ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	BLACK CREEK INDUSTRIAL REIT IV INC.
Entity Central Index Key	1,625,941
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		15,107,970
Class W Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		137,623
Class I Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		322,570

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Net investment in real estate properties	$ 149,990	$ 0
Cash and cash equivalents	13,873	10,565
Restricted cash	164	481
Straight-line and tenant receivables	800	0
Prepaid expenses	369	420
Due from affiliates	408	191
Debt issuance costs related to line of credit, net of amortization	1,311	887
Acquisition deposits	2,500	0
Other assets	33	4
Total assets	169,448	12,548
Liabilities
Accounts payable and accrued liabilities	1,301	210
Line of credit	46,000	0
Notes payable to stockholders, net of debt issuance costs	376	353
Due to affiliates	11,867	929
Distributions payable	554	56
Distribution fees payable to affiliates	4,471	394
Other liabilities	2,017	0
Total liabilities	66,586	1,942
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	108,195	10,859
Accumulated deficit	(5,456)	(266)
Total stockholders’ equity	102,861	10,605
Noncontrolling interests	1	1
Total equity	102,862	10,606
Total liabilities and equity	169,448	12,548
Class T Shares
Stockholders’ equity:
Common stock, value	118	10
Class W Shares
Stockholders’ equity:
Common stock, value	1	0
Class I Shares
Stockholders’ equity:
Common stock, value	$ 3	$ 2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class T Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	11,823,000	976,000
Common stock, shares outstanding	11,823,000	976,000
Class W Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	56,000	6,000
Common stock, shares outstanding	56,000	6,000
Class I Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	313,000	256,000
Common stock, shares outstanding	313,000	256,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental revenues	$ 2,429	$ 0	$ 3,312	$ 0
Total revenues	2,429	0	3,312	0
Operating expenses:
Rental expenses	498	0	654	0
Real estate-related depreciation and amortization	1,271	0	1,798	0
General and administrative expenses	325	299	1,021	857
Organization expenses, related party	0	78	0	78
Advisory fees, related party	525	0	859	0
Acquisition expense reimbursements, related party	1,465	0	3,460	0
Other expense reimbursements, related party	335	0	907	0
Total operating expenses	4,419	377	8,699	935
Operating loss	(1,990)	(377)	(5,387)	(935)
Other expenses:
Interest expense and other	894	56	1,401	123
Total other expenses	894	56	1,401	123
Total expenses before expense support	5,313	433	10,100	1,058
Total expense support from the Advisor	1,354	469	3,816	1,160
Net (expenses) income after expense support	(3,959)	36	(6,284)	102
Net (loss) income	(1,530)	36	(2,972)	102
Net (loss) income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common stockholders	$ (1,530)	$ 36	$ (2,972)	$ 102
Weighted-average shares outstanding (in shares)	10,491	260	6,594	258
Net (loss) income per common share - basic and diluted (usd per share)	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance at Dec. 31, 2017	$ 10,606	$ 12	$ 10,859	$ (266)	$ 1
Beginning balance, shares at Dec. 31, 2017		1,238,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,972)			(2,972)
Issuance of common stock	114,645	$ 110	114,535
Issuance of common stock, shares		10,954,000
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(12,652)		(12,652)
Trailing distribution fees	(4,076)		(4,545)	469
Redemptions of common stock	(2)		(2)
Distributions to stockholders	(2,687)			(2,687)
Ending balance at Sep. 30, 2018	$ 102,862	$ 122	$ 108,195	$ (5,456)	$ 1
Ending balance, shares at Sep. 30, 2018		12,192,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net (loss) income	$ (2,972)	$ 102
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	1,798	0
Straight-line rent and amortization of above- and below-market leases	(1,097)	0
Amortization of debt issuance costs	384	51
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(4)	191
Accounts payable and accrued liabilities	901	75
Due from / to affiliates, net	3,134	(19)
Net cash provided by operating activities	2,144	400
Investing activities:
Real estate acquisitions	(148,918)	0
Acquisition deposits	(2,500)	0
Capital expenditures	(338)	0
Net cash used in investing activities	(151,756)	0
Financing activities:
Proceeds from line of credit	78,500	0
Repayments of line of credit	(32,500)	0
Debt issuance costs paid	(785)	(960)
Proceeds from issuance of common stock	108,543	0
Distributions paid to common stockholders	(774)	(70)
Distribution fees paid to affiliates	(379)	0
Redemptions of common stock	(2)	0
Net cash provided by (used in) financing activities	152,603	(1,030)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,991	(630)
Cash, cash equivalents and restricted cash, at beginning of period	11,046	2,121
Cash, cash equivalents and restricted cash, at end of period	$ 14,037	$ 1,491

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on March 9, 2018 (“2017 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. Under the practical expedients election, the Company would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. The Company also plans to adopt ASU 2018-01 when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. The Company’s initial analysis of its lease contracts indicates that the adoption of these standards will not have a material effect on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the condensed consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time control is transferred to the purchaser. The Company recognizes losses from the disposition of real estate when known to the Company.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS During the nine months ended September 30, 2018 , the Company acquired 100% of the following properties, which were all determined to be asset acquisitions: ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2018 Acquisitions: Ontario Industrial Center 2/26/2018 1 $ 10,595 Pompano Industrial Center 4/11/2018 1 7,423 Ontario Distribution Center 5/17/2018 1 30,758 Park 429 Logistics Center 6/7/2018 2 44,882 Pescadero Distribution Center 6/20/2018 1 45,623 Gothard Industrial Center 6/25/2018 1 10,096 Total 2018 Acquisitions 7 $ 149,377 (1) Total purchase price is equal to the total consideration paid. During the nine months ended September 30, 2018 , the Company allocated the purchase price of its acquisitions to land, building, and intangible lease assets and liabilities as follows: (in thousands) For the Nine Months Ended Land $ 41,638 Building 98,155 Intangible lease assets 11,338 Above-market lease assets 131 Below-market lease liabilities (1,885 ) Total purchase price (1) $ 149,377 (1) Total purchase price is equal to the total consideration paid. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with the Company’s acquisitions during the nine months ended September 30, 2018 , as of the respective date of each acquisition, was 6.4 years.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of September 30, 2018 , the Company’s investment in real estate properties consisted of seven industrial buildings. As of December 31, 2017, the Company did not own any properties. As of (in thousands) September 30, 2018 December 31, 2017 Land $ 41,638 $ — Building and improvements 98,180 — Intangible lease assets 11,597 — Construction in progress 380 — Investment in real estate properties 151,795 — Less accumulated depreciation and amortization (1,805 ) — Net investment in real estate properties $ 149,990 $ — Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2018 and December 31, 2017 included the following: As of September 30, 2018 As of December 31, 2017 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 11,466 $ (718 ) $ 10,748 $ — $ — $ — Above-market lease assets (1) 131 (7 ) 124 — — — Below-market lease liabilities (2) (1,885 ) 379 (1,506 ) — — — (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of September 30, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base Remainder of 2018 $ 1,618 2019 7,164 2020 6,927 2021 7,050 2022 7,338 Thereafter 18,492 Total $ 48,589 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 September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 535 $ — $ 725 $ — Above-market lease amortization (6 ) — (7 ) — Below-market lease amortization 181 — 379 — Real Estate-Related Depreciation and Amortization: Depreciation expense $ 773 $ — $ 1,080 $ — Intangible lease asset amortization 498 — 718 —

LINE OF CREDIT

LINE OF CREDIT	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
LINE OF CREDIT	5. LINE OF CREDIT On September 18, 2017, the Company entered into a credit facility agreement with an initial aggregate revolving loan commitment of $100.0 million , and on June 28, 2018, the Company increased the commitment to $200.0 million . The Company has the ability from time to time to increase the size of the credit facility by up to an additional $400.0 million for a total of up to $600.0 million , subject to receipt of lender commitments and satisfaction of other conditions. Any increase to the size of the credit facility may be in the form of an increase in the aggregate revolving loan commitments, the establishment of a term loan, or a combination of both. The maturity date of the line of credit is September 18, 2020, and may be extended pursuant to two one -year extension options, subject to continuing compliance with certain financial covenants and other customary conditions. Borrowings under the line of credit will be charged interest based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.60% to 2.50% ; or (ii) an alternative base rate plus a margin ranging from 0.60% to 1.50% , 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. A pledge of equity interests in the Company’s subsidiaries that directly own unencumbered properties will be provided until such time as the Company elects to terminate such pledges, subject to satisfaction of certain financial covenants. As of September 30, 2018 , the Company had $46.0 million outstanding under the line of credit with an interest rate of 4.21% ; the unused portion was $153.9 million , of which $40.0 million was available. As of December 31, 2017, there were no amounts outstanding under the line of credit. The Company’s line of credit contains various property-level covenants, including customary affirmative and negative covenants, as well as 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, 2018.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	6. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. As of September 30, 2018 and December 31, 2017 , 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, 2018 As of December 31, 2017 (in thousands) Carrying Fair Carrying Fair Line of credit $ 46,000 $ 46,000 $ — $ — Notes payable to stockholders 376 376 376 376

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY Summary of the Public and Private Offerings A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 122,721 $ 493 $ 2,533 $ — $ 125,747 DRIP 1,001 — 87 — 1,088 Private offering 62 — 62 376 500 Total offering $ 123,784 $ 493 $ 2,682 $ 376 $ 127,335 Number of shares issued: Primary offering 11,716 50 274 — 12,040 DRIP 100 — 9 — 109 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 11,823 56 293 — 12,172 As of September 30, 2018 , approximately $1.87 billion in shares of common stock remained available for sale pursuant to the Company’s initial public offering in any combination of Class T shares, Class W shares and Class I shares, including approximately $498.9 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the period presented below: (in thousands) Class T Class W Class I Total Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 10,748 50 53 10,851 DRIP 99 — 4 103 Redemptions — — — — Balance as of September 30, 2018 11,823 56 313 12,192 (1) Includes 20,000 Class I shares sold to BCI IV Advisors LLC (the “Advisor”) in November 2014. Distributions The following table summarizes the Company’s cash distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: Amount (in thousands, Declared per Paid Reinvested Distribution Gross 2018 September 30 $ 0.13625 $ 496 $ 681 $ 255 $ 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 Total $ 0.40875 $ 941 $ 1,277 $ 469 $ 2,687 2017 December 31 $ 0.13625 $ 45 $ 44 $ 12 $ 101 September 30 0.13625 25 11 — 36 June 30 0.12950 23 10 — 33 March 31 0.12950 23 10 — 33 Total $ 0.53150 $ 116 $ 75 $ 12 $ 203 (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. Commencing with the third quarter of 2017, distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s initial public offering only. Refer to “ Note 8 ” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares. Redemptions The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended 2018 2017 Number of eligible shares redeemed 243 — Aggregate dollar amount of shares redeemed $ 2,315 $ — Average redemption price per share $ 9.53 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. 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 initial public offering, and any related amounts payable: For the Three Months Ended For the Nine Months Ended Payable as of September 30, December 31, (in thousands) 2018 2017 2018 2017 Expensed: Organization costs (1) $ — $ 78 $ — $ 78 $ 78 $ 78 Advisory fee—fixed component 299 — 458 — 100 — Advisory fee—performance component 226 — 401 — 402 — Acquisition expense reimbursements (2) 1,465 — 3,460 — 2,910 — Other expense reimbursements (3) 335 — 907 — 242 59 Total $ 2,325 $ 78 $ 5,226 $ 78 $ 3,732 $ 137 Additional Paid-In Capital: Selling commissions $ 1,129 $ — $ 2,508 $ — $ — $ — Dealer manager fees 1,029 — 2,559 — — — Offering costs (1) 3,263 187 7,585 187 8,434 849 Distribution fees—current (4) 255 — 468 — 97 8 Distribution fees—trailing (4) 1,705 — 4,077 — 4,471 394 Total $ 7,381 $ 187 $ 17,197 $ 187 $ 13,002 $ 1,251 (1) As of September 30, 2018 , the Advisor had incurred $12.2 million of offering costs and $0.1 million of organization costs on behalf of the Company. (2) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. (3) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the amended and restated advisory agreement, dated June 13, 2018, by and among the Company, BCI IV Operating Partnership LP (the “Operating Partnership”), and the Advisor. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $0.2 million and $0.6 million for the three and nine months ended September 30, 2018 , respectively, for such compensation expenses. There were no amounts reimbursed to the Advisor for the three and nine months ended September 30, 2017 . The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. The Dealer Manager will reallow the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares. 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. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2017 Form 10-K for a description of the expense support agreement. As of September 30, 2018 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $5.7 million . No amounts have been reimbursed to the Advisor by the Company. For the Three Months Ended For the Nine Months Ended (in thousands) 2018 2017 2018 2017 Fees deferred $ 299 $ — $ 458 $ — Other expenses supported 1,055 469 3,358 1,160 Total expense support from Advisor (1) $ 1,354 $ 469 $ 3,816 $ 1,160 (1) As of September 30, 2018 , approximately $0.5 million of expense support was payable to the Company by the Advisor and is included in due from affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	9. 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 (in thousands) 2018 2017 Distributions payable $ 554 $ 22 Distribution fees payable to affiliates 4,471 — Distributions reinvested in common stock 1,035 31 Accrued offering costs due to the Advisor 8,434 187 Accrued acquisition expense reimbursements due to the Advisor 2,910 — Non-cash capital expenditures 192 — Non-cash selling commissions and dealer manager fees 5,067 — Restricted Cash As of September 30, 2018 , restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. As of December 31, 2017, restricted cash consisted of amounts deposited with a third-party escrow agent related to the notes issued pursuant to the private offering, which were released to the Company from escrow in January 2018. 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 (in thousands) 2018 2017 Beginning of period: Cash and cash equivalents $ 10,565 $ 1,640 Restricted cash 481 481 Cash, cash equivalents and restricted cash $ 11,046 $ 2,121 End of period: Cash and cash equivalents $ 13,873 $ 1,010 Restricted cash 164 481 Cash, cash equivalents and restricted cash $ 14,037 $ 1,491

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company. 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, 2018 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS Status of the Public and Private Offerings A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 5, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 157,151 $ 1,313 $ 2,614 $ — $ 161,078 DRIP 1,559 4 100 — 1,663 Private offering 62 — 62 376 500 Total offering $ 158,772 $ 1,317 $ 2,776 $ 376 $ 163,241 Number of shares issued: Primary offering 14,994 131 283 — 15,408 DRIP 156 — 10 — 166 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 15,157 137 303 — 15,597 As of November 5, 2018 , approximately $1.84 billion in shares of the Company’s common stock remained available for sale pursuant to the Company’s initial public offering in any combination of Class T shares, Class W shares or Class I shares, including approximately $498.3 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Acquisitions Under Contract As of November 5, 2018, the Company had entered into contracts to acquire properties with an aggregate contract purchase price of approximately $87.9 million , comprised of three industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract. Completed Acquisitions Midway Industrial Center . On October 22, 2018, the Company acquired one industrial building located in the Baltimore/DC market (the “ Midway Industrial Center ”). The total purchase price was $8.0 million , exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Unless the context otherwise requires, the “Company” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on March 9, 2018 (“2017 Form 10-K”).
Consolidation	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the standard when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. Under the practical expedients election, the Company would not be required to reassess: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard also will require new disclosures within the notes accompanying the consolidated financial statements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updates ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. The Company also plans to adopt ASU 2018-01 when it becomes effective for the Company, as of the reporting period beginning January 1, 2019, and it expects to elect the practical expedients available for implementation under the standard. The Company’s initial analysis of its lease contracts indicates that the adoption of these standards will not have a material effect on its consolidated financial statements.
Investment in Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the condensed consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Revenue Recognition	Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time control is transferred to the purchaser. The Company recognizes losses from the disposition of real estate when known to the Company.
Fair Value Measurements	The Company estimates fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. As of September 30, 2018 and December 31, 2017 , 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Summary of Business Acquisitions	During the nine months ended September 30, 2018 , the Company acquired 100% of the following properties, which were all determined to be asset acquisitions: ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) 2018 Acquisitions: Ontario Industrial Center 2/26/2018 1 $ 10,595 Pompano Industrial Center 4/11/2018 1 7,423 Ontario Distribution Center 5/17/2018 1 30,758 Park 429 Logistics Center 6/7/2018 2 44,882 Pescadero Distribution Center 6/20/2018 1 45,623 Gothard Industrial Center 6/25/2018 1 10,096 Total 2018 Acquisitions 7 $ 149,377 (1) Total purchase price is equal to the total consideration paid.
Allocation of Purchase Price of Acquisitions	During the nine months ended September 30, 2018 , the Company allocated the purchase price of its acquisitions to land, building, and intangible lease assets and liabilities as follows: (in thousands) For the Nine Months Ended Land $ 41,638 Building 98,155 Intangible lease assets 11,338 Above-market lease assets 131 Below-market lease liabilities (1,885 ) Total purchase price (1) $ 149,377 (1) Total purchase price is equal to the total consideration paid.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	As of September 30, 2018 , the Company’s investment in real estate properties consisted of seven industrial buildings. As of December 31, 2017, the Company did not own any properties. As of (in thousands) September 30, 2018 December 31, 2017 Land $ 41,638 $ — Building and improvements 98,180 — Intangible lease assets 11,597 — Construction in progress 380 — Investment in real estate properties 151,795 — Less accumulated depreciation and amortization (1,805 ) — Net investment in real estate properties $ 149,990 $ —
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2018 and December 31, 2017 included the following: As of September 30, 2018 As of December 31, 2017 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 11,466 $ (718 ) $ 10,748 $ — $ — $ — Above-market lease assets (1) 131 (7 ) 124 — — — Below-market lease liabilities (2) (1,885 ) 379 (1,506 ) — — — (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets.
Future Minimum Rents	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of September 30, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base Remainder of 2018 $ 1,618 2019 7,164 2020 6,927 2021 7,050 2022 7,338 Thereafter 18,492 Total $ 48,589
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 September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 535 $ — $ 725 $ — Above-market lease amortization (6 ) — (7 ) — Below-market lease amortization 181 — 379 — Real Estate-Related Depreciation and Amortization: Depreciation expense $ 773 $ — $ 1,080 $ — Intangible lease asset amortization 498 — 718 —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair value of notes payable	The carrying values and fair values of these financial instruments were as follows: As of September 30, 2018 As of December 31, 2017 (in thousands) Carrying Fair Carrying Fair Line of credit $ 46,000 $ 46,000 $ — $ — Notes payable to stockholders 376 376 376 376

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Summary of Public and Private Offerings	A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 122,721 $ 493 $ 2,533 $ — $ 125,747 DRIP 1,001 — 87 — 1,088 Private offering 62 — 62 376 500 Total offering $ 123,784 $ 493 $ 2,682 $ 376 $ 127,335 Number of shares issued: Primary offering 11,716 50 274 — 12,040 DRIP 100 — 9 — 109 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 11,823 56 293 — 12,172 A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 5, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 157,151 $ 1,313 $ 2,614 $ — $ 161,078 DRIP 1,559 4 100 — 1,663 Private offering 62 — 62 376 500 Total offering $ 158,772 $ 1,317 $ 2,776 $ 376 $ 163,241 Number of shares issued: Primary offering 14,994 131 283 — 15,408 DRIP 156 — 10 — 166 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 15,157 137 303 — 15,597
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 period presented below: (in thousands) Class T Class W Class I Total Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 10,748 50 53 10,851 DRIP 99 — 4 103 Redemptions — — — — Balance as of September 30, 2018 11,823 56 313 12,192 (1) Includes 20,000 Class I shares sold to BCI IV Advisors LLC (the “Advisor”) in November 2014.
Schedule of Stock Dividends	The following table summarizes the Company’s cash distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: Amount (in thousands, Declared per Paid Reinvested Distribution Gross 2018 September 30 $ 0.13625 $ 496 $ 681 $ 255 $ 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 Total $ 0.40875 $ 941 $ 1,277 $ 469 $ 2,687 2017 December 31 $ 0.13625 $ 45 $ 44 $ 12 $ 101 September 30 0.13625 25 11 — 36 June 30 0.12950 23 10 — 33 March 31 0.12950 23 10 — 33 Total $ 0.53150 $ 116 $ 75 $ 12 $ 203 (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. Commencing with the third quarter of 2017, distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s initial public offering only. Refer to “ Note 8 ” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares.
Share Redemption Activity	The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended 2018 2017 Number of eligible shares redeemed 243 — Aggregate dollar amount of shares redeemed $ 2,315 $ — Average redemption price per share $ 9.53 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with the Company’s initial public offering, and any related amounts payable: For the Three Months Ended For the Nine Months Ended Payable as of September 30, December 31, (in thousands) 2018 2017 2018 2017 Expensed: Organization costs (1) $ — $ 78 $ — $ 78 $ 78 $ 78 Advisory fee—fixed component 299 — 458 — 100 — Advisory fee—performance component 226 — 401 — 402 — Acquisition expense reimbursements (2) 1,465 — 3,460 — 2,910 — Other expense reimbursements (3) 335 — 907 — 242 59 Total $ 2,325 $ 78 $ 5,226 $ 78 $ 3,732 $ 137 Additional Paid-In Capital: Selling commissions $ 1,129 $ — $ 2,508 $ — $ — $ — Dealer manager fees 1,029 — 2,559 — — — Offering costs (1) 3,263 187 7,585 187 8,434 849 Distribution fees—current (4) 255 — 468 — 97 8 Distribution fees—trailing (4) 1,705 — 4,077 — 4,471 394 Total $ 7,381 $ 187 $ 17,197 $ 187 $ 13,002 $ 1,251 (1) As of September 30, 2018 , the Advisor had incurred $12.2 million of offering costs and $0.1 million of organization costs on behalf of the Company. (2) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. (3) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the amended and restated advisory agreement, dated June 13, 2018, by and among the Company, BCI IV Operating Partnership LP (the “Operating Partnership”), and the Advisor. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $0.2 million and $0.6 million for the three and nine months ended September 30, 2018 , respectively, for such compensation expenses. There were no amounts reimbursed to the Advisor for the three and nine months ended September 30, 2017 . The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. The Dealer Manager will reallow the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the expense support agreement. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2017 Form 10-K for a description of the expense support agreement. As of September 30, 2018 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $5.7 million . No amounts have been reimbursed to the Advisor by the Company. For the Three Months Ended For the Nine Months Ended (in thousands) 2018 2017 2018 2017 Fees deferred $ 299 $ — $ 458 $ — Other expenses supported 1,055 469 3,358 1,160 Total expense support from Advisor (1) $ 1,354 $ 469 $ 3,816 $ 1,160 (1) As of September 30, 2018 , approximately $0.5 million of expense support was payable to the Company by the Advisor and is included in due from affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow Supplemental Disclosures	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 (in thousands) 2018 2017 Beginning of period: Cash and cash equivalents $ 10,565 $ 1,640 Restricted cash 481 481 Cash, cash equivalents and restricted cash $ 11,046 $ 2,121 End of period: Cash and cash equivalents $ 13,873 $ 1,010 Restricted cash 164 481 Cash, cash equivalents and restricted cash $ 14,037 $ 1,491 Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Nine Months Ended (in thousands) 2018 2017 Distributions payable $ 554 $ 22 Distribution fees payable to affiliates 4,471 — Distributions reinvested in common stock 1,035 31 Accrued offering costs due to the Advisor 8,434 187 Accrued acquisition expense reimbursements due to the Advisor 2,910 — Non-cash capital expenditures 192 — Non-cash selling commissions and dealer manager fees 5,067 —

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Summary of Public and Private Offerings	A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 122,721 $ 493 $ 2,533 $ — $ 125,747 DRIP 1,001 — 87 — 1,088 Private offering 62 — 62 376 500 Total offering $ 123,784 $ 493 $ 2,682 $ 376 $ 127,335 Number of shares issued: Primary offering 11,716 50 274 — 12,040 DRIP 100 — 9 — 109 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 11,823 56 293 — 12,172 A summary of the Company’s initial public offering, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 5, 2018 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 157,151 $ 1,313 $ 2,614 $ — $ 161,078 DRIP 1,559 4 100 — 1,663 Private offering 62 — 62 376 500 Total offering $ 158,772 $ 1,317 $ 2,776 $ 376 $ 163,241 Number of shares issued: Primary offering 14,994 131 283 — 15,408 DRIP 156 — 10 — 166 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 15,157 137 303 — 15,597

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2018
Building [Member] | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	20 years
Building [Member] | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	40 years
Building and Land Improvements [Member] | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	5 years
Building and Land Improvements [Member] | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	20 years

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	9 Months Ended
	Sep. 30, 2018
Intangible lease assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	6 years 4 months 17 days

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) - 2018 Acquisitions $ in Thousands	Sep. 30, 2018USD ($)Property
Business Acquisition [Line Items]
Number of Buildings | Property	7
Total Purchase Price | $	$ 149,377
Ontario Industrial Center
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price | $	$ 10,595
Pompano Industrial Center
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price | $	$ 7,423
Ontario Distribution Center
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price | $	$ 30,758
Park 429 Logistics Center
Business Acquisition [Line Items]
Number of Buildings | Property	2
Total Purchase Price | $	$ 44,882
Pescadero Distribution Center
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price | $	$ 45,623
Gothard Industrial Center
Business Acquisition [Line Items]
Number of Buildings | Property	1
Total Purchase Price | $	$ 10,096

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2018 Acquisitions $ in Thousands	Sep. 30, 2018USD ($)
Business Acquisition [Line Items]
Land	$ 41,638
Building	98,155
Intangible lease assets	11,338
Above-market lease assets	131
Below-market lease liabilities	(1,885)
Total purchase price	$ 149,377

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details)	Sep. 30, 2018Building
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	7

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 41,638	$ 0
Building and improvements	98,180	0
Intangible lease assets	11,597	0
Construction in progress	380	0
Investment in real estate properties	151,795	0
Less accumulated depreciation and amortization	(1,805)	0
Net investment in real estate properties	$ 149,990	$ 0

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 11,597	$ 0
Below Market Lease [Roll Forward]
Gross	(1,885)	0
Accumulated Amortization	379	0
Net	(1,506)	0
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	11,466	0
Accumulated Amortization	(718)	0
Net	10,748	0
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	131	0
Accumulated Amortization	(7)	0
Net	$ 124	$ 0

INVESTMENT IN REAL ESTATE - Fut

INVESTMENT IN REAL ESTATE - Future Minimum Rents (Details) $ in Thousands	Sep. 30, 2018USD ($)
Real Estate [Abstract]
Remainder of 2018	$ 1,618
2,019	7,164
2,020	6,927
2,021	7,050
2,022	7,338
Thereafter	18,492
Total	$ 48,589

INVESTMENT IN REAL ESTATE INVES

INVESTMENT IN REAL ESTATE 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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 535	$ 0	$ 725	$ 0
Above-market lease amortization	(6)	0	(7)	0
Below-market lease amortization	181	0	379	0
Real Estate-Related Depreciation and Amortization:
Depreciation expense	773	0	1,080	0
Intangible lease asset amortization	$ 498	$ 0	$ 718	$ 0

LINE OF CREDIT (Details)

LINE OF CREDIT (Details)	9 Months Ended
	Sep. 30, 2018USD ($)Extension	Jun. 28, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 18, 2017USD ($)
Debt Instrument [Line Items]
Line of credit	$ 46,000,000		$ 0
Interest rate	4.21%
Unused portion	$ 153,900,000
Available capacity	$ 40,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit agreement, initial commitment		$ 200,000,000		$ 100,000,000
Potential increase limit of credit facility		400,000,000
Revolving credit agreement aggregate commitment		$ 600,000,000
Number of one-year extensions | Extension	2
Length of extension option	1 year
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	$ 46,000	$ 0
Notes payable to stockholders	376	376
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	46,000	0
Notes payable to stockholders	$ 376	$ 376

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering $ in Millions	Sep. 30, 2018USD ($)
Class of Stock [Line Items]
Total amount of common stock remaining available for sale	$ 1,870
Amount remaining available for sale through distribution reinvestment plan	$ 498.9

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Sep. 30, 2018USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 127,335
Number of shares issued | shares	12,172
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 123,784
Number of shares issued | shares	11,823
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 493
Number of shares issued | shares	56
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,682
Number of shares issued | shares	293
Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 376
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 125,747
Number of shares issued | shares	12,040
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 122,721
Number of shares issued | shares	11,716
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 493
Number of shares issued | shares	50
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,533
Number of shares issued | shares	274
Primary Offering | Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
DRIP
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,088
Number of shares issued | shares	109
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,001
Number of shares issued | shares	100
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares issued | shares	0
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 87
Number of shares issued | shares	9
DRIP | Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Private offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 500
Number of shares issued | shares	14
Private offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 62
Number of shares issued | shares	7
Private offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares issued | shares	0
Private offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 62
Number of shares issued | shares	7
Private offering | Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 376
Stock dividends
Class of Stock [Line Items]
Number of shares issued | shares	9
Stock dividends | Class T Shares
Class of Stock [Line Items]
Number of shares issued | shares	0
Stock dividends | Class W Shares
Class of Stock [Line Items]
Number of shares issued | shares	6
Stock dividends | Class I Shares
Class of Stock [Line Items]
Number of shares issued | shares	3

STOCKHOLDERS' EQUITY - Summar_2

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Nov. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Aggregate dollar amount of shares redeemed	2,315	0
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	976,000
Ending balance, shares	11,823,000
Shares of common stock sold (in shares)	11,823,000		976,000
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	6,000
Ending balance, shares	56,000
Shares of common stock sold (in shares)	56,000		6,000
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	256,000
Ending balance, shares	313,000
Shares of common stock sold (in shares)	313,000		256,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	1,238,000
Primary shares, shares	10,851,000
DRIP, shares	103,000
Aggregate dollar amount of shares redeemed	0
Ending balance, shares	12,192,000
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	976,000
Primary shares, shares	10,748,000
DRIP, shares	99,000
Aggregate dollar amount of shares redeemed	0
Ending balance, shares	11,823,000
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	6,000
Primary shares, shares	50,000
DRIP, shares	0
Aggregate dollar amount of shares redeemed	0
Ending balance, shares	56,000
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	256,000
Primary shares, shares	53,000
DRIP, shares	4,000
Aggregate dollar amount of shares redeemed	0
Ending balance, shares	313,000
Common Stock | Class I Shares | Affiliated Entity | BCI IV Advisors LLC (the Advisor)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock sold (in shares)				20,000

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Gross Distributions								$ 2,687
Cash Distribution
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.1295	$ 0.1295	$ 0.40875	$ 0.5315
Paid in Cash	$ 496	$ 305	$ 140	$ 45	$ 25	$ 23	$ 23	$ 941	$ 116
Reinvested in Shares	681	399	197	44	11	10	10	1,277	75
Distribution Fees	255	147	67	12	0	0	0	469	12
Gross Distributions	$ 1,432	$ 851	$ 404	$ 101	$ 36	$ 33	$ 33	$ 2,687	$ 203

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Equity [Abstract]
Number of eligible shares redeemed	243	0
Aggregate dollar amount of shares redeemed	2,315	0
Average redemption price per share (in dollars per share)	$ 9.53	$ 0

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Expensed [Abstract]
Organization costs, expensed	$ 0	$ 78,000	$ 0	$ 78,000
Advisory fee - fixed component, expensed	299,000	0	458,000	0
Advisory fee - performance component, expensed	226,000	0	401,000	0
Acquisition expense reimbursements, expensed	1,465,000	0	3,460,000	0
Other expense reimbursements, expensed	335,000	0	907,000	0
Total	2,325,000	78,000	5,226,000	78,000
Organization costs, payable	78,000		78,000		$ 78,000
Advisory fee, payable	100,000		100,000		0
Advisory fee - performance component, payable	402,000		402,000		0
Acquisition expense reimbursements, payable	2,910,000		2,910,000		0
Other expenses reimbursements, payable	242,000		242,000		59,000
Related party payable	3,732,000		3,732,000		137,000
Additional Paid in Capital [Abstract]
Selling commissions, expensed	1,129,000	0	2,508,000	0
Dealer manager fees, expensed	1,029,000	0	2,559,000	0
Offering costs, expensed	3,263,000	187,000	7,585,000	187,000
Distribution fees-current, expensed	255,000	0	468,000	0
Distribution fees-trailing, expensed	1,705,000	0	4,077,000	0
Distribution fees payable to affiliates	4,471,000	0	4,471,000	0	394,000
Total	7,381,000	187,000	17,197,000	187,000
Selling commissions, payable	0		0		0
Dealer manager fees, payables	0		0		0
Offering costs, payable	8,434,000		8,434,000		849,000
Distribution fees-current, payable	97,000		97,000		8,000
Total	13,002,000		13,002,000		$ 1,251,000
Affiliated Entity | Advisor
Expensed [Abstract]
Other expense reimbursements, expensed	200,000	$ 0	600,000	$ 0
Additional Paid in Capital [Abstract]
Offering costs incurred by Advisor	12,200,000		12,200,000
Organization costs incurred by Advisor	$ 100,000		$ 100,000

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Total expense support from Advisor	$ 1,354,000	$ 469,000	$ 3,816,000	$ 1,160,000
Affiliated Entity | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Advisor pursuant to the expense support agreement			5,700,000
Reimbursements paid to advisor for organization costs	0		0
Fees deferred	299,000	0	458,000	0
Other expenses supported	1,055,000	469,000	3,358,000	1,160,000
Total expense support from Advisor	1,354,000	$ 469,000	3,816,000	$ 1,160,000
Expense support payable to the company by the Advisor	$ 500,000		$ 500,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 554	$ 22	$ 56
Distribution fees payable to affiliates	4,471	0	$ 394
Distributions reinvested in common stock	1,035	31
Accrued offering costs due to the Advisor	8,434	187
Accrued acquisition expense reimbursements due to the Advisor	2,910	0
Non-cash capital expenditures	192	0
Non-cash selling commissions and dealer manager fees	$ 5,067	$ 0

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 13,873	$ 10,565	$ 1,010	$ 1,640
Restricted cash	164	481	481	481
Cash, cash equivalents and restricted cash	$ 14,037	$ 11,046	$ 1,491	$ 2,121

SUBSEQUENT EVENTS - Summary of

SUBSEQUENT EVENTS - Summary of Company's Initial Public Offerings (Details) - USD ($) shares in Thousands, $ in Thousands	Nov. 05, 2018	Sep. 30, 2018
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 127,335
Number of shares issued		12,172
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 125,747
Number of shares issued		12,040
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,088
Number of shares issued		109
Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 500
Number of shares issued		14
Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		9
Class T Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 123,784
Number of shares issued		11,823
Class T Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 122,721
Number of shares issued		11,716
Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,001
Number of shares issued		100
Class T Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 62
Number of shares issued		7
Class T Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		0
Class W Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 493
Number of shares issued		56
Class W Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 493
Number of shares issued		50
Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 0
Number of shares issued		0
Class W Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 0
Number of shares issued		0
Class W Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		6
Class I Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 2,682
Number of shares issued		293
Class I Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 2,533
Number of shares issued		274
Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 87
Number of shares issued		9
Class I Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 62
Number of shares issued		7
Class I Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		3
Notes to Stockholders
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 376
Notes to Stockholders | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		0
Notes to Stockholders | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		0
Notes to Stockholders | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 376
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 163,241
Number of shares issued	15,597
Subsequent Event | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 161,078
Number of shares issued	15,408
Subsequent Event | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,663
Number of shares issued	166
Subsequent Event | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 500
Number of shares issued	14
Subsequent Event | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	9
Subsequent Event | Class T Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 158,772
Number of shares issued	15,157
Subsequent Event | Class T Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 157,151
Number of shares issued	14,994
Subsequent Event | Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,559
Number of shares issued	156
Subsequent Event | Class T Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 62
Number of shares issued	7
Subsequent Event | Class T Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	0
Subsequent Event | Class W Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,317
Number of shares issued	137
Subsequent Event | Class W Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,313
Number of shares issued	131
Subsequent Event | Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 4
Number of shares issued	0
Subsequent Event | Class W Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 0
Number of shares issued	0
Subsequent Event | Class W Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	6
Subsequent Event | Class I Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 2,776
Number of shares issued	303
Subsequent Event | Class I Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 2,614
Number of shares issued	283
Subsequent Event | Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 100
Number of shares issued	10
Subsequent Event | Class I Shares | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 62
Number of shares issued	7
Subsequent Event | Class I Shares | Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	3
Subsequent Event | Notes to Stockholders
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 376
Subsequent Event | Notes to Stockholders | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	0
Subsequent Event | Notes to Stockholders | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	0
Subsequent Event | Notes to Stockholders | Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 376

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Thousands	Nov. 05, 2018USD ($)Building	Oct. 22, 2018USD ($)Building	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Subsequent Event [Line Items]
Payments to Acquire Real Estate			$ 148,918	$ 0
Subsequent Event
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale	$ 1,840,000
Amount remaining available for sale through distribution reinvestment plan	498,300
Acquisitions under Contract | Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Real Estate	$ 87,900
Number of properties acquired | Building	3
Midway Industrial Center | Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Real Estate		$ 8,000
Number of properties acquired | Building		1