amortization	(58,157)	(32,699)
Total	196,495	83,122
Above-Market Lease Assets
Finite-lived Intangible Assets [Roll Forward]
Gross	9,996	3,944
Accumulated Amortization	(1,458)	(694)
Total	$ 8,538	$ 3,250

INVESTMENT IN REAL ESTATE - S_2

INVESTMENT IN REAL ESTATE - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 3,298	$ 1,630	$ 4,834	$ 4,170
Real Estate-Related Depreciation and Amortization:
Depreciation expense	23,438	6,980	41,728	18,039
Intangible lease asset amortization	13,507	6,251	25,458	15,640
Above-Market Lease Assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(374)	(191)	(765)	(365)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 2,038	$ 1,000	$ 3,900	$ 2,557

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Sep. 30, 2021USD ($)building	Dec. 31, 2020USD ($)building
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Investment in Partnerships	$ 51,262	$ 324,242
BTC I and BTC II Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Number of Buildings | building	27	67
Investment in Partnerships	$ 51,262	$ 324,242
BTC I Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage		26.80%
Number of Buildings | building		42
Investment in Partnerships		$ 279,108
BTC II Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage	8.00%	8.00%
Number of Buildings | building	27	25
Investment in Partnerships	$ 51,262	$ 45,134

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS - Narrative (Details) $ in Thousands	Jun. 15, 2021USD ($)buildingproperty	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jul. 15, 2020item
Schedule of Equity Method Investments [Line Items]
Number of joint venture partnerships | item				2
Investment in Partnerships		$ 51,262	$ 324,242
BTC I and BTC II Partnerships
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		51,262	324,242
BTC I Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships			279,108
Ownership interest	100.00%
Number of property | property	1
Number of buildings | building	22
Incremental additional investment	$ 580,000
Purchase price of properties	$ 876,700
BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		51,262	$ 45,134
Outside basis difference		$ 5,800

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.96%	2.49%
Total principal amount / weighted-average	$ 1,466,000	$ 582,750
Less unamortized debt issuance costs	(10,097)	(4,430)
Add mark-to-market adjustment on assumed debt, net	692	851
Total debt, net	1,456,595	579,171
Gross book value of properties encumbered by debt	$ 653,862	$ 299,318
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 9 months 18 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.38%	1.44%
Total principal amount / weighted-average	$ 74,000
Total commitments for the line of credit	430,000
Unused and available portion under the line of credit	$ 356,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.10%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%	0.30%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.10%
Term Loan
Debt Instrument [Line Items]
Total principal amount / weighted-average	$ 1,015,000
Term Loan | Interest Rate Swaps
Debt Instrument [Line Items]
Total principal amount / weighted-average	415,000
Amount of hedged item	$ 350,000
Term Loan (Maturity date February 2024)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.22%	2.23%
Total principal amount / weighted-average	$ 415,000	$ 415,000
Commitments	$ 415,000
Term Loan (Maturity date February 2024) | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%	1.25%
Term Loan (Maturity date February 2024) | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%	2.05%
Term Loan (Maturity date February 2024) | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%	0.25%
Term Loan (Maturity date February 2024) | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%	1.05%
Term Loan (Maturity date May 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.64%
Total principal amount / weighted-average	$ 600,000
Commitments	600,000
Amount of hedged item	$ 225,000
Term Loan (Maturity date May 2026) | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%	1.35%
Term Loan (Maturity date May 2026) | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%	2.20%
Term Loan (Maturity date May 2026) | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.35%	0.35%
Term Loan (Maturity date May 2026) | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%	1.20%
Mortgage Notes
Debt Instrument [Line Items]
Total principal amount / weighted-average	$ 377,000
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.14%	3.14%
Total principal amount / weighted-average	$ 167,750	$ 167,750
Fixed-rate mortgage notes | Minimum
Debt Instrument [Line Items]
Interest rates (as a percent)	2.90%	2.90%
Fixed-rate mortgage notes | Maximum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.75%	3.75%
Floating-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.58%
Total principal amount / weighted-average	$ 209,250
Floating-rate mortgage notes | Interest Rate Swaps
Debt Instrument [Line Items]
Total principal amount / weighted-average	209,300
Amount of hedged item	$ 170,000
Floating-rate mortgage notes | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

DEBT - Principal Payments on De

DEBT - Principal Payments on Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2023	$ 74,000
2024	453,000
2025	209,250
Thereafter	729,750
Total principal payments	1,466,000	$ 582,750
Line of Credit
Debt Instrument [Line Items]
2023	74,000
Total principal payments	$ 74,000
Term of extension option	1 year
Term Loan
Debt Instrument [Line Items]
2024	$ 415,000
Thereafter	600,000
Total principal payments	1,015,000
Mortgage Notes
Debt Instrument [Line Items]
2024	38,000
2025	209,250
Thereafter	129,750
Total principal payments	377,000
Floating-rate mortgage notes
Debt Instrument [Line Items]
Total principal payments	$ 209,250
Term of extension option	1 year

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Sep. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 4,800
Number of Contracts | contract	11
Notional Amount	$ 745,000
Derivative instruments	$ (3,387)
Interest Rate Swaps | Other liabilities.
Debt Instrument [Line Items]
Number of Contracts | contract	10	7
Notional Amount	$ 575,000	$ 350,000
Derivative instruments	$ (3,762)	$ (9,809)
Interest Rate Caps | Other assets.
Debt Instrument [Line Items]
Number of Contracts | contract	1
Notional Amount	$ 170,000
Derivative instruments	$ 375

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 9,001	$ 3,065	$ 17,296	$ 9,362
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Loss recognized in income	(2)		(2)
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in AOCI	1,752	(59)	3,146	(14,385)
Amount reclassified from AOCI into interest expense	$ 1,097	$ 865	$ 2,901	$ 1,253

DST PROGRAM - Narrative (Detail

DST PROGRAM - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Rent obligations	$ 13,218	$ 5,059	$ 26,043	$ 13,430
DST Program loans outstanding	33,074		33,074
D S T Program
Sale of gross interests related to the DST Program			200,000
Rent obligations			1,800
DST Program loans outstanding	$ 33,100		$ 33,100

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 375
Total assets measured at fair value	375
Derivative instruments, liabilities	(3,762)	$ (9,809)
Total liabilities measured at fair value	(3,762)	(9,809)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	375
Total assets measured at fair value	375
Derivative instruments, liabilities	(3,762)	(9,809)
Total liabilities measured at fair value	$ (3,762)	$ (9,809)

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Value
Assets:
DST Program Loans	$ 33,074
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	74,000
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,015,000	$ 415,000
Carrying Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	377,000	167,750
Fair Value
Assets:
DST Program Loans	33,074
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	74,000
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,015,000	411,787
Fair Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	$ 379,390	$ 172,008

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) $ in Millions	Aug. 04, 2021USD ($)
Second Public Offering
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering	$ 2,000
Third Public Offering
Class of Stock [Line Items]
Dollar value of shares issued	5,000
Dollar value of primary shares of common stock in offering	3,750
Dollar Value Of Shares In Offering Pursuant To Distribution Reinvestment Plan	$ 1,250

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Sep. 30, 2021USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,502,283
Number of shares issued (in shares) | shares	238,987
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,060,378
Number of shares issued (in shares) | shares	195,957
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 122,350
Number of shares issued (in shares) | shares	12,067
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 319,555
Number of shares issued (in shares) | shares	30,963
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,426,518
Number of shares issued (in shares) | shares	231,546
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,991,828
Number of shares issued (in shares) | shares	189,221
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 118,312
Number of shares issued (in shares) | shares	11,670
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 316,378
Number of shares issued (in shares) | shares	30,655
DRIP
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 75,765
Number of shares issued (in shares) | shares	7,441
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 68,550
Number of shares issued (in shares) | shares	6,736
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,038
Number of shares issued (in shares) | shares	397
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,177
Number of shares issued (in shares) | shares	308

STOCKHOLDERS' EQUITY - Summar_2

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(1,538)	(327)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			130,565
Ending balance, shares	193,950		193,950
Common stock, shares issued	193,950		193,950		130,565
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			7,866
Ending balance, shares	11,872		11,872
Common stock, shares issued	11,872		11,872		7,866
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			3,040
Ending balance, shares	31,395		31,395
Common stock, shares issued	31,395		31,395		3,040
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	195,239	118,432	141,471	49,275
Primary shares	41,159	9,534	93,620	77,508
DRIP	1,357	817	3,455	1,945
Stock grants	29	28	233	229
Redemptions	(566)	(181)	(1,538)	(327)
Forfeitures	(1)		(24)
Ending balance, shares	237,217	128,630	237,217	128,630
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	164,487	110,468	130,565	45,240
Primary shares	28,833	8,580	61,769	72,869
DRIP	1,150	757	3,037	1,798
Redemptions	(520)	(173)	(1,421)	(275)
Ending balance, shares	193,950	119,632	193,950	119,632
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	10,504	5,566	7,866	2,736
Primary shares	1,338	723	3,900	3,536
DRIP	75	42	205	103
Redemptions	(45)	(5)	(99)	(49)
Ending balance, shares	11,872	6,326	11,872	6,326
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,248	2,398	3,040	1,299
Primary shares	10,988	231	27,951	1,103
DRIP	132	18	213	44
Stock grants	29	28	233	229
Redemptions	(1)	(3)	(18)	(3)
Forfeitures	(1)		(24)
Ending balance, shares	31,395	2,672	31,395	2,672

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.40875	$ 0.54500
Paid in Cash	$ 11,023	$ 8,552	$ 6,721	$ 6,159	$ 5,601	$ 5,194	$ 3,339	$ 26,296	$ 20,293
Reinvested in Shares	15,214	12,295	10,310	9,315	8,451	7,812	5,077	37,819	30,655
Distribution Fees	4,263	3,373	3,240	3,230	2,952	2,710	1,742	10,876	10,634
Gross Distributions	$ 30,500	$ 24,220	$ 20,271	$ 18,704	$ 17,004	$ 15,716	$ 10,158	$ 74,991	$ 61,582

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Number of eligible shares redeemed (in shares)			1,538	327
Aggregate dollar amount of shares redeemed	$ 5,925	$ 1,775	$ 15,836	$ 3,215
Average redemption price per share (in dollars per share)			$ 10.30	$ 9.83

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS - Redeemable noncontrolling interest activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			$ 3,648	$ 723
Settlement of performance participation allocation			9,640	2,913
Distributions to redeemable noncontrolling interests	$ (178)	$ (49)	(536)	(147)
Net loss attributable to redeemable noncontrolling interests	(228)	(38)	(453)	(42)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests	(16)	(2)	(43)	62
Redemption value allocation adjustment to redeemable noncontrolling interests			1,996	249
Ending balance	14,338	$ 3,634	14,338	$ 3,634
Due to Related Parties	49,277		49,277		$ 28,275
BCI IV Advisors LLC (the "Advisor")
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties	$ 55,015		$ 55,015		14,896
BCI IV Advisors LLC (the "Advisor") | Advisory Fee, Performance Component [Member]
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties					$ 9,600	$ 2,900

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to Related Parties	$ 49,277		$ 49,277		$ 28,275
Distribution fees payable to affiliates	80,913		80,913		44,962
BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	52,510	$ 15,116	100,764	$ 62,380
Due to Related Parties	55,015		55,015		14,896
Organization and offering costs					17,100
Amount reimbursed for services	2,700	2,000	8,000	6,200
Distribution fees payable to affiliates	80,900		80,900		45,000
Selling Commissions And Dealer Manager [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	4,110	4,052	11,737	34,409
Ongoing Distribution Fees [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	4,263	2,952	10,876	7,404
Due to Related Parties	1,483		1,483		1,122
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	8,273	2,561	17,733	6,457
Due to Related Parties	3,076		3,076		1,345
Advisory Fee, Performance Component [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Due to Related Parties					9,600	$ 2,900
Performance Participation Allocation [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	29,910	2,935	45,932	6,195
Due to Related Parties	45,932		45,932		9,640
Other Expense Reimbursements [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,927	2,464	9,192	7,486
Due to Related Parties	4,218		4,218		2,706
Property Accounting Fee [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	368	$ 152	786	$ 429
Due to Related Parties	143		143		59
D S T Program Selling Commissions, Dealer Manager And Distribution Fees [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,051		1,278
Due to Related Parties	68		68
Other D S T Program Related Costs [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,492		2,400
Due to Related Parties	51		51
Development Fees [Member] | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	116		830
Due to Related Parties	$ 44		$ 44		24
Expense Support Agreement | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Aggregate amount paid by the Former Advisor					$ 27,100

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partnerships and Ares Acquisition (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from affiliates		$ 88		$ 88		$ 3,308
Successive term	1 year
BTC I and BTC II Partnerships
Related Party Transaction [Line Items]
Payment of joint venture partnership fees		2,100	$ 2,900	8,500	$ 2,900	25,000
BTC I Partnership
Related Party Transaction [Line Items]
Due from affiliates						$ 3,200
BTC II Partnership
Related Party Transaction [Line Items]
Due from affiliates		$ 20,000		$ 20,000

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Total expense support from Former Advisor, net	$ 0	$ (4,438,000)	$ 0	$ 5,884,000
Expense Support Agreement | BCI IV Advisors LLC (the "Advisor")
Related Party Transaction [Line Items]
Available balance to be reimbursed					$ 0
Fees deferred				3,896,000
Other expenses supported				9,609,000
Total expense support from Former Advisor				13,505,000
Reimbursement of previously deferred fees and other expenses supported		(4,438,000)	$ 0	(7,621,000)
Total expense support from Former Advisor, net		$ (4,438,000)		$ 5,884,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 10,842	$ 5,862	$ 6,450
Distributions reinvested in common stock	35,679	19,564
Increase in DST Program Loans receivable	33,074
Redeemable noncontrolling interests issued as settlement of performance participation allocation	9,640	2,913
Non-cash redemption of minority ownership interest in BTC I Partnership	279,340
Non-cash selling commissions and dealer manager fees	$ 11,737	$ 34,409

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 132,070	$ 232,369	$ 180,683	$ 51,178
Restricted cash	1,834	530	0	0
Cash, cash equivalents and restricted cash	133,904	232,899	$ 180,683	$ 51,178
Replacement Reserve Escrow	$ 118,500	$ 118,500

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) shares in Millions, $ in Millions	Oct. 01, 2021USD ($)building	Sep. 30, 2021USD ($)building	Nov. 10, 2021	Nov. 04, 2021USD ($)shares	Dec. 31, 2020
BTC I Partnership
Subsequent Event [Line Items]
Ownership Percentage					26.80%
BTC II Partnership
Subsequent Event [Line Items]
Ownership Percentage		8.00%			8.00%
Ownership percentage change			4.00%
BTC II Partnership | BCG Limited Partner
Subsequent Event [Line Items]
Ownership Percentage		2.00%
Scenario, Plan | Real Estate Acquired [Member] | Industrial Property [Member]
Subsequent Event [Line Items]
Number of real estate properties | building		8
Payments to acquire real estate		$ 230.1
Subsequent Event
Subsequent Event [Line Items]
Aggregate proceeds from issuance of common stock				$ 2,700
Shares, Issued | shares				254.6
Total amount of common stock remaining available for sale				$ 4,700
Subsequent Event | Real Estate Acquired [Member] | Industrial Property [Member]
Subsequent Event [Line Items]
Number of real estate properties | building	8
Payments to acquire real estate	$ 211
Subsequent Event | DRIP
Subsequent Event [Line Items]
Aggregate proceeds from issuance of common stock				$ 86.7
Shares, Issued | shares				8.4
Total amount of common stock remaining available for sale				$ 1,200
QR Limited Partner | Limited Partner Interest
Subsequent Event [Line Items]
Ownership percentage		90.00%